Setting up a new company This guide will show you how to create a new company within your current subscription. As a subscription owner or administrator, you can create multiple company flies under the administrator and invite your colleagues and clients to work on the files together. You will own all company files created, and be able to manage permissions for all users. Before you start, make sure you fulfil all the requirements on the checklist. 1. Checklist You are a subscription owner or administrator You have enough company licenses on your subscription you can check this under Company Company Console and scroll to the bottom of the page. Sage Business Cloud Accounting - Accountants Edition 1
Table of Contents 1. Checklist... 1 2. Creating a new company... 3 2.1 Checking Company Settings... 4 2.2 Entering Opening Balances (Optional)... 5 2.3 Invite your clients and staff... 6 2.3.1 Invite your client as a regular user... 6 2.3.2 Invite your staff as Accountants Edition User... 7 Appendix Migrating clients from HandiLedger... 9 1. Export Trial Balance from HandiLedger... 9 2. Edit Trial Balance exported... 11 3. Accounts to be removed from import file... 11 4. Remove existing Chart of Accounts... 12 5. Import HandiLedger Trial Balance... 14 6. Creating Bank Accounts... 16 7. Review your Opening Balances... 17 Sage Business Cloud Accounting - Accountants Edition 2
2. Creating a new company Go to Company Company Console Click the button Add Company on the top right Follow the 3-step set-up wizard to fill in your client s company details. You do not need to enter information in all fields listed in each step. Once saved, you can always go back and edit the information under Change Company Settings page. Step 1: Company Details Step 2: Branding Step 3: Tax Settings & Financial Year End Once you completed all three steps, click on Finish to finalise the set up. Sage Business Cloud Accounting - Accountants Edition 3
2.1 Checking Company Settings Any users with the appropriate permissions will now be able to configure the company settings by going to Company Change Company Settings. Users should take time to go through these configurations to make the most of all modules. Many functionalities e.g. Price Lists, Document Numbers, User Defined Fields need to be configured here to be used in the system. The following settings may be more important to check, after a new company file is created and before entering any transactions General Settings / Financial Years To ensure all required financial years are created. Sage Business Cloud Accounting - Accountants Edition 4
Tax Settings To ensure correct GST reporting method is selected 2.2 Entering Opening Balances (Optional) If your client has been keeping their accounting record in another accounting package, you would need to enter or import their trial balances before entering any transactions. To enter opening balances, go to Company Opening Balances Sage Business Cloud Accounting - Accountants Edition 5
Once you ve finished reviewing opening balances as created from your previous accounting system, you could then scroll down to the bottom, click Update to save the changes. 2.3 Invite your clients and staff You may now choose to invite users (accounting staff, bookkeepers, business owners, etc.) to access and work on this company file. 2.3.1 Invite your client as a regular user 1. Go to Administration Manage Users. 2. Add users by clicking the Add User button 3. Enter user details and click Save. Sage Business Cloud Accounting - Accountants Edition 6
Your client will receive an email invitation to confirm that he/she has been invited as a user and be given a temporary password to log into that company file. 2.3.2 Invite your staff as Accountants Edition User 1. From the Administration menu, select Accountant Edition Users. Click Add Accounts Edition User. 2. Enter staff members details and click Save. Your staff will receive an email invitation to confirm that he/she has been invited as an Accountants Edition User. Sage Business Cloud Accounting - Accountants Edition 7
3. Once the User has been added, you could assign clients through Actions Assign Clients. 4. Text box on the left shows a completed list of your clients, whereas the ones on the right are the companies that this staff could access now. 5. To assign clients to your staff, click on the company(s) on the left and drag to the right. Hit Save to finish. Sage Business Cloud Accounting - Accountants Edition 8
Appendix Migrating clients from HandiLedger You could set up your HandiLedger clients in Sage Accounting. As the data flows one-way only, while converting HandiLedger clients, the followings need to be exported from HandiLedger and imported into Sage Accounting to complete the set up. Trial Balance Chart of Accounts List of Customers (If applicable) List of Suppliers (If applicable) 1. Export Trial Balance from HandiLedger From the Options menu, choose Sage One. Enter your login credentials. Select the relevant client s entity and Financial Year, and hit Select. Sage Business Cloud Accounting - Accountants Edition 9
Export the client s entity opening balances and chart of accounts by going to Tools Export Data to an ASCII file Export to Sage One. Select where you want to save the files on your PC. Chart of accounts, list of debtors and creditors and trial balance will be exported and saved to the selected folder at the same time. Sage Business Cloud Accounting - Accountants Edition 10
2. Edit Trial Balance exported Locate the Accounts.csv that you have saved on your computer, as we will need to edit the spreadsheet before importing this into Sage Accounting. There will be two columns that show account names. - Column A ( Name ) represents the account names to be imported into Sage Accounting, while - Column G ( Unmapped Name ) shows GL account name in HandiLedger. If you wish to retain the account numbers and HandiLedger account names, simply cut Column G and pasted it to Column A to overwrite it and rename the heading back to Name. Otherwise, simply delete Column G. 3. Accounts to be removed from import file 3.1 System Accounts 1. In Sage Business Cloud Accounting, there are some System Accounts which cannot be edited or deleted. These certain accounts including Bad Debts, Sales, and Purchases accounts, etc., already exist in the standard chart of account. Therefore, they need to be removed from the COA import file. The balances of the removed accounts must be manually entered on Opening Balance page (Company / Opening Balances). (See page 4 for more details) Name Category HandiLedger Account Name Sales (Opening Balances) Sales (Inventory sales only) Sales Cost of Sales / Purchases Cost of Sales Purchases (Opening Balance) Bad Debts (Opening Balance) Expenses Bad Debts Trade Receivables Opening Current Assets Trade Debtors Balances Trade Payables Opening Balances Current Liabilities Trade Creditors Tax Payable (Opening Balance)* Current Liabilities SEE BELOW* Income Tax Payable Current Liabilities Taxation Retained Income (Opening Balance) Owners Equity Retained Profit * Unlike HandiLedger, Sage Accounting does not separate GST on sales and GST on expenses. All GST calculation goes to the same payable account - Tax Payable (Opening Balance). While editing the COA import file, calculate the net of the following accounts and use it as the opening balance of the Tax Payable account. Sage Business Cloud Accounting - Accountants Edition 11
HandiLedger HandiLedger Account Name Account Code 3380 GST payable control account 3382 GST payable adjustment control account 3384 Input tax credit control account 3386 Input tax credit adjustment control a/c 3389 GST clearing (if Debtors and Creditors related Account Name Mapped to Sage Accounting Tax Payable (Opening Balance) Tax Provision Category Current Liabilities Current Liabilities 2. If you are not managing any customers and suppliers for the client in HandiLedger, usually the following HandiLedger accounts would need to be removed from the import file. Retained Profit Bank Accounts Input Tax Credit Control Account GST Payable Control Account GST Clearing Sage Accounting only has a Tax Payable and a Tax Provision account as opposed to the multiple GST accounts in HandiLedger. Note The balance of Tax Provision will be automatically calculated by the system from the opening balances for customers (Trade Receivables) and suppliers (Trade Payables). If your client does not have any balance in Trade Receivables or Trade Payables in HandiLedger, the Tax Provision amount would be 0. The opening balance of Tax Payable would be the net of the GST Payable control account and Input Tax Credit Control account. 4. Remove existing Chart of Accounts Each company file comes with a default chart of account when it is first created. If you would like to import the trial balance from HandiLedger to replace the existing one, you may need to delete the existing chart of account before importing the new chart. Go to Accounts Lists List of Accounts Tick the highlighted checkbox to select all accounts Sage Business Cloud Accounting - Accountants Edition 12
Click Delete to remove the existing accounts There are approximately 20 system accounts that cannot be deleted. Please also note that bank accounts need to be created separately and need not be imported as a part of the Chart of Accounts Sage Business Cloud Accounting - Accountants Edition 13
5. Import HandiLedger Trial Balance Go to Company / Import Data Choose Accounts from the dropdown menu as the item to import Click the Choose File button to browse for the file on your PC Click Next to continue Check the Click Next to import the file Sage Business Cloud Accounting - Accountants Edition 14
Ensure the import was successful and click Finish If there are any errors on the import view the Import Log File and to see errors and make amendments to the csv file. You can run the import again without duplicating any records. Note After clicking finish, you will be taken to the list of accounts. Go to Company Opening Balances. Click Change Date and change the date to your trial balance date. Then scroll down and click Update and Continue. On the opening balance screen, you will be able to see the opening balances on your selected date as imported. Sage Business Cloud Accounting - Accountants Edition 15
6. Creating Bank Accounts As we left out our bank accounts while importing the Chart of Accounts, we will now create the banks, and enter the bank balances. Scroll down on the Opening Balances screen to the Bank Accounts section, and click Add a Bank Account. Enter Account details Click Save Bank Account Name, Default Payment Method and Bank Name field are compulsory. If you would like to add more detailed information on your bank account, you may do so later by going to Banking Lists List of Banks and Credit Cards. Sage Business Cloud Accounting - Accountants Edition 16
Enter the bank account opening balances as at trial balance date Scroll down to the bottom of the screen, click Update and Continue 7. Review your Opening Balances You should now review your opening balances with your trial balance as created from your previous accounting system. Scroll down to the bottom of the Opening Balances page to make sure it balances You may wish to print off the following reports before signing off on opening balances: Trial Balance Profit & Loss Aged Customers Aged Suppliers Bank Reconciliation You are now ready to invite more users and start transacting on file. Sage Business Cloud Accounting - Accountants Edition 17