How do change the fiscal year without adding Historical transactions?

Question

Hi. Just setting up a new company from Dynamics. 
 Their year-end is May 31st. In order to have historical transactions, I started the company as of 2019. Entered the GL historical amounts, then entered each month's adjustments for the year 2019~2020. 
 Now I want to put in the historical amounts for the Sub-Ledgers, and it says the following: 
 
 I can't put in any of the historical data. 
 So then I thought I would do a change of fiscal year, and it says I have to put in the historical data. 
 What should I do? Thought perhaps I could zero out the control accounts, do a year-end, then I would put back in the control amounts, 
 Would I then be able to put in the historical amounts into the control accounts? 
 This is quite frustrating. Hope you have a solution for me.

Richard S. Ridings · Answer

Lise Lecours said: The system won't let me put in any of the historical transactions past 
 That's because there can't possibly be any. You told the program you are using Jun 1/19 as the first day you are using Sage 50. May 31/19 and before is history, not May 31/20 and before. 
 Richard S. Ridings said: The way the program works is that "Historical Entries or Historical Amounts" are those transactions that happened before using Sage 50, not before today. 
 I am not sure why you keep asking to put in "Historical Transactions" for a period of time that is not Historical according to how the program was created. You need to figure out which customer and vendor invoices were still outstanding May 31/19 and enter those as historical transactions on the customer and vendor ledgers. The total of all customer outstanding invoices should be the Opening Balance amount you entered into the Accounts Receivable account when you entered the trial balance opening balances. 
 Lise Lecours said: QUESTION: Can I do a year-end and then enter historical transactions after doing that? 
 No. The programmers think it is a better idea to get your company working properly and balanced before you move to a second year. 
 Lise Lecours said: WILL THAT WORK? 
 I don't know. Will the balance of all accounts that are linked match the subsidiary journal's totals? eg. Accounts receivable balance match the total of all outstanding customer amounts from "The last day before you started using Sage 50". 
 Lise Lecours said: WILL IT LET ME ENTER HISTORICAL TRANSACTIONS AFTER DOING A YEAR-END? 
 No. 
 Have you checked your Data Integrity? 
 Do you have a list of outstanding customer invoices and vendor invoices from your previous bookkeeping system as of May 31/19? 
 Are there any other amounts that are out of balance according to your data integrity check? A/R and A/P are not the only linked accounts, payroll and inventory are linked as well if they are in use.

Agate · Answer

Hi Lise: 
 When you are entering historical amounts into the sub-ledgers you are actually putting carry forward information from the previous year meaning prior to June 1st 2019. In the Setup, settings, Company, Information section the earliest date needs to be changed to the earliest date of the historical carry forward information you have to enter into the various modules E.G. Payables, receivables, etc.. 
 Hope this helps!

Agate · Answer

Hi Lise: 
 I do not think you can close the year-end without putting in the history! If you have put in your journal entries for the first year, then type in your history amounts into payables and receivable with a June 1st date. Check your data integrity, if both columns agree then finish by closing your history. Do a backup, then do a fiscal year-end procedure, meaning advance you year to the next fiscal period. 
 Hope this helps!

Sage 50 Canada

How do change the fiscal year without adding Historical transactions?

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