Financial Year end Back ups

Posted By FormerMember over 5 years ago

Hi I have recently joined company that uses a Sage 50 professional accounting package. I am told by the IT consuttant that supports the system that all system back ups are based on transaction date. The problem I have is that I want to have back-ups for each financial year that reflects the final audited accounts. My predecessor did not necessarily post year end adjustments and if he did they were months or sometimes years after the financial year end. Although he did post these in the correct financial year, because the back ups are currently based on transaction date, there is no clean back up for a particular financial year. Can back ups be made based on accounting periods rather than transaction date to overcome this problem? Alternatively what solution to other people use to get around this. I have a particular business reason to restore different year ends and I am being driven mad by not being able to simply restore a back up without having to make adjustments to reflect the final audited position

Parents

0 Changez Khan 4 months ago
1. Use Accounting Period Filters During Backup

Sage 50 does not natively allow backups to be restricted to specific accounting periods. However, you can use reports and filters to isolate transactions by accounting period, which might indirectly help. For instance:

Run Year-End Reports: Generate reports for the financial year, such as trial balances, profit and loss statements, and balance sheets.

Export Key Data: Export relevant year-end data (e.g., journal entries and adjustments) into Excel for safe storage, ensuring you can manually reconcile if needed.

While this doesn't solve the backup issue directly, it provides an alternative way to preserve accurate records for each financial year.

2. Create "Clean" Backups After Final Adjustments

To ensure accurate year-end backups moving forward:

Lock the Period Post Year-End Adjustments: Once all year-end adjustments are posted, create a final backup for that financial year. This backup will serve as the "clean" state for that year.

Set a Year-End Cutoff Process:

Create a temporary backup at the initial financial year-end date.

Post all necessary adjustments.

Create a new, final backup after adjustments are complete. Label it clearly as "Final Year-End Backup for [Year]."

3. Consider Using Sage Data Archive

Sage 50 includes an Archiving feature in some versions that allows you to archive data for closed financial years:

Enable Archiving: This feature helps you store finalized financial year data separately.

Restore Archived Data: If needed, you can restore the archived data for review or adjustments without impacting current transactions.

This option is beneficial for maintaining clean records by year but may require upgrading to a version of Sage that supports it.

4. Manually Segregate Data in Backups

If Sage’s current functionality doesn’t meet your needs:

Create Manual Backups: After posting all adjustments, create a manual backup. Use clear naming conventions to distinguish backups for each financial year, e.g., "FY2023_FinalBackup.sbb".

Utilize Sage Custom Reports: Generate and export financial year-specific custom reports. These reports can be stored securely as references for finalized accounts.

5. Explore Third-Party Backup Tools

There are third-party tools and add-ons that integrate with Sage to provide enhanced backup options, including period-based or filtered backups:

Check Sage Marketplace: Look for tools compatible with your version of Sage 50.

Consult Your IT Consultant: Request their assistance in setting up or recommending a third-party solution tailored to your requirements.

6. Streamline Year-End Processes

To avoid recurring issues:

Implement a Clear Year-End Policy: Set deadlines for adjustments and ensure they are completed promptly after the financial year-end.

Audit Adjustment Dates: Ensure all adjustments are backdated to the correct financial year before running the final year-end process.

Train Staff: Train accounting staff to follow these processes for consistency moving forward. More Info to Click This Link.
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel

Reply

0 Changez Khan 4 months ago
1. Use Accounting Period Filters During Backup

Sage 50 does not natively allow backups to be restricted to specific accounting periods. However, you can use reports and filters to isolate transactions by accounting period, which might indirectly help. For instance:

Run Year-End Reports: Generate reports for the financial year, such as trial balances, profit and loss statements, and balance sheets.

Export Key Data: Export relevant year-end data (e.g., journal entries and adjustments) into Excel for safe storage, ensuring you can manually reconcile if needed.

While this doesn't solve the backup issue directly, it provides an alternative way to preserve accurate records for each financial year.

2. Create "Clean" Backups After Final Adjustments

To ensure accurate year-end backups moving forward:

Lock the Period Post Year-End Adjustments: Once all year-end adjustments are posted, create a final backup for that financial year. This backup will serve as the "clean" state for that year.

Set a Year-End Cutoff Process:

Create a temporary backup at the initial financial year-end date.

Post all necessary adjustments.

Create a new, final backup after adjustments are complete. Label it clearly as "Final Year-End Backup for [Year]."

3. Consider Using Sage Data Archive

Sage 50 includes an Archiving feature in some versions that allows you to archive data for closed financial years:

Enable Archiving: This feature helps you store finalized financial year data separately.

Restore Archived Data: If needed, you can restore the archived data for review or adjustments without impacting current transactions.

This option is beneficial for maintaining clean records by year but may require upgrading to a version of Sage that supports it.

4. Manually Segregate Data in Backups

If Sage’s current functionality doesn’t meet your needs:

Create Manual Backups: After posting all adjustments, create a manual backup. Use clear naming conventions to distinguish backups for each financial year, e.g., "FY2023_FinalBackup.sbb".

Utilize Sage Custom Reports: Generate and export financial year-specific custom reports. These reports can be stored securely as references for finalized accounts.

5. Explore Third-Party Backup Tools

There are third-party tools and add-ons that integrate with Sage to provide enhanced backup options, including period-based or filtered backups:

Check Sage Marketplace: Look for tools compatible with your version of Sage 50.

Consult Your IT Consultant: Request their assistance in setting up or recommending a third-party solution tailored to your requirements.

6. Streamline Year-End Processes

To avoid recurring issues:

Implement a Clear Year-End Policy: Set deadlines for adjustments and ensure they are completed promptly after the financial year-end.

Audit Adjustment Dates: Ensure all adjustments are backdated to the correct financial year before running the final year-end process.

Train Staff: Train accounting staff to follow these processes for consistency moving forward. More Info to Click This Link.
Cancel
Vote Up 0 Vote Down

Sign in to reply

Verify Answer

Cancel

Children

No Data

Sage 50 Accounts

Financial Year end Back ups

1. Use Accounting Period Filters During Backup

2. Create "Clean" Backups After Final Adjustments

3. Consider Using Sage Data Archive

4. Manually Segregate Data in Backups

5. Explore Third-Party Backup Tools

6. Streamline Year-End Processes

1. Use Accounting Period Filters During Backup

2. Create "Clean" Backups After Final Adjustments

3. Consider Using Sage Data Archive

4. Manually Segregate Data in Backups

5. Explore Third-Party Backup Tools

6. Streamline Year-End Processes

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING