Create a New Company - What You Need
You use the Create a New Company wizard to establish basic information about your company and specific information about how you want your company to work. You can choose to copy your chart of accounts from our sample charts of accounts for various types of businesses or create your own.
Basic information includes the following:
- Company Information: This includes name, address, telephone, FAX number, Web site address, federal and state employer identification numbers, and state unemployment numbers.
- Business Type: This defines what type of business your company operates as.
- Chart of Accounts: You can choose to copy one of many sample charts of accounts or create your own. If you choose not to copy a chart of accounts from a sample business, you'll need to enter a retained earnings account number after the setup is complete.
- Subsidiary Companies: If the new company you're setting up is a consolidated company, you need to know which existing companies you will be adding as subsidiary companies. (Sage 50 Premium Accounting and higher)
- Also, if any of these subcompanies require a user ID and password for financial statement access, you need to know the IDs and passwords, since you'll be prompted for them.
- Learn more about consolidating companies.
- Get a pre-consolidation checklist you should consult before consolidating.
- Posting Method:
You can choose real-time
posting
With real-time posting, transactions are posted to the journals and the General Ledger as they are entered and saved. This method can save you time and is best for most business and network environments. Most companies use this method. For batch posting, transactions are saved by the program and posted in a group. When you use batch posting, you can print registers and check the batch of transactions before posting them to the journals. - Accounting Method: You have the choice of either cash-basis method or accrual-basis method of accounting. Most businesses use accrual accounting.
- Accounting Periods: You set up monthly accounting periods or customize your own fiscal-year structure.
After you enter your basic information, you can set up specific information for:
- General Ledger: chart of accounts and beginning balances.
- Accounts Receivable: default settings, customer records, and customer beginning balances.
- Accounts Payable: default settings, vendor records, and vendor beginning balances.
- Payroll: default settings, employee records, and employee year-to-date earnings and withholdings.
- Inventory: inventory items , assemblies, and inventory beginning quantities.
- Jobs: job information and beginning balances.