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Author: Bruno Reference Number: AA-08327 Views: 344 Created: 2019-01-10 10:37 Last Updated: 2019-01-10 10:37 0 Rating/ Voters


This guide will guide you through on how you can start creating your Company in Sage 50. Unless you begin to use Sage 50 Accounting when you start your business, you will need some pre-requisite information to make sure your company is set up correctly in Sage 50.

Information needed as below:

·       Earliest Transaction Date: This is the date you convert from your old accounting system to Sage 50 Accounting. You can either choose one of the followings:

o   First day of your Financial Year. You will be able to input in all your data transaction from beginning of the year so that you will have all the current year’s financial information in the system.

o   First Day of Fiscal period. You may start with your current accounting period such as beginning of the month or quarter period. This option work best if you are half way in your Financial Year and don’t want to reenter all the previous transaction in the system. You will only need to prepare your Year-to-date balances and you will have to enter the outstanding transaction such as invoices that you have. If you track your Inventory, you will need he Cost of good sold to date, opening balances as well as value of item, you track.

·       Trial Balance as of the start date

o   You can get the Trial Balance as per the last date of the old system you use that will listed out all your balances (assets, liabilities, equity, revenues and expenses).

·       Outstanding Invoices, unpaid Vendor bills.

·       If you manage employee, gather all employee records and payroll information.

·       Item listing as well as the quantity on hand and opening balance value.

·       If you work on projects, gather all project information: start date, status, opening revenue and expenses balance.



Creating New Company

Step 1: Click on your Sage 50 icon to open the software.

Step 2: Click on Create a new company option to create new company à Click OK.

Step 3: Introduction page appear on screen à Click on next

Step 4: Insert appropriate information for the company details à Click on Next

Step 5: Enter Fiscal Year Start Date à Earliest Transaction Date à Fiscal Year End Date à Click on Next

Step 6: Select one option for your Chart of Accounts à  Click on Next

Step 7: Select your Ownership Structure, Industry Type and Company Type

System will generate your Chart of Account based on your selected preferences.

Step 8: Click on Account Rages to view the account range

Sage 50 Premium and Quantum allows user to expand or change the range of account groups up to 8.

Step 9: Click on View List of Account to see the list of accounts created by the system.

Step 10: Check on the suggested company name file or you can enter a different name à   Click on Browse to choose the location for company data file à   Click Next

Step 11: Click on Finish to complete creating company

Step 11: Click on Close

System will proceed with your company data file and you can directly access your company in Sage 50 Accounting system.

HOW TO CREATE NEW COMPANY.docx 0.6 Mb Download File
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