The ability to update all associated accounts automatically via linked accounts is quite useful. Allocating funds to your worried accounts is quite useful. Allocating funds to your worried accounts takes less time when they do it. Sage 50 often uses linked accounts to report freight expenses, sales taxes, and early payment sales discounts into the proper accounts. In this article, we’ll discuss the process to Setup Linked Accounts in Sage 50 Canada in an appropriate manner.
Let’s continue reading this article to learn more about setup linked accounts and utilize the capabilities in Sage 50 Canada.
What Do You Understand with Setup Linked Accounts in Sage 50 Canada?
In Sage 50 Accounting, linked accounts are utilised to instantly update all related accounts whenever a transaction is performed. Consequently, linked accounts reduce the time needed to allocate funds to your accounts during a transaction.
For instance, each time you sell something, you have less inventory and your customer owes you more money. With the help of linked accounts, Sage 50 tracks sales taxes, freight expenses, and early-payment sales discounts into the proper accounts.
Important Pointers to be Noted:-
- You must set up the connected accounts for the associated transactions whether you developed the list of accounts yourself or imported it.
- You might already have linked accounts for specific transactions if you chose to have Sage 50 Accounting construct a list of accounts for you when setting up your business.
- You can modify each of your linked accounts individually to add or remove items. With the aid of the Linked Accounts Wizard, you may now add or change many linked accounts at once.
How to Setup Linked Accounts in Sage 50?
We’ll go over how to setup several linked account configurations in Sage 50 here.
Before doing the next procedures, ensure that you are logged into your system as a sysadmin and in single-user mode:-
Option 1: With the Help of Linked Accounts in Sage 50 Wizard
- Navigate to the Setup
- Select the Linked Account tab
- To use the Linked Accounts Setup Wizard, click on it
- Click on the Next button
- To add, remove, or modify a linked account for any module in the system, go through each module and follow the instructions.
Option 2: Browse to the Linked Accounts in Sage 50 Manually
For Retained Earnings
- Navigate to the Setup option
- Next, select Settings from the menu
- After that, press General (Accounts)
- Once done with that, select the “Linked Accounts” option
- At last, change the “Retained Earnings” option.
If you have any specific query, also get in touch with the experts of Sage 50 Live Chat help.
For Accounts Payable, Freight, Early Payment Discount and Prepayment
- In the beginning, navigate to the Setup option
- Next, select the Settings from the menu
- Select Payables by tapping it.
- After that, move to the Linked Accounts.
- And then change the accounts.
For Accounts Receviable, Revenue, Freight, Early Payment Discount and Deposit
- Start with going to the Setup option
- Next, choose the Settings option
- After that, hit the Receivables option
- Head over to the Linked Accounts
- Moving forward, adjust the accounts.
For Employee Payroll
- Initially, move to the Setup option
- Next, select the Settings tab
- Toggle to the Payroll on
- Head over to the Linked Accounts
- Make the necessary modifications by clicking on the following modules:
- Incomes
- Deductions
- Taxes
- User Defined Expenses
If you’re using Sage 50 Pro, you can set up a unique account specifically for recording payroll expenses. To do this, open the employee record and click the optional radio button as displayed below.
If you’re using Sage 50 Premium or Quantum, follow these instructions:-
- Go to the Setup tab
- Navigate to the Settings option
- Click on the Payroll option
- Move to the Linked Accounts
- Then select the Expense Groups tab
- After that, click the box with the dotted ellipses
- Take a look at the Linked Accounts column.
For Item Assembly Cost & Adjustment Write-off (inventory)
- Navigate to the Setup tab
- Next, navigate to the Settings section
- Select the Inventory & Services by tapping on it
- Visit the Linked Accounts
- At last, modify the accounts.
For Credit Cards
- The very first, click on the Setup option
- Next, select Settings from the menu
- Toggle to the company tab
- Choose the Credit Cards tab
- Click on Used and Accepted
- And then change the accounts option.
Suggested Reading: Sage 50 Credit Card Reconciliation
For Sales Taxes
- Navigate to the Setup option
- Navigate to the Settings section
- Click on the Company tab
- After that, click on the Sales Taxes option
- Select the Taxes from the menu
- In the end, make modifications in the accounts tab.
For Delivery Orders
- Visit the Setup option
- Navigate to the Settings tab
- Click on the Company option
- After that, visit the Sales & Customers
- Now, access the Linked Accounts
- Then click on the Delivery Orders.
For Goods Received Notes
- Click on the Setup option
- After that, go to the Settings tab
- Now, click on the Company tab
- Once done with that, navigate to the Vendors >> Linked Accounts
- At last, hit the Goods Received Notes option.
Option 3: Linked Accounts in Records
- Navigate to the Customer and Vendor record
- Then select the Options tab
- Next, navigate to the connected accounts for customers’ expense accounts and suppliers.
Option 4: Matching Transactions for Bank Feeds Optional
- Visit the Setup tab
- After that, select the Settings option
- Click on the “General now” (Accounts)
- After that, move on to linked accounts
- If necessary, link an account for bank fees and interest income.
Conclusion
Here is everything you should know about Setup Linked Accounts in Sage 50 Canada. In case you receive any issue during the process or have any other issues, you can contact our Sage 50 Customer Helpdesk for quick and precise solutions. The team will dedicatedly be committed to serving your doubts all round the clock.
Frequently Asked Questions
Q. Can Accounts Be Linked in the Record?
Ans. The ability to link accounts in the record is most definitely present. for a linked account for clients and suppliers.
This is how you can do it:-
- First, head over to the vendor and customer records
- Next, have a look at the settings tab
- Customers will now have accounts that are tied to revenue, and vendors will have accounts that are linked to expenses.
Q. How Do I Make a Sage 50 Account Inactive?
Ans. Please adhere to the instructions below:-
- Start your Sage 50 software
- Go to the option labelled “Maintain” tab
- Then select the Chart of Accounts option
- Your screen will display the Maintain Chart of Accounts window
- Choose or enter the account ID you want to deactivate
- Navigate to the G/L Account ID field to see the list of existing accounts
- Now press? You can also select the Lookup option as an alternative
- To the right of the chosen Account ID, choose the Inactive checkbox.
Q. How Do I Create a Credit Line Bank Account in Sage 50?
Ans. The steps to take are listed below:-
- Open the Chart of Accounts
- Open a brand-new bank account
- Ensure that the Account Class remains Bank
- Add a credit line to the account
- Regular payments from this account are also an option.
Follow the steps listed below to transfer money between this account and other bank accounts:-
- Toggle to the Banking tab
- To transfer funds, select the tab
- You can select the Transfer from/Transfer to bank name as needed by clicking on it
- As requested, enter the amount
- On Process, click on it
- The value of this asset account will probably be negative.
