Sage ERP MAS 500 – 5 Tips for a Successful Year End
To help you get a jump start to closing the year out smoothly, here are a handful of tips and reminders. We’ve also included information about important deadlines and tax information.
- General Ledger Closing – While it’s a good idea to close modules and purge historical data in a timely fashion, your General Ledger can remain open as long as you need while awaiting final processing in other modules or audit adjustments.
- Check Your Version Number – Closing procedures can vary depending on the version of MAS 500 you’re currently running. So be sure to check your version number and service pack before starting year end.
- Back Up Your Data – Before you begin any year end process, be sure to execute a complete back up of your database. You should also test the back up to ensure it was successful and the data is readable. The only way to “reverse” year end processing is to restore your data from a back up. So do it now!
- Data Retention & Cleaning House – In most cases, MAS 500 retains historical data based on the version you’re running and the settings you’ve configured in each module. So it’s a good idea to double check your settings so you don’t lose important data during year end close.
- Remember, We’re Here to Help – As you begin year end closing procedures and prepare to start fresh in 2012, be sure to contact us if you need assistance during this important time of year. As your software and technology partner, we’re here to help! Give us a call at 877.496.5350.
Year end is a great opportunity to “clean house” and determine whether it makes sense to purge old data you no longer need, create archive databases, or expand your storage capacity.
Important Deadlines & Tax Information
January 31, 2012 – Deadline for filing quarterly payroll & annual sales tax returns.
Depreciation and Section 179 Expense - Last year’s Small Business Jobs Act (SBJA) of 2010 increased the Section 179 deduction to $500,000. The phase out threshold for qualifying Sec. 179 expenses increased to $2 Million, up from $800,000 previously.
Standard Mileage Rate – Beginning on January 1, 2011 through June 30, 2011, the standard mileage rate for operating an automobile for business use is 51 cents per mile. From July 1, 2011 through December 31, 2011, the standard mileage rate increases to 55.5 cents per mile.
HIRE Act Worker Retention Credit - if your business hired a previously unemployed worker last year, 2011 is the year you qualify for up to a $1,000 tax credit for keeping that person employed.
Informational Reporting of Employer-Sponsored Health Coverage - Reporting employee’s annual cost of health insurance coverage on form W-2 is NOT mandatory until 2012. However, you have the ability to voluntarily report such information in 2011 using code DD in W-2 Box 12.
*Note: this information is intended as a helpful reference and is not to be relied on as tax advice from a licensed and qualified tax professional.
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