Year-End Wizard for Multiple Companies


How does the Year-End Wizard work for multiple companies? Does each company need to go through the process of the Year-End Wizard separately?

We currently have only one company set up and I still need to do the Year-End Wizard to bring in year 2023 and "purge" 2021.  I need to set up a new company within the next couple of weeks.  If I start setting up the new company prior to doing the Year-End Wizard for our original company, will I also need to do a Year-End Wizard for the new company or will I be able to bring in 2023 right from the start of setting up the new company?

We are currently using Sage 50 Quantum Accounting 2022.

Thank you

  • +1
    verified answer

    The year end wizard is run separately for each company. What you do in one company will not affect on the others.

    I'll also point out that closing and purging are two different things. Closing (running the year end wizard) simply locks the previous year (2021 in this case) so it can no longer be changed or added to, and opens the next year (2023). Purging is a separate process that can only be run for years that have already been closed, and it removes transactions from the data files. Purging is used when your data file has gotten too big. You can run reports for a year that has been closed but not purged and still see all the detail. But if that year has been purged, all you will see are summary entries that replaced all of the transaction details.