MAS90/200 GL Tips And Tricks

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In this post we cover these good to know General Ledger tips and tricks in Sage ERP MAS 90 MAS 200: Setting Up Allocations, Reopening A GL Period Or Year, Posting to a Prior Year.

Setting Up Allocations

Did you know that you can automatically distribute overhead such as rent and electricity to your various departments? Automated allocations are a great way to save time over manual journal entries. Here are step-by-step instructions:

  1. Open GL/Main/Allocation Entry.
  2. Click the Next Entry Number (#) button for the Allocation No. field.
  3. To copy an existing allocation entry, and make any necessary modifications, click the Copy button.
  4. Type the description of the allocation in the Description field.
  5. Click the Lookup button for the Source Account field and select the general ledger account number.
  6. In the Allocation Method drop-down box, select the calculation method to use for the allocation.
  7. If Basis was selected as the allocation method, in the Allocation Basis drop-down box, select the basis to use. If Budget method was selected, select the budget code.
  8. In the Allocation Cycle drop-down box, select whether the allocation cycle is to be automatically selected for posting at the end of each period, quarter, or fiscal year, or manually posted.
  9. In the Amount to Allocate drop-down box, select the type of amount to allocate.
  10. If Manual is selected, enter the amount of the manual allocation in the Manual Amount field.
    Note: if a manual amount that is greater than the balance of the source account is entered, it creates an over-allocation.
  11. Enter the Journal Comment field, if necessary.
  12. Click the Lines tab.
  13. Click the Lookup button for the Account No. field and enter a destination account number for the distribution. Asterisks (*) and at signs (@) can be used to create account masks.
  14. If Quantity was selected as the allocation method, enter the quantity to be distributed to this account. If Percent was selected as the allocation method, enter the percentage to be distributed to this account. If Basis was selected as the allocation method and you want to link the basis amount to another account, select the Link check box, and enter an account number to use for the basis calculation. To create account masks use @ signs.
  15. Enter the Comment field for the distribution and enter other destination accounts as necessary.
  16. To view the information entered for accuracy, click the Print button and print the Allocation Listing.
  17. Click the Accept button.

 

Reopening A GL Period Or Year

Transactions cannot be posted directly to a closed accounting period. If an adjustment must be made to a closed period, perform one of the following procedures. Note: Only the General Ledger module can be reopened after the period or year is closed.

Posting to a Prior Period:

  1. Expand Modules/General Ledger/Setup and click General Ledger Options.
  2. Make a note of the setting for Current Period.
  3. Choose the desired prior period from the Current Period list.
  4. Use General Journal Entry to create and post the adjusting journal entry.
  5. Reprint all reports for the affected period for a proper audit trail.
  6. Expand Modules/General Ledger/Setup and click General Ledger Options to change the Current Period back to the setting in Step 2.

 

Posting to a Prior Year:

Fiscal years should not be closed until all adjustments have been made and final financial statements produced. Because transactions can be posted to the next fiscal year, keeping the prior year open does not prevent normal processing.

A prior year can only be reopened if detail history was retained for the desired year in General Ledger Options. Also, if Budgets are used, set the Auto Budget Option field accordingly.

 

  1. Expand Modules/General Ledger/Setup and click General Ledger Options.
  2. Make a note of the settings for Current Fiscal Year and Current Period.
  3. Choose the desired prior year and period from the Current Fiscal Year and Current Period lists. Important note: Be sure to retain history for that prior year or beginning balances will be incorrect for the current year.
  4. Use General Journal Entry to create and post the adjusting journal entry.
  5. Reprint all reports for the affected year for a proper audit trail.
  6. For Versions 3.71 and earlier, expand Modules/General Ledger/Period End and click Period End Processing, and close the year again.
  7. For Versions 4.00 and later, expand Modules/General Ledger/Setup and click General Ledger Options to change the Current Fiscal Year and Current Period back to the settings in Step 2.