Sage 50 only allows posting/editing of entries in the current and previous fiscal years. If you run a single fiscal year at a time, and you are currently in the 2016 calendar/fiscal year, you cannot post or edit entries in 2014.

It is possible to run one fiscal year from 2008 to 2015 (enter the appropriate fiscal start and end dates) but you would only have access to that fiscal year until you moved into 2017 AND your balance sheet Current and Retained Earnings will have to be restated via Excel or some other means before presenting for a given year (each time it is reprinted). I don't know how that would affect an accountant doing all those year ends. I would talk with the accountant doing the taxes before implementing this concept.

It is also possible to keep a completely separate file for each fiscal year, but if you get to the point where 2008 to 2015 are almost complete and you find an entry for 2008 that needs to be dated then, you will have to make that entry in each subsequent file, posting to Retained Earnings where applicable, instead of the original Revenue or Expense account. If I were to do this, I might set up each file with the last day of the previous year available for posting those types of entries so you can post to the correct Revenue or Expense account.

Because you are already familiar with the importing, I'll add this for others reading this thread.

Not all types of entries can be imported using the File, Import/Export menu - general journal, purchase invoices and sales invoices can be imported, payments, receipts and inventory adjustment entries cannot.

Not all types of entries can be edited - payments of credit cards through Pay Credit Card and deposits through the Deposit feature cannot be edited, and if applicable inventory adjustments and transfers cannot be edited either.

Good luck, you have a lot of work ahead of you.

I thought/feared this was going to be the case! I think I will stick with one file for each year... The retained earnings is complex enough with multi-departments and laws surrounding which department can/cannot have retained earnings etc.

Thank you very much for your assistance and advice!

Hi Richard,

Feel free to give me a call at 604-710-8649 for some further insight.

Steve