Archive Oldest Fiscal Year Wizard

Important: Only the latest version of Sage 100 Contractor is supported for the current tax year. Year-end updates will not be issued for older versions of Sage 100 Contractor. To ensure your software is current with all government-required processing and reporting changes, open your Sage 100 Contractor company and click Home & Resources, Sage Support, Downloads and Updates.  You can also access the Year-End Guide for Sage 100 Contractor by navigating, in the program, to Home & Resources, Product Documentation, Year-End Guide

An appropriate time to archive your general ledger is when you no longer need frequent access to data from your oldest fiscal year, have entered all transactions for that year, and posted all corrections and adjusting entries recommended by your tax advisor for that year.

You can use the Archive Oldest Fiscal Year wizard.in Database Administration for Sage 100 Contractor to move your oldest fiscal year data to an archive company folder.

What is an archive company?

• The terms “archive company” and “company archive” are used interchangeably.
• When you no longer need a fiscal year's data, you can move it out of your company data and into a separate company for storage. This separate company is known as an archive. It is a copy of earlier fiscal year data taken from your existing company data.
• The resulting archive can be accessed like any other company, except that you need to select Show Archives on the Company List window.

What does the Archive Fiscal Year Wizard accomplish?

• Creates a data folder with the archive name you specify.
• Removes the transactions from the oldest fiscal year in your current company and moves them to the archive company.
• Adjusts the current company beginning balances for asset, liability, and equity accounts and subaccounts, as well as jobs, vendors, service clients, and equipment to match the archive year’s corresponding ending balances.
• Rolls the income and expense balances for the archive year into the beginning balance of the Retained Earnings account in the current company.

What steps are performed by the Archive Fiscal Year wizard?

1. The Preparation step performs these tasks:
   • Searches for unprinted checks.
   • Completes a general ledger audit.
   • Completes an inventory audit (if you have the inventory module).
   • Creates a temporary backup.
     • If any unprinted checks or audit errors are found the process stops so that you can address the issues. General Ledger audit errors must be fixed before you can proceed with the archive process.
2. The Maintenance step lets you specify these options:
   • Remove from your current company folder all jobs with Closed or Refused status and all related records.
   • Remove from your current company folder all payable invoices with Paid or Void status and no Job #.
   • Remove service invoices from your current company folder with Paid, Completed, or Void status dated prior to a date you specify.
   • Remove purchase orders from your current company folder with Closed status and no Job# dated prior to a date you specify.

Note: The Maintenance > Remove process only removes jobs, payable invoices, service invoices, and purchase orders from the current company. The jobs, payable invoices, service invoices, and purchase orders that are removed from the current company will continue to remain and be accessible in the archive company that is generated during the fiscal year archive process.

1. The Archive Data step:
   • Creates the archive company, and copies company data into it, including the subfolders Images, Attachments, Aatrix Forms, Direct Deposit, and Reports.
   • Removes accounting data that was posted to a fiscal year later than the year you are archiving and recalculates ending balances, invoice balances (where the payment was recorded in a future year), and inventory quantities, as necessary. (If jobs, vendors, employees, and equipment records created in subsequent years exist at the time you archive, these records are copied to the archive company, although the associated data is removed from the archive company.)
   • Verifies the archive data.
   • Removes fiscal year information from the archived year for the current company.
   • Performs removal of jobs, payable invoices, service invoices, and purchase orders from the current company if you specified removal in the Maintenance step.
   • Verifies the current company data.

When can I complete the Archive Fiscal Year wizard?

The wizard archives 12 periods of accounting data, so you must have at least 12 periods of prior-year accounting data in your current company to perform an archive. This means that you must advance to at least Period 1 in the new fiscal year before you can archive data from your previous year.

Warning: Do not archive fiscal year data until you have entered all transactions, corrections, and prior-year adjusting entries recommended by your tax advisor.  You can wait to archive data from the oldest fiscal year when it is convenient for you. It is not uncommon to wait multiple months before you proceed with the Archive Fiscal Year process. If you proceed with the Archive Fiscal Year process, and later discover that you have to make adjustments or corrections for the prior year, you will have to make entries in the archive company and entries in the current company.

What steps should I complete before I use the Archive Fiscal Year wizard?

1. You should always make two backup copies of your company data before you archive your fiscal year data.
2. Follow the checklist provided on the Sage City Year-end Center.

What steps should I complete immediately after I archive my fiscal year data?

1. Create a backup of your company archive, verify this archive, and store it in a safe place.
2. Complete the checklist provided on the Sage City Year-end Center.