Period 24 is the last period of the second fiscal year. For example, if your fiscal year is based on 12 accounting periods, then period 13 is the first period of the second open fiscal year. Sage 50 keeps two years of transaction activity open at one time. Usually there is no need to close a fiscal year exactly at the end of the last accounting period. You said they have only been using Peachtree for invoicing. However closing isn’t going to resolve the problem of incorrect balances. Peachtree always has two years open at a time, so you will only need to close 2010 to get in to 2012. You can close a year by going to the Tasks menu System Year End Wizard. Repeat the process for each user that you want to restrict from changing prior months. Now change the access level for Transactions In Prior Periods to View Only.Ĭlick the Save button to save your changes and return to the user list. Scroll down the list on the right until you reach the Tasks section. I am in the process of closing the fiscal year and as I had noticed, when I completed the close of the fiscal year, net income did not close to roll into retained earnings. I setup a company initially for fiscal period Jthrough June 30, 2010. Good morning, I am currently using Peachtree version 2010.
#USING PEACHTREE ACCOUNTING SOFTWARE UPDATE#
46 Update User-Maintained Tax Tables/Payroll Formulas to the. Entering After-the-Fact Payment Information for 1099 Vendors. Check this before closing By checking the Archive Company box, you’ll cause the system to create an extra company and preserve the ability to view all reports of prior year data. If you own one of the Premium versions of Peachtree Accounting, you’ll get the following screen during the year-end close at period 24. The solution is to make an archive copy of your Peachtree data before you close the year. Once you close a year it’s difficult to access those transactions. Year-end Closing in Peachtree Filed under Peachtree/Sage 50 Peachtree Accounting enables you to have two fiscal years open at any one time. We recommend that you include the words Year-end and the year you are closing in the filename. Save the backup with a name you will recognize in the future. You can save the backup in the default location, or on a CD or flash drive. During the close process, you are required to back up your company data.
#USING PEACHTREE ACCOUNTING SOFTWARE HOW TO#
FREE Course! Click: Learn how to use the year-end wizard in Sage Peachtree at A clip from Mastering Peach.
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