We've all done this at some point in our careers. You were clicking along minding our own business. Closing the month, printing checks, running reports, then.... BOOM! You closed the fiscal year in General Ledger when you shouldn't have! The room begins to spin, the walls feel like they're closing in, and those weekend plans you just made with your friends seem all for naught . "WHAT DID I JUST DO?!?" you ask yourself and panic sets in.

With our Year End season vastly approaching, this becomes one of our number one call drivers in Sage 300 CRE support. Rest assured the world is NOT coming to an end. It is very common for clients to close their fiscal year even if they do not have all of their adjustments from their accountants yet. Here are a listing of things to consider when this accidentally occurs:

• General Ledger has the capacity to track 6 periods of future period activity from the current period (GL, Help Topics, Index, Entries, Future Period)
• Adjustments can still be made to the prior fiscal year (i.e. re-closing fiscal year adjustments)
• You can run your financial statements (Balance Sheet, Income Statement, etc.) for the prior fiscal year periods by using the "Rollback" feature when printing

If you have adjustments that need to be made to your prior fiscal year, you can follow the steps from our GL Check List on our Sage CRE Year End Center. There are detailed steps from article 18082 "How do I record a prior year adjustment in General Ledger?" and a video tutorial to walk through those steps also.

Feel assured that closing your fiscal year too early is not the end of the world. The software can accommodate this scenario if you or another user in your office runs into it.

Have any funny stories of closing the fiscal year too early? Tell us in the comments below!