how to create a new company in sage 100

Understanding Sage 100

Sage 100 is an integrated accounting and business management solution designed for small to mid-sized businesses. It provides various modules for financial management, inventory control, sales order processing, and more. Setting up a new company within Sage 100 allows you to manage your business efficiently while keeping track of financial transactions, reporting, and compliance.

Prerequisites for Setting Up a New Company

Before creating a new company in Sage 100, ensure you have the following:

• Sage 100 Software: Ensure that you have the Sage 100 software installed on your system.
• User Permissions: Make sure you have the necessary permissions to create and manage companies within the software.
• Company Information: Gather all relevant information about your new company, including:
  • Company name
  • Company code (a unique identifier)
  • Address and contact details
  • Federal ID number
  • Modules required for operation

Step-by-Step Guide to Creating a New Company

Step 1: Accessing Company Maintenance

1. Open Sage 100: Launch the Sage 100 application on your computer.
2. Navigate to Library Master: From the main menu, select Library Master.
3. Select Company Maintenance: Click on Main, then choose Company Maintenance. This section allows you to manage existing companies and create new ones.

Step 2: Creating a New Company

1. Initiate Creation: In the Company Maintenance window, look for an option to create a new company. This may be labeled as "Add" or "Create Company."
2. Enter Company Code: Input a unique three-character company code. Avoid using codes like "CON" or "SOA," as these may be reserved or cause confusion.
3. Enter Company Name: Fill in the official name of your company.
4. Fill in Additional Details:
   • Enter relevant information such as address, phone number, email, and website.
   • Include the federal ID number if applicable.
5. Activate Modules: Click on the Activate button to select which modules you want to enable for this new company. Commonly required modules include:
   • General Ledger
   • Accounts Payable
   • Accounts Receivable
   • Inventory Management
6. Confirm Activation: When prompted to save the new company setup, click Yes. A window will appear showing the modules available for activation; select those needed and click Proceed.
7. Finalize Setup: After confirming module activation, check that all selected modules appear correctly in the Activated Modules area of the window. Click on Accept to finalize the creation of your new company.

Step 3: Setting Up General Ledger

After creating your company, setting up the General Ledger is crucial as it forms the backbone of your accounting system.

1. Access General Ledger Module: Navigate back to the main menu and select the General Ledger module.
2. Follow Setup Wizard: If prompted, follow the General Ledger setup wizard which will guide you through configuring your account structure.
3. Define Account Structure:
   • Decide on the number of segments for your account numbers (e.g., main account and subaccount).
   • You can choose to copy an existing account structure from another company or create a new one from scratch.
4. Set Fiscal Year and Accounting Periods:
   • Define your fiscal year start date.
   • Specify how many accounting periods you will have (monthly, quarterly, etc.).
5. Finalize General Ledger Settings: Complete any additional settings such as budget options and terminology preferences before saving your configuration.

Step 4: Creating User Accounts

Once your company is set up and modules activated, you'll need to create user accounts for those who will access Sage 100.

1. Navigate to User Maintenance: From Library Master, go to User Maintenance.
2. Add Users:
   • Click on "Add User" or similar option.
   • Enter user details including username, password, and access rights.
   • Assign users specific permissions based on their roles within the company.
3. Save User Information: After entering all necessary details, save each user profile.

Step 5: Testing Your Setup

Before fully transitioning to using Sage 100 with your new company:

1. Run Test Transactions: Enter some test transactions across various modules (e.g., sales orders, invoices) to ensure everything functions correctly.
2. Generate Reports: Create basic financial reports to verify that data is being captured accurately within your new setup.
3. Adjust Settings as Needed: If any issues arise during testing, revisit relevant settings in either Company Maintenance or module configurations to make necessary adjustments.

Step 6: Going Live

Once testing is complete and you're satisfied with how everything operates:

1. Inform Users of Go-Live Date: Communicate with all users regarding when they can start using the system actively.
2. Provide Training if Necessary: Depending on user familiarity with Sage 100, consider offering training sessions or resources for effective usage of the software.
3. Monitor Performance Post-Go-Live: After going live, keep an eye on system performance and user feedback to address any issues promptly.

Conclusion

Creating a new company in Sage 100 involves careful planning and execution across multiple steps—from initial setup in Company Maintenance through module activation and user creation. By following this detailed guide, you can ensure that your accounting system is tailored specifically to meet your business's needs while maintaining efficient operations from day one.

This structured approach not only helps streamline processes but also sets a solid foundation for future growth and success within your organization using Sage 100's powerful accounting capabilities.

Citations: [1] https://cdn.na.sage.com/docs/en/customer/100erp/2024/open/GetStart.pdf [2] https://www.youtube.com/watch?v=ZWhCHNj1gi4 [3] https://www.youtube.com/watch?v=Ppp_2cl2d1Q [4] http://sage100contractorhelp.sagecre.com/help/databaseadministration/20_1/Content/1_AddDeleteCompanies/CreateNewCompany.htm [5] https://www.youtube.com/watch?v=gb7VXBiuYrU [6] https://communityhub.sage.com/us/sage100/f/intelligence-reporting/182616/added-a-new-company-in-sage-100-how-do-we-connect-sage-intelligence-to-the-new-company [7] https://www.rklesolutions.com/blog/sage-100-company-backup [8] https://www.swktech.com/new-account-general-ledger-setup/ [9] https://help-sage100.na.sage.com/2022/Subsystems/LM/LMMainProced/CREATE_AND_ACTIVATE_A_COMPANY.htm