A company’s file is an important component of any accounting software. The company file is used to keep detailed information related to your company’s employees, suppliers, clients, products, & other business transactions. The accounting software uses the company’s file to store all the details.
Setting up a new company in Sage 50 can help you to deal with various issues, such as a damaged file, a company file not opening, data loss, and much more. If you are using the Sage 50 accounting software and searching online for the procedure you can follow to set up a new company in Sage 50; then you are at the right place. In this write-up, we are going to enlist the complete procedure about how to setup a new company in Sage 50.
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After replying to all the questions and mentioning all essential details on a screen, tap the Next> button to carry on. Always press the <Back button to come back to a previous screen of details if needed. If you require assistance to enter details into a screen, tap the Help button to access a Help window explaining the essential information required for each screen.
After mentioning details on all screens, then tap the Finish button. Sage 50 will make a new company file in Sage 50. If you face any problem in creating a new company file in Sage 50, call the Sage helpline number to get some accurate tips.
A list of the major sections of the New Company wizard with details entered in each section
- Posting Method – It allows you to choose between Real-Time or Batch posting. With Real-Time, your transactions are quickly published to General Ledger and Sage 50 always highlight the latest financial information. Modify your posting method at any time once your company file is created.
- Accounting Periods – This allows you to decide which accounting period structure must be used for your company. Mention the number of accounting periods and their starting and ending times.
- Accounting Method – This screen allows you to decide whether the company file utilizes Accrual Accounting or Cash. Kindly check with your accountant if you are not sure about accounting periods recently used by your company.
- Fiscal Year – It allows you to choose the year and month of the first period within your company Fiscal calendar.
- Company Information – It allows to mention company details. It involves the company’s address, name and state and federal identification numbers.
- Setup – It allows to choose how to prepare the company file. Use the sample business type that highlights your company and then customize it. Copy settings from another Sage 50 company file and convert a file prepared by another program or make your chart of accounts from scratch.
- Business Type – It appears if you select to prepare a company file from a sample business type within the Setup section. Business type allows you to choose a type of business that closely highlights on your own. It allows you to customize a standard chart of accounts for your industry type.
- Finish – This screen allows you to use the Setup Guide for customizing the defaults used in the company file and type new data records.
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Steps to Setup New Company File in Sage 50
- Select File or New Company from the menu bar to make a new company file in Sage 50
- Press the Next > button at the bottom of the window in the New Company Setup Wizard
- Reply to any questions asked for each of the given screens and carry on pressing the Next > button to move ahead from screen to screen
- Tap the Finish button to make your company file on the final screen.
Once you move through the above methods, you can easily establish a new company file Sage 50 accounting software. If you face any trouble in setting up a new company file, call Sage 50 customer number to get some accurate tips.
In the sage 50 account, there is no maximum limit to add companies on your Sage 50 account. If you are using the same direct debit as your initial company, then two payments will be taken at the same time, as each business contains a different invoice and reference number.
If you have not renewed your account subscription, the account will switch to the read-only view. It means you will not be able to add new data to your database.
Both accounting software is good on their own. If you need unlimited users and automated tasks for managing your business accounts, then you can use the Sage 50 software. Whereas, if you want to manage complex enterprise needs with advanced features, then QuickBooks is the best software for you.
The Sage 50 accounting software uses the MySQL database to store all the details and information of the company’s transactions and other details.