Close an accounting period

You will close a period most commonly at the end of the month or current working period (e.g. quarterly periods) in order to tidy up your system and move forward into the new month or working period.

Note: Before closing a period, it is essential that you back up your database. Do not carry out a close period procedure if any other user is logged on to Sage 200.

Once the period is closed, any nominal ledger transactions for that module, dated in the closed period, are posted to the next open period.

After closing the Sales Ledger or Purchase Ledger period, you can archive your sales and purchase transactions using the Account Maintenance options. After closing the Nominal Ledger period, you can archive your balance sheet and profit and loss transactions using the Nominal Ledger Account Maintenance option.

When the period is closed, Sage 200 performs the following tasks:

• Prints an Order Summary report detailing the number of transactions, the turnover, credit limit and balance of each account. All values are printed in the base currency.
• Opens the next period if it is marked as Future.
• Updates the turnover values for each account on the Sales Ledger and Purchase Ledger so the next period value is moved to the current period, the current period value is moved to the previous period, and so on.
• If the period being processed is the last one in the financial year, the year to-date turnover figures are reset. Period 1 of the new financial year will reflect the turnover in the current period.

Before closing an accounting period, you must have:

• The correct user permissions for closing the period.
• Followed the period (month) end tasks for each of the modules.
• Updated all pending transactions for all modules.
• If you are closing a period for the Cash Book, made sure unprocessed standing orders and direct debits for the period have been processed for bank transactions.
• If you are closing a period for Nominal Ledger Adjustments, made sure the period is closed for all the other ledgers.
• Backed up the Sage 200 database.