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Jon Carter

Create equity accounts for corporation structure

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Last year I asked this question about a business types: https://www.sagecity.com/us/sbc-accounting/f/general-discussion/186130/change-business-type-trial-version/470396#470396

My question still stands. The chart of accounts that was created when I started my company in Sage Accounting has equity accounts for a sole trader. In particular, "Owners Contribution" and "Owners Draw". I now want to replace those equity accounts with accounts for a corporation structure such as "Common Stock" and to remove or inactive "Owners Draw". I cannot appear to achieve this. Can the U.S. version of Sage Accounting accommodate a small business that has a corporate structure rather than just a sole trader. Any help would be appreciated.

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    Hi

    Those accounts and any other account with an asterisk (*) can not be archived or edited. If you wish to re-use them you can change the Display name or create your own.

    Note: the account with zero balance will not appear on reports.

  • 0 in reply to JSelemani

    Thank you . While the display name can be changed, the underlying ledger name remains unchanged. It is true that new equity accounts can be added, but the system accounts cannot be inactivated and therefore always show up in drop down account lists and can be searched for. They could be renamed something like "Do not use" but that is clumsy.

  • 0 in reply to JSelemani

    So the conclusion is that the US version of Sage Accounting cannot seamlessly handle the equity accounts of a corporation structure? Correct, yes? Is nobody here using Sage Accounting for this equity structure? Is everyone here only sole traders? Sage 50 handles this structure (of course). But are there any plans for expanding your native cloud-based Sage Accounting product to handle equity structures other than a sole trader?   

*Community Hub is the new name for Sage City