How to Change the Fiscal Year without Adding Historical Transactions in Sage?

change the fiscal year without adding the historical transactions in Sage?

For many businesses, changing the fiscal year can be a tricky task. Not only do you need to plan for the transition itself, but also consider any future transactions and ensure that your accounting system is set up accordingly. For those using Sage software, the process of changing the fiscal year can become even more complex due to the fact that it requires adding historical transactions. But don’t worry making this change doesn’t have to be difficult! In this blog, we discuss, How to Change the Fiscal Year without Adding Historical Transactions in Sage?

What is the Fiscal Year?

A fiscal year defines the 12-month period that manages the reports to its finances. Most probably, the chances of the starting of a quarter such as January 1, April 1, or July 1. The task is to track all financial reports to represent the previous’s year revenue cost and profit margin.

the fiscal year without adding the historical transactions in Sage

Read More-: How to Change Advance the Fiscal or Calendar Year in Sage 50

Steps to Change the Fiscal Year without adding Historical Transaction in Sage?

Follow the below guidelines step-by-step:

  • The initial step is to open the Sage
  • Then, choose the setup menu and click on the “Company”
  • Go to the “Information” window and all options will appear on your screen
  • Click on the “Fiscal End” section and then enter the last date of the fiscal year
  • Hit the OK button and move forward
  • After this, fiscal year start and end dates will be updated accordingly.

Things you need to consider:

  • Once the company has been created, you can’t change the fiscal year as well as the accounting method. But still, if you want, then just go with the below guidelines:
  • While changing the accounting method, you can’t transfer the transaction history or journal data.  You have only the choice to maintain the records all imported such as customers, chart of accounts, vendors, inventory items, and many more. 
  • It is suggested to you to choose the “Include Headings” from the options tab while exporting. After this, you have to choose the First row that includes the heading while importing
  • It is recommended to you create a different backup after every successful import processing

Warning Message: If you find corrupted or damaged data then it is not suggested to rebuild the company utilizing this method as the corrupted/damaged data is transferred.

Let’s go with the below steps

Step 1: In the First step, Create a New Company

  • Firstly, you have to choose the File and then click on the “New Company”
  • Hit the Next button and then select the Sage product (If any available) that matches your present company
  • Move forward and enter the company information
  • Hit the click on the “New” button to the company name. So, you can easily distinguish it from the real name. It is highly recommended to make all these changes once the rebuild process is finished
  • Hit next and Copy the settings from the existing Sage Company
  • Click on the Next to finish the program

Point to be Noted: Selecting the option doesn’t copy any original data from the company selected to the New Company 

  • Now, you have to choose the company that you require to copy
  • Click on the Next button, Choose any Settings that you require to copy, and unmarked any don’t need to copy
  • If you changing the accounting period to change the fiscal year beginning and ending month, must be sure to uncheck an accounting period
  • Go to the Employee default which is not checked by the default.
  • Check and verify to ensure the above steps implemented correctly 
  • Click on the Next button and choose the accounting method. Make sure, this should be the same as the original company until you are remaking to change accounting methods
  • Hit the Next and choose the Posting method
  • If you are not choosing the copy accounting periods that you will require to select the accounting period structure.
  • Wait until the program is not finished and click on the OK button
  • Choose the finish button and proceed to the next step

Point to be Noted: The open fiscal year will be determined by the ending months and year chosen for example choosing the specific month and year which will create the open fiscal years of the selected year including a calendar fiscal year.

Step 2: After the above following, the user has to Export & Import maintenance Records:

  • Locate the directory for the new companies by hitting the click on the “Maintain” button
  • Then, you have to choose the “Company Information” option
  • Open the Sage accounting software or click on “My Computer”
  • Now, you have to browse to the original’s company’s directory
  • After this, the user is required to copy all things. You have the choice to select multiple files by hold the CTRL button for a while.
  • Then, paste the file into the new company’s directory.

Step 3: Perform the below Instructions

  • The user has to reopen the Sage and the original company
  • Choose the File and then hit the click on the “Import/Export” button, all available items are listed below:
  • Customer and Vendor list
    • Inventory item list
    • List of jobs
    • Chart of Accounts list
    • Bill of Material list
    • Contact list
    • Cost Code list
    • Employee list
    • Unit/Measure list
    • List of Phase
    • Job Lists
  • Once you are done with the above steps, you have to close the original company
  • Then, open the New company and choose the file
  • Hit the click on the “Import/Export” button
  • Import each section of the following item with proper procedure
  • But make sure you import all things in the exact order list
  • General Ledger, Sage Payroll, Accounts receivable, Inventory, jobs, and many more
  • Now, you have to manually enter an inventory item beginning balances or job starting balances if it is required
  • If you utilize the Sage Payment solutions, hit the click on the “Services” and choose the Credit Card Processing
  • After this, enter the merchant ID and merchant key
  • Now, you  have to choose the file and click on the “Back Up” option
  • In case, if you are rebuilding to change the accounting method. Then, you require to stop here to enter the beginning balances for the Employees, Vendors, and Customers.

Tip: Upgrade to the latest version of Sage software and save up to $50.

Step 4: In this step, you have to Export & Import journals

  • Go to your Original Company
  • Then, choose the file and click on the “Import/Export” button
  • While exporting, you have to set the date range on the filter tab to All. Manually set the date range you want to copy:
  • After repeating the same steps, click on the “Import” button and you are all done with this process

Step 5: The last step is to Save the New Changes in the Fiscal Year without adding the historical Transactions

  • Firstly, you have to close the Original company and then open the New company
  • Once you import the journal data to the new company, print all required reports, post all journals, Comparison between two companies, and many more
  • In case, if there is the presence of any discrepancies, then it is necessary to adjust the entries
  • From this point of view, you have to rename your original company and then rename the new company to the proper company name. Open the Maintain option and then choose the “Company Information” in each company.
  • Go to the New company and then choose the “File” and create a company back up file to secure the company data

Point to be Noted: The user can’t transfer the memorized transactions between the Sage companies. The user might be required to set up the memorized transactions manually in the new company.

Also Read : How to Change the Financial Year Start Date in Sage


The above information concludes all data to crack the answer of this query “How to Change the fiscal year without adding the historical transactions in Sage” and all other related issues. While troubleshooting with the above guidelines, if you need any kind of help or question, connect with Sage’s expertise.

Accounting Professionals & Specialized Experts

Want quick help from accounting software experts? Get in touch with our team members who can install, configure and configure your software for you. Proficient in fixing technical issues, they can help you quickly get back to work whenever you encounter an error in Sage software. Our team is available 24/7 365 days to assist you. To get in touch.

Frequently Asked Questions(FAQs)

How can I Change my Financial Year on Sage?

To change the financial year begins to date, go to the settings menu. Then, choose the Financial year and click on the change. Click on the YES button to ensure the backups and verify the data. Moving forward with displayed guidelines to view the previous data. Now, you can set up the required financial year beginning month and year. Hit the yes button to complete the program.

Is the Calendar year and Fiscal Year the same?

No, you can set the fiscal year as per your according as long as it comprises a full 12 months but a calendar year always starts from 1 January to December 31. It’s up to you to start your fiscal period based on the calendar.

What Period of a Fiscal Financial Year defines?

The fiscal year is considered as a budget year that is utilized by the business and government for accounting purposes to compute the yearly financial statements including core statements and report of your business accountancy processes.

Related Posts

Further Reading