End of year work around?

Question

As many other users are experiencing, I am unable to close period 1-12 in order to open period 25 (start of the 3rd year) in my Company A. I'm wondering if I can create a new company (Company B) that has periods 1 - 24. Once created, I can close periods 1-12, which would allow me to begin entering data into period 25. 
 Once I have resolved all of the accounting issues in Company A, I can close periods 1 -12, which would allow me to open period 25. Since I already started entering data into Company B, can I export the data from Company B and import it into Company A?

ACooper · Answer

Hi milleruspp, 
 The workaround you are considering is something you can do to accomplish the desired results. Although, I must let you know in advance: 
 
 There will be no period 25 when you close the first 12 periods in Company B, as Sage only allows you to have 24 periods open at once. Therefore, after starting Company B, the information you put, say, into Period 1 dated for January 2015, once imported into Company A after resolving all the accounting issues, will be imported into periods 12-24, however they are dated to fit the years you have set up. 
 When you are ready to enter data from Company B into Company A, please be sure to make a backup , as there is no way to recover from a failed import except by restoring a backup. 
 
 Please note: Sage 50 will allow you to import into a closed year, but it is not something that is recommended nor supported by Sage Support. 
 However, yes, you can try this as a workaround. Yet, I cannot stress the importance of making a backup before that import. Good Luck!

Sage 50 US

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