Sage 100 Newsletter - Year End 2015

Introducing Sage 100 2016

Affordable Care Act (ACA) Compliance Updates

A collection of new settings, fields, and reports added in Sage 100 2016 make it easier to manage new requirements of the Affordable Care Act (ACA) including:

• Change Period End processing to retain ACA records and terminated employees until the purging of Perpetual Payroll History.

• Store Employee/Employer data for 1094 and 1099B/C forms.

• Transmit ACA data to Aatrix via .AUF for 1094/1095-B/C compliance.

• Choice of using the 1094 or 1095 forms when printing forms in Federal eFiling and Reporting.

• Enter values in the new Policy Origin Code field to print on Form 1095-B in part I, field 8 when printing forms in Federal eFiling and Reporting.

• Select the following check boxes on Form 1094-C in Part II, section 22 when printing forms in Federal eFiling and Reporting: Qualifying Offer Method, Qualifying Offer Method Transition Relief, Section 4980H Transition Relief, and/or 98% Offer Method.

Data Entry and Preference Settings

This collection of minor enhancements just might have a major impact on the productivity of your everyday tasks. For example, you can now choose between various desktop layouts and options, set the default zoom when you preview reports, choose whether to automatically insert decimal points when entering quantities, add extended item description for lines in the A/R data entry and invoice tasks, and schedule reports to automatically run or print using Task Scheduler. In addition, a popular request to expand P/O numbers up to 30 characters has been added to Sage 100 2016.

Accounts Payable Enhancements

The Accounts Payable Aged Invoice Report window now includes an Electronic Payment Vendors field so you can specify whether vendors with the Electronic Payment check box selected in Vendor Maintenance are:

• Included on the aged invoice report (Yes)

• Excluded from the report (No)

• The only invoices printed on the report (Only)

You can also specify whether the A/P Aged Invoice Report prints in landscape view with 8-point font size or in portrait view with a 6-point font size, using a new Print Condensed check box.

Enhanced Payroll Services Integration

If you’re looking to outsource payroll processing or you  want a better experience than you’re getting from a current payroll provider, you’ll be happy to learn that Sage 100 2016 features enhanced integration with Sage Payroll Services.

Sage Payroll Services allows you to outsource the hassle of payroll processing.  And with the enhanced integration in Sage 100 2016, you simply upload general ledger account numbers and bank codes to Sage Payroll Services and then easily download payroll transactions back into Transaction Journal Entry. Go online to learn about options and pricing through Sage Payroll Services.

Important Note:

New Product Keys Required for Payroll

If you’re using the Payroll module, you must use the new product keys (provided by Sage) when upgrading to Sage 100 2016. If you use product keys from a previous version, you won’t be able to access any Payroll tasks in Sage 100 2016 (Sage 100 customers without Payroll will not need new product keys).

Upgrade Guides and Webcasts

In this article, we’ve covered only a few of the new features and enhancements added in Sage 100 2016. To get the whole scoop, register for a webcast or request any of the following guides:

“What’s New” Webcasts

Register for the upcoming What’s New in Sage 100 2016 webcasts that are being hosted as follows:

• December 2, 2015 at 2:00 PM Eastern

• December 16, 2015 at 2:00 PM Eastern

• January 7, 2016 at 4:00 PM Eastern

• January 19, 2016 at 1:00 PM Eastern

Customer Upgrade Guide

Contact us for a copy of the customer upgrade guide

Installation Guide

Contact us for a copy of the detailed installation guide

Introducing Sage 100c

In addition to enhancements added to the existing Sage 100 product in version 2016, Sage simultaneously launched a new “deluxe” version called Sage 100c. 

The launch of Sage 100c marks the beginning of a journey toward modernizing the product portfolio in North America.   

What is Sage 100c?

While the existing “traditional” versions of Sage 100 (Standard, Advanced, and Premium) all remain available, you can think of Sage 100c as a new “Deluxe” version. The primary difference is that Sage 100c features a totally modernized and highly-customizable interface combined with built-in mobile access.

Another major distinction from the “regular” Sage 100 is that Sage 100c is only available through subscription.

New Technology, Same Workflow

For existing customers, Sage 100c is an easy way to leverage new technology without disrupting the way you do business today because the workflow and functionality is the same.

Sage 100c is offered in one of three pre-packaged product bundles: Essentials, Advanced and Complete.  Each is priced at a specific dollar amount per user, per month.

Contact us for a copy of the new Sage 100c Brochure or to request pricing information.

Overview of Year End Processing

At a high level, these are the steps to consider as you begin closing the books on 2015 and start fresh in the new year.

1. Backup Your Data

Executing a complete backup of your database ?is one of the most important things you can do before starting any closing process.  You should also test the backup to ensure it was performed successfully and the data is readable.

If you make a mistake, the only way to “reverse” year end processing is to restore data from a backup.

2. Follow the Module Closing Order

A year end process in one module often writes data to another related module. Therefore, closing modules in the proper sequence is extremely important in order to avoid unexpected results or damage to your data.

For more detail and guidance, refer to the Module Closing article elsewhere in this newsletter.

3. Follow the Module Closing Checklists

Step-by-step checklists are available for most modules.  These checklists provide guidance on the sequence of detailed tasks and procedures that should be performed within each module.

For more detail refer to the Year End Checklists article elsewhere in this newsletter. In addition, these checklists are available right from within the Sage 100 Help system.

4. Get Help When Needed!

Be sure to Contact Us if you have any questions before, during, or after you start year end processing. Especially if you have customizations or 3rd party add-on products that are integrated with Sage 100, we can help you plan a closing process for your specific system/installation.

TIP:Creating a Copy Company For Archive / Backup

At year end, it can be useful to create an archive company using the Copy Company feature. This provides a readily accessible copy (and backup) of the current year’s data even after you perform year end processing in your live company.

To make a copy company, go to: Library Master > Main Menu > Company Maintenance

1. Create a new company code and company name (description) that’s easy to identify and distinguish from the live/active company that you’re copying.

2. Click the Copy button and enter the Company Code of your current year live (or “Source”) company.

3. Select the modules you want to copy to your archive company. To create a complete archive/backup, you’ll want to copy all      modules. Click Proceed. Once the process is finished, click Accept.

Note: For good measure, you might run a trial balance in each module and do a quick spot check to make sure all the data that came over is balanced and accurate.

Watch the Video

Head over to YouTube to watch a recorded demonstration of the Copy Company process in action.

Module Closing

Keeping Things In Order

A year end process in one module often writes data to another module. Therefore, the sequence in which you close your Sage 100 (formerly “MAS 90” or “MAS 200”) modules is extremely important in order to avoid the risk of damaging your data.

Important: Remember to back up your data before starting any module closing procedures. The only way to “reverse” year end processing in Sage 100 is to restore your data from a backup.

1. Bill of Materials*

2. Work Order Processing*

3. Bar Code

4. Purchase Order Processing

5. Sales Order Processing

6. Inventory Management

7. Material Requirements Planning (MRP)*

8. Timecard

9. Electronic Reporting/Magnetic Data*

10. Payroll (Quarter-end processing)

11. Accounts Receivable

12. Accounts Payable

13. Job Cost

14. General Ledger

*Note:While there is no formal closing procedure in the Bill of Materials, Work Order, MRP, and Electronic Reporting modules, all transactions in those modules should be posted before starting any closing procedures in the modules that follow them (i.e. Post transactions in Work Order before closing Purchase Order, Sales Order, and Inventory).

Remember, this is just a general guideline.  If you own modules that aren’t listed above or you run any third party add-on products, please contact us to discuss specific closing procedures for your company.

Year End Tips

4 Tips for a Successful Year End

Here are just a few tips to keep in mind as you begin year end processing in Sage 100.

1. General Ledger Closing - While it’s a good idea to close modules in a timely fashion, the General Ledger can remain open for as long as you need while waiting on final processing in other modules (or audit adjustments).  A GL that’s still open for 2015 will NOT prevent you from entering transactions for the new year.

2. Payroll Planning - Even if your company is on a fiscal year, you’ll need to close out payroll at the end of the calendar year. 

It’s a good idea to begin reconciling all of your payroll tax reports to the general ledger in early December. This gives you a chance to catch errors early and avoid filing an amended payroll tax return.

Note: All W-2’s and quarterly reports must be printed before processing the first payroll for 2016.

3. Check Your Version Number - Closing procedures can vary depending on which version of Sage 100 you’re currently running.  For Version 4.0 or above, do the following to identify both your version number and service pack: Select Help > About Sage 100

4. Master Console - Once you’re actually ready to close, you need to make sure all users are out of the system. That’s where the Master Console comes in handy. This utility provides a snapshot of all users currently logged into Sage 100, the workstation being used, what programs/tasks they are using, the activity date, and more. From this screen, you can also broadcast a message to all users or even shut them down remotely.

To launch the Master Console: 
?Select File > Master Console

Year End Checklists

Here are year end closing checklists for General Ledger, Accounts Receivable and Accounts Payable to help ensure that all tasks are processed and in the proper order.

Note: these modules all begin with the following 2 steps:

1. Backup your AR/AP/GL files and label them as “prior” to Year End processing.
2. Make sure the AR/AP/GL system date is set to the last day of your fiscal year.

Accounts Receivable

3. Ensure all invoices and cash receipts have been recorded for the current year.
4. Apply finance charges to past due customers.
5. Note: If you answered “None” for “Finance Charge Computation Method” in A/R Set Up Options, then continue.
6. Print statements for the appropriate customers.
7. Note: If you did not activate the “Customer Statements” option in A/R Set Up Options, continue to the next step.
8. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
9. Select the reports you wish to print for the period.  At minimum, we recommend Aged Invoice Report and A/R Trial Balance.
10. Complete year end processing, backup AR files, and label them as “after” YE processing.

Accounts Payable

3. Ensure all invoices and checks have been entered and updated for the current year.
4. If your fiscal year coincides with the calendar year and your company issues 1099 Forms for vendors, then print, verify, and     clear the 1099 Forms.
5. Select “Period End Processing” from the Period End menu, and choose the Full Period & YE Processing option.
6. Select the reports you wish to print for the period.  At minimum, we recommend Aged Invoice Report, A/P Trial Balance, and Check History Report.
7. Complete year end processing, backup AR files and label them as “after” YE processing.

General Ledger

3. Make sure all activity and adjustments in modules integrated with General Ledger have been completed in the year to be closed. Note: Check the Module Closing Order article elsewhere in this newsletter.
4. Print and update the Recurring Journals.  Refer to the   Recurring Journal section on page 99 of the GL Manual.
5. Print the General Ledger Worksheet and log all essential adjustments.
6. Enter adjustments in General Journal Entry.  This includes entries logged on the General Ledger Worksheet (above).
7. Print and update the Daily Transaction Register.
8. Note: The system will not allow YE processing to continue until after this step is performed.
9. Enter budget revisions through Budget Revision Entry and update the Budget Revision Register.
10. Go to G/L Options, confirm proper settings for these fields:
11. Auto Budget Option field is set to the option you want to create next years’ budget
12. Number of Years to Retain in Transaction History
13. Number of Years to Retain in Summary History
14. Note: Setting number of years to “1” will not retain history - 1 means current year only.
15. Make sure the Balance Sheet is in balance.
16. Print the General Ledger Analysis (not “required”)
17. Update & print Custom Financial Reports (not “required”)
18. Select, modify, and update the Allocation Journal.
19. Select Period End Processing, and choose the Full Period End Processing option.
20. Select the reports you wish to print for the period. At minimum, we recommend Trial Balance, Standard Financial Statements, and GeneralLedger Detail Report.

21. Complete period end processing, backup general ledger files, and label them as “after” YE processing.

Get All the Checklists

TIP: Year end checklists for all modules can be viewed onscreen and are accessible from the Sage 100 Help section of the software.

Year End FAQ’s

For General Ledger & Reporting

Here are answers to a handful of the most Frequently-Asked Questions (FAQs) regarding General Ledger and Reporting when it comes to year end processing.

Question#1: Can I print financial statements for the NEXT fiscal year PRIOR to performing year end processing?

YES. In the Fiscal Year field within the applicable report window, simply select the fiscal year to print. 

Do NOT manually change the fiscal year in General Ledger Options in order to print financial statements for the next fiscal year.

Questions #2: After year end processing, can I delete accounts that will no longer be used in the new fiscal year and still run comparison statements

Information about prior fiscal years is stored by account number. These account numbersmust be retained for as long as you require comparisons.

Instead of deleting, you can set the status of an account to Inactive which prevents future postings but still retains the account number for comparisons.  On the Main Tab in Account Maintenance, select Inactive in the Status field and click Accept.

Question #3: Can I open a closed fiscal year to make General Ledger postings/adjustments?

YES. If you retained detail history for a prior fiscal year by entering the‘Years to Retain General Ledger History’field in GL Options, you can reopen the closed fiscal year and post to it.

To Post to a Closed Fiscal Year:

1. Select General Ledger Setup menu > GL Options
2. On the Main tab, in the Current Fiscal Year field, select the past fiscal year to reopen
3. In the Current Period field, select the accounting period to post to and click Accept
4. In General Journal Entry or Transaction Journal Entry, enter the transaction to the reopened fiscal year and period and update the journal entry.
5. Reprint year end reports when you’re finished
6. Go back to General Ledger Options Main tab and select the current year in the Current Fiscal Year field, and the current period in the Current Period field. Click Accept. 

You’ve just re-opened the closed fiscal year, posted a journal entry, and reverted back (in step 6) to the current fiscal period and year.

Note: Closed fiscal years can only be reopened in the General Ledger module.

Question #4: Can I process year end in General Ledger before I’m finished with the other modules?

NO.  General Ledger should be the very last module you close. Refer to the Module Closing Order article earlier in this newsletter for details on the proper closing sequence.

TIP: How to Correct an Out of Balance General Ledger

There are a variety of reasons that your general ledger can get out of balance.  In the video below, you’ll learn how to discover and correct the out-of-balance situation including instructions for making one-sided journal entries.
Watch the Video

Year End Tips and Resources

Affordable Care Act (ACA) Info

2015 marks the first year that some companies may be required to report under the Affordable Care Act (ACA). The size and structure of your workforce determines how and when you’re supposed to report.

That’s why Sage has put together an ACA Resource Center  to help you understand the provisions and how to comply using your Sage 100 software. Here are some popular ACA resources to consider reviewing.

Which of The New IRS Forms Should You File?
?This downloadable reference guide helps you understand which forms to file and when.

Download Now

How to Set Up ACA Tracking in Sage 100
Step-by-step instructions for setting up Sage 100 for ACA.

Review Setup Procedure

How to Report Employer-Sponsored Healthcare Coverage on the W2 Using Sage 100
Setting up Sage 100 Payroll to track and report the cost of coverage under an employer-sponsored group health plan.

Review Instructions

ACA Video Gallery
A collection of “How-To” videos for ACA setup, generating forms, and more using Sage 100.

Video Gallery

ACA reporting tools are available for Sage 100 Versions 4.5 through 2016.  The resources and articles above are simply a guide to using Sage 100 for ACA compliance.

Be sure to consult with your accountant or tax advisor for legal advice or personalized guidance.

Sage 100 Year End Center

Sage has created a Year End Center that provides valuable resources to guide you through a smooth year end closing process in Sage 100 including:

•  Year End Articles and Checklists
• Video Tutorials
  
• Online Q&A and Discussion Forum
  
• Live Chat With Tech Support
  
• Tax Forms, Payroll, and Report Guidance

Take advantage of this free and valuable resource!

Supported Versions Reminder

Sage officially supports the current plus 3 prior versions of Sage 100. With the release of Sage 100 2016, here’s a look at updated list of supported versions and retirement dates:

Note:Sage will release the last product update for Sage 100 versions 4.50 and 2013 (aka version 5.0) to enable the recording of Payroll data for the Affordable Care Act (ACA), in November 2015.

Get Complete Details Online