Sage 100 Year End Closing Procedures
The end of the year is a busy time for businesses. There are a lot of things to do to get ready for the new year. One of the most important things to do is to close your books for the year. This is called year-end closing.
There are a few things that you need to do to close your books. First, you need to make sure that all of your transactions are entered into your accounting software. This includes things like invoices, bills, and payments. Once all of your transactions are entered, you need to run some reports. These reports will help you to see how your business did for the year.
After you have reviewed your reports, you need to make some adjustments. This is called year-end accruals. These adjustments are made for things like vacation pay and bonuses. Once all of the adjustments are made, you will be able to see your true financial picture for the year.
After your books are closed and you have reviewed your reports, you may need to file your taxes. This is something that you will need to talk to your accountant about. They will be able to help you to determine what forms you need to file and when they need to be filed.
Year-end closing can be a lot of work, but it is important to do. These procedures will help to ensure that your business is ready for the new year.
