Chapter Two Creating a Company

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Aubrey Butler
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1 Chapter Two Creating a Company Sage 50 walks you through the process of creating a new company. This makes it easier to get your new company started. You need only to enter a minimum of information to initially set up the company. This information includes the Chart of Accounts, Accounting Method, Posting Method, and Accounting Period Structure. After you complete the creating the new company, Sage 50 offers a Setup Guide so you can set up default information, data records, and beginning balances. Using the Create a New Company Wizard Setting up your company is easy with the Create a New Company wizard. This wizard walks you through creating a new company and prompts you for each piece of information you enter; you need to enter all information the wizard asks for. However, depending on how you complete the information, you won t see all of the windows mentioned below. You can run and create a New Company in two different situations: 1. When you set up your first company in Sage When you set up an additional new company in Sage 50 after working in another company on the system You can start creating a New Company from either the startup window or the Sage 50 File menu: From the Sage 50 Startup window, select create a new company. The Create a New Company - Introduction window appears. OR From the File menu, select New Company. If you re working in an existing company, a warning window tells you that opening a new company will close the current company - Click OK. 1 Page

Enter Your Company Information Window Class Sample: Company Name: ARC Company Ltd Address Line 1: Sri Jayewardenepura Address Line 2: Gangodawila, Nugegoda Country: Sri Lanka

2 Enter Your Company Information Window Class Sample: Company Name: ARC Company Ltd Address Line 1: Sri Jayewardenepura Address Line 2: Gangodawila, Nugegoda Country: Sri Lanka Telephone: Fax: Business Type: Limited Liability Company Web Site: Select a Method to Create your Company Window: 2 Page

Select - Use a sample business type Then Click Next button Using a Sample Business Type Window Selecting this option will allow you to choose a sample business type from

It will let you choose whether you want to use a simplified or more complicated chart.

3 Select - Use a sample business type Then Click Next button Using a Sample Business Type Window Selecting this option will allow you to choose a sample business type from many that Sage 50 has on file. If you choose to use a sample business type, the next window will let you choose one of the sample types for your company. It will let you choose whether you want to use a simplified or more complicated chart. Simplified Types If you re setting up a retail, service, construction, manufacturing or distribution company, you have the option to set up your company using a simplified chart of accounts. The simplified chart of accounts contains the basic accounts you need to get started. 3 Page

Detailed Types If you re setting up another type of company, or if you want to use a more extensive chart of accounts, you can select from detailed type standardized charts of accounts.

4 Detailed Types If you re setting up another type of company, or if you want to use a more extensive chart of accounts, you can select from detailed type standardized charts of accounts. These samples are either customized for a specific business type, such as a drug store, or are broader for a general company type, such as a sales & service company. Select Detailed Type Select Computer and Computer Software Retailer Click Next Copy Settings from an Existing Sage 50 Accounting Company: If you choose to use an existing Sage 50 company as the basis for your new company s chart of accounts, a second window will appear, letting you select the specific Sage 50 Company you want to use. Once you do, you ll see a third window that lets you select exactly those elements you want to copy from the existing company. Later, you can modify these elements to suit your new company. 4 Page

Build Your Own Chart of Account: If you choose to build your own company from the ground up, you won t see any more Chart of

5 Convert a Company from another Accounting Program: If you choose to convert a company that exists in another accounting software program format, then you ll see a window that lets you decide the Accounting Method. Build Your Own Chart of Account: If you choose to build your own company from the ground up, you won t see any more Chart of Accounts windows unless you re working in Sage 50 Accounting. Then you ll see a window that lets you decide if you want to divide your account IDs into segments. You have the 5 Page

6 ability to create and define up to five segments for your account ID. The account descriptions you enter will be used throughout the program, and you ll be able to filter reports and financial statements based on a particular segment simply by selecting the appropriate segment from a drop-down list. Segments are useful if you departmentalize your chart of accounts or use any other parts of your account ID to define different parts of your company. Consolidate Existing Sage 50 Accounting Companies: If you re working in Sage 50 Accounting, you can consolidate companies. A consolidated company is one that combines the charts of accounts of a number of existing Sage 50 companies to create a new consolidated chart of accounts. The new consolidated company created in this way will let you see consolidated financial statements for a number of subsidiary companies operating under an umbrella organization. If y 6 Page

Accounting Method Window: You have only two choices: Accrual or Cash. Note: Once you choose the accounting method and finish creating a New Company, you can t change the method used for this company.

7 Accounting Method Window: You have only two choices: Accrual or Cash. Note: Once you choose the accounting method and finish creating a New Company, you can t change the method used for this company. So be sure to choose the right one. Select Accrual Method - Click Next Posting Method Window: Here you have to select one of the posting methods of your data. Choose either Real Time or Batch. 7 Page

8 Select Real Time - Click Next Accounting Periods Windows: Along with accounting periods, you need to set your Sage 50 fiscal years. The first window you see lets you choose one of two options: 12 monthly accounting periods or Accounting periods that do not match the calendar months. If you choose to have your accounting periods follow the calendar, you ll see the Fiscal year window. Choose the month and year of which you want your fiscal year to start. Select 12 month accounting periods per year Click Next Select Financial Year as April Page

If you choose to have some other accounting-period arrangement, you ll see the Custom Fiscal Year window. Tell Sage 50 how many accounting periods you want in the fiscal year.

Note: Once you finish New Company Setup, you won t be able to change your fiscal year. Make sure you have set these correctly before you select the Finish button. Finish Window: Congratulations!

9 If you choose to have some other accounting-period arrangement, you ll see the Custom Fiscal Year window. Tell Sage 50 how many accounting periods you want in the fiscal year. Use the Calendar button to choose the start date of your first fiscal year in Sage 50. Modify the dates of the fiscal periods, if necessary. Note: Once you finish New Company Setup, you won t be able to change your fiscal year. Make sure you have set these correctly before you select the Finish button. Finish Window: Congratulations! When you see this window, you re done. Just click the Finish button, and Sage 50 will create your new company. Of course, if you want to make any changes beforehand, you can always click the Back button to return to the appropriate Create a New Company wizard window. Click Finish To See or Edit Company Information Once You Create the Company Click Maintain from the menu bar Select Company Information 9 Page

In the Maintain Company Information window, you can see your company information and if necessary you can change company information except for Accounting Method and the Fiscal Year.

10 In the Maintain Company Information window, you can see your company information and if necessary you can change company information except for Accounting Method and the Fiscal Year. Setup Guide: The Setup Guide opens when you finish creating a new company. You can re-open it at any time by selecting: The Company Option from the Business Dashboard, and then clicking the Setup Guide button under Company Tasks. Or You can re-open it by simply selecting File, then via the Setup Guide. This chapter was designed to walk you through the process of completing new company setup. Because the Setup Guide assists you in entering all the information you need to set up your company, and in an orderly fashion, it can be a very useful feature 10 P a g e

Backup Your Files: To backup your files Click File Command then Click Backup Select Include Company Name in the Backup File Name Click Backup Button Select the Drive to Save the File (eg.

11 Backup Your Files: To backup your files Click File Command then Click Backup Select Include Company Name in the Backup File Name Click Backup Button Select the Drive to Save the File (eg. Z:/ - Create Folder in your name and open it) Now Click Save Button. Or Select System navigation bar go to back up data tab select back up now option - Select Include Company Name in the Backup File Name Click Backup Button Select the Drive to Save the File (eg. Z:/ - Create Folder in your name and open it) Now Click Save Button. 11 P a g e

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