Create a New Company - Business Type

Your company's business type is a complete list of all account names that will be used in the general ledger, including a set of Equity accounts tailor-made for the business. Each account is associated with an account ID to help locate it when recording data. Charts of accounts can vary depending on the type of business. Sage 50 provides sample companies from which you can copy the chart of accounts. This is a useful shortcut to set your company. Later, you can modify the chart of accounts to meet the specific needs of your business.

1. Start Create a New Company and make sure the Use a sample business type that closely matches your company option is selected.
2. Select the chart of accounts that matches your type from the list. Depending on the version of Sage 50 that you are using the list of simplified and detailed business types will vary. To the right, you can see the chart of accounts that will be created if you select a particular business type.
3. To view more information about an industry, select the View details about a business type link.
4. To continue setup of your company, click Next. Sage 50 displays the Create a New Company – Accounting Method window.