Sage 50 Year-End Guide > General Ledger Year-End Procedures > Overview and General Ledger year-end checklist

General Ledger Year-End Procedures

Payroll tax solutions for Sage 50

If you work with 1099 vendors, you should subscribe to one of the payroll tax solutions for Sage 50. Before beginning general ledger year-end procedures, install the latest update. In addition to updates to Sage-maintained payroll tax formulas, the payroll tax solution includes updated vendor 1099 forms and other maintenance changes that may affect the current and new fiscal year as well as the payroll tax year.

Install/update payroll tax formulas

General Ledger Year-End Checklist

At the end of each fiscal year, it is recommended to do the following:

Complete all transactions for the fiscal year you intend to close
Reconcile all G/L accounts for the fiscal year you intend to close
Print reports to keep a historical copy of your accounting information
Audit reports and make adjustments (if needed)
Make a complete backup of your company data
Close the current fiscal year (may not be required)

What do you want to do next?

Perform other general ledger tasks
Read the year-end overview