SWK Technologies has compiled this comprehensive guide to help streamline your Sage 100 year-end closing processes for 2024 and prepare your reporting for the 2025 fiscal year. This resource collection includes detailed walkthroughs for general EOY (end of year) tasks and specific payroll close-out procedures, including critical information about 1099 form processing.
Please contact info@swktech.com if you have any questions or need additional support for managing your Sage 100 EOY processes.
Sage 100 Year-End Closing Procedures
Year-end closing procedures in Sage 100 follow a similar methodology as period-end closing workflows, but require a few more steps to ensure ledger reconciliation across your entire database and to be able to migrate to the next period and year. There are a few data fields that required new information to process before closing out the annual period, particularly when managing W2 and 1099 forms in the Payroll module.
Year-End Closing in Sage 100 – Demo
Year-end processing in Sage 100 is automatically triggered when closing the last period of your fiscal year. This critical process serves multiple purposes – it prevents data entry in prior periods, updates report default settings to the current period, enables data review and verification, and manages historical data retention based on your specified settings.
Before initiating year-end closing, ensure you have:
- Created a full backup of your Sage 100 system
- Generated an archive company copy through Company Maintenance
- Posted all registers and journals across all modules
- Confirmed all users have exited the system
- Verified historical retention settings across modules
The webinar below gives a comprehensive breakdown of every step you need to take to close out EOY in your Sage ERP, including what actions you need to follow prior to closing, what order each module needs to be closed out in and how to clean up any remaining transaction data:
Sage 100 Year-End Center
The Sage Community Hub features a Sage 100 Year-End Center with links to various relevant resources for closing out the end of year period, including:
- FAQ articles on year-end items
- Checklists for tasks
- Training & Sage University courses
- News & updates
Year-End Checklists
The Community Hub also contains hyperlinks to various year-end checklists for Sage 100, including:
- Payroll & AP 1099 Year End Checklist
- Sage 100 ERP Order of Closing Modules
- Reconciling Accounts Receivable to General ledger
- Reconciling Accounts Payable to General ledger
2024 Year-End Updates for Sage 100
Building upon these established year-end procedures, Sage has introduced several important updates for the 2024 tax year that will affect your closing process. These changes primarily impact payroll reporting and 1099 form processing, requiring attention to new requirements in both tax calculations and data management.
The following sections detail the specific changes implemented for 2024, including enhanced features in the Payroll module and streamlined vendor maintenance for 1099 processing. Review these updates carefully before initiating your year-end closing procedures.
Payroll Year-End and 1099 Processing Procedures in Sage 100
W2s, 1099s and other payroll files and tax information are updated annually in Sage 100 via the cloud to help ensure your books are accurate before closing out the quarterly and annual periods. For 2024, Sage is implementing new updates to both payroll and 1099 processing. The Sage 100 Payroll module version 2.25.0 is being launched December 18, 2024, and can be installed on version 2021 or later. For 1099 processing, users on Sage 100 version 2024.1 or 2023.4 now benefit from automated name parsing in Vendor Maintenance, streamlining form generation through Aatrix.
Before initiating year-end processing, verify your data accuracy using Quarterly Tax Reports and Check History Reports. Cross-reference these against your general ledger to ensure all tax calculations and withholdings are properly recorded. Install the latest Interim Release Download (IRD) when available to access current tax tables and form updates
Watch SWK’s webinar here and follow the steps described to ensure you are reconciling all of your accounts correctly:
Sage 100 Payroll & 1099 Year-End Checklist
This checklist for Sage 100 Payroll and 1099 processing will walk you through all the individual steps for payroll reporting at EOY in your Sage ERP, including:
- Print Quarterly Payroll Reports: Generate the Quarterly Tax Report for reconciling 941 forms and state tax documents, along with Payroll Check History, Earnings Report, Deduction Report, Time Off Accrual Report, and Workers’ Compensation Report. Archive these documents for compliance and reference purposes.
- Quarterly Tax Forms & Year-End Updates: Install the latest Interim Release Download (IRD) for Payroll and Accounts Payable modules, typically available in mid-December. Process Form 941, Schedule B, and applicable state tax forms using the Federal and State Tax Reporting menu.
- Set Up ACA Employer Maintenance: Update employer information for Forms 1095/1094-B or 1095/1094-C, including contact details, employee counts, and coverage information. Verify Applicable Large Employer (ALE) status and update monthly detail records as needed.
- Close Quarter & Install Tax Table Update: Back up company data, process quarter-end reports, and verify period settings in Payroll Options. Install current tax table updates before initiating final closing procedures.
- Reconcile 1099 Amounts: Review Payment History Reports to verify check, electronic payment, and wire transfer records by vendor. Ensure all payment records are properly categorized for 1099 reporting.
- Print & File 1099/1096 Forms: Process required 1099 forms through the Form 1099 Tax Reporting menu. Review company information, verify minimum payment thresholds, and select appropriate filing methods (electronic or paper) based on IRS requirements.
Where to Get 1099 Forms for Sage 100
Refer to the articles featured here for guidance on everything related to managing payroll and tax forms in Sage 100, including W2s, 1095s and 1099s. You can purchase appropriate checks and forms directly from Sage at the storefront here.
Additional Sage 100 EOY Resources
SWK Technologies releases guidance and direction on Sage 100 year-end processes annually before EOY. Stay tuned to the latest best practices and updates – or review workflows for previous Sage 100 versions – by following our Sage 100 Year-End YouTube playlist here.
Stay Up to Date on the Latest Sage 100 News with SWK Technologies
SWK Technologies delivers the latest news, updates, and tips & tricks for Sage 100 users to help them capture the most value from their software. View any of our Sage 100 video resources to learn more about what your Sage ERP can do for you.
Contact SWK here if you have any questions on how to best use your Sage 100 software.