Financial Reporting for Prior Years in Sage 300 CRE
Submitted by Kyle Zeigler, Sage Senior Certified Consultant
How to create a report that goes back more than 2 years
What some users view as one of the shortcomings of Sage 300 CRE is the inability to print financial statements for periods more than two years in the past. When printing a balance sheet, income statement or trial balance from GL > Reports > Financial Statements, users have the ability to “roll back” the statement from the current period to any period in the current fiscal year, or any period in the immediate prior fiscal year. Producing financial statements for fiscal years more than two years in the past is possible by creating special financial statement designs in the FS (Financial Statement) module. However, users can also preserve the ability to print prior year financial statements for up to ten years if the recommended year-end closing procedures have been followed.
When running the General Ledger Close Fiscal Year task, the user is asked, “Have you backed up the Master file and the transaction files?” This question does not refer to nightly backups using a third party backup system, but instead refers to the use of File Tools from within Sage 300 CRE to back up either the GL files or the entire data folder. If these backups have been obtained prior to closing the year, the GL files alone can be restored to an archive folder for prior year financial statement reporting purposes.
6 steps for creating a GL archive folder:
- Locate the .tsZip or .tsZip2 backup file created just prior to running the Close Fiscal Year task.
- Use Common Tasks > Tools > File Tools to Restore the GL files only to a new folder in the same location on your server as your other Sage 300 CRE data folder(s). The files to restore are the Master.glm, Current.glt and History.glt, and ts.ctl, and the folder to contain the files can be created during the restore process. Be sure to determine a folder naming convention that clearly identifies the contents, such as “GL Archive 2015-2016, to let others users know that this folder can be used to print financial statements for the two years specified.
- Once the files are restored, use File > Company > Open Company and the Specify Folders button on the Open Company window to navigate to the new folder location and add it to the company list. Because the GL archive folder and the original live data folder will temporarily have the same company name, be sure to enter the GL archive folder name in the folder description when prompted to do so. This will help distinguish this folder from the live folder until the next step is completed.
- Select the GL archive folder from the Open Company selection list. With this company open, use Common Tasks > File > Company Settings > General to rename the company to the GL archive folder name. Hint: If you put a “z” or “x” in front of the company name, this will place it at the bottom of the list of companies in the Open Company selection list. Be sure to save the changes.
- To use the same financial statements that you use in your live data folder, use File > Company Settings > File Locations to enter the UNC path to your live data folder for the four File Types with the FS designation. Be sure to save the changes.
- Repeat these steps for any .tsZip or .tsZip2 file you have for prior years.
You should now be able to print financial statements for the year just closed and the immediate prior year, as well as for any other prior years also restored to additional archive folders.