Pressing the button to Year-End is quite easy but the scary bit is there’s no going back once you’ve year ended.  So it’s like all big tasks – preparation is absolutely paramount.  It’s that old adage – proper planning and preparation prevents poor performance and a nervous breakdown!

Having said that, it’s just a question of working through the various processes you go through every day to make sure they are all “accounted” for (sorry for the pun).

Communication is key. Have you told everyone affected that year end is happening? All budget holders and staff involved with the accounts will need to be informed so they have can make sure they are completely up to date and everything is in Sage that needs to be.  Circulating a checklist and the timing details will help.

The details

With everyone in the loop, it’s time to make sure that everything that needs to be posted has been posted. Take the time to check all your transactions wherever they are.

Now it’s time to check the details. Start with the bank – everything needs to be reconciled with Sage and the cash book balance absolutely must agree with the nominal ledger.

With your bank reconciled, consider how you want the outstanding Purchase Orders handled and whether they have to be cleared in the current year or carried over to next year. Similarly, look to see if your Creditors Control agrees with your Aged Creditors report? Does your Debtors Control agree with your Aged Debtors report? If not, sort it!

You probably have a long list of reports to print and it’s definitely a good idea to check with your accountant in case something’s changed. Make sure you have everything together so they can tie things up for you.

Making it happen

The best advice we can possibly give is to make sure you have hard copy of everything you report. Then it’s time to run the year end:

  • Back Up Your Data – Enough said
  • Close Your Accounting Periods
  • Double Check You’ve Done Everything!
  • Make sure that everyone is logged out of Sage (they can make you a coffee while they wait for you to finish the process)
  • Run the year end

Have I Covered Everything?

The above are just some top tips. For the detail on exactly how to Year End in Sage for Education and Sage 200, click on the links below (please ensure you select the correct document for your software).  If you are unsure of which software you have, please contact us on 01296 770007.

Sage for Education Year-End

S200 Year-End

Back Up of Sage 200 using Microsoft SQL Server Studio Manager

Want to talk to someone? Call the office on 01296 770007 and ask for one of our Sage experts.