How to Perform Period End Processing in Sage 100 Purchase Order
An "accounting close," also known as "month-end close" or "period close," is a process that businesses undergo to finalize their accounts at the end of a financial period. This could be at the end of a month, quarter, or year.
During the accounting close, all financial transactions for the period are reconciled and recorded. This includes everything from sales revenue and operational expenses to payroll and inventory adjustments.
Once all transactions are accounted for, financial statements like the balance sheet, income statement, and cash flow statement can be prepared. These statements provide a comprehensive overview of the company's financial health at the end of the period, informing decision-making for the next one.
The accounting close process is a crucial part of a company's financial management and ensures accuracy and compliance with accounting standards. It provides valuable insights into a business's financial performance, aids in strategic planning, and is essential for transparency with stakeholders, investors, and regulatory bodies.
In this article we focus on how to close the Purchase Order Module in Sage 100. The first in a series of articles regarding the monthly Sage 100 closing process.
How to perform period end processing in Purchase Order
1. Ensure that all data entry tasks that update to Purchase Order are updated:
P/O Receipt of Goods Entry
P/O Receipt of Invoice Entry
2. Ensure that all data files are backed up (Optional) and that no users are logged in to the affected company.
3. Expand Modules, Purchase Order, and Period End. Double-click Period End Processing.
4. When the prompt to print period end reports appears, print all relevant reports before proceeding with the period-end close. (Optional)
5. After the reports are printed and verified, click Proceed dialog box.
During month-end close, the program performs the following tasks:
Expired master and repeating orders are automatically purged as of the period-ending date.
Completed purchase orders are automatically purged based on the number of days to retain completed purchase orders in Purchase Order Options.
The purchase order recap is automatically purged if selected in Purchase Order Options.
Receipt history is automatically purged based on the selection made in Purchase Order Options.
All purchase history and miscellaneous charge year-to-date balances are set to zero as of the year-ending date.
Should you have any questions about module closing in Sage 100 or need other support with managing your Sage 100, we at Ardent Consulting are at your service. Our team of experts is ready and eager to help you navigate your system challenges and optimize your business's potential. We prioritize your business’s health and are committed to supporting your journey every step of the way.