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Invalid Date Error in Sage 50

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Some users have reported that they encounter a Sage 50 invalid date error while changing the fiscal year. The error message reads “Error: Invalid date. The fiscal end date must be later than or equal to the latest transaction date.” Sage Errors like this one can substantially hamper your productivity because you cannot start making entries without creating a new fiscal year in Sage 50.

Experts from AccountsPro will describe how to fix the Sage invalid date error.

Steps for Solving the Sage Date and Time Issue

  • ✔ CAUSES SAGE INVALID DATE ERROR
  • ✔ INVALID DATE SAGE UPDATE ERROR
  • ✔ HOW TO FIX INVALID DATE ERROR SAGE
    • ✔ STEP 1 RESTORE FROM BACKUP
    • ✔ STEP 2 SWICTH TO NEXT FISCAL YEAR
    • ✔ WHY DON’T CHANGE END DATE
    • ✔ CREATE SAGE NEW COMPANY
  • ✔ FAQ- INVALID DATE SAGE 100, 300

Sage Date Time Not Valid Error: Possible Causes

There has only ever been one main reason of this problem up until this point. Sage issues this error when users post a transaction on a day that is earlier than the session or fiscal end date. Consult more knowledgeable people on the Sage 50 Live Chat, which is open 24/7.

Eliminate the Sage Invalid Date Error

Even if the posted transaction is voided, you must choose a fiscal end date that comes after the most recent transaction/session date.

Sage Payroll Update Download Install Error: Invalid Date

When downloading or installing tax table updates in Sage accounting, users also get some time. Additionally, same problem appeared when Sage accounting compelled users to apply pending updates. However, the invalid date issue that occurs during upgrades and updates differs, so you may learn more about it in the section below.

  • Sage 50 Update Error
  • Sage 50 Upgrade Error
  • Sage Update Issues And Problem

How to Quickly Correct the Invalid Date Error Quantum, Pro, Premium, and Sage 50

There are several solutions to this problem, but you should pick the one that best meets your needs. All of these workarounds have benefits and drawbacks, so make your decision only after speaking with your accountant or a Sage 50 expert.

I. Restore a Backup

You must restore a backup file that was made before the publishing of any such transactions because you’ve already submitted a transaction. This backup file had to be made prior to the fiscal year’s end.

Note: Before restoring a backup file, print out all the necessary reports and export all the important lists, especially if these reports or lists were created after the desired fiscal year end date.

To restore a backup file in Sage 50, follow the steps provided below:

  1. Click on File from the main menu.
  2. Select Restore and click on Next.
  3. Select Restore from backup, and click on Ok.
  4. Click on Browse and choose the backup file.
  5. For the new company file, enter a Name, select a location, and click on Save.
  6. Click on Next, then Finish.

If a problem arises, look up How To Fix Sage 50 Restore Problems.

Enter all of the transactions that have occurred since the backup’s creation date after it has been restored as a business file. To guarantee the accuracy of your accounting data, you can also create reports.

Change Sage’s fiscal year to the following one

II. Move to the Next Fiscal Year

Make a new fiscal year that lasts for 13 to 21 months. Change several choices in Sage 50 when you create a fiscal year that lasts more than a year. Here is how everything will proceed:

  • If the fiscal year ran from April 1 to March 31, let’s suppose that.
  • After March 31, you’ve already posted transactions. Say the most recent transaction was published on May 28.
  • The fiscal year end date should now be changed back to December 31.
  • You should choose the next March 31 as the fiscal year end date rather than erasing the previous transactions or restoring a backup.

Sage Manual Journal Entry For Problem With Invalid Date

To do this, you must make a manual journal entry in which you will move the remaining balance from the revenue and expense account to the retained earnings account and clear the balance in the revenue and expense account.

The aforementioned scenario will be used moving forward. Follow the instructions below to make a manual journal entry that finishes the fiscal year:

  • Till March 31st, print a trial balance or an income statement.
  • Create the income and expense accounts manually, then move the balance to the retained earnings account.

Note: If you posted any transactions on April 1, then you should change their date to April 2. When you create an income statement, Sage 50 won’t include the closing income which can often belie the actual income for the month.

Launch Sage’s New Accounting Year.

To start a new fiscal year in Sage 50, follow the steps provided below:

  1. Go to the Maintenance
  2. Select Start New Year.
  3. Select Backup and follow the on screen instructions to create a backup file.
  4. Click on Ok.
  5. Select No if you want to retain the old data.

Note: Sage 50 allows you to open two consecutive fiscal years at once. Additionally, you can use the Year-End Wizard under Tasks > System.

Don’t alter the fiscal year’s end date at this time.

Step III :This is something that you need to discuss with your accountant. If your accountant agrees, then you can delay changing the fiscal end date in the current fiscal year. However, in the next fiscal year, you can select the right fiscal year end date.

Sage Create A New Company To Address The Invalid Date Problem

IV. Create a New Company File

Lastly, you have the option to create a new company file and start anew. However, you’ll have to enter the opening balance, which is the amount of money available to a business at the start of a fiscal year. If you unable to locate company file then check How To Recover Sage 50 Deleted Company File in easy way .

Follow the instructions below to create a new company file:

  1. From the File menu, select New Company.
  2. Click on Help me create my company.
  3. Enter a name and address for the company. Also, select the location according to which the sales tax accounts will be created.
  4. Enter the starting and ending fiscal year dates.
  5. Enter the Processing Transactions date, on which Sage 50 will start to process transactions posted in the company file.
  6. Select an Apt method to set up accounts. You can rely on the New Company Setup Wizard to do this. Usually, the accounts are created according to the industry in which your business belongs. However, here’s how the accounts can be set up:
    1. Based on Industry
      1. Select the apt ownership structure.
      2. Select the Industry.
  • Click on Next.
  1. Click on View List of Accounts to view the accounts that will be created by Sage 50.
  2. Click on Account Ranges to change the range of account classes. (This option is only available for users with Sage 50 Premium Accounting.)
  1. Based on Exported File
    1. Select the Accounting program from which the file was exported. You have the following options:
      • QuickBooks
      • MYOB
      • Quicken
    2. Select the apt industry type. Hit Next.
  • Click on Browse and select the exported file from which you wish to import accounting data.
  1. To manually set up accounts, select the type of industry and click on Next.
  1. Type in a Name for your company file and click on Browse to select a location where the file will be saved. Hit Next.
  2. Click on Finish.

The opening balances must be posted in the newly established company file that you produced. You’ll always have accurate reports at your disposal if you have an appropriate opening balance.

To know more, you can get in touch with our experts at Sage Support Phone Number (Toll Free.)

FAQs – Invalid Date Error Sage 100, Sage 300, Sage Line

Which method should I use?

Your tastes and your accountant’s recommendations will determine that. The first approach is ideal if you’ve only entered a modest amount of accounting data after the fiscal year end date. But if you’ve been entering data for a while, you should choose the second or third approach. Only exceedingly unusual situations should call for the use of the last technique.

Is it necessary to enter opening balances in the new company file?

No. Each account’s opening balances must be entered in the new company file. You will receive accurate financial reports as a result of this.