Sage 50 Invalid Date Error

Invalid Date Error Sage 50 Accounting

Some users have reported that they encountered 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. AccountsPro experts will explain how to resolve the Sage 50 invalid date error.

How to Fix Invalid Date Error in Sage 50 Pro, Premium, and Quantum

There are multiple workarounds to resolve Sage 50 invalid date error, but you need to select the one that suits your preferences. There are both advantages and disadvantages to all these workarounds, so choose only after consulting your accountant or a Sage 50 expert.

Step 1: Restore a Backup

Since you’ve already posted a transaction, you need to restore a backup file that was created before the posting of any such transactions. This backup file must have been created before the fiscal year-end date.

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 any issue comes check How To Fix Sage 50 Restore Errors and issues.

Once the backup is restored as a company file, you should enter all of the transactions since the date on which the backup was created. You can also create reports to ensure the accuracy of your accounting data.

Step 2: Switch to the Upcoming Fiscal Year In Sage

II. Move to the Next Fiscal Year

Create a new fiscal year that lasts anywhere between 13-21 months. When you create a fiscal year that lasts more than 1 year, you need to change some preferences in Sage 50. Here’s how this whole situation will work:

• Let’s assume that the fiscal year was from April 1 to March 31.
• You’ve already posted transactions after March 31. Let’s say that the latest transaction was posted on May 28.
• Now, you wish to change the fiscal year-end date back to December 31.
• Instead of deleting the old transactions or restoring a backup, you should select the next March 31 as the fiscal year-end date.

Step 3: Create Manual Journal Entry Sage 50 For Invalid Date Problem

To do this, you need to create a manual journal entry, with which you’ll clear the balances in the revenue and expense account and transfer the balance to the retained earnings account.

We’re going to continue with the above scenario. To create a manual journal entry that closes the fiscal year, follow the steps provided below:

1. Print a trial balance or an income statement till March 31.
2. Enter a manual journal entry to create the revenue and expense accounts and transfer 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.

Step 4: Start a New Accounting Year In Sage 50

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: In Sage 50, you can have two consecutive fiscal years open simultaneously. Further, to close a fiscal year, you can use Tasks > System > Year-End Wizard.

Step 5: Don’t Change the Fiscal End date in the current Fiscal Year

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.

Step 6: Create a New Company Sage 50 To Fix the Invalid Date Issue

Step to 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 are unable to locate the company file, then check How To Recover Sage 50 Deleted Company File easily.

To create a new company file, follow the steps provided below:

1. From the File menu, select New Company.
2. Click on Help Me Create My Company.
3. Enter the name and address of 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 to which your business belongs. However, here’s how the accounts can be set up:
   1. Based on Industry
      • Select the Accounting program from which the file was exported. You have the following options:
        • Select the apt ownership structure.
        • Select the Industry.
7. Click on Next.
8. Click on View List of Accounts to view the accounts that will be created by Sage 50.
9. 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 the Exported File
      • Select the Accounting program from which the file was exported. You have the following options:
        • QuickBooks
        • MYOB
        • Quicken
   2. Select the appropriate industry type. Hit Next.
10. Click on Browse and select the exported file from which you wish to import accounting data.
11. To manually set up accounts, select the type of industry and click on Next.
12. Type in a Name for your company file and click on Browse to select a location where the file will be saved. Hit Next.
13. Click on Finish.

 You have created a new company file in which the opening balances must be posted. An accurate opening balance will ensure that you always have accurate reports on your hands.

Reason of Sage 50 Date and Time Invalid Error

So far, there has been only one primary cause of this error. When users post transactions on a date before the session or fiscal end date or attempt to modify the fiscal year date. Consult more with experts on Sage 50 Live Chat which is available 24×7.

Resolve Sage 50 Invalid Date and Time Error

Even if you void the posted transaction, you need to select a fiscal end date that succeeds the latest transaction/session date.

Invalid Date Error During Sage 50 Payroll Update Download Install

Users also receive some time when they go to download or install tax table updates in Sage accounting. Also when Sage accounting forced users to install pending updates, this issue came. But during the upgrade and update invalid date error is different, hence, you can get the details in the below section

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

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

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