Are you finishing off year end but will need to wait for your accountant to reconcile the year before you can begin entering transactions for the following year?
If your accountant works with the Sage 50 CA Accountants version of the software, then at year end you can create a special version of the database that they can work with to make miscellaneous transactions entries.
To be eligible to receive a copy of the Accountants Edition of Sage 50 CA, accountants must be members of the Sage Accountant Network (SAN). To join you would need a company name that reflects that you are with an accounting firm who does work for a diversity of fee paying clients. Three certification levels and training are available through Sage University. To learn more inquire with our Sage 50 CA sales team at 1-866-665-2559 and or contact us via this website.
To get started, ***Backup your database first*** and then go to the File menu > Accountants Copy > Create Accountants Copy….
For more instructions see the KB 15329 - How to create an accountant's copy?
Once your accountant is ready to send you the special .txt file to import. Follow KB 13367 How to restore from a revised Accountant's copy (KB 260-1007083 in French).
In the meantime, you can keep working.
While your accountant is busy with year-end entries, on your end Sage 50 CA allows you to work in two years at once.
For more details about what can be done to allow working in 2 years at once, see KB 10125
Things to know:
*Payroll tips: Before creating the new year ask yourself if you do Payroll using the tax tables Sage 50 provides. This may be a concern if your year-end falls on the calendar year end of Dec 31st. Sage 50 CA software uses new tax tables on January 1 and July 1 of each year. If you're starting a new year at the calendar year end (Dec 31st) it may mean that payroll runs previous to the new year that are not completed will need to be manually calculated using the CRA or Revenue Quebec online payroll tax calculators. Once the calendar year has been rolled forward you can no longer make a payroll entry in the prior year with automatic calculations of the deductions
"Payroll should always be verified before the final pay in December so adjustments can be made while still in the correct year." - @Alywn
Check the Company settings to verify that the system doesn't deny the posting of transactions before a certain date. Make sure you are in single user mode and connected as the sysadmin user while doing this.
How to advance fiscal or calendar year?
Also consider visiting:
The YEAR-END CENTER
Lisez ce blog en français
Thanks for reading!
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