Transactions in last (previous year)

1. Sage 50 only allows entries into the current and previous fiscal year. Ensure that your settings are not preventing you from posting prior to a date
2. Click on Setup, Settings, Company, System.
3. If there is a check mark on Do not allow transactions dated before: make sure the date is last year start date.
4. Press OK.
5. Any years prior are no longer available for posting.
6. When posting into the previous fiscal year, the dates cannot be selected from the Change Session Date window, but changed to manually within each journal window.

Impact of last year transaction on the books

Posting into a prior period would correctly affect the following:

1. Prior-year reports.
2. Current year's starting balances of assets, liabilities, and equities.
3. Any transactions posted to the revenues and expenses would affect the opening balance of your current year's retained earnings.
4. Please consult with your accountant if you need confirmation as to what accounts would be affected by posting to the previous fiscal year.

Note: if you keep separate data files for each fiscal year, backdated entries posted in the current year file will need to be entered into the prior year's file to properly reflect the same results and reporting.