Year End Closing Tips for Sage MAS 500 ERP

‘Tis the season to think about your Year End closing procedures using your Ohio Sage MAS 500 software.  To help you through this process, we’ve provided some quick tips in Q&A form.

How do I make the switch form Period End processing to Year End Processing in MAS 500?

The Process Period End task performs the year-end close when the Current Period field in Set Up GL Options is set to the last period of the current fiscal year defined in Set Up Fiscal Calendar.

What steps should I take BEFORE I close my 2009 books?

Before closing, backup, post all transactions and adjustments, reconcile, and print final financial statements. For detailed instructions, see How to process period-end closing or year-end closing in Sage MAS 500.

Does it matter what order I close modules?

The recommended order of closing modules at year-end is as follows:

  1. Inventory Management
  2. Accounts Payable
  3. Accounts Receivable
  4. Cash Management
  5. Multicurrency
  6. General ledger

How do I make changes to the GL Fiscal or Calendar Year Structure?

Current and future accounting period dates can be changed for fiscal years that contain accounting data. Use the Set Up Fiscal Calendar task to modify the end dates for the periods, and select to recalculate when saving the new fiscal year dates. To configure more than one fiscal year within a 12-month period, select the Allow Multiple Fiscal Years per Calendar check box in Set Up GL Options. For details and examples, see How to change G/L fiscal or calendar year structure in Sage MAS 500.

What do I need in order to file electronically?

To file electronically,a Transmitter Control Code (TCC) is required. Complete and submit Form 4419 (Application for Filing Information Returns Electronically). For more information,see IRS Publication 1220.

Who can I contact for help?

If you have questions about Year-End and Period-End Closing processes, please contact Socius’ Lori Ramsey at 800.589.6614 x3214.


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