Year End 2018
Sage 100 Newsletter
What's New in Sage 100 (Version 2018.5)
Version 2018.5 now available for download. New features include:
Automated Bank Reconciliation
For many companies, reconciling bank statements is a manual process that can be time-consuming, frustrating, and subject to mistakes. Every manual touch point is an opportunity for human error.
With Sage 100 2018.5, your bank reconciliation process can be automated and simplified with Sage Bank Feeds. This new feature enables you to connect directly to your bank feeds, automate transaction matching, and easily identify disparities which are flagged as they happen.
The automated bank reconciliation feature is included standard for all Sage 100cloud customers. They will receive the new functionality automatically with the latest product update.
Job Cost Enhancements
Certified payroll reports are mandatory for all government-funded projects and, which must be prepared and delivered on a weekly basis to ensure compliance with set wage requirements. The latest Job Cost module update in Sage 100cloud 2018.5 makes it easier to flag information for inclusion as part of Certified Payroll Reports.
Also, if you're running the Sage 100cloud Payroll Module, you can now automatically generate Certified Payroll Reports. These can be e-filed directly from within Sage 100cloud thanks to cloud-connected integration with Aatrix (filing fees apply).
Another enhancement to the Sage 100 Job Cost module includes a Job Contractor Maintenance feature that allows you to maintain records for each of the contractors you work with.
Sage 100 Payroll Updates
Enhancements made in Sage 100 Payroll Version 2.18.5 include:
Check and Direct Deposit Stub Sort Options
- A sort by field has been added to the printing window to allow sorting by Employee Number, Employee Name, and Employee Department.
Salary Equalization Utility
- used to adjust employees' pay amounts in Time Track Entry records.
Payroll Conversion Wizard
- better mapping/conversion of local tax codes when importing data.
Get the Full Details
For full details of all updates and product fixes, download the What's New document as well as the detailed Release Notes. Be sure to contact us if you need help upgrading your system.
Sage Summit Returns
Next year will see the return of Sage Summit at two locations in San Diego, CA and Atlanta, GA. These will be the first Sage Summit conferences since 2017. During 2018, Sage replaced Sage Summit with a series of smaller, local events throughout the U.S. and Canada that were called 'Sage Sessions'.
The return of Sage Summit in 2019 brings a multi-day conference that includes a keynote speech, welcome reception, breakout sessions, networking opportunities, and what Sage has described as a "scaled" tradeshow to showcase add-on solutions.
Dates, Locations and Registration
Sheraton San Diego Hotel & Marina
Hyatt Regency Atlanta
Registration Opens February 2019
Both locations will feature the same content, schedule, and speakers. Early bird pricing for San Diego is $199 before January 13, 2019 and $299 after that.
Year End Tips and Resources Section
Four things to note before closing the books on 2018.
1. Backup Your Data
Executing a complete
backup of your database
is one of the most important things you can do before starting any closing process. You should also test the backup to ensure it was performed successfully and the data is readable.
If you make a mistake, the only way to "reverse" year end processing is to restore data from a backup.
2. Follow the Module Closing Order
A year end process in one module often writes data to another related module. Therefore, closing modules in the proper sequence is extremely important in order to avoid unexpected results or damage to your data.
For more detail and guidance, refer to the Module Closing article, included below in this newsletter.
3. Follow the Module Closing Checklists
Step-by-step checklists are available for most modules. These checklists provide guidance on the sequence of detailed tasks and procedures that should be performed within each module.
Detailed checklists for each module can be accessed right from within the Sage 100 Help system.
4. Get Help When Needed
Be sure to contact us if you have any questions before, during, or after you start year end processing. Especially if you have customizations or 3rd party add-on products that are integrated with Sage 100, we can help you plan a closing process for your specific system/installation.
Creating a Copy Company For Archive/Backup
At year end, it's useful to create an archive company using the Copy Company feature. This provides a readily accessible copy (and backup) of the current year's data even after you perform year end processing in your live company.
To make a copy company, go to:
Library Master > Main Menu > Company Maintenance
Create a new company code and company name (description) that's easy to identify and distinguish from the live/active company that you're copying.
Click the Copy button and enter the Company Code of your current year live (or "Source") company.
Select the modules
you want to copy to your archive company. To create a complete archive/backup, you'll want to copy all modules. Click Proceed. Once the process is finished, click Accept.
For good measure, you might run a trial balance in each module and do a quick spot check to make sure all the data that came over is balanced and accurate.
Watch the Video
Module Closing - The Order Matters
A year end process in one module often writes data to another module. Therefore, the sequence in which you close your Sage 100 modules is extremely important in order to avoid the risk of damaging your data.
Remember to back up your data before starting any module closing procedures. Refer to the "how to backup data" article, included above in this newsletter, for guidance.
- Bill of Materials*
- Work Order Processing*
- Bar Code
- Purchase Order Processing
- Sales Order Processing
- Inventory Management
- Material Requirements Planning (MRP)*
- Electronic Reporting/Magnetic Data*
- Payroll (Quarter-end processing)
- Accounts Receivable
- Accounts Payable
- Job Cost
- Bank Reconciliation
- General Ledger
While there are no formal closing procedures in the Bill of Materials, Work Order, MRP, or Electronic Reporting modules, all transactions in those modules should be posted before starting any closing procedures in the modules that follow (i.e. Post transactions in Work Order before closing Purchase Order, Sales Order, and Inventory).
Remember, this is just a general guideline. If you own modules that aren't listed above or you run any third party add-on products, please contact us to discuss specific closing procedures for your company.
Here are a few tips to keep in mind as you begin year end processing in Sage 100.
General Ledger Closing
While it's a good idea to close modules in a timely fashion, the General Ledger can remain open for as long as you need while awaiting final processing (or audit adjustments) in other modules. A GL that's still open for 2018 will NOT prevent you from entering transactions for the new year.
Even if your company is on a fiscal year, you'll need to close out payroll at the end of the calendar year. All W-2's and quarterly reports must be printed before payroll is closed in order to process the first payroll for 2019.
Note: This does NOT apply to the new Payroll 2.0 which now allows two calendar years to be open so you don't have to run year-end tax reports and W-2's before processing payroll for 2018.
Check your Version Number
Closing procedures can vary depending on which version of Sage 100 you're currently running. For Version 4.0 or above, do the following to identify both your version number and service pack:
Select Help > About Sage 100
Once you're ready to close, you need to make sure all users are out of the system. This is where the Master Console comes in handy. This utility provides a snapshot of all users currently logged into Sage 100, the workstation being used, what programs/tasks they're using, and more. You can also broadcast a message to all users or even shut them down remotely. To launch the Master Console,
select File>Master Console
Year End FAQ's For General Ledger and Reporting
Here are answers to a handful of the most Frequently-Asked Questions (FAQs) regarding General Ledger and Reporting when it comes to year end processing.
Can I print financial statements for the NEXT fiscal year PRIOR to performing year end processing?
In the Fiscal Year field within the applicable report window, simply select the fiscal year to print.
manually change the fiscal year in General Ledger Options in order to print financial statements for the next fiscal year.
After year end processing, can I delete accounts that will no longer be used in the new fiscal year and still run comparison statements?
Information about prior fiscal years is stored by account number. These account numbers must be retained for as long as you require comparisons.
Instead of deleting, you can set the status of an account to Inactive which prevents future postings but still retains the account number for comparisons. On the Main Tab in Account Maintenance, select Inactive in the Status field and click Accept.
Can I open a closed fiscal year to make General Ledger postings/adjustments?
If you retained detail history for a prior fiscal year by entering the '
Years to Retain General Ledger History'
field in GL Options, you can reopen and post to a closed fiscal year.
To Post to a Closed Fiscal Year:
- Select General Ledger Setup menu > GL Options
- On the Main tab, in the Current Fiscal Year field, select the past fiscal year to reopen
- In the Current Period field, select the accounting period to post to and click Accept
- In General Journal Entry or Transaction Journal Entry, enter the transaction to the reopened fiscal year and period and update the journal entry.
- Reprint year end reports when you're finished
- Go back to General Ledger Options Main tab and select the current year in the Current Fiscal Year field, and the current period in the Current Period field. Click Accept.
You've just re-opened the closed fiscal year, posted a journal entry, and reverted back (in step 6) to the current fiscal period and year.
Closed fiscal years can only be reopened in the General Ledger module.
Can I process year end in General Ledger before I'm finished with the other modules?
. General Ledger should be the very last module you close. Refer to the Module Closing Order article earlier in this newsletter for details on the proper closing sequence.
Affordable Care Act (ACA) Reporting & Processing
When it comes to the Affordable Care Act (ACA), there are a variety of questions about how to track and report data in order to remain in compliance.
That's why Sage has put together an ACA Resource Center to help you understand the provisions and how to comply using your Sage 100 software. Here are some popular ACA resources to consider.
How to Set Up ACA Tracking in Sage 100
Step-by-step instructions for setting up Sage 100 for ACA tracking and reporting.
How Do I Generate the Required Forms?
Instructions for generating and printing required ACA forms including 1094 and 1095.
How to Report Employer-Sponsored Healthcare Coverage on the W2 Using Sage 100?
Setting up Sage 100 Payroll to track and report the cost of coverage under an employer-sponsored group health plan.
ACA Video Gallery
A collection of "How-To" videos for ACA setup, generating forms, and more using Sage 100.
The resources and articles above are designed to provide general guidance on using Sage 100 for ACA compliance. Be sure to consult with your accountant or tax advisor for legal advice or guidance that's personalized to your company-specific requirements.
Sage has created a Year End Center that provides valuable resources to guide you through a smooth year end closing process in Sage 100 including:
- Year End Tips and Checklists
- Video Tutorials and How-to Articles
- Live Chat With Tech Support
- Tax Forms, Payroll, and Report Guidance
- Take advantage of this free and valuable resource!
Sage 100 Supported Versions
Sage officially supports the current plus 3 prior versions of Sage 100. With the release of Sage 100 2018, here's the updated list of supported versions and retirement dates:
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