How to run the Year-End Wizard in Sage 50 US

By | November 17, 2016

In our previous blog, we have discussed the data purging process in Sage 50 US. In this blog, we will discuss how to run the Year-End Wizard process in Sage 50 US.

By running the Year-End wizard in Sage 50 US (Peachtree), you can close the previous open Fiscal year. Also, before running the Year-End Wizard, make sure that there should not be any transactions marked as ‘Waiting On Bill’ in Sage 50 US. You can run this process at the end of your business day and make sure that all the other applications are closed while performing this operation. As sometimes it may take more time to get this task done than the expected. Execution time-frame depends on the size of the database.

New Stuff: How to Purge Sage 50 US (Peachtree) Data

To run the Year-End Wizard follow the below-mentioned steps:

Step 1:
Go to Task –> System –> Year-End Wizard
Sage 50 Year End WizardStep 2:
Click on Next button to proceed with the further step.
Year End WizardStep 3:
Select a Year to close Years and click on Next button.
Close OptionStep 4:
After clicking on the Next button of Year to close option then the below screen will appear. This screen lists the unprinted transactions. Click on Next to proceed further.
Unprinted ItemsStep 5:
Here Sage 50 recommends you to print all Fiscal Year reports. If you do not wish to print then click on the next button to proceed further.
Print Fiscal Year End ReportsStep 6:
This functionality reviews your internal Accounting and searches your company for common transactions mistakes and transactions or conditions that do not adhere to Generally accepted accounting principles.
Internal Accounting ReviewStep 7:
Once you are done with the Internal Accounting Review then click on Next button to move on to the next step. After completion of the above process, you will be asked to take the back up of your company data.
Back Up Company dataStep 8:
After taking the backup click on Next button. If you want to Archive your company then check the “Archive Company” Checkbox and give Archive Name and click on Next Button to proceed further.
Archive CompanyStep 9:
If necessary then you can change the Accounting periods and click on next button to process further.
New Open Fiscal YearStep 10:
Confirm the year that you will be closing and click on Next button.
Confirm CloseStep 11:
Click on “Begin Close” button to start the Process.
Close Year ProcessStep 12:
Once the process gets completed then click on the Finish button.
However, the financial year gets closed and the new financial year gets opened.

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