How to run year end wizard in Sage 50 Accounting

The main function of the year-end wizard is to assist you through the process of shutting out the first open fiscal year, payroll tax year, or even both in some cases. Before you begin the year-end Wizard, you are required to print out any unprinted items like the: invoices and checks. Also, ensure that there are no purchases that have been marked as ‘waiting’ within the Bill. It is also advised to start the process at the end of your business day, all the while making sure that you leave the system running, and that all the other applications have been shut.

Steps On How to run the year-end wizard in Sage 50 Accounting?

Here are the steps on how to run the year-end Wizard:

1. Start by clicking on Tasks
2. Next, click on System
3. Now click on Year-End Wizard
4. Click Next
5. After this step select a year to close option:
   • Fiscal and Payroll Tax Years: Click on this option  if your fiscal year follows the calendar year
   • Fiscal Year: Click on this option if your fiscal year does not follow the calendar year, and the next payroll year is previously open
   • Payroll Tax Year: Click on this option if your fiscal year does not follow the calendar year, and you need to enter payroll in the next calendar year
6. Click Next.
   • In case you have any purchases marked Waiting on Bill, the Cannot Proceed window will be displayed: 
     1. In this case, click on Cancel the Year-End Wizard
     2. Navigate to Lists, Vendors & Purchases, Purchases
     3. Now click on the Waiting on Bill column header to sort the list by that column
     4. Next, open any vendor invoice dated in the year being closed that is marked Waiting on Bill
     5. Now uncheck Waiting on Bill
     6. Next, enter Invoice No.
     7. Click Save
     8. After this, you need to repeat these steps as required.
     9. Finally, restart the year-end Wizard 
     10. Note: In case the ‘Waiting on Bill’ checkbox has been grayed out, a payment might have already been applied to the purchase, which will need to be deleted before the original invoice can be modified. However, the payment can be rekeyed later on. 
7. The Unprinted Items screen lists unprinted transactions
   • In case you do not wish to print them, click on Next
   • In case you wish to print them:
     1. Click on Cancel the Year-End Wizard
     2. Next, follow Error: "Unprinted Items. The following unprinted items exist for the company you are closing." when closing a year
     3. Now, restart the year-end wizard
8. Remember that Sage 50 strongly recommends printing all the fiscal year-end reports in case you have not done so already.
9. In case you do not wish to print, then click on Next. If you do want to print, check Print for the required reports and then click Next.
10. Note: In case running the reports closes the Year End Wizard or Sage 50US then you are required to print one group at a time or print them before running the Year End Wizard.
11. The Internal Accounting Review checks the company for more common mistakes and transactions or conditions that do not adhere to Generally Accepted Accounting Principles. While it is advised to run this, however, it is not required.
12. Note: Running the Internal Accounting Review will close out the Year-End Wizard. The Year-End process will be required to be restarted after completing the review.
13. Now, click Next
14. Backup your company
    1. Start by clicking on Backup
    2. Now set the backup options as needed, then click Backup
    3. Select a backup location, then click Save

Note: It is important to keep in mind to not interrupt the backup process. Once it is completed, the window will shut and return you to the Year-End Wizard window.

1. Now, click on Next
2. If you want to archive your company which is available only in Premium and Quantum Accounting, you need to check the Archive Company and enter an Archive name. then finally click on Next
3. It is not advised to change the dates of your new accounting periods until it is required to allocate the period start and end dates. Now, click on Next
4. Note:
   • Changing these dates will not change the fiscal year structure. 
   • Certain rules govern the changes to the date range of accounting periods. If it is confusing, be sure to consult your accountant before making any changes.
5. Now, confirm the year or years that you will be closing and click Next.
6. Be sure to verify the Year-End Wizard options, now click Begin Close.
7. Note: After you have clicked on Begin Close, you cannot cancel the Year-End Wizard and should not interrupt it. In case the process is interrupted, do not continue to work within the company. Now, Restore the backup from Step 11
8. Once the process has been completed, click on Finish. 
9. Finally, you are now ready to work in the next fiscal and/or payroll year.

Conclusion

So, there you have it friends, these are the steps you need to complete on How to run year end wizard in Sage 50 Accounting. Was this article helpful? Do let us know in the space below and we would love to hear from you.

FAQs For How to run year end wizard in Sage 50 Accounting

Q. Is it possible to run a year end report within Sage?

A. Yes, to do this you need to:

1. Strat by clicking on Tools
2. Next point to Period End, and then click Year End.
3. Now click on Check Data.
4. Do you Have zero errors?
5. Here you need to Click Check COA
6. Next click on OK, receive an error?
7. Now Click on Backup, click OK then click OK once again.
8. In order to Archive your company data, you need to select the Archive checkbox
9. Finally Confirm the details on the Archive Company window

Q. What is meant by running the year end in Sage Line 50?

A. In order to set up budgets for your new financial year:

• Start by selecting the Budgets check box and choose your budget options. 
• Make sure that the date is the year that you are closing and if needed, enter a lock date. Click Run Year End then click Yes and click OK.
• Now select how you wish to output the report, click OK, then finally click OK again.

Q. What is meant by the year-end Wizard?

A. The Year-End Wizard is meant to assist you through the process of closing out the first open fiscal year, payroll tax year, or both. It is advised to start the process at the end of your business day or over the  weekend, and also making sure you leave the system running, and that all other applications have been shut.