How do you run the Year-End Wizard in Sage 50

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Learn how do you run Year-End Wizard in Sage 50 accounting software U. S. Edition. Here you can find step by step resolution for Year-End Wizard in Sage 50.

Table of Contents

Summary

🔸 System for running the Year-End Wizard

🔸 Step by step instructions to run the Year End Wizard

🔸 Step by step instructions to close a year

🔸 Step by step instructions to open the following year

🔸 Year-End Wizard stroll through

🔸 How would I change to Jan [next year]?

🔸 I can’t change my bookkeeping period to the following year.

🔸 Chronicle organization during Year-End Wizard

🔸 Year End system

🔸 Step by step instructions to open another year

🔸 How would I run the Year End Wizard

Resolution

Need help finishing your Year-End? Really like to have somebody complete the interaction with you to lessen vacation?

For involved guidance for shutting a year, see Closing your financial and finance years.

  • The Year-End Wizard strolls you through the most common way of finishing off your first open financial year, finance charge year, or both.
  • Prior to beginning the Year-End Wizard, print out any unprinted things like solicitations and checks. Additionally, ensure that there are no buys that are set apart as Waiting on Bill.
  • It is prescribed to begin the cycle toward the finish of your work day, ensuring you leave the PC running, and that any remaining applications are shut.

Note: This is a solitary client task. In the case of utilizing “ShipGear”, if it’s not too much trouble, close it prior to endeavoring to run the wizard, as its association considers a client and won’t permit the Year End wizard to start.

  1. Click Tasks, System, Year-End Wizard
  2. Click Next
  3. Select a Years to Close choice:
    1. Monetary and Payroll Tax Years: Select this choice assuming your financial year follows the schedule year
    2. Monetary Year: Select this choice assuming that your financial year doesn’t follow the schedule year, and the following finance year is as of now open
    3. Finance Tax Year: Select this choice in the event that your monetary year doesn’t follow the schedule year, and you really want to enter finance in the following schedule year
  4. Click Next.
    1. Assuming that you have any buys checked Waiting on Bill, the Cannot Proceed window will show up:
      1. Drop the Year-End Wizard
      2. Go to Lists, Vendors and Purchases, Purchases
      3. Click the Waiting on Bill segment header to sort the rundown by that section
      4. Open any merchant receipt dated in the year being shut that is stamped Waiting on Bill
      5. Uncheck Waiting on Bill
      6. Enter an Invoice No.
      7. Click Save
      8. Rehash these means depending on the situation
      9. Restart the Year-End Wizard

Note: If the Waiting on Bill checkbox is turned gray out, an installment might have as of now been applied to the buy, which should be erased before the first receipt can be adjusted. The installment can be rekeyed a short time later. Allude to Unable to alter or erase a buy receipt.

  1. The Unprinted Items screen records unprinted exchanges.
    1. Assuming you don’t wish to print them, click Next
    2. On the off chance that you wish to print them:
    • Drop the Year-End Wizard
    • Follow Error: “Unprinted Items. The accompanying unprinted things exist for the organization you are shutting.” when shutting a year
    • Restart the Year-End Wizard
  2. Sage 50 emphatically suggests that you print all monetary year-end reports assuming you haven’t done as such as of now. Assuming you don’t wish to print, click Next. On the off chance that you do wish to print, actually look at Print for the ideal reports, then, at that point, click Next.

Note: If running the reports shuts the Year End Wizard (or Sage 50US) then, at that point, you should print 1 gathering at a time or print them preceding running the Year End Wizard.

  1. The Internal Accounting Review really looks at your organization for normal mix-ups and exchanges/conditions not holding fast to Generally Accepted Accounting Principles. It is prescribed to run this, yet all the same not needed.

Note: Running the Internal Accounting Review will finish off of the Year-End Wizard. The Year-End interaction should be restarted subsequent to finishing the survey.

  1. Click Next
  2. Back up your organization:
    1. Click Backup
    2. Set the reinforcement choices as wanted, then, at that point, click Backup
    3. Pick a reinforcement area, then, at that point, click Save

Note: Do not interfere with the reinforcement interaction. At the point when it finishes, the window will close and return you to the Year-End Wizard window.

  1. Click Next
  2. Assuming that you wish to chronicle your organization (accessible just in Premium and Quantum Accounting), really take a look at Archive Company and enter an Archive name. then, at that point, click Next
  3. It isn’t prescribed to change the dates of your new bookkeeping periods except if it is important for dispensing period start and end dates. click Next

Note:

  • Changing these dates won’t change the monetary year structure. To change your financial year structure, perceive How to change Fiscal Year or Accounting Method
  • There are rules administering changes to the date scope of bookkeeping periods. If all else fails, counsel your bookkeeper prior to rolling out any improvements.

  1. Affirm the year or a long time that you will be shutting and snap Next.
  2. Check the Year-End Wizard choices, then, at that point, click Begin Close.

Note: Once you click Begin Close, you can’t drop the Year-End Wizard and ought not interfere with it. On the off chance that the interaction is interfered, don’t keep on working in the organization. Reestablish the reinforcement from Step 11

  1. At the point when the interaction finishes, click Finish. You are presently prepared to work in the following financial as well as finance year.

Conclusion

Hope you have got the full information about Sage 50 Year-End Wizard. If you still have any query about it you can ask our Sage Expert Team, available 24*7 online.

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