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Can I change my company status in Sage 50 Accounts?

Created on  | Last modified on 

Summary

What to do in Sage 50 Accounts if your company changes status.

Description

If a company changes company status, e.g. from a limited company to a partnership, you may want to start your accounts again. Let's take a look at this now.

Resolution

If a company changes company status for example from a limited company to a partnership company you may want to start your accounts again.

There are three options available for this:

Continue with the existing data but change the company details

  1. Print all of the management reports up to the date of the change.
  2. Take a backup of the data. 
  3. Click Settings then click Company Preferences.
  4. Change the company name and any other required information then click OK.
  5. You can now start entering transactions for the new company.

Rebuild the data, change the company details and enter opening balances

  1. Take a backup of the data. 
  2. Click File then click Maintenance then click Rebuild.
  3. Clear the Keep my Nominal Account records check box and select the company type from the Description list.
  4. Click OK then click Yes then click OK.
  5. Click Settings then click Company Preferences.
  6. Change the company name and any other required information then click OK.
  7. You can now enter the opening balances for your new company. 

Create a second company to run both companies side by side

NOTE: You must have a multi company licence to create a second company. To purchase a multi company licence, leave your details and we'll be in touch.

  1. Click File then click New then click Company.
  2. Complete the ActiveSetup wizard as required.
  3. You can now enter the opening balances for your new company. 
  4. You can also export customer, supplier and product records from your original company, then import them into your new company