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Year-end activities

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Summary

Checklists to complete before advancing a fiscal or calendar year in Sage 50 Accounting.

Resolution

Calendar/Payroll Year-End checklist

  1. To check Data Integrity, click Maintenance, Check Data Integrity.
  2. Back up your company files.
  3. Print payroll reports:
    • Payroll Transaction Detail
      Click Reports, Transaction Details (also known as Journal Entries)
    • Employee Summary for all employees
      Click Reports, Payroll, Employee, Summary
    • Employee Detail for all employees
      Click Reports, Payroll, Employee, Details
    • T-4 slips
    • Relevé 1 slips and Summary
  4. When ready, click Maintenance, Start New Year, Calendar Year, OK.

Fiscal Year-End checklist

  1. To check Data Integrity, click Maintenance, Check Data Integrity
  2. Back up your company files.
  3. Reconcile Accounts. Do this at month-end, or when you receive your bank or credit card statement.
  4. Print Year-End Reports.
     NOTE: Print reports that apply to your company business needs as of the last day of the year. 
    • Income Statement - Month-to-date
    • Income Statement - Year-to-date
    • Balance Sheet
    • Transactions By Account (past month)
    • All Transactions (past month)
    • Chart of Accounts
    • Purchase Transaction Details
    • Payment Transaction Details
    • Vendor Aged (Summary and Detail)
    • Sales Transaction report
    • Receipt Transaction Details
    • Customer Aged (Summary and Detail)
    • Payroll Transaction Details (Past month)
    • Inventory (Quantity and Summary)
    • Item Assembly Transactions (Past month)
    • Adjustment Transactions (Past month)
    • Project Report
  5. Print budget reports.
    • Print the comparative Income Statement showing actual and budgeted amounts
  6. Prepare this year's budget.
    • Update this year's budget using last year's comparative Income Statement
  7. Make year-end adjustments.
    • Ensure that the 'Do not allow transactions dated before' option isn’t set
    • Process your adjustments with a date in the current fiscal year
  8. When ready, click Maintenance, Start New Year, Fiscal Year, OK.
     NOTE: If you’ve started a new year and need to adjust in a closed year. Sage only allows posting to current and prior fiscal years and you can’t post to any historical years.

     

General prerequisites for filing T4/RL-1 slips

  1. Review the values on the T4 and RL-1 Reporting tab in the employee records and make all required adjustments.
  2. Ensure that you've made all required adjustments to employee paycheques for the payroll calendar year.
  3. Check your company information in settings and make sure you have a business number, company name, and address.
  4. Make sure each employee record has a SIN, first and last name, full address including their province of residence.
  5. Check to see if you’ve entered a RPP/DPSP Registration Number, any pension adjustments, QPIP, and Insurable Earnings adjustments.
  6. Make sure you enter the correct T4 Employment Code in the employee record. This is only applicable in these situations.
     NOTE: Refer to your government documentation for information on completing T4 slips for these employees.  
    • 11 - Placement agency—self-employed
    • 12 - Driver of taxi or other passenger-carrying vehicle
    • 13 - Barber or hairdresser
    • 14 - Withdrawal from prescribed salary deferral arrangement plan
    • 15 - Seasonal Agricultural Workers Program
    • 16 - Detached employee-social security agreement
    • Review the T4 Summary information.  A T4 Summary lists the total values from amounts reported on T4 slips and accompanies the T4 slips upon submission
       NOTE: You don't need to submit a summary when you file electronically 

Filing T4s

Filing RL-1s

Year End Review PIER report

Helpful Information

  • If an accountant has never examined your book, consult one before advancing to a new year
  • After you advance to the new fiscal year, the current fiscal year becomes the last fiscal year
  • The new fiscal year becomes the current fiscal year. You'll no longer be able to do adjust entries in the previous year

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