Closing Procedure Checklist for Sage 300 ERP

By | April 19, 2013

At the end of every year, user have to think about creating a new fiscal year and ending the current. Here, are some tips and tricks that will allow users to close all the current transactions. Closing all sequence for each module is important. But this requires specific system configuration and commercial procedure.
Year End Procedures in Sage 300 ERP (formerly Sage Accpac ERP) is same as other version. But, it is necessary to recognise how to co-ordinate in proper order. Few conclusion need to be made based on your System requirements. Here is the checklist for Day End Procedures, Period End Procedures, Year End Procedures.
Day End Procedures: Run Day End Procedures daily if you use Inventory Control module. Perform below task

Order Entry:

= Print posting journals
= Print G/L Transactions report
= Create G/L batches
= Print audit and analytical reports

Purchase Orders:

= Print posting journals
= Print G/L transaction listings
= Create G/L batches
= Print audit and analytical reports

Project and Job Costing:

= Print transaction listings and G/L Transactions report
= Print posting journals
= Create G/L batches

Inventory Control:

= Enter and post daily transactions
= Print transaction listings
= Run Day End Processing
= Create G/L batches

Accounts Receivable:

= Print batch listings
= Post all batches
= Print the G/L Transactions report
= Print and file all posting journals
= Create G/L batches

Accounts Payable:

= Post all batches
= Print any outstanding batch listings
= Print the G/L Transactions report
= Print and file all posting journals
= Create G/L batches

General Ledger:

= Post batches created in General Ledger and batches sent from other Sage 300 ERP Programs
= Print transaction listings and source journals

Also Read: Monthly Audit Methodology in Sage 300 ERP
Period End Processing: You need to run Period end Procedures for all ledgers before beginning Year end Procedures. Perform below task daily

Order Entry:

= Print Order Action and Aged Orders reports
= Print Sales History and Sales Statistics reports
= Clear transactions and printed posting journals that you no longer need

Purchase Orders:

= Print Purchase Order Action, Aged Purchase Orders, and Shippable Backorders reports
= Print Purchase History and Purchase Statistics reports
= Print audit lists
= Clear transactions and printed posting journals that you no longer need

Inventory Control:

= Print stock control reports
= Print price and sales analysis reports
= Clear printed posting journals, serial numbers, item labels, and transactions that you do not need

Project and Job Costing:

= Run Update Payroll
= Create billings
= Recognize revenue
= Print audit and analytical reports
= Clear posted documents and posting errors

Accounts Receivable:

= Print unprinted deposit slips and invoices
= Print Customer Transactions, Aged Trial Balance, and Aged Retainage reports
= Enter manual adjustments and process periodic charges, as required
= Post batches of periodic adjustments, then print and file posting journals
= Print customer statements
= Print the Sales Tax Tracking report in Common Services
= Clear paid transactions and customer comments that you no longer need
= Delete inactive records that you no longer need

Accounts Payable:

= Print the Purchase Tax Tracking report in Common Services
= Print Vendor Transactions, Aged Trial Balance, and Aged Retainage report
= Enter manual adjustments and process periodic charges, as required
= Post batches of periodic adjustments, then print and file posting journals
= Print the Purchase Tax Tracking report in Common Services
= Clear paid transactions and vendor comments that you no longer need
= Delete inactive records that you no longer need

General Ledger:

= Update exchange rates and revalue account balances, as needed
= Create reallocation and recurring entry batches, as required
= Print Trial Balance and period-end statements
= Perform period-end maintenance

Year End Procedures:  You have to completed period end procedures, so you can initiate closing for Year. Perform below task:

 Order Entry:

= Clear transaction history that you do not need
= Clear statistics and sales history that you don’t need

Purchase Orders:

= Clear transaction history that you do not need
= Clear statistics and purchase history that you do not need

Project and Job Costing:

= Clear transactions for closed contracts and closed contracts that you do not need to keep

Inventory Control:

= Do an inventory count
= Post a reconciliation worksheet to adjust for any variances found in the inventory count
= Clear statistics, expired contract prices, and transaction history that you do not need for drilldown

Accounts Receivable:

= Clear sales tax tracking information that you no longer need
= Clear history and statistics that you no longer need
= Run Year End to reset batch numbers, clear activity statistics, recurring charge amounts, invoices paid and Days To Pay counter
= Print the Customer List and customer statistics reports to verify the transfer of data to the previous fiscal year

Accounts Payable:

= Clear purchase tax tracking information that you no longer need
= Clear history and statistics that you no longer need
= Run Year End to reset batch numbers, clear activity statistics, recurring payable amounts, invoices paid and Days To Pay counter
= Print the Customer List and customer statistics reports to verify the transfer of data to the previous fiscal year

General Ledger:

= Run Create New Year to transfer balances in the income and expense accounts to retained earnings and enter opening balances for the new year
= Print and clear the Batch Status report and the posting journal generated when you created the new year
= Using Period End Maintenance, delete prior-year fiscal sets, and reset batch numbers

In this way all open transaction for previous years can be closed and we can go ahead for New Year.
Related Posts:

1. Lock – Unlock Fiscal Period Module wise in Sage 300 ERP
2. Yield and Waste Management in Sage 300 ERP
3. Year End process in Sage 300 ERP
4. Financial Budgeting in Sage 300 ERP