How to Change Fiscal Year Starting Period Sage 100

Before You Begin

Before making any changes to your fiscal year settings, several critical preparatory steps must be taken:

1. Create a complete backup of your database to ensure you can restore your data if needed.
2. Test the backup to verify it was performed successfully and the data is readable.
3. Verify your Sage 100 version number by selecting Help > About Sage 100, as procedures may vary slightly between versions.

Understanding Fiscal Year Management

The General Ledger in Sage 100 offers flexible fiscal year management capabilities. While it's recommended to close modules promptly, the General Ledger can remain open as long as needed while awaiting final processing or audit adjustments in other modules. Having an open GL for the current year will not prevent you from entering transactions for the new year.

Accessing Fiscal Calendar Settings

To modify fiscal period dates:

1. Navigate to Common Services > Fiscal Calendar.
2. The system will display the current fiscal calendar with start and end dates for each period.

Modifying Period Dates

When adjusting fiscal period dates, follow these precise steps:

1. To modify a start date:
   • Double-click the Start Date field for the desired period
   • Enter the new period start date
2. To modify an end date:
   • Double-click the End Date field for the target period
   • Enter the new period end date

Important: The end date for any period must be exactly one day earlier than the start date of the subsequent period, except for the final period of the fiscal year.

Working with Closed Fiscal Years

If you need to make adjustments to closed fiscal years, Sage 100 provides functionality to do so, provided you've retained the historical data. Here's how to post to a closed fiscal year:

1. Select General Ledger Setup menu > GL Options
2. On the Main tab, locate the Current Fiscal Year field and select the past fiscal year you want to reopen
3. In the Current Period field, select the appropriate accounting period
4. Click Accept to save these changes
5. Use General Journal Entry or Transaction Journal Entry to enter transactions for the reopened fiscal year and period
6. After posting, reprint all year-end reports
7. Return to General Ledger Options Main tab to reset the current year and period

Best Practices for Fiscal Year Management

Maintaining Historical Data

When managing fiscal years, consider these important points:

• Never delete accounts that might be needed for historical comparisons
• Instead of deleting unused accounts, set them to "Inactive" status to prevent future postings while retaining historical data
• Maintain detailed history by properly configuring the 'Years to Retain General Ledger History' field in GL Options

Module Closing Order

The sequence of closing modules is crucial for maintaining data integrity:

• General Ledger must be the last module closed
• Complete all other module closings before proceeding with General Ledger year-end processing
• Ensure all subsidiary modules are properly reconciled with the General Ledger

Calendar Year Considerations

Even if your company operates on a fiscal year, certain modules like Payroll require calendar year-end processing. For companies using the newer Payroll 2.0 module:

• Two calendar years can be open simultaneously
• You can process payroll for the new year before completing W-2s and tax reports for the previous year
• This flexibility allows for smoother transition between calendar years

Troubleshooting Common Issues

Out-of-Balance Situations

If your General Ledger becomes out of balance during fiscal year changes:

1. Run a trial balance to identify discrepancies
2. Review all journal entries made during the transition period
3. Check for one-sided entries that may have been created accidentall
4. Verify all subsidiary modules are properly reconciled

Financial Statement Printing

When printing financial statements for different fiscal years:

1. Use the Fiscal Year field within the report window to select the desired year
2. Never manually change the fiscal year in General Ledger Options solely for printing purposes
3. Ensure all comparative data is available if printing multi-year comparisons

Advanced Features and Support

Creating Archive Companies

To maintain easy access to historical data:

1. Use the Copy Company feature to create an archive of your current year's data
2. Select all relevant modules when creating the archive
3. Verify the copied data by running trial balances in each module

Year-End Resources

Sage provides comprehensive support through their Year-End Center, which includes:

• Detailed checklists for each module
• Video tutorials and how-to articles
• Access to technical support
• Tax forms and reporting guidance

Final Recommendations

To ensure successful fiscal year management:

1. Document all changes made to fiscal period settings
2. Maintain regular backups throughout the process
3. Test all modifications in a test company before implementing in your live environment
4. Keep detailed records of any special adjustments or corrections made
5. Regularly reconcile all subsidiary modules with the General Ledger

Remember that proper fiscal year management is crucial for maintaining accurate financial records and ensuring smooth business operations. Take time to plan changes carefully and always verify your work at each step of the process.

Citations: [1] https://help.sage300.com/en-us/2024/classic/Content/SystemManager/CommonServices/FiscalCalendar/EditingFiscalPeriodDates.htm [2] https://www.top-sage-resellers.com/blog/sage-100-year-end-closing-procedures [3] https://www.rklesolutions.com/blog/sage-100-year-end-tips [4] https://blog.bcsprosoft.com/sage-100-year-end-processing-procedures [5] https://www.rklesolutions.com/blog/sage-100-erp-year-end-faqs-general-ledger [6] https://help-sage100.na.sage.com/2018/Subsystems/GL/GLSETUP/FSCL_YR_MNT_OVRVW.htm