It’s that time of year again, when a normal, everyday accountant turns into a 6-handed miracle worker!  Yes, it is Year End time, where the holidays are the warmup for 1099’s, W-2’s and Period End Closings.

To help you maneuver through it all, here’s some quick tips!

Please backup your Sage 100 folder before you begin your year-end process.  This can be done within Sage 100 by using the COPY feature found in Library Master  >>  Main  >> Company Maintenance.  Create a new company ID, give this new company a name, then click the COPY button to the right of the screen, and choose your current company as the Source.

Closing the periods in Sage 100 is something you’ll want to do each month, with the exception of General Ledger, which can remain open as long as you like.  We suggest closing General Ledger once the prior year postings have been made and the audit / tax returns are filed.

Period End Closings for the other modules should be closed in this order:

• Bill of Materials*
• Work Order*
• Bar Code*
• Time Card*
• Purchase Order
• Sales Order
• Inventory Management
• Material Requirements Planning
• Payroll
• Accounts Receivable
• Accounts Payable
• Job Cost
• Bank Reconciliation*

* Note:  Bill of Materials, Work Order, Bar Code, Time Card and Bank Reconciliation do not have Period End Processing, but must have all data posted prior to other modules closings.

Before closing each module, check that reports are run for the current month and year.  If you’re using Paperless Office, printing the forms to PDF will save time, and you’ll be able to email them off to your accountant if needed during an audit or for tax preparation.  If you’re one of the few companies currently not using Paperless, please call Net at Work  to help you get it setup and to show you how many time saving ways there are to use on a daily basis.

For those of you who will have to deal with Payroll issues, 1099-M (Box 7), w-2’s and the rest of your federal payroll year-end forms for 2017 we believe will be due January 31, 2018.  The IRS website hasn’t posted updated information for filing 2017 forms at the time of publication.  As for your states filing requirements, please check their web sites for specific filing dates.

Social Security Administration announced that the maximum amount of wages in 2018 subject to the 6.2% Social Security tax will rise from $127,200 to $128,700, which is a little more than 1% over 2017.  There is still no limit on the amount of wages subject to the other portion, or Medicare tax, of 1.45%.

The contribution limit for employees who participate in 401K, 403b, and most 457 plans and the federal government’s Thrift Savings Plan is $18,500 in 2018.

As always your Net at Work consultants are ready and able to help with any questions you may have during the challenging year-end season!