Industry Type
When you select your industry type in the New Company Wizard, a list of accounts is created for your business, specific to your industry.
Changing your industry type does not affect the accounts that were created when you originally set up your company. Use the Modify Accounts wizard to make changes to accounts.
Industry-Specific Features (Sage 50 Premium Accounting)
Specifying an industry type, customizes some features to work more closely with your industry:
- A collection of industry-specific reports appears in a sub-menu of Reports in the Home window.
- 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.