How to Start a New Fiscal or a Calendar Year in Sage 50?

Sage 50 is considered one of the best accounting and business management software systems for business owners, typically designed for Canadian users. Not to mention, Sage 50 enables you to conduct a plethora of software operations. Such functions include editing the start date of the fiscal year.

You can also edit the start date directly in the fiscal year. Post that, you need to edit the fiscal year-end date which will automatically set a new start date for the fiscal year to the next day.

How to Change a Fiscal Year Start in Sage

Sage 50 is an accounting software most popular in the US, the Uk, and Canada. The software enables users to manage accounting and finance for a business. Apart from invoicing and recording transactions, the user can generate detailed reports and financial statements to analyze the health of their business. When closing an accounting year, you can run the Year End Wizard that’ll guide you through the process. In short, it’ll help you close all the income statements or temporary accounts and transfer the balance of these accounts to the owner’s equity account.

Here are the steps to start a new fiscal year or calendar year in Sage 50:

• Open Sage 50.
• Choose the Setup menu. Now choose Company and then click the tab for Information.
• Add the last date of the particular fiscal year in the field for Fiscal End.
• Now press OK. The start and end date of your fiscal year will change accordingly.

How to Start a New Fiscal or a Calendar Year in Sage 50?

When the Calendar Year and Fiscal Year are the Same (1 Jan to 31 Dec)?

Here are the steps to start a New Fiscal and or the Calendar Year in Sage 50 when calendar year and Fiscal Year are the same:

• Choose Setup. Now click Settings. Now press Company and then click Information to see the Present Year dates.
• If the present fiscal year overlaps with the calendar year, which is Jan 1st to Dec 31st, then that particular program will start the fiscal year and the calendar year automatically on the same date.
• Choose OK in order to close the Settings window.
• Choose Maintenance. Now click Check Data Integrity.
• Ensure the Integrity Summary screen states at the bottom, Data OK.
• In case the data integrity fails to be OK, review.
• In case the enterprise is in History mode still, review.
• You can begin the New Year by editing the session date to the first day of the calendar year or fiscal year. You can also press Maintenance and then click Start New Year.
• In case the option to begin a new year is not available, review.
• On Sage 50- Calendar Year and Fiscal Year screen appear. Choose Yes in order to create a backup.
• When the backup is finished, press OK on the Information screen of Sage 50. It informs you about the years that are created by you successfully.
• Press No when requested if you wish to clear the old data.
• Close the window for the Checklist.
• Close the window for Daily Business Manager. Now the new calendar year has been initiated.
• Now repeat the 3rd and 4th steps in order to authenticate the data integrity once more.

When the Calendar Year and Fiscal Year are Different (Fiscal Start is not January 1)?

There are two methods to start a new fiscal or calendar year when the calendar year and fiscal year are different (January 1 is not a fiscal start).

Solution 1:

Option 1: Roll Your Particular Payroll Year Frontward (Access to Begin the New Calendar Year only)

• In case you are combined to a new calendar year, all YTD payroll will be rearranged to zero.
• Once it is complete, the program will calculate automatically the payroll taxes for the previous calendar year.
• Create a backup of your particular data.
• If you are accessing Sage Premium, Pro, or Quantum, ensure the user is logged in as one user along with administrative rights.
• Press Maintenance. Now click Start New Year.
• Press Calendar Year.
• Press OK.

Option 2: Roll Your Particular Fiscal Year Frontward (beginning only the new fiscal year)

• In case you are using Sage Premium, Pro, or Quantum, Ensure that you are signed in as a single user along with the administrative rights.
• Ensure to have a backup of your particular data.
• Authenticate the fiscal year data. Choose Set up, then select Settings, and then choose Company Information to check the details.
• Approve the present fiscal start and end date.
• Choose Maintenance. Now click Check Data Integrity.
• Ensure that it displays Data OK below.
• Print out any particular year-end report that you require.
• Choose Maintenance. Now click Start New Year.
• When you are asked to clear the old lookup data, press No.
• Now close the Check List along with the To Do list that is highlighted based on the settings
• Choose Maintenance. Now click Check Data Integrity once more.
• Ensure that it displays Data OK below.
• You must check Setup. Now click Settings, and then press Company and then click Information once more to ensure that the dates have been extended.
• The present dates must match with the new dates.
• Sage 50 has shifted your net profit or loss automatically into retained earnings.
• If you still wish to make adjustments in the last year, Sage 50 enables you to do it by editing the date of the transaction to the past year.

Solution 2:

It is possible to shift into the New Year by choosing Change the session date to the first day of the fiscal or calendar year.

• Choose Maintenance. Now select Change Session Date.
• Add the first day of the new fiscal year or calendar year.
• Option to press the drop-down menu. The last option is the beginning of the New Year.
• Sage 50 Calendar and New Fiscal screen, choose Yes to prepare a backup.
• When the backup is finished, press OK on the Sage 50 Information screen that informs you about the years that were prepared successfully.
• On the second Sage 50-Information screen, choose No when it is prompted to clear the previous data.
• Close the Window for the Checklist.
• Close the screen for the Daily Business Manager screen.
• Now the calendar year or new fiscal year has begun.
• Repeat 3 and 4 to authenticate the data integrity once more.

Note: In case the backup of an accountant’s copy is restored in Sag 50 in the accountant edition. The company file will be edited which means a New Year cannot be initiated.

Conclusion

We hope that this article about how to start a new fiscal or calendar year in Sage 50 is clear to you. Hope you have understood every process along with the solutions we provided.

Still, if you get stuck anywhere or need professional assistance, call our team of experts who are adept in their profession. Only a professional help can provide you’re the accurate and precise assistance that you need.

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Frequently Asked Questions

Sage 50 Change Fiscal Year End – Start (Video Tutorials)