Today in the blog we are going to provide you with a complete guide on How you can “Create a new company” and “Set up a new company in Sage 50“. Company files are important in Sage software as it gives you a great platform for you to work in.
Sage 50 provides all the necessary tools and resources to get started, including a customizable platform, creating reports, tracking sales, and expenses and managing your finances.
Table of Contents
- 1 How to Create a New Company in Sage 50 Accounting using New Company Setup Wizard
- 2 How to Set up a New Company File in Sage 50 Accounting Software
- 3 FAQ’s
How to Create a New Company in Sage 50 Accounting using New Company Setup Wizard
If you have a multi-company license for Sage 50 Accounts, you can create several companies.
To Start a New Firm in Sage 50 First Step Accounting
- First, select Create a new company from the Welcome Screen.
- Now if you have a file open in Sage 50, pick New Company from the File menu in the Home window.
- Then enter information about your firm in the Name and Address stage.
- Then click Next.
- Once done enter your fiscal start and end dates in the Dates step, then click Next.
- Finally, choose Finish.
- Select Create a new company from the Welcome Screen.
- If you already have a file open in Sage 50, pick New Company from the File menu in the Home window.
- If you are converting from QuickBooks 2011 or 2012 to Sage 50 20XX.
- Click Next after selecting the QuickBooks file conversion option.
- Close the New Company Setup Wizard and launch the QuickBooks to Sage 50 Conversion Wizard by clicking Finish.
- To form your Sage 50 business, follow the instructions in the conversion wizard.
- Enter the legal name and address of your business.
- Please keep in mind that the province you choose determines the default number and type of sales tax accounts.
- Enter the start and end dates of your company’s fiscal year.
- Select a method for establishing your list of accounts in the List of Accounts phase, then click Next.
- Type the name and location of your company file in the File Name step.
- Now select Next.
- Finally, choose to select the finish option.
How to Set up a New Company File in Sage 50 Accounting Software
If you are starting a new business, you’ll need to set up a new company file in Sage 50. This process can be a little bit complicated, but it’s worth it.
- Select New Company from the File menu.
- Now select a Sage 50 product and click.
- Enter all of your company information in the Name and Address step.
- Then enter your fiscal start and end dates in the Dates step, then click Next.
- Choose a method for forming your company.
- Select a business type and click if Use a sample business was selected.
- If ‘Copy settings’ was chosen, the following would happen:
- Select a business from the list.
- Choose which parts of the business you want to copy and then click Next.
- If the option to “build your chart of accounts” was chosen, define the Account Segments and then click Next.
- If the option to ‘Consolidate Existing Sage 50 Accounting Companies’ was chosen, the following would happen:
- Click Add after selecting the company or companies you want to combine.
- Click and enter the company’s user name and password.
- Choose an accounting method now. You won’t be able to change the accounting method after you’ve created your company data file.
Accrual: In this method, the income and expenses are recorded at the time the invoice is created, regardless of when the payment is made.
Cash: When the invoices are paid, the income and expenses are recorded using this method.
- Select a posting method next:
- Select an accounting period structure now. You must decide whether your company uses a monthly accounting period or one that does not correspond to the calendar months.
- Click Next once you’ve made your decision.
- Create a calendar for the fiscal year.
- Once the company is created, you will not be able to change it.
- To save your changes, click Next.
- To complete the process, click Finish.
What are the methods you require to set up a new company?
Choose one of the following methods to start your new company:
● Create your own chart of accounts: This will generate a blank chart of accounts that can be filled in manually later.
● Convert a company from another accounting program: This will generate a blank chart of accounts that can be imported or built manually later.
● Copy settings from an existing Sage 50 Accounting company: This will provide you with a list of companies that can be copied from an existing Sage 50 Accounting company.
● Use a business type that is similar to yours: This will return a list of business types with predefined accounts for you to choose from.
● Existing Sage 50 accounting firms: This will create a parent company that will pull your account balances from subsidiaries in order to create financial statements.
What are the posting methods that are used to set up the new company file?
Real-time: Transactions are posted as soon as they are printed or saved in this method.
Batch: When you save a transaction, it is added to a posting queue, and you must manually post it.
Smart Posting: With this method, the transactions are added to a posting queue and are automatically posted when the system is idle.
What are the things you need to consider before creating a new company file?
To use the Company Setup Wizard to create a new company file in Sage 50, you must first:
● Find out when your current fiscal year begins and ends.
● If you want to use a file from an external source for your account list.
● Determine the deadline for Sage 50 to complete a transaction.