Sage 50 Change Year End Date – How to Set?

Last updated: March 7th, 2024

Marking the Start and End of a Fiscal Year in Sage 50

In order to process transactions for a particular year in Sage 50 2021, you must mark the start and end of a new fiscal year. For instance, if your current fiscal year ends on 31st December 2021, you need to create a new fiscal year starting from 1st January 2022 onwards. Without doing so, you will not be able to record transactions in Sage 50 for the new fiscal year. Sage 50 automatically updates the Fiscal Year-End Dashboard once you mark the year-end date for a fiscal.

In this blog post, we will guide you through the process of changing the year-end date in Sage 50 software.

Steps to Set Year-End Date in Sage 50

1. Open Sage 50
2. Go to the Quick Links Menu
3. Click on Client Details
4. Click on Period Dates
5. On the left side, click on Year End Date
6. Change the date as desired
   • Note: The date cannot be earlier than the start date of that fiscal year or later than the year-end date of the next fiscal year
7. When closing the screen, you will receive two prompts asking for permission to proceed with the changes. Click Yes for both.

Steps to Change the Year Start Date in Sage 50

1. Open Sage 50
2. Go to the Quick Links Menu
3. Click on Client Details
4. Click on Period Dates
   • The year start date tab will be grayed out initially. You can change it only after changing the year-end date of the previous fiscal year
5. To change the start date, click on Previous to navigate to the previous fiscal year
6. Change the year-end date as described in the previous section
   • Note: The start date of the current fiscal will be the day after the end date of the previous fiscal year
7. Click on Next to return to the current fiscal year
   • You will receive a warning message. Click Yes to continue
   • The year-end date for the previous fiscal year will be saved by the application
8. Click on Next at the bottom of the screen to navigate to the current fiscal year
9. Verify the start and end dates for the present fiscal year

By following these sequential steps, you should be able to successfully change the year-end date in Sage 50. If you encounter any difficulties or need further assistance, do not hesitate to reach out to our expert team for support and guidance.

Effects of Creating a New Fiscal Year in Sage 50

When you create a new fiscal year in Sage 50, several changes occur within the software:

• Dates are automatically set up for the new fiscal year
• The balance of expense and revenue accounts is reset to zero
• The net profit or loss is transferred to the Retained Earnings Account
• The balance for asset and liability accounts is carried over to the new fiscal, but not shifted to a new account

Closing the Current Fiscal Year in Sage 50 Quantum, Pro, and Premium

To close the current fiscal year in Sage 50 Quantum, Pro, and Premium:

1. Go to the Main Menu
2. Click on Business Assistant
3. Click on Fiscal Year-End Procedures
4. Before closing the current fiscal year, review the Checklist
5. Go to File
6. Click on Print
7. Click on Save to finish

Checklist Items for Starting a New Fiscal Year in Sage 50

When starting a new fiscal year in Sage 50, include the following items from the previous year in your checklist:

• Recording depreciation
• Printing year-end reports
• Managing and recording outstanding checks
• Reconciling accounts
• Backing up the company file

Impact on Revenue and Expense Accounts

When a new fiscal year is created in Sage 50, the current year is closed along with its revenue and expense accounts. The balance of these accounts is set to zero, and the net profit or loss is transferred to the Retained Earnings Account.

Frequently Asked Questions (FAQs)

Q: What happens when you create a new fiscal year in Sage 50?

A: When you create a new fiscal year in Sage 50, the following changes occur:

• Dates are automatically set up for the new fiscal year
• The balance of expense and revenue accounts is set to zero
• The net profit or loss is sent to the Retained Earnings Account
• The balance for asset and liability accounts is carried over to the new fiscal, but not shifted to a new account

Q: How do you close the current fiscal year in Sage 50 Quantum, Pro, and Premium?

A: To close the current fiscal year in Sage 50 Quantum, Pro, and Premium:

1. Go to the main menu
2. Click on Business Assistant
3. Click on Fiscal Year-End Procedures
4. Before closing the current fiscal year, review the Checklist
5. Go to File
6. Click on Print
7. Click on Save to finish

Q: What items from the previous year should be included in the checklist when starting a new fiscal year in Sage 50?

A: When starting a new fiscal year in Sage 50, include the following items from the previous year in your checklist:

• Recording depreciation
• Printing year-end reports
• Managing and recording outstanding checks
• Reconciling accounts
• Backing up the company file

Q: How are revenue and expense accounts affected when creating a new fiscal year in Sage 50?

A: When a new fiscal year is created in Sage 50, the current year is closed, along with its revenue and expense accounts. The balance of these accounts is set to zero, and the net profit or loss is transferred to the Retained Earnings Account.

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