Closing fiscal or calendar year is an important yearly accounting process. Each year around end of December to early January we get calls and chats from customers eager go through this critical process smoothly . Here is some information to keep in mind for the year-end process.

No need to wait until January to start the New Year

Some users wait for the new year to start before installing their new Sage 50 program (Sage 50 Accounting 2014) and start their new calendar/fiscal year (2014). That is not necessary! In other words you can start the year in any version of Sage 50 at any time. It’s all a matter of convenience and remember you can process transactions in 2 years: always the current and last years in Sage 50 Accounting Canadian Edition.

Backup, backup, backup!

Before starting a new year, make sure that you have a recent backup of your database. When processing the backup, make sure to have a file name easy to identify and unique for example: backup before yearend 2013. To do a backup from Sage 50 main window click on File, Backup then follow the wizard or follow instructions here.

Resources at your disposal

Sage 50 Canada support team will be able to help on year-end questions. You can access support service through the phone at 1-888-522-2722 or chat during our opening hours. Usually in January the phone can be busy and the wait time can be long so chat is an easy, fast and convenient way to access support service.

You have access to other resources 24/7:

• On Sage 50 Canada website the Year-End Centre will help with most year-end questions.
• The Learning Centre from Sage 50 lists under Frequently Asked Questions the following articles:
  • How to process post-dated paycheques (or general journal entries) into the next fiscal/calendar year?
  • How to advance the fiscal year / year-end procedure
  • When doing year end adjustment, the desired account does not appear in the list when posting in the General Journal
  • Trouble shooting cannot advance into a new CALENDAR/FISCAL year issues
• You can use Sage 50 Canada Knowledgebase at: http://support.na.sage.com/
• Or use Sage 50 Canada forum on Sage City (here on this site).

Thank you.