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
- Go to option File >>> New Company
- Now, click on the Next option
- Select the Sage 50 product which decides the features available in the company
- Click on Next
- Mention the company information
- Click on Next
- 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.
- 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
- 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
- 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.
- Select an accounting period structure >>>> click Next. Directly go to step 14 if the copying accounting periods are from other companies.
- 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
- Now click on Next >>> Finish
- 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 email@example.com 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.