One more thing: Payables and receivables must be printed before you record any payments made or received in January.  For example: One week after year end I make sure payables and receivables are up to date and match the trial balance, then I print an aged listing for both as at Dec 31st, then I can record payments made or received that week.  Once something gets paid it doesn't show up on the aged listing so it won't match the TB.

Run the Aged reports not the Overdue Aged reports and they will always be accurate when you backdate them. 

Hi Ntheosis

Please make sure you do run the AGED reports for Payables and Receivables as Richard Riding mentions in his post. Those are one for year end. They will produce the number you need to balance to the control accounts.

Sage 50 is very flexible and easy to work with in 2 fiscal years, your current and past. It has been designed to work well and post in both current and past fiscal year without difficulties.

Enjoy!

Jo Anne

So the inventory report must be printed on last day of fiscal year-end?

What if you don't have all the invoices yet for items rec'd within last couple weeks of year-end?

This doesn't make sense to me that one can't print of a report as per date selected.

So the inventory report must be printed on last day of fiscal year-end?

What if you don't have all the invoices yet for items rec'd within last couple weeks of year-end?

This doesn't make sense to me that one can't print of a report as per date selected.

Hi Smithco,

It has been my experience with the few companies I have worked for that inventory must be printed on the last day of fiscal year end.  Sage doesn't let me run an inventory report for a particular date, neither did Business Vision.  As for not having invoices, that hasn't been a problem.  I call and get one, or use the order confirmation.  Very rarely does something arrive without me knowing the price ahead of time.  It would be nice to print an inventory report as of a particular date so if anyone has any suggestions I'm listening.