month-end

Sage 50 Accounting - Canadian Edition

Sage 50 Accounting - Canadian Edition
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month-end

  • Hi there,

    I have taken over doing the bookkeeping for a small construction company. Month-end and Year-ends have never been done. I have information from 2007-present. Is it possible to post all info for 2009/2010 while pushing all other info to the side for now? Should I tackel the info one month at a time and do month-ends as I go?

    Let me know what other information you need, any suggestions would be welcomed.

     

    -A

  • Hi alex.sims27,

    Sage Simply Accounting 2008 and later allows users to post into the current and prior fiscal years in your company file.  However, any years before that will be locked and unable to be posted to.  From your post, I'm gathering you have 4 fiscal years you need to post to.  Unfortunately, if you advance to the 2009 - 2010 year, you will only be able to post to 2008 - 2009 and not any prior fiscal periods before that. 

    Hope this helps,

  •  Hi,

    I would say that if possible, you should tackle the information one month at a time, starting from the beginning.  By 'if possible' I mean, if the company can wait for you to process current information until you have done all the historical work.  You will build a solid foundation by having all the reconciliations, etc. done, and it will take less time overall than jumping back and forth.

    If you need to get 'up and running' immediately, i.e. to print invoices, cheques, calculate and run payroll, do GST returns, etc., you should also start a new set of books with only the minimum of information in it.  You will be able to export customer information, phone numbers, chart of accounts, etc. into the 'other' books when you start them, but all your work on the current period must be 'thrown out' and re-done in the 'real' books that you are working on, once they are caught up. 

    As Harry said, Simply Accounting will let you have up to 2 fiscal periods open, at any one time.   Other accounting packages may let you 'keep open' more years of information at once, whether this would be what you want to do would depend on the situation.   Opening 5 years at once is of limited use, since the balance sheet won't be correct as of any point in time, until you have entered all the historical information.

     

  •  Hi:  I agree with Randy.  The only way this should be tackled is to start from the beginning and do one month at a time.  I'm not sure what you mean by "month ends" not being done.  There is no real need to do month ends.  Enter everything, month by month, reconciling the bank along the way each month, and just do a "fiscal year end".    Since you have 4 years back to do, I'm not sure how you will be able to proceed too much farther ahead without doing a full fiscal year end with tax filings and year end adjustments.  Once you get too far ahead you will be unable to go back and enter any year end adjusting journal entries for the first year.   It sounds like you need to do up the first year, have the Accountant prepare the year end corporate tax filing and financial statements while you work on the second year.  Then put in the AJE's for year one before rolling forward to year 3.   And so on.      Rita 

  • This is really helpful! Thank-you.

    I've been given a backup for 2009, but it doesn't seem right to me. I don't think a year-end was done for 2008, so all of the beginning balances are wonky. I am in the process of trying to locate the correct end and beginning balances.

    How would you suggest to proceed if the beginning balances are unavailable?

    -A

  •  If you have data going back to 2007? it sounds like you will be doing that book-keeping and getting the year-end information together. 

    The only numbers that 'survive' a year end, are the balance sheet amounts, including Retained Earnings.  Those can all be adjusted as of the opening of another fiscal period once they become available.

    I think the question is whether you have to prepare information for 2007 and 2008, or not.  If not, you may be able to use the 2009 information and start from there. 

    The current asset (bank, A/R) and current liability (Payables, Bank loans) account informatin is usually pretty straightforward, it's the capital assets and amortization / Depreciation that is an issue.  You can probably go by the CCA schedule tax information for that, if it was prepared. 

    I hope that helps,

    Randy