Year End Tips

Sage 100 Contractor users are often confused about when to actually close their books for a calendar year-end.  No transactions can be entered for the new year until the books are closed for the old year, so delaying the closing is not an option!  The rule of thumb is to make sure all of your Customer Cash Receipts, Vendor Payments and Payroll Records are all entered and posted through the end of the year, and then close your books for period 12. Remember that you can enter Payable Invoices, Receivable Invoices and Journal Transactions that belong to the prior calendar year after the closing by selecting Posting Period 0 while entering these transactions in the new year company and then responding “Yes” to the message that will pop up when the transactions are saved.  In most cases you do not enter transactions directly into the prior year archive company.