Closing the Month in SAGE 300 CRE Glenn Klein, MBA Senior SAGE Consultant, Aronson LLC April 4th, 2019 *Information contained in this presentation may have been obtained by the use of the SAGE Knowledgebase and printed training materials provided by SAGE.

Why is it Important to Close the Month in SAGE 300 CRE? It allows you to segregate months of financial data in the appropriate periods. Closing the month allows the totals to move from current month to previous month. Reports will be run on the current file and will display only current period data.

Main Points for Discussion Backing up your data in the accounting system Making sure that all financial transactions have been posted Closing the month for each of the modules except the General Ledger Closing the month in the General Ledger Printing all of the Month-End reports

Backup your data - Using File Tools Before starting the backup you have to ensure that everyone has exited all SAGE 300 CRE applications. In any accounting application, from the Tools menu, select File Tools. In any estimating application, from the File menu, select File Tools. Select Backup and click Next.

Backup your data using File Tools (continued) Additional data folders or files can be added to the backup that File Tools creates. Click Next In the Destination box, type the path to the location where you want to save the .tszip archive file that the backup process creates. Click Browse to browse to the location where you want to save the .tszip file.

Backup your data (continued) In the Archive Name box, type the name that you want for your .tszip file Type Click Next to begin the validation process. (There are a few steps in the validation process but that depends on the options requested) Click Click Next Review the list of all the files that you are about to backup. The State column indicates whether you decided to include or skip a file. Review Click Next after selecting thee files included or skipped Verify the information in the Execution Summary window is correct. Verify

Backup your data (continued) Click Next to backup your files Review the information in the Operations Journal window Optional: If you want to print your journal to a file or printer, select Summary or Detail from the list depending on the level of detail that you want to see. Click Save to save your journal to a text file. Click Print to print your journal to a printer. Click Finish

Check to make sure that all of the company’s financial transactions have posted

Close the month in all the modules except the General Ledger Accounts Payable Payroll Billing Accounts Receivable Cash Management Job Cost

Month-End tasks that should be completed in Accounts Payable Post invoices Post checks Record manual checks Check for any unposted items Print month-end reports

Month-End tasks that should be completed in Payroll Post checks Print Month-End reports Reconcile with the General Ledger Make any necessary corrections Check the new .prt for any unposted items and correct

Suggested payroll reports that may be run at month-end Monthly Employment Utilization Earnings Register Deposit Summary Employee Deduction, Fringe and Earnings Totals Tax Register

Month-End tasks that should be completed in Billing Create Invoices Post Invoices Check the inquiry, transactions for current cost based job transactions Make any necessary corrections and post Or remove any unwanted entries from the new .blt file

Month-End tasks that should be completed in Accounts Receivable Post Invoices Verify everything is posted by running an inquiry, entries, transactions and select the new and active files. If unposted items exist, make corrections and post Print Month-End reports Reconcile with the General Ledger Make any necessary corrections

Suggested Accounts Receivable reports that may be run at Month-End Aging Detail by Customer or Contract Deposit with Items Sales Tax Statements Batch Reconciliation to/from the General Ledger

Month-End tasks that should be completed in Job Cost Post Invoices Verify everything is posted by running an Inquiry, Entries, All entries or Entries by Batch and selecting the new file. Make corrections and post Print Month-End reports Reconcile with the General Ledger Make any necessary corrections

Month-End tasks that should be completed in Cash Management Post Entries Reconcile to your bank statement Reconcile with the General Ledger Make any necessary corrections Print out all backup reports

Closing the month in Contracts - What Happens? Advances the Current Month in the Contract Settings When you close the month in the Contracts application, the Next Month totals on the Billed Totals, Adjustment Totals, Retainage Totals & Miscellaneous tabs of the contract and contract item are cleared and those amounts move to the Month-to-Date totals If the new month is the first month of a new year, the Next Year totals clear and move to the Year-to-Date totals Moves the totals in the next month total fields to the month to date fields on the contract and contract item records If the new month is the first month of the new year, it moves the totals in the Next Year total fields to the year to date total fields on the contract and contract item records

Closing the month in Contracts To close the month in Contracts, all users must be logged out of Contracts, Billing and Project Management In Contracts, from the Tasks menu, select Close Month. Review the current month to verify you want to close the month and then click Start Notes: Contracts allows you to post up to one month into the future of the current month. Post entries in Contracts after you close the month to update your contracts with any unposted transactions To review transactions before posting, from the Inquiry menu, select Other, select Unposted Transactions, select Active, click OK, select Active again and then click OK

Steps to Closing the month in Job Cost Have everyone log out of the software Do a full backup of the company data Go to Tasks>Close Month A journal is produced which lists all jobs and shows whether each job is in balance Review the JC Close Month to verify that the totals on the jobs are in balance Note—The JC Close Month processing is not reversible. Be sure to process all monthly reports and backup the Job Cost Master file before selecting this command. The JC Close Month journal can’t be reproduced. It is a report generated internally only when the Close Month task is run

Closing the month in Payroll Make sure you have run all the reports that are needed and that all users are out of the system In the application go to Task, Close Month Select your new month for Payroll Click Start when you are ready to close the month

Close the month in the General Ledger Advances the current account activity balances Advances the current period activity date Opens a new accounting period

Close the month in the General Ledger Verify that all other applications have completed processing for the period Post any entries that affect the current period Reconcile General Ledger

Print all of the Month-End reports Trial Balance Current Ledger Year to Date Ledger Financial Statements Balancing Reports

Print all of the Month-End reports (continued) Trial Balance

Print all of the Month-End reports (continued) Current Ledger

Print all of the Month-End reports (continued) Year-to-Date Ledger

Print all the Month-End reports – Financial Statements

Print all the Month-End reports-continued Balancing Reports

Monthly Tasks Workflow Center Launch Sage Desktop Go to Applications, Additional Tools Launch the Monthly Tasks Workflow Center

Monthly Tasks Workflow Center (continued)

Monthly Tasks Workflow Center (continued)

Close Month Problems or Issues I closed the month in the General Ledger by mistake I closed the month in Payroll before I was ready What if I forgot to close the month in Payroll?

I closed the month in the General Ledger by mistake. You can’t undo the Close Current Period task, however the General Ledger does allow you to post to and report on prior periods If you really want to undo the Close Current Period task then you will have to restore your entire data folder from the backup that you made prior to the running the Close Current Period task You can re-open a closed period for posting in the General Ledger by running the task Open/Close Posting Periods

I closed the month in Payroll before I was ready. Payroll posts to its own application based on the check date and to other applications based on the accounting date. The entries should go to the proper location based on the dates You can still run your payroll process to the prior period that you did not want to close as long as the prior period is open in the General Ledger Reports that run off the Employee master files wouldn’t have the correct Month-to-Date totals. You can run these reports off of date range on the check record Items such as Pays, Deductions, Fringes and Taxes that are calculated based on a Month-to-Date total or limit may not calculate correctly.

What if I forgot to close the month in Payroll? If you do not close the month and then you process or print your checks as you normally do, then the information that is processed (generated) may not be accurate Various calculations such as deductions, fringes or taxes may not calculate correctly You may fix this if you only processed your payroll by then closing the month and then reprocessing. If you printed the checks and now need to make corrections then you will have to void the checks to make your corrections

Senior SAGE Consultant Questions? Contact Info: Glenn Klein, MBA Senior SAGE Consultant Aronson LLC gklein@aronsonllc.com 240-364-2675