Year End

Related topics

Sage 50 Accounting keeps a seven-year record of your company's activity details. If you prefer, you can change your settings to clear your company records more often. It is a good idea to keep transaction details for at least one year.

The first time you enter a session date for a new fiscal year, Sage 50 Accounting automatically closes your revenue and expense accounts, moves their balances into the Retained Earnings account for the new year, and sets their balances to zero.

When you advance into a new year, the Fiscal Start date of the company's new accounting year moves to the day after the current Fiscal End, and the next Fiscal End changes to 12 months after the new Fiscal Start date.

Update your employees' WCB rate.

Before you start a new fiscal year, do the following:

Back up your company data.

Check your data integrity.

Print any reports that you are required to save for that year.