History
When you create a new company or use one of the company templates provided, your Sage 50 Accounting company records need to be brought up to date with your company's historical financial information. Historical information includes account balances, vendor and customer invoice and payment information, employee year-to-date earnings, deductions, and expenses, and the quantity and value of inventory on hand.
A History symbol beside an icon indicates
that you can enter historical transactions in the record.
Until you finish entering history, you can continue to change the account balances or other information you entered.
Records that have a tab or tabs on which you can add historical information
| Record | Tab name | Historical Information |
|---|---|---|
| Account | Account | Opening balances |
| Employee | Taxes | Total tax paid to date (in the Historical Amount column) |
| Income | Total for each income to date (in Historical Amount column) | |
| Deductions | Total for each deduction to date (in Historical Amount column) | |
| WCB & Other Expenses | Expenses paid to date (in Historical Amount column) | |
| Entitlements | Days accrued to date (in Historical Days column) | |
| T4 & RL-1 Reporting | EI, Pensionable, and QPIP Earnings to date (in Historical Amounts column) | |
| Vendor | Historical Transactions | Invoices to date |
| Customer | Historical Transactions | Invoices to date |
| Inventory | History | Opening Quantity and Opening Value (total) Note: If you are using First In, First Out inventory costing, you cannot change an item's Opening Quantity or Value after using the item in a transaction. |
After you have created your records, recorded their historical information, and set up the linked accounts for the modules you plan to use, select Finish Entering History from the History menu. You must select the Finish Entering History command in order to advance your company into a new fiscal year.
What do you want to do?
Enter historical account balances
Enter historical invoices for vendors
Enter historical invoices for customers
Enter historical deductions and paycheques for employees
Enter historical inventory levels and sales for inventory and services
Indicate to Sage 50 Accounting that you have finished entering all historical information