I am the new CFO for a not-for-profit organization in NYC. I have very limited knowledge of Sage but I can tell you this much. We use Sage 50 for not-for-profits. My predecessor left about a month ago and did not close out the year properly. That much I know. We have a 6/30 fiscal year end. There is a file on Sage entitled 2013/2014. I learned this problem the hard way, he did not close 2013 and start 2015. Instead, he just started a new file entitled 2015/2016. It is now November and all the activity in the new year beginning 7/1/15 has been entered into this new file. So I now have activity in my General Ledger for the new fiscal year with NO Opening Balances. So I have no history prior to July 1, 2015. All sub ledgers start in July 2015. I know I can do a Journal Entry to add the Opening Balances for all the Balance Sheet accounts but that still doesn't solve the major issues.
Please someone out there give me a fix other than re-entering all the new fiscal year's activity since July 1, 2015. That's nearly 4.5 months of duplicate work and I now have my auditors wanting to come in and begin the year-end audit, ouch!!
So, I repeat my opening question in the Subject Line. How much trouble am I in?
Thank you in advance.