When you create your company’s account in the Sage 50 for the very first time, you need to provide the month and year of your fiscal year. This fiscal year configuration is compulsory, and once you have set the fiscal year it goes for 12 months from the start date you have selected.
Nevertheless, if you wish to make some changes in it so as to sync it with a new parent company’s fiscal year, or owning to accounting reasons then you need to modify the fiscal year start date in Sage 50 accounting software.
This article explains how you make the desired changes in the fiscal year in the Sage 50 accounting software.
How can you Change Fiscal Year in Sage 50 & Peachtree
The first and foremost thing, you need to confirm which product type or version of Sage software you are presently using.
- To find the product name, you need to look on the Sage desktop that you can find in the top left side corner. For instance: Sage 50 Accounts Professional or Sage Instant Accounts.
- To confirm the version figure, you need to follow the given steps:
- Firstly, go to the Help section
- There you need to look for About section
- After that, browse to the Program or System Details division.
If you are Presently Making Use of the Following Sage Software
- Sage Accounts 2014 version or above
- Sage 50 Accounts Professional 2013 version or below
- Sage 50 Accounts Plus 2013 version or below
Then you can easily modify the fiscal year yourself by following the guidelines we will be discussing further.
If you are presently making use of the following Sage software:
- Sage 50 Accounts 2013 version or below
- Sage Instant Accounts Plus 2013 version or below
- Sage Instant Accounts 2013 version or below
Then we would recommend you to connect with our Accounting Problem Sage technical support team for further assistance.
Steps for Change Fiscal Year in Sage 50 & Peachtree
Before beginning to modify your start date, you need to bear the following facts in your mind:
💠 You need to go to your company data and create a backup. To do so, you need to follow the given steps:
💠 Go to File
💠 Look for Back up option and click on same
💠 When the check your data window opens on your computer screen, click Yes
💠 If you encounter any sort of errors recorded in your data report, ensure you fix them before you proceed further.
💠 To finish your backup process, you need to follow the instructions that appear on your screen.
Total Time: 30 minutes
To Change your Fiscal Year Start Date
For fine points regarding which versions of Sage software you have been using so as to change the fiscal year, you need to go to the Information tab.
Let’s have a Quick Look at Steps to Change your Fiscal Year
💠 First go to the Settings section and then look for Fiscal Year option and right click on the same and press on Change option.
💠 Hit on the Yes tab when you are asked to create backups and verify data.
💠 Hit on the Yes tab when you are asked about nominal past data.
💠 Fix the requisite fiscal year start month and year then press OK.
💠 To check press on the Yes tab and then click ok twice when prompted.
How can you Print Trial Balance Logs for the Brought Forward Period
Since you’ve made modifications in your fiscal year start date, there would be revenue and loss nominal sum totals in the brought forward period which you need to transfer into 1st month the new fiscal year. The brought forward trial balance logs tend to recognize these sum totals.
To do this, you need to follow the given steps:
- Go to the navigation bar and look for Nominal codes and after that select Trial balance.
- Click on the desired result and click Run.
- Click the time Brought forward and press OK.
If you are unable to change the fiscal year in Sage 50 accounting software application or feeling stuck at certain steps as mentioned above, seek the immediate assistance of Accounting Problem Sage 50 accounting support team on the Sage 50 Help Desk.