How to Set Up Your Company in Sage 50 accounting ?

How to Set Up Your Company in Sage 50 accounting ?

Support Team Asked on December 15, 2017 in Sage 50.
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    Preparing to Create Your Company

    Unless you begin to use Sage 50 Accounting when you start your business, you will need to know your account balance as of the date you start working with and recording transactions in Sage 50 Accounting.

    Below are the Steps to Take Before You Create Your Company File

    Step-1

    Decide what your First Transaction Date will be. This is the date you convert from your old accounting system

    (if you had one) to Sage 50 Accounting.

    What Date Do I Choose?

    This date is an important factor, although you can edit this date after you have
    entered it in Sage 50 Accounting.

    Two good choices are:

    The first day of your fiscal year. For most small businesses, this will be the beginning of the
    calendar year. Selecting this date gives you the choice of inputting all of your data from the
    beginning of the year so that you have all of the current year’s financial information in the
    system.

    The first day of the fiscal period. Start from the beginning of a known accounting period. This
    will most likely be the beginning of a month or quarter. This is a good choice if you are partway
    through your current year and if you do not want to re-enter all of your financial information in
    Sage 50 Accounting. You will need to know the year-to-date balances of your accounts and
    you will have to enter one or more Past invoices for outstanding amounts customers owe
    you and unpaid amounts you owe to vendors. If you track inventory, you will also need to know the cost of goods sold to date, the opening balance and value of each item you track.

    Step-2.

    Prepare a Trial Balance Report as of your start date.

    What is a Trial Balance?

    If you’ve been in business for a while, you will need to refer to this report to update Sage 50
    Accounting after you create your company.

    The Trial Balance lists all your account balances (assets, liabilities, equity, revenues, and
    expenses) as of a given date. Ask your accountant for this report as of the conversion date you
    choose.

    If you are converting from another computerized accounting system such as QuickBooks®,
    you should be able to print the report yourself. So, if you convert to Sage 50 Accounting on
    January 1, 2012, you will need the trial balance report as of December 31, 2011.

    Step- 3.

    Gather together all outstanding customer invoices, and all unpaid vendor bills.

    Step- 4.

    If you have employees, gather together your employee records and payroll information.

    Step- 5.

    Make a list of the items you sell. If you track physical inventory items, then for each item, determine the quantity on
    hand as of your start date, and the opening value.

    Step- 6.

    If you work on projects, gather the following information for each project: start date, status, and opening revenue and expense balances.

    Disclaimer: Sage Accounting Solution is an independent provider of Sage Related services and is not affiliated with Sage.

    See More: Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Sage issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If you are experiencing too many issues, you may want to more info Call Sage Tech Support Phone Number

    Support Team Answered on December 15, 2017.
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