How to Set up a New Company in Sage 50
A company file (also known as company) is a text file that is created during the initial setup of Sage Accounts. It holds the path to your data and is accessed each time you open your Sage Accounts. The company file is located in the relevant folder within the Accounts settings directory. So, before you could start recording your business transactions on your Sage 50 Accounting software, you first need to create a company data file in Sage 50. In this article, we’ll take you through different steps that you need to follow to create a new company in Sage 50.
But, before you create a new company file in Sage 50 using the company setup wizard, you need to:
- Ascertain the start dates and end dates of your current fiscal year.
- Ascertain the date when Sage 50 should process a transaction.
- Prepare the file containing your list of accounts for Sage 50 to import it. This step is required only if you want to use a file from an external source for your list of accounts.
Once you have determined all these steps, you can move ahead to setup a new company in Sage 50.
Step for Setup a New Company in Sage 50
- Click File and select New Company.
- Now choose a Sage 50 product and click
- In the Name and Address step, enter all your company information.
- In the Dates step, enter your fiscal start and finish dates, and then click Next.
- Select a method to create your company:
- Use a sample business type that closely matches your company: This will provide a list of business types with predefined accounts to select from.
- 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.
- Convert a company from another accounting program: This will create a blank chart of accounts that can be later imported or built manually.
- Build your own chart of accounts:This will create a blank chart of accounts that can be later built manually
- Consolidate Existing Sage 50 Accounting companies(Premium and Quantum only): This will create a parent company that will pull your account balances from subsidiaries for financial statement purpose.
- If ‘Use a sample business’was selected, then select a business type and click
- If ‘Copy settings’was selected, then:
- Choose a company from the list.
- Select the parts of the company that you want to copy and click Next.
- If ‘Build your own chart of accounts’was selected, then define the Account Segments and click Next
- If ‘Consolidate Existing Sage 50 Accounting companies’ was selected, then:
- Select the company or companies you want to consolidate and click Add.
- Then click
- Enter a user name and password for the company and click
- Now, select an accounting method. Be careful while selecting the accounting method because you’ll not be able to change it after you have created your company data file.
- Accrual : In this method, the income and expense is recorded during the creation of invoice, irrespective of when the payment occurs.
- Cash : In this method, the income and expense is recorded when the invoices are paid.
- Next, select a posting method:
- Real Time: In this method, the transactions are posted as soon as they are printed or saved.
- Batch : I n this method, the transactions are added to a posting queue when saved and you need to post them manually.
- Smart Posting : In this method, the transactions are added to a posting queue and will be automatically posted when there is a lull in system activity.
- Now choose an accounting period structure. You need to select whether your company has a monthly accounting period or an accounting period that do not match the calendar months. Once you have made your choice, click Next.
- Set the fiscal year structure. Again, you will not be able to change it once the company is created. Click Next to apply the changes.
- Click Finish to complete the process.
That’s it. By carefully following the above mentioned steps, you can easily setup a new company in Sage 50 Accounting software on your own. Should you need more help or are facing problem while setting up the company file, remember expert help is just a call away. Dial our toll free number to get in touch with our Sage expert technicians who can seamlessly set up a new company file on your Sage 50 Accounting software to help you get going. We are available round the clock to ensure minimum downtime and maximum efficiency.
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