Change corporate year end dates

SOLVED

I have a corporate client who is changing his year to a calendar year.  How do I change the year beginning and end dates in Sage 50.  Thanks for any help with this.

Parents
  • 0
    verified answer

    All you need to do in Sage 50, is to go into setup and change the year end date for the short year*.

    *provided that no transactions have been posted to the period (even if the transactions were later adjusted / deleted.)

  • 0 in reply to RandyW
    verified answer

    Thank you.  I had tried that before but it will not let me change the date to Dec.31 2013 because there are transactions in 2014.  The error message is that the date change must be later than my using date.

  • 0 in reply to kb121
    verified answer

    You may want to read up on link below to ensure that the corporation has complied with conditions required to change year-end.

    sbinfocanada.about.com/.../fiscalyear.htm

    If conditions have been met and you have not posted too many transactions dated in year 2014 then you could restore an older backup where data files have not been moved to Jan/1/14. Otherwise the best option would be to leave Jan1/14 as having no transactions ( go into journal entires and choose by date with start and finish date as Jan1/14 - if any transactions then autoadjust to Jan2/14). When you have received the Dec31/13 year-end adjusting entries from accountant, post them and reconcile the trial balance. Once it is reconciled then you can create one journal entry to clear out all the 4000 and 5000 amounts into retained Earnings. Each time you need to pull up a financial for the Dec31/13 year-end you will have to use Jan1/14 as the date.

  • 0 in reply to Smith and Co
    verified answer

    If you were to pull up an older backup to restore first make sure you print off all the JEs fromJan/14 to current to ensure you have reposted every entry. Better year would to be restore to a new data file called something like 2014 to Re-do - that way you can compare the two data files side by side to see how entries were made and can even do a copy and paste within purchase and sales module if you have a lot of description typed in.

  • 0 in reply to Smith and Co

    Sorry - typo error -Each time you need to pull up a financial for the Dec31/13 year-end you will have to use DEC 31/13 as the date.

    But if you want to review the new fiscal year for income stmt you will need to ensure you use start date as Jan1/14 - this will be necessary even if 3 years down the road you want to look at the 2014 fiscal income stmt.

  • 0 in reply to Smith and Co

    Thank you so much.  I think this will solve my problem.  I have done a test and it will let me switch the dates to what I need.  The government obligations have all been met.

Reply Children
  • 0 in reply to kb121

    HI kb121,

    If any suggestions provided in this thread is able to help you resolving your issue, would you please click the 'Yes' button to the question - 'Did this answer the question?'  The thread will be marked as answered, which will benefit other users who have the same issue.  Thanks a lot.