Sage 50 Canada

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Cannot start a new fiscal year, ask for correct the errors found before performing this action.

Posted By Coeur over 2 years ago

Hi,

I am using Sage 50 Canada 2021 currently. I would like to start a new fiscal year for one company, however it keep showing following notice.

The showing current balance account payable & Note Receivable is the correct opening balance. This amount is from our accountant's Financial statement, I just entered the opening balance exactly the same.

Could anyone please let me know how to skip this step and start a new fiscal year? Thank you!

0 Alwyn over 2 years ago

Having the correct amount in the Accounts Payable or Accounts Receivable account is the easy part. As these two accounts are control accounts the amount in each must match the entries in their respective modules. If your A/R account has a balance of $15,000 you must also have vendor A/P balances totaling $15,000. The same with the A/R.

This also applies in the Payroll module with the Advances and Notes payable as stated in the message.

The three modules must have entries sufficient to balance with the respective linked accounts.
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Sage 50 Canada

Cannot start a new fiscal year, ask for correct the errors found before performing this action.

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