Data Integrity check

SOLVED

Hi all,

I am new to sage 50 acct pro and bookkeeping, I'm sorry if it's a basic question . 

My company's fiscal year end is Jan 31, and when we switched to sage 50, I started new year as Feb 1, 2014. I made mistakes on this starting date because at that time we haven't got our financial statement done( which is the latest balance sheet as at Jan 31 ,2014), so I didn't enter opening balance for the accounts. I think if I started the new year from Feb 1, 2013, then I don't have enough time to re-enter the whole transactions of 2013 before I can start working on this new software ( it's Sage 50 Account Pro Canadian edition).  Hence the data integrity inconsistency always exists,and I haven't select that "finish entering history".

Ithink we can get the statement done soon so I can enter the opening balance of accounts based on Jan 31 2014. But  the problem is up to now we still haven't got statements done, they seems to need more time on last year's statements (which I don't know). Now is already Feb 2015, I think if I can't sort out the problem of data inconsistency the system won't let me to move to new year and I can't close last year correctly. I should have sorted out earlier instead of waiting till this time. I am sorry if its stupid question.

anyway thanks for any help.

  • 0
    verified answer

    Hi Amber126,

    This is my opinion for your question.

    You may want to adjust the opening balance of your accounts first to clear the data discrepancy issue.  Then, advance to new fiscal year. 

    After you get the statements done, you can make adjustment entry using 2/1/2014, which is the earliest date of your last fiscal year after advancing.  (Sage 50 allows user to put entries in both current and last fiscal years)

    Remember to do a backup before you advancing to new year.

    Hope this helps.

  • 0 in reply to Keith L

    Thank you so much for your advice!