New Chart of Accounts for an existing Company

Question

I created our registered charity in SAGE but I skipped the step to import or use the default chart of accounts when using the Wizard. 
 Now it appears that I have to create every account individually 
 or create a new company to be able to use the Wizard. 
 I cannot find a way to set up the default chart of accounts or 
 find detailed help to import my old chart of accounts from our previous system. (I know this is going to be difficult) 
 Can you suggest how to proceed?

Alwyn · Accepted Answer

There is no problem with Sage 50 having two companies with similar names. It cannot handle two companies with the same name. When you import a chart of accounts into a new company you will have to set up all the linkages between accounts for the various modules. These are not set up 'automatically' because you have different account numbers. Under the Set Up tab I would start at the top and work down through each sub tab to fill in the blanks. When setting up the taxes there is a way to do this that will assist with the filing for the rebates without further calculations. Also, if using the payroll module you will have to set each of the income and expense accounts so that the proper reporting is in place for the government forms. 
 When fully set up and running with the new company you may wish to remove the original company. While Sage 50 can handle having both in the file, you may pick the wrong one without thinking about it.

Sage 50 Canada

New Chart of Accounts for an existing Company

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