How to Set up a New Company in Sage 50

Sage 50 comes in a list of most trusted and advanced accounting solutions for everyone. Creating a new company in Sage 50 can be a tricky process for some people. However, the below article helps you to resolve these issues and following the steps given below to take you to set up a new company in Sage 50.

Method to Set up a new company in Sage 50

Getting Started

1. Go to option File >>> New Company
2. Now, click on the Next option
3. Select the Sage 50 product which decides the features available in the company
4. Click on Next
5.  Mention the company information
6. Click on Next
7. Now, select a method below mentioned to create your company

• Build your own chart of accounts – This option creates an empty chart of accounts which can be manually built later on
• Consolidate Existing Sage 50 Accounting companies – It creates the main company or parent company which extracts the account balance from the associated companies for the purpose of financial statement
• Convert company through any other accounting program – This develops an empty chart of accounts, this blank chart of accounts can be built manually or through import
• Copy the settings from the current Sage 50 Accounting company – After selecting this option, a list of possible copied companies will be displayed after clicking on Next.
• Use of Sample business type that closely matches the company – It provides you a list of business types having a chart of accounts that are predefined. It can be selected after clicking Next.

8. Click Next option

• If the option Uses a sample business is selected. Option Select a business type needs to be selected and after needs to click on Next
• While selecting Copy Settings :

1)  Choose a company from the given list

2)  Click on Next

3)  Nowhere, copy the parts of the company which are required

4)  Click on Next

• In case Build your own chart of accounts was selected, then Define Accounts Segments will be required, click Next
• If selected Consolidate then

1)  Select the companies to be consolidated or companies, click Add >>> click Next

2)  If security is enabled for the company selected, you will be asked to mention the User Name and Password, click Next after entering the password

9. Select an accounting method

• Cash – In this option expense and income are recorded while paying the invoice
• Accrual – This option do record the income and expense if an invoice is created, no matter when it is paid

10. Select how to post

• Smart posting – In this option, all the transactions are added in a row or queue, which later on automatically posted when there is a pause in computer activity( only for Quantum). Smart posting is advised for the companies which are having simultaneous 10 users or more.
• Real-Time – In this scenario transactions post as soon as printed or saved, this is recommended.
• Batch – In this option, there is a posting queue and transactions are when saved or printed added to this posting queue. It also doesn’t affect the general ledger until and unless manually posted.

11. Select an accounting period structure >>>> click Next. Directly go to step 14 if the copying accounting periods are from other companies.
12. Now, configure the fiscal year, keep remember that this can’t be changed once the company is created

• For 12 months accounting period, select month and year for period 1, period 2-12 will lead to the selected months ( Example January 201 is period 1, February 2014 is period 2, so on)
• In case the Accounting period not matches with the calendar month is selected

1)  Configure the number of period per fiscal year (1), there should be a minimum 1 and a maximum 13

2)  the Start date of period 1 needs to set (2)

3)  Configure the date range of each period

13. Now click on Next >>> Finish
14. Creation process once finish, the new company will open

How to get guidance?

Need step by step guidance, dial Sage 50 support phone number 1844-871-6291 and connect with the certified and dedicated experts. Sage 50 Helpline is open 24*7 to provide you the best possible resolutions with complete satisfaction. Sage technicians are having many years of experience and trained to provide their best. You can also email at support@accountingguide.co or fill the contact form to get a call back from highly dedicated Sage assistants. Alternatively, you can also live chat with the agents and get a prompt response.