Prepare for year end

At the end of your financial year, you need to run the year end routine in Sage 50 Accounts before you can close your current financial year.

Before you do this, it is advisable to do few basic checks to ensure your yearend runs smoothly.

Enter all transactions

Make sure you have posted all transactions for the financial year you’re closing.

These may include:

  • Checking that all bank accounts are reconciled, and all unpresented items checked to make sure they are valid.
  • Aged Debtors reports checked; any bad debts written off etc.
  • Aged Creditor reports checked, any missing invoices or credit notes added etc.
  • VAT return run and submitted if VAT quarter coincides with yearend.
  • Enter any adjustments from your accountant. These would normally be posted as a journal.
  • Run month end routine for depreciation, prepayments and accruals.
  • Enter closing and opening stock postings if required.

Check you chart of accounts

The chart of accounts defines which category each nominal code falls.

When the year end is run, the chart of accounts decides which nominal codes to clear down, and which balances to carry forward.  It is therefore important to check the chart of accounts.

To check

  1. Click Nominal codes then click Chart of accounts.
  2. Select the chart of accounts you want to view and then click Edit.
  3. To check for any duplicated or missing nominal codes or if any ranges overlap click Check.
  4. If the following message appears “No errors found in this chart of accounts”, you chart of accounts is complete and you are good to carry on.

If prompted to print a Chart of Accounts Error report, you have problems which need to be fixed before you can run the year end.

Run year end reports

Print any management reports you required such as

  • Trial Balance
  • Profit and Loss
  • Balance Sheet

There are various other various other reports you can run, and it is up to you what information you want.  All these reports can be run again from the Archive data once you have run the year end if need.

If you would like help checking your accounts or correcting items before running the year end or need any other help with your Sage Accounts, please contact us


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