Two fiscal years open simultaneously?

Posted By Big Bert over 6 years ago

Based on everything I've read for Sage 300, I have to finish posting all adjusting entries and close my fiscal year before I can open a new year.

Suppose my year end is December 31, 2017. It will take a month or more to finish posting all the entries for 2017. Meanwhile I can't post anything to the GL in 2018 until I open up the new fiscal year, but doing this will effectively close all P&L accounts to retained earnings for 2017.

Is there a way to open 2018 and start working in it before I finish 2017 - essentially having two fiscal years open at the same time?

If not, how is this supposed to work?

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Jay Converse Acumen over 6 years ago +1

Close the year. You can post to the prior year later.

0 Jay Converse Acumen over 6 years ago

Close the year. You can post to the prior year later.
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0 Big Bert over 6 years ago in reply to Jay Converse Acumen

Jay, thanks for the response - can you elaborate on how this will work? When I close 2017 it will post a closing entry to retained earnings based on the balances of my P&L accounts. What happens when I post additional revenue and expense items back to 2017 after this, will I have to post a second closing entry to retained earnings?
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0 Jay Converse Acumen over 6 years ago in reply to Big Bert

Prior year postings to expense accounts are automatically re-closed to retained earnings. Don't worry, you're over thinking this, it works great.
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0 Big Bert over 6 years ago in reply to Jay Converse Acumen

OK thanks very much
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Sage 300

Two fiscal years open simultaneously?

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