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esppetersen

2 Fiscal years

SUGGESTED
Posted By

My employer has recently decided to use Sage 50 Canadian edition and has started with a trial version. She plans to purchase the complete software shortly. She would like me, the bookkeeper, to enter all the expenses for 2018 into the program and has set the fiscal year as 2018.  At the same time we want to use the software for the 2019 fiscal year and issue payroll, invoices and enter expenses for 2019. When I tried to use the 2018 fiscal year to issue payroll for Feb. 2019, I was not able to advance the session date past Jan. 2019. It may take me several months to get 2018 transactions entered due to time limitations. How do I accomplish my objective of being able to enter information into the 2018 fiscal year as well as the 2019 fiscal year? 

  • 0

    Sage 50 can keep up to two fiscal years open, but it may not line up with the (separate) Payroll / Calendar CRA filing year.  

    You will need to open the 2019 payroll year to do payroll past Dec 31, 2018. 

  • 0 in reply to RandyW

    Thank you for your reply Randy W. How do I open the 2019 payroll year as you suggested?

    Do I set up the same business name as another company but set the fiscal year to 2019?

    Because I tried setting the session date to Feb. in the current 2018 year company and was not able to go past Jan. 31, 2019. Or is that just because I am working with the trial version?

  • 0
    SUGGESTED

    Hi esppetersen:

    Just a question, have you completed your T4's for 2018? If you have, then you could simply enter in the year to date information for each employee for 2018 and move forward. To enter payroll for Jan 2019 simply go to the Maintenance menu and start a new calendar year, not a new fiscal year. At this point you could enter payroll for 2019. If I understand you correctly you have set up the fiscal year end to be January 31st 2019. That would be the reason why you cannot move forward past Jan 31, 2019. In order to move forward to the next fiscal year ending January 31st, 2020 you will need to go the Maintenance menu and simply start a new fiscal year. Ensure that you complete a backup of your data up to Jan. 31/19. From here you can enter into both fiscal years. Just make sure you date your transactions accordingly either for the 2019 year end or the 2020 year end.

    I hope this helps! Let me know how you make out with this.

  • 0 in reply to Agate

    Thank you for your help.

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