How to Run Year-End Wizard in Sage 50?

Updated On: March 19, 2025 12:21 pm

At the end of the financial year, run Year-End Wizard in Sage 50 Accounts. This process closes the current financial year and moves to the next. Perform quick checks prior to starting to ensure a smooth transition.

For this purpose, run the Year-End Wizard in Sage 50 US to close the previous fiscal year. Run the process at the end of the business day after closing all other applications. Execution time, however, depends on the database size.

This guide explains how to run Sage 50 Year-End Wizard in Sage 50 successfully and its diverse impact on business after completion.

What is the Sage 50 Year-End Wizard?

The Sage 50 Year-End Wizard is a guided tool that assists in closing the fiscal and payroll tax years. It ensures all steps are implemented to maintain precise financial records during the transition to a new accounting period.

Let us now learn how to run the Year-End Wizard in Sage 50.

How to Run Year-End Wizard in Sage 50?

The Year-End Wizard in Sage 50 helps close the fiscal and payroll tax years. Here are the steps to ensure a smooth transition:

1. Run the Year-End process at the end of the day.
   • Year-End Wizard is a single-user task. Ensure all other users exit.
   • Shut down programs with open database connections like ShipGear or Paya Connect Desktop.
   • On a network, run the Wizard on the server for improved performance.

2. Open the “Tasks” menu. Choose the option “System” and then “Year-End Wizard”.
3. Click the “Next” button.
4. Select Years to Close:
   • Choose the Fiscal and Payroll Tax Years if the fiscal year matches the calendar year.
   • In case it is different, select:
     • Payroll Tax Year while adding payroll in the next calendar year.
     • Fiscal Year if not adding payroll in the next calendar year.
5. Click the “Next” button.
   • Look for a linked payment if the “Waiting on Bill” checkbox is grayed out. Erase it, then change the invoice.
   • In case purchases are marked “Waiting on Bill”, a “Cannot Proceed” screen appears:
     • Click the “Cancel” button to exit.
     • Open “Lists” > “Vendors” & “Purchases” > “Purchases”.
     • Sort by the Waiting on Bill column.
     • Open invoices marked “Waiting on Bill” for the closing year.
     • Uncheck Waiting on Bill, enter an Invoice No., then click Save.
       • Repeat for all impacted invoices.
       • Restart the Year-End Wizard.
6. The “Unprinted Items” window appears:
   • Click the “Next” button to skip printing.
   • In case printing is required:
     • Cancel the Wizard.
     • Follow the steps in the Unprinted Items error guide.
     • Restart the Year-End Wizard.
7. Print fiscal year-end reports if not completed.
   • Click the “Next” button if printing is not required.
   • To print reports, check “Print”, then click the “Next” button.
   • In case of printing closes Sage 50, try:
     • Printing reports in smaller groups.
     • Canceling the Wizard, printing reports separately, and then restarting.
8. The Internal Accounting Review checks for errors.
   • Running this review closes the Wizard. Restart it afterward.

9. Click the “Next” button.
10. Back up your company:
    • Click the Backup.
    • Choose the options, then click “Backup”.
    • Select a location, then click the “Save” button.
    • Do not interrupt the backup process.

11. Click the “Next” button.
12. Archive a copy if using Sage 50 Premium or Quantum:
    • Check Archive Company (optional).
    • Enter an Archive Name.
    • Click the “Next” button.
13. Keep new accounting period dates the same unless changes are needed.
    • Click the “Next” button if no changes are needed.
    • Editing these dates does not impact the fiscal year structure. Consult an accountant if uncertain.

14. Confirm the year to close. Click the “Next” button.
15. Review options. Click the option “Begin Close”.
    • Do not interfere with or cancel the process.
    • Restore the backup from Step 10 before continuing if interrupted.
16. When finished, click the “Finish” button. The new fiscal and payroll year is now open.

How to Check Data Authenticity after Running Year-End in Sage 50?

After running the Year-End process in Sage 50, complete these three checks to ensure your data is organized for the new financial year.

Check the Financial Year Start Date

To check the financial year start date, perform these steps:

• Click the “Settings” option and then click the option “Financial Year”.
• Confirm the start date. In case it is incorrect, rectify it before continuing.

Check the Brought Forward Trial Balance

The Year-End process clears profit and loss nominal codes (4000 and above) and moves the balance to retained profit (3200 by default). Here are the steps to check the brought-forward Trial Balance:

• Click the option “Nominal Codes” then “Trial Balance”.
• Click the “Preview” button then “Run”, then choose the option “Brought Forward” from the “Period” drop-down list.
• Click the “OK” button and check that profit and loss nominal codes have no balances.
• In case any balances remain, restore the pre-year-end backup, check the Chart of Accounts (COA), and re-run the Year-End process.

Review Data Integrity

Here are the steps to review data integrity:

• Click the “File” button then “Maintenance” and then click the option “Check Data”.
• Click the “OK” button if no issues appear.
• When errors appear, it implies that the Year-End process has failed. Restore the backup taken before running Year-End and re-run the process.

Now the Year-End is complete. Start working in the new financial year.

Also Read: How to Undo the Year-End Wizard in Sage 50?

Conclusion!

In this guide, all the key elements and information about running Sage 50 Year-End Wizard in Sage 50 are shared. In addition to it, information on how to check data authenticity after running Year-End in Sage 50 is mentioned too. 

Still, in some cases, users find it difficult to process the information in this article or get stuck somewhere. In such a scenario, feel free to contact us.

Call our team of Sage experts and professionals at +1-800-964-3096.

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