Financial year end – Everything you need to help it go smoothly

1 minute read time.

The approach of Spring also means the approach of the end of the financial year for many businesses, and the need to run the year end routine in Sage 50 Accounts. In this blog, we’ll link to some steps to guide you through the year end process and we’ll also look at some useful tips that apply at year end.

Running the year end

The year end process itself is very straightforward….in simple terms, you need to make sure all of your transactions have been entered, run your reports, back up your data and run the year end routine in the software. Our Financial Year End Help Centre gives a great step by step process. Financial Year End Help Centre >

Posting into the new year

Few people are ready to run their year end immediately. You may need a few days or even weeks before your postings for the old year are complete, so in Sage 50 Accounts you can post into your new year before you run the year end option. A warning message lets you know you're posting in a future year, but if you want to you can hide this. Read more >

Block postings to the previous year

Once you've done all of the work to finalise your figures and you've run the year end option, you don't want someone posting into the closed year and affecting your final balances. To avoid this, you can use the Lock Date feature to stop transactions being posted with a date before your year end. You can even set this per user, so for example, you or your accountant can still make prior year postings but others can't. Read more >

Help to tidy up your accounts

After running your year end it's also a good time to remove any older items you no longer need, for example, old transactions from previous years and old records that you no longer use. There are several tools to help you do this so you can start the new year without old records getting in the way. Don't worry, as long as you archive your data as part of your year end, you can still access the old information if you need to. Read more >