Setup Linked Accounts in Sage 50 Canada

Linked Accounts in Sage 50 Canada

This article is curated properly to discuss the setting up linked accounts in Sage 50 Canada. Linked accounts are of great help they are used to update all associated accounts automatically. They require less time while allocating amounts to your concerned accounts.

Usually, Sage 50 records freight costs, sales taxes, and early payment sales discounts into appropriate accounts with the help of linked accounts. To understand how can one set up a linked account to benefit from the above-shared features, let us dig further through this article.

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Some Important Keynotes to follow before Setting up Linked Accounts in Sage 50

  • You may already have linked accounts for certain transactions if in case you have opted for Sage 50 Accounting software to create a list of accounts for you while setting up your company.
  • If you have created a list of accounts yourself or have imported your account list, you will need to set up the linked accounts for the related transactions.

Now, that you are aware of what is a Linked Account in Sage 50, let us proceed further with how to Set up a Linked Account.

How to Setting up Linked Accounts in Sage 50

Let’s proceed to see how can one Set Up Linked Accounts in Sage 50, with the following steps remember to perform them accurately.

A. With the help of the Linked Account Wizard

  • First and foremost, Go to Setup.
  • Next, proceed to click on the Linked Account tab.
  • After the subsequent step, hit on the option that says Linked Accounts Set Up wizard.
  • Now, after the above step, click Next.
  • Thereafter, to continue, go through all the modules and then further follow the instructions to add, remove or change a linked account for any module in the system.

B. Browse to the Linked Accounts Manually

  • For Retained Earnings
    • Go to Setup.
    • Next, Click on Settings.
    • Now, Tap on General (Accounts).
    • Next, Click On Linked Accounts.
    • Last, change Retained Earnings.
  • For Accounts Payable, Freight, Early Payment Discount and Prepayment
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Payable.
    • Thereafter, proceed to linked accounts.
    • Change the accounts.
  • Accounts Receivable, Revenue, Freight, Early Payment Discount and Deposit
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on receivables.
    • Thereafter, proceed to linked accounts.
    • Change the accounts.
  • For Employee payroll
    • First, Go to Setup.
    • Next, hit on settings.
    • After the above step, tap on the option on Payroll.
    • Go to Linked Accounts.
    • Next, click on the following modules and make changes accordingly
      • Incomes
      • Deductions
      • Taxes
      • User Defined Expenses
  • If you are using Sage 50 Pro products
    • Go to the employee record
    • Then select the radio button designate a custom account for Record wage expenses
  • If you are using Sage 50 Premium or Sage 50 Quantum
    • Go to Setup
    • Next, hit on settings
    • After the above step, tap on the option on Payroll
    • Then click on Linked Accounts
    • After that Expense Groups
    • Now, click on the dotted ellipses box and check the Linked Accounts column.
  • Item Assembly Cost & Adjustment Write-off (inventory)
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Inventory & Services.
    • Thereafter, proceed to linked accounts.
    • Change the accounts.
  • Credit Cards
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Company.
    • Click on Credit Cards.
    • Thereafter, proceed to Used and Accepted.
    • Change the accounts.
  • Sales Taxes
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Company.
    • Thereafter, proceed to Sales Taxes >> Taxes
    • Change the accounts to track
  • Delivery Orders
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Company.
    • Thereafter, proceed to Customers & Sales >> Linked Accounts
    • Last click on Delivery Orders
  • Goods Received Notes
    • Go to Setup.
    • Next, click on Settings.
    • Now, tap on Company.
    • Thereafter, proceed to Vendors >> Linked Accounts
    • Last click on Goods Received Notes
Read more... Create and Setup Company in Sage 50

C. Linked Accounts in Records

  • Go to Customer and Vendor record.
  • Next, click on Options tab
  • Thereafter, proceed to linked account Customers expense account and vendors.

D. Matching Transactions for Bank Feeds- Optional

  • Go to Setup.
  • Next, click on Settings.
  • Now, tap on General (Accounts).
  • Thereafter, proceed to linked accounts.
  • Now, Link an account for Bank Charges and Interest Income as needed.

Post a Linked Account in Sage 50 Canada

This page has been appropriately edited to describe the setup of linked accounts in Sage 50 Canada. Linked accounts are extremely useful since they are used to automatically update all related accounts. They take less time to allocate funds to your designated accounts.

Typically, Sage 50 uses linked accounts to record freight charges, sales taxes, and early payment sales discounts into relevant accounts. Let us continue reading this post to learn how to set up a linked account to take use of the advantages mentioned above.

Some crucial points to remember when configuring Linked Accounts in Sage 50

  • If you developed your own list of accounts or imported one, you must configure the connected accounts for the relevant transactions.
  • If you choose Sage 50 Accounting to establish a list of accounts for you while setting up your firm, you may already have connected accounts for specific operations.

Now that you understand what a Linked Account is in Sage 50, let us move on to how to Set Up a Linked Account in Sage 50 Canada.

How to Set Up Linked Accounts in Sage 50 Canada

Let’s proceed to see how can one Set Up Linked Accounts in Sage 50 in Canada, with the following steps remember to perform them accurately.

A. Browse to the Linked Accounts Manually

For Retained Earning

  • First, go to Set up
  • Next, Click on Settings
  • Now, Tap on General (Accounts)
  • Next, Click On Linked Accounts
  • Last, change Retained Earnings

For Accounts Payable, Freight, Early Payment Discount and Prepayment

  • Go to Set up
  • Next, click on Settings
  • Now, tap on receivables
  • Thereafter, proceed to linked accounts
  • Change the accounts.

B. For Employee payroll

  • First, Go to Set up
  • Next, hit on settings
  • After the above step, tap on the option on Payroll
  • Go to Linked Accounts
  • Next, click on the following modules and make changes accordingly
    • Incomes
    • Deductions
    • Taxes 
    • User Defined Expenses

C. With the assistance of the Linked Account Wizard

  • To begin, navigate to Setup
  • Then, navigate to the Linked Accounts tab
  • Following the next step, select the Linked Accounts Set Up Wizard option
  • Following the previous step, click Next
  • To proceed, go through all of the modules, then follow the instructions to add, remove, or -update a connected account for each module in the system.

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FAQ’s

Is it possible to link accounts in the record?

Yes, it is very much possible to link accounts in the record. For a linked account for customers and vendors. Here’s how to do it:-
● First, proceed to go to the Customer and vendor records.
● Next, look under the options tab.
● Now, Customers will have a revenue-linked account and vendors will have an expense-linked account.

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