You must mark the start and end of a new fiscal year in Sage 50 Change Year End Date How to Set to be able to process the transactions for that particular year. For example, if 31st December 2021 is the last day of your current fiscal year, you need to create a new fiscal year in Sage 50, starting from 1st January 2022 onwards. Otherwise, you will not be able to record transactions in Sage 50 for the new fiscal year. Sage 50 automatically makes changes in the Fiscal Year-End Dashboard after you mark the year-end date for a fiscal. In this blog, we will tell you how you can change the year-end date in Sage 50 2021 software.
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Schedule a MeetingHow to set year-end date in Sage 50?
Please follow the below-mentioned steps –
- Open Sage 50
- Visit the Quick Links Menu
- Click on Client Details
- Now click on Period Dates.
- On the left side, click on Year End Date
- Alter the date as desired. Please note that this date can’t be earlier than the start date of that fiscal year. Also, it can’t be later than the year-end date of the next fiscal year.
- When you close the screen, you will receive two prompts on your screen, each asking your permission to proceed with the changes. Click on Yes for both.
How to Change the Year Start date in Sage 50?
Please follow the below-mentioned steps –
- Open Sage 50
- Visit the Quick Links Menu
- Click on Client Details
- Now click on Period Dates.
- The year start date tab will be in grey color at this moment. You can change it only after changing the year-end date of the previous fiscal year
- Now, to change the start date, click on Previous. You will be directed to the previous fiscal year. Change the year-end date as shown in the previous section. Please note that the start date of the current fiscal will be the day after the end date of the previous fiscal year.
- Click on Next to come back to the present 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
- Click on Next at the bottom of the screen to navigate to the current fiscal year
- Lastly, verify the start and end dates for the present fiscal year.
We hope the discussion above would help you change the year-end date in Sage 50. You just need to follow the steps sequentially. If you experience any difficulties in carrying out the above-mentioned steps, you may speak to our experts. We have an extremely skilled team, and we will be able to provide all the support and services, whenever you contact us.
Frequently Asked Questions (FAQs)
What happens when you create a new fiscal year in Sage 50?
You will see the following changes in Sage 50 after you create a new fiscal year in Sage 50-
- Dates are set up automatically for the new fiscal year
- The balance of the expense and revenue accounts will be set to zero
- The net profit or loss is sent to the Retained Earnings Account
- The balance for both the asset and liability accounts is carried over to the new fiscal. However, this balance is not shifted to a new account
How to Close the Current Fiscal Year in Sage 50 Quantum, Pro, and Premium?
- Go to the main menu
- Click Business Assistant
- Click on Fiscal Year-End Procedures
- Before closing the current fiscal year, go to the Checklist
- Now go to File
- Click on Print
- Click on Save to finish
What are the items from the previous year should I include in the checklist while starting a new fiscal year in Sage 50?
The following items should be included in the checklist-
- Recording depreciation
- Print year-end reports
- Managing and recording outstanding checks
- Reconcile accounts
- Backup company file
How are the revenue and expense accounts affected when we create a new fiscal year in Sage 50?
When a new fiscal year is created in Sage 50, the present year is closed, along with the revenue and expense accounts for the year. The balance of both these accounts is set to zero. Also, the net profit or loss is sent to the Retained Earnings Account.
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