How to Run the Year End Wizard Sage 50 – Wizard Sage

In this article you learn how to run “Year End Wizard Sage 50” software. In today’s competitive world, it’s extremely imperative to select an astute accounting and payroll application that best works in tandem to your business needs. Apparently, one name that has gained repute and recognition in the industry today is – Sage Payroll and Accounting software. The software encompasses a gamut of robust features that augments bottom-line performance and productivity, all without surrendering to security and other necessary requirements.

Most of the companies are turning to third-party Sage 50 benefactors who are underpinned with flexible and user-friendly solutions to deliver personalized service the way they prefer. These service providers are armed with right knowledge and expertise to maintain payroll data and provide a truly satisfying customer experience.

The Article Highlights How to Get Year End Wizard Sage 50:

The Year End Wizard is a process that needs to be commenced annually without a fail for closing first open fiscal year, and/or payroll tax year

The process helps in closing the data by freeing up the buckets. The data is moved into closed periods so that the data for the new fiscal year can be accepted. It is important to note that moving the data into closed periods doesn’t infer that you can’t access/edit it when needed, or data gets deleted. Debunking the myth – the data remains in the database and you can edit it!!!

My few Cents: Year End Wizard Sage 50

Prior to commencing the closing procedure, do not miss out running General Ledger Trial Balance A/R Aged Receivables, and A/P Aged Payable s reports. Once the process is accomplished, validate these reports once again to ensure:

  • Receivables, Payable s, & Account balances are exactly the same
  • General Ledger Trial Balance entries are maintained zero
  • Purchases are not marked as Waiting on Bill
  • Post & print all journals, yearly reports, and payroll forms
  • Well, let’s get to the point. The Year End Wizard can be accessed from Tasks menu
  • Thereafter, Click Next and Chose the Years to Close Option

Note: If your business follows the calendar year, you are required to select “Fiscal and Payroll Tax Years”. If your business doesn’t and the succeeding payroll year is open, you are required to opt for “Fiscal Year”. If you are looking forward to enter payroll in the next calendar year, select the option “Payroll Tax year”.

  • Initially, you have to go to the “Tasks” >> System >> Year-End Wizard
  • And then press the “Next” to continue further
  • Next, choose the desired option for “Years to Close” that includes:
    • Fiscal and Payroll Tax Years: If your fiscal year follows the calendar year then go with this option.
    • Fiscal Year: If your fiscal year does not match the calendar year, choose this option, and the next payroll year is already open.
    • Payroll Tax Year: Select this option if your fiscal year does not follow the calendar year, and you need to enter payroll in the next calendar year.
  • After that, press the “Next” button
  • If you have unused time tickets within the payroll year a message will appear stating this:
    • Press the “Ok” button if you don’t want to apply the tickets
    • In order to apply time tickets that are unused:
      • Firstly, close the Year-End Wizard
      • And then apply the time tickets that are unused
      • And then restart the Year-End Wizard

For Purchases marked with waiting on bill, a window stating cannot proceed will pop up

  • Cancel the Year-End Wizard
    • Go to the Lists, Purchases, Vendors & Purchases
    • Click the “Waiting on Bill” option
    • Open an invoice that is marked waiting on Bill
    • Deselect the “Waiting on Bill”
    • Enter your invoice number
    • And then click “Save”
    • You can repeat these steps as required
    • Finally, you have to restart the Year-End Wizard.

The un-printed window encompasses all the un-printed transactions:

    • If you are not looking forward to print transactions then click “Next”
    • In case, if you want to print them
    • Then cancel the Year-End Wizard
    • Restart the Year-End Wizard
  • Sage 50 strongly recommends that you print all fiscal year-end reports if you haven’t done so already. If you do not wish to print, click Next
  • If you do wish to print, check Print for the desired reports, then click Next
  • The Internal Accounting Review checks your company for common mistakes and transactions/conditions not adhering to Generally Accepted Accounting Principles. It is recommended to run this, but not required
  • And then click Next

After that, you have to backup your company:

    • Click Backup
    • Set the backup options as desired, then click Backup
    • Choose a backup location, then click Save

Note: Do not interrupt the backup process. Once it completes then the window automatically closes and returns back to the Year-End Wizard window.

  • Again click Next
  • If you wish to archive your company (available only in Premium and Quantum Accounting), check Archive Company and enter an Archive name
  • Then click Next
  • It is not recommended to change the dates of your new accounting periods unless it is necessary for allocating period start and end dates
  • And then click Next
  • Changing these dates will not change the fiscal year structure. To change your fiscal year structure, see Article ID 10254: How to change Fiscal Year or Accounting Method
  • There are rules that govern changes to the accounting periods date range. If you have any doubt, consult your accountant before any modifications are made.
  • Confirm the year or years that you will be closing and click Next.
  • Verify the Year-End Wizard options, and then click Begin Close.

Note: Once you click Begin Close, you cannot cancel the Year-End Wizard and should not interrupt it. If the process is interrupted, do not continue to work in the company. Restore the backup from Step 11

When the process completes, click Finish. You are now ready to work in the next fiscal and/or payroll year.

The aforementioned process will help you do the requisite task. In case, you are not very confident of doing that, Sage experts are there to assist you.

Sage Experts Uniqueness:  Lending Support with Precision – Wizard Sage

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