Simplifying the Year End Accounting with Sage 300
Year-end used to be one of the busiest times for accountants. There are a lot of things to do: year-end accruals and next year’s reversals, closing entries, closing of books, opening of next year’s books report preparation. Well, good thing there is Sage 300 (ACCPAC)!
Setting up Accruals
Accruals can be automatically setup via recurring transactions. There is also an option to import the entries from Excel, if you so prefer. The same entries may be flagged as auto-reverse so all you need to do is post it and “forget about it” – because next year’s reversal is automatically generated and posted for you accordingly.
Closing entries and opening balances
Not to worry about it! Sage 300 automatically creates them for you. Income and Expense accounts are automatically closed to corresponding Retained Earnings account (RE per department, per division, etc…). It also prepares the opening balances for the following year. All these are done in just one click.
…and if you ever need to make adjustments after the books have been closed, you can still post them to prior years if you have to, given the proper access rights and proper configuration selections. You can even post prior year entries to Income or Expense accounts, and Sage 300 will adjust the beginning balance and Retained Earnings accordingly – no need to run any recalculation utility.
Sage 300 has a lot of standard Financial Reports. It also has its own Financial Reports Designer where reports are designed and outputs to Excel.
What’s more, Sage 300 now has Sage Intelligence which will make it even easier for managers to obtain the information that they want, for improved operations and strategic planning. Less time to prepare reports, more time to analyze. – and they can look fancy too!
If you’re wondering how Sage 300 can help with your year-end process, contact us directly.
What are some of your challenges in preparing for year-end? What tools are helping make it easier for you? We’d love to hear your thoughts in the comments section below.