6 Tips for a Successful Year-End Close Sage 300 Users Should Know About

As the year comes to a close, we are all looking to brighter days ahead of us. 2021 seems like a glimmering opportunity after the rollercoaster ride 2020 provided us.

Though it has been a turbulent year, there’s no reason Sage users can’t end 2020 on a high note.

Let’s dive into our tips for how you can successfully close out your year with Sage 300 and have a fresh start for the new year!

1. Back Up Your Data

Before you begin any year-end process, be sure to execute a complete backup of your database. You should also test the backup to ensure it was successful and the data is readable. The only way to “reverse” year-end processing is to restore your data from a backup. So, do it now!

2. Check Your Version Number

Closing procedures can vary depending on the version of Sage 300 (or “Accpac”) you’re currently running. Check your version number and service pack before starting year-end processing.

3. Create a New Fiscal Calendar

Sage 300 allows you to begin entering transactions for the new year without closing out the current year. Simply create a new fiscal calendar in Common Services > Fiscal Calendar and then click the New icon. If the period date ranges are correct, then Save the year. Do this before entering transactions for 2021.

4. General Ledger Closing

While it’s a good idea to close modules in a timely fashion, your General Ledger can remain open as long as you need while awaiting final processing (or audit adjustments) in other modules.

5. Check Data Retention Settings

Sage 300 will retain historical data based on your software version and the settings you’ve configured in each module. So, it’s a good idea to review all module and system settings to avoid the unintended loss/purge of important data during year-end close. In particular, check GL Options to see how many years of history your system is set up to retain.

6. Remember, We're Here to Help!

As you begin year-end closing procedures and prepare to start fresh in 2021, be sure to contact us online or give us a call at 410.685.5512 if you need assistance.

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