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