Place for Sage 50 Lovers

Sage 50 is the most popular Accounting Software Package in UK. It is also popular in many other countries in Asia and Africa (India, Dubai, Kuwait, Saudi Arabia, Bangladesh, Nepal, Sri Lanka, Malaysia, Singapore, South Africa, Zambia, Botswana, Malawi, Nigeria) in addition to becoming most used Accounting system Great Britain and Ireland.

Accountants who have used sage 50 love it and they just cant live without it when they join other organisations.

There are many reasons behind so much affection for sage 50. (Formerly sterling and then sage line 50) These are the main factors:

Easy to use, Easy to learn
easy to install and setup
Great Audit trail to track transactions in seconds
User log
Great report designer
Disaster recovery friendly database structure
Addon - compatible
Reasonable security
Upto 10 users can be added

But if you are looking for a hassle free online Cloud Accounting application which support UK statutory requirements then the choice is Kashflow.

Year end Procedure in Sage 50

At the end of your financial year, it is mandatory for the year end procedure to be run, however this does not have to be run on the actual day your financial year finishes.

1. Ensure that all transactions have been entered for the year you are closing.

2. Print all of the reports your business requires. As a minimum we would recommend the reports detailed above.

3. In Settings > Change program date, change the software date to the last day of your financial year.

4. Take two backups of your data in File > Backup, ensuring that these backups are stored in a secure location. It’s useful to label these backups as ‘YearEnd2012_1.001’ and ‘YearEnd2012_2.001’ for example.

5. Within Tools > Period End > Year End, check all the details are correct then click OK to complete the process. As part of this process an archive is automatically created. The archive is a ‘read only snapshot’ of your company at the point the year end is run. To access this at a later date, go to File > Open > Company Archive.

Running this process doesn’t stop you from being able to process transactions back into the year you have just completed, unless you have set a lock date.

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