Choosing a Company and Industry Type in the New Company Setup Wizard

You can select a company and industry type for new companies in all Sage 50 Accounting editions.

If you are creating your new company's list of accounts based on your type of company and industry, Sage 50 Accounting automatically creates and numbers the accounts you need. If you cannot find your specific company or industry, select Other industry and Generic company.

After your company has been created, you might want to add some new accounts, change or rename others, or remove the ones you're not using. You can add or merge accounts at any time, and can usually change or remove them.

When Sage 50 Accounting creates your accounts, some features are customized to work more closely with your industry (Sage 50 Premium Accounting):

• Industry-specific accounts are added to your Chart of Accounts. For example, if you run a motel and choose Accommodation as your company type, Sage 50 Accounting will add Inventory expense and asset accounts for Linen, Rugs, and Glassware, and Revenue accounts for Dining, Conventions, and Banquets.
• The default terms used for customers, sales, vendors, purchases, payments, orders, and quotes are customized to your industry. If these defaults are not suitable in your business, you can choose one of the many alternate terms.
• A collection of industry-specific reports appears in a sub-menu of Reports in the Home window .