Sage ERP X3 Tip: Fiscal Year End

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The Sage ERP X3 Fiscal Year End function closes out the current fiscal year by rolling Balance Sheet account balances forward and posting the Net Income/Loss to the New Period Suspense account, then clearing the New Period Suspense account and debiting or crediting the Retained Earnings account. Because most organizations are not ready to close the fiscal year before posting transactions in the new year, Sage ERP X3 provides a Year End Simulation function. In this post we include an outline the processes for both Year End Simulation and Fiscal Year End.