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Audit Reports and Make Adjustments (if Needed)

Usually in the last accounting period of a fiscal year you need to make adjusting entries. These might include the following:

  • Write off customer bad debts
  • Record old outstanding checks reentered into the bank account as miscellaneous income
  • Verify that fixed-asset purchases and dispositions have been properly recorded
  • Record depreciation expenses
  • Record a physical inventory count and compare to Sage 50's quantity on hand
  • Manage outstanding notes payable and receivable items and recording- or adjusting-interest expense or income

Once the above adjustments have been made (if necessary), you are ready to begin closing the fiscal year. The type of adjustment required depends on where in Sage 50 the correction needs to be made.

Note: After you have made the necessary adjustments, reprint any affected reports so that you have a correct copy.