The end of the year is fast approaching; now is the time to prepare yourself for the hustle and bustle. Sage 50 (formerly Peachtree) holds 24 periods of data open. If you are in or near period 22, now is the time to close fiscal and payroll years if needed. So, if December 2012 is your period 24, you will need to close year 2011 (periods 1 – 12). The same holds true with the 2011 payroll year. Be sure all 2011 year-end journal entries that were provided by your accountant are posted and make two back-ups of your data before closing. Store one on-site and one off-site. Label these back-ups “Before Closing 2011” and keep them in a safe place. To check which fiscal and payroll years are open, go to Tasks | System | Change Accounting Period. To close year 2011, go to Tasks, Year End Wizard.
Now is also a good time to verify and review all employee names, addresses and social security numbers for accuracy before processing Form W-2’s for your employees at year-end. Insert a note in your employees’ paychecks asking them to verify their information. Your third quarter payroll reports also provide a good opportunity to check your numbers for accuracy. Add up each line on the first three quarters’ 941 reports, and verify that they match the Peachtree Yearly Earnings Report through third quarter.
If you need assistance with closing years, backing up data or any other procedures, please contact your support specialist at Schenck SC.