Our Blog

Year End Tip - How to review all Closing Entries

At this time of year the ultimate question is when to perform the year end function in GL. This function creates all the retained earnings entries by way of a closing batch. All entries assigned in this batch have a source code of GL-CL.  This is the Sage ERP 300 standard source code for the year end function. Now if you roll over the year and then process any entries back into the previous year,Sage will automatically handle the additional entries required to close off but it does so in individual batches.  This raises the issue that if someone wants to see all the closing entries generated you would have to run off multiple batches. By using a source journal report you can easily track all entries in the system that where assigned GL-CL  without having to know all the batch numbers So its a great audit report. Every site I goto I notice that the GL Source Journal is an extremely underutilised tool.  From my perspective its a handy report that is the only standard report in the SAGE ERP 300 GL Product that can be date not period driven. I have seen clients use it in the past as a tool to help reconcile particular accounts, but in this blog I want to show you how you can use it as a Year End Reconciliation Tool. To use the GL Source Journal you need to first setup GL Source Codes, in this instance GL-CL is already created as its the standard Sage source code for year end. > Open Sage >General Ledger >G/L Setup >Source Codes source code1 The next step is to create the source journal profile > Open Sage >General Ledger >G/L Setup >Source Journal Profiles 2   This can now be used to run a standard report that will look through all the gl accounts and filter out all Journals that went through the system with the Source code GL-CL assigned. >General Ledger >G/L Reports >Source Journals >Choose the Profile created in the previous step   3 You can go to the Account tab and make any additional selections you require   4   This is the screen you can select the date range if required 5   The following report will be generated report   Other ideas for using it 1a 2a   I hope you can find this useful and can see how it can be used as a great reconciliation tool. If you would like any further information or assistance with setting this up then please don't hesitate to contact stacey@ebsol.com.au  
Tags: , ,

This is a unique website which will require a more modern browser to work! Please upgrade today!