• How do I start a new fiscal year without locking old ones

    I have recently inherited a bit of an accounting tangle and we need to move onto the new fiscal without closing the old fiscals.  Can it be done?

  • Needing to correct an error made in previous year after entering 2 months of data in our new year

    We have completed our year end, moved our systems forward, entered about 2 1/2 months of data into our new year. After this we found we had an error at the end of our previous year that has to be corrected. We went back and corrected the error in the…

  • AR and Unpaid Customer Invoice amounts don't balance, and I can't start my new year!

    I can't start my new year because they don't balance! I don't know where to look, or how to add in a temp fix so I can move forward. I have an accounting firm go through my books at the end of every year, and I generally just make the changes…

  • Sage 50 CA Premium -- error in how Sage 50 calculates balances re home currency vs foreign (USD) currency?

    We have a USD account for Paypal. We enter the relevant date and exchange rate in the list used for that purpose (under Settings / Company / Currency). For example, at 30 Dec 2016, the Bank of Canada rate is C$1.3427 = USD$1.00, and in the FX list, we…

  • Exchange gain/loss - revenue vs expense and GST/HST filing "sales and other revenue" line 101

    Should we actually be using 2 different accounts for exchange gain vs exchange loss? It doesn't matter for the bottom line, net income will end up the same either way:
    Hmm... seems you can only configure one for the program to use automatically for…

  • How do you manually zero out or adjust CAD balance in USD account ?

    Similar too this post - it seems Sage does an automatic transaction if it finds a 0 balance at year end because it is quite obvious that if an account has $0 US funds in it, it must equate to $0 CA funds...
         https://sagecity.na.sage.com/support_communities…

  • write off receivables in Sage 50 CA

    Help, 

    Here is our situation: 

    An old sale invoice became uncollectable, our accountant made a year end adjusting journal: 

    1xxx: Allowance for doubtful accts: CR 10,000; 

    5xxx: Bad Debt Expense                 DR: 10,000; 

    But, this invoice is still in our system,…

  • YR END Closing Owners Drawings?

    Hi All, 

    I am a bookkeeper for a sole proprietorship. When I took over last year I was basically left to figure everything out on my own and told to go off what had already been taking place. The business has never closed out Drawings at year end. I thought…

  • Issue posting a journal entry

    I am trying to record dividends for fiscal year end. In doing so, I tried to post against a G/L account 3600 'Current Earnings' which is already created and active, it is on the chart of accounts but, not listed for posting? Each time I try to post the…

  • Data Integrity Error

    Hello,

    I'm attempting to do my first year - end and I'm coming across an issue with the data integrity check. 

    I am showing that my advances / loans recieved and vacation pay balance do not match with the advances / loans paid and vacation pay…

  • Year-End adjusting entries to Accounts Payable

    Hello,

    I know this is an old topic, but just wondering if someone could give some advises. I'm using Premium 2011, and the year end entries I got from the accountant is : Cr. 2100 Accounts Payable xxxxx,  Dr. Retained Earnings -Previous year xxxx
    Simply…