Sage 50 Year-End Guide > General Ledger Year-End Procedures > Audit reports and make adjustments (if needed)
Audit
Reports and Make Adjustments (if Needed)
How Do I...
Usually in the last accounting period of a fiscal year you need to make
adjusting entries. These might include the following:
- Write off customer bad debts
- Record old outstanding checks reentered into the
bank account as miscellaneous income
- Verify that fixed-asset purchases and dispositions
have been properly recorded
- Record depreciation expenses
- Record a physical inventory count and compare
to Sage 50's quantity on hand
- Manage outstanding notes payable and receivable
items and recording- or adjusting-interest expense or income
Once the above adjustments have been made (if necessary), you are ready
to begin closing the fiscal year. The type of adjustment required depends
on where in Sage 50 the correction needs to be made.
Note: After you have made the necessary adjustments, reprint any affected reports so that you have a correct copy.
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