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Now would be a great time to start cleaning up your jobs, employees, AP and AR.
Jobs (3-5): Update the status of your jobs-this will help when pulling reports as well as prepare you for closing your fiscal year:
1-Bid You are currently bidding for the job.
2-Refused You submitted a bid for the job, but it was awarded to another contractor.
3-Contract You won the contract but have not begun work.
4-Current Work is in progress on the contracted job.
5-Complete You have completed the work but need to invoice or receive payment.
6-Closed You have completely invoiced the job and received full payment.
Jobs with the status of 2 (Refused) and 6 (closed) can be archived when closing a fiscal year.
Employees (5-2-1): Update the status of your Employees. This will help when pulling reports as well as prepare you for closing your payroll year:
Employees with the status of 3 (Quit), 4 (Laid Off), 5 (Terminated) and 7(Deceased) can be archived when closing your payroll year.
If you have any Accounts Receivable invoices or balances you need to remove, you can void them if they are in the current year and you didn’t want them, or you can do a reverse of them by entering in an invoice and use a negative quantity, then go into 3-3-1 and do a zero dollar deposit. That will remove that balance. If the outstanding balance is a credit, just do a positive invoice to offset it then do a zero dollar deposit in 3-3-1 to remove it. Note: If the job was done and client refuses to pay balance, you can also write it off to bad debt. Just use your bad debt account number in the reversing invoice you do.
If you have any Accounts Payable invoices or balances you need to remove, you can void them if they are in the current year and you didn’t want them, or you can do a reverse of them by entering in an offsetting invoice in 4-2. Then go into 4-3-1 and select the positive and negative invoice to pay, then do a zero dollar check to remove it.
If you have any questions, don’t forget your Sage 100 Contractor Consultants are available to help you.