Payroll tax solutions for Sage 50
If you work with 1099 vendors, you should subscribe to one of the payroll tax solutions for Sage 50. Before beginning general ledger year-end procedures, install the latest update. In addition to updates to Sage-maintained payroll tax formulas, the payroll tax solution includes updated vendor 1099 forms and other maintenance changes that may affect the current and new fiscal year as well as the payroll tax year.
General Ledger Year-End Checklist
At the end of each fiscal year, it is recommended to do the following:
- Complete all transactions for the fiscal year you intend to close
- Reconcile all G/L accounts for the fiscal year you intend to close
- Print reports to keep a historical copy of your accounting information
- Audit reports and make adjustments (if needed)
- Make a complete backup of your company data
- Close the current fiscal year (may not be required)