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Lewis L.

How much trouble am I in?

SUGGESTED
Posted By

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.

  • 0
    SUGGESTED

    Hi, Lewis L.

    To clarify, are you attempting to merge the 2 companies entitled 2013/2014 and 2015/2016 so you can see all the data in these 2 companies at the same time?

  • 0 in reply to ACooper
    I don't think I explained myself well initially.

    Let me start again. We currently have a file that is called 2013/2014. That file has July 2013 as Period 1 and June 2014 as Period 12 and July 2014 as Period 13 and June 2015 as Period 24. We also have a new file that has July 2015 as Period 1 and June 2016 as Period 12 and July 2016 as Period 13 and June 2017 as Period 24. What I would like is one file that has July 2014 as Period 1 and June 2015 as Period 12 and July 2015 as Period 13 and June 2016 as Period 24.

    Can this be done any longer without starting over?

    Thanks. I hope I clarified myself better.

    Lewis L.
  • 0 in reply to Lewis L.
    SUGGESTED

    Hi, Lewis L.,

    Thank you for clarifying.  Unfortunately, though, once a fiscal year structure has been established in Sage 50, there is no easy way to change the setup of the fiscal year.  If the structure needs to be changed, you will need to do a Company Rebuild to accomplish what you desire. During this process, you can adjust the fiscal year structure, and then import needed transactions into the correct company.  For more information, browse to our Knowledgebase and search for Article ID 10254.  If you need further assistance in the Rebuild process, a Certified Consultant will be willing to assist you in the process.  To find a Certified Consultant who can help, search for article 10485 in the Knowledgebase.  Alternatively, yes, you can simply adjust the balances is the 2015/2016 company so the balances are correct from company to company by entering a General Journal Entry.  Please note, though, the historical data will remain in the old company.  Hope this helps; and thanks for choosing Sage.

  • 0 in reply to Lewis L.

    Perhaps. Sounds as though you want everything in one Sage 50 Company and still have a June year end.

    I would have to look closely at the data, but you should be able to run a end of year in the old company so that period 1 would then be July 2014.  Then, you could export all the journals (and new maintenance records) from the new company (7/1/15 and forward) and import them into the new company.  I'd only recommend that if the new company has the same chart of accounts (other ids), accounting method as the old company. Otherwise the cleanup required before importing could get tedious, time consuming. There are also a number of other details to check out before I would seriously consider that option.

    Option 2 would be to just stick with the new company and get all appropriate balance forwards in place for the type of reporting you need to do. There are options that would still allow you to do comparative year to year reporting, etc.

    Please contact me directly if need any help on this project.

    Thanks, Suzy

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