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How to advance the fiscal or calendar year.

Created on  | Last modified on 

Description

A fiscal year is a 12-month period used for financial reporting. Advancing the fiscal year will move the total net loss or profit for the year into the Retained Earnings account resetting Current Earnings to 0.

A calendar year always falls between Jan 1 to Dec 31. Advancing the calendar year will reset all Payroll YTD totals to 0. Automatic tax calculations won't calculate for the previous year after advancing the calendar year.

Resolution

Step 1: Create a backup of the company

  1. Browse to File, Backup.
  2. Choose a safe location outside of the SAJ folder.
  3. Select OK to save the backup.

Step 2: Verify the current fiscal start and end date

  1. Browse to Setup, Settings.
  2. Select Company then Information.
  3. Confirm the current Fiscal Start and Fiscal End date.
  4. Select OK to close the Settings window. 

Step 3: Check the company's data integrity

  1. Browse to Maintenance, Check Data Integrity.
  2. Verify it says Data OK at the bottom.

Step 4: Advance the fiscal and/or calendar year

  1. Browse to Maintenance, Start New Year... or change the session date to the first day of the next year.
  2. Choose whether to advance the fiscal or calendar year and proceed through the wizard. 

 NOTE: Sage 50 will automatically advance both the fiscal and calendar year if the fiscal year is Jan 1 - Dec 31. 

Step 5: Check data integrity again

  1. Close the Checklist window.
  2. Close the Daily Business Manager window.
  3. Browse to Maintenance, Check Data Integrity and verify the data is OK again.

 

Related Solutions

Can I post to a previous year after I roll to the new fiscal year?
Error: "An error has occurred while moving the current year to last year. As a result, the new fiscal year couldn't start. Please restore from backup or run Advance Database Check."
My fiscal year (or calendar year) has advanced too far.