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Sage Simply AccountingGetting StartedGuide2012

Sage Simply AccountingGetting Started Guide20122012Getting Started.1Setting Up Your Company.4Setting Up Customers and Vendors. 12Setting Up Items. 15Setting Up Payroll. 17Setting Up Projects. 19Essential Tasks. 21Reporting. 24System Administration. 25System Requirements. 29Business Services. 30

GETTING STARTEDGetting StartedWelcome to Sage Simply Accounting!Use this guide to help you install Sage Simply Accounting and set up your company so that you are up and runningas quickly as possible.In this guide, you'll learn how to:Set up your companySet preferences to suit your business needsGet help when you have questionsSecure your company dataEnter some common business transactionsNote: Sage Simply Accounting comes in a number of editions to suit the needs of all small businesses. This guidecovers the following editions: Sage Simply Accounting Pro, Sage Simply Accounting Premium, and Sage SimplyAccounting Enterprise.To learn more about the improvements and new features in this version of Sage Simply Accounting, open theLearning Centre and watch the What's New video, or read the What's New guide in the Help.Sage Simply Accounting Installation InformationMy Company Name:My Sage Simply Accounting Account ID:My Sage Simply Accounting Serial Number:My Installation Key Code:1

GETTING STARTEDThe Home WindowThe Home window is designed for efficiency, ease of use, and quick access to the features you use most often.You can quickly get an overview of your business and then follow the workflow diagrams to find the specific tasksyou want to perform. If you are upgrading from a previous version of Sage Simply Accounting, you can easilyaccess the classic Home window that you are familiar with by clicking Switch to Classic View.Click one of the navigation bar options on the left for business workflow diagrams, lists, reports, and quick accessto tasks. In Shortcuts, click Customize to add your own quick links to other tasks!Getting HelpThere are a variety of options available to you when you have questions.Get Help as You WorkUse the in-product and online Help search to find answers to your questions. Ask a help question in aSage Simply Accounting window, or from the Search tab in the Help. Scan the list of search results, and thenselect a help topic to view.Open the Learning Centre to learn what’s new and access the latest training courses, frequently asked questions, and video tutorials. Use the integrated RSS Feed Reader to check on the status of forum posts and addyour own feeds to other online resources.2Getting Started Guide 2012

GETTING STARTEDOnline Support ResourcesConnect with other small business professionals and Sage Simply Accounting representatives in the Sage SimplyAccounting Online Community by visiting http://www.simplyaccounting.com/community/. The communityhas quick access to several easy to use help resources, including:The online KnowledgebaseBlogsDiscussion forumsLive chat with a Customer Support specialistCommunity content is delivered directly to the integrated Learning Centre in Sage Simply Accounting!Sage University TrainingOpen the Learning Centre to find classroom training courses in your area, or sign up for an online course athttp://www.sageu.com.Contact Sage for SupportIf you can't find the answer to your question using the Help, the online Knowledgebase, or other self-helpresources, then contact us for support.Contact us Monday through Friday, 6 a.m. to 5 p.m. Pacific Time.CONTACT INFORMATIONCustomer Sales:Customer Service:Customer 22-2722http://www.simplyaccounting.comNote: All customers receive FREE online support for one case within 60 days of product registration. Please Go online to chat live with a customer support specialist!Work With a Sage Simply Accounting ExpertGet the help you need from accounting experts! Sage has an extensive network of Premier Advisors and CertifiedConsultants to support all phases of your accounting software installation and business development. To find anexpert in your area, visit st be used within 60 days of product registration. Support Specialists reserve the right to limit online chat sessions to one hour.3

SETTING UP YOUR COMPANYSetting Up Your CompanyPreparing to Create Your CompanyUnless you begin to use Sage Simply Accounting when you start your business, you will need to know youraccount balances as of the date you start working with and recording transactions in Sage Simply Accounting.Steps to Take Before You Create Your Company File1. Decide what your Earliest Transaction Date will be. This is the date you convert from your old accounting system (if you had one) to Sage Simply Accounting.What Date Do I Choose?This date is an important consideration, although you can modify this date after you haveentered it in Sage Simply Accounting. Two good choices are:The first day of your fiscal year. For most small businesses, this will be the beginning of thecalendar year. Selecting this date gives you the option of inputting all of your data from thebeginning of the year so that you have all of the current year’s financial information in the system.The first day of a fiscal period. Start from the beginning of a known accounting period. Thiswill most likely be the beginning of a month or quarter. This is a good choice if you are partwaythrough your current year and you do not want to re-enter all of your financial information inSage Simply Accounting. You will need to know the year-to-date balances of your accountsand you will have to enter one or more historical invoices for outstanding amounts customersowe you and unpaid amounts you owe to vendors. If you track inventory, you will also need toknow the cost of goods sold to date, and the opening balance and value of each item youtrack.2. Prepare a Trial Balance Report as of your start date.What is a Trial Balance?If you've been in business for a while, you will need to refer to this report to update SageSimply Accounting after you create your company.The Trial Balance lists all your account balances (assets, liabilities, equity, revenues, andexpenses) as of a given date. Ask your accountant for this report as of the conversion dateyou choose.If you are converting from another computerized accounting system such as QuickBooks ,you should be able to print the report yourself. So, if you convert to Sage Simply Accountingon January 1, 2012, you will need the trial balance report as of December 31, 2011.3. Gather together all outstanding customer invoices, and all unpaid vendor bills.4. If you have employees, gather together your employee records and payroll information.5. Make a list of the items you sell. If you track physical inventory items, then for each item, determine the quantityon hand as of your start date, and the opening value.6. If you work on projects, gather the following information for each project: start date, status, and opening revenueand expense balances.4Getting Started Guide 2012

SETTING UP YOUR COMPANYCreating a New CompanyThe New Company Setup Wizard guides you through the process of creating a new company in a few simplesteps.TipConverting from QuickBooks 2010? Select the QuickBooks conversion option, and the wizard willhelp you convert your existing QuickBooks database to Sage Simply Accounting. Records and outstanding invoice transactions are quickly and easily imported!As you move through the wizard, it prompts you to enter details about your company, such as company name,address, phone numbers, and the type of business and industry in which you work. Click the Next button to moveforward, or the Back button to go back and review the information you entered. If you get stuck, click the Help button for assistance.1. Enter your company name and address information.2. Enter your fiscal year Start and End dates, and your Earliest Transaction date.5

SETTING UP YOUR COMPANYLet Sage Simply Accounting create the list of accounts that you will use to track your business. Someaccounts are industry-specific, so select your industry to get the list of accounts that best suits your business needs. If you do not know which type to pick, select Other. You can always modify your account listlater.3. If you're just starting out, let Sage Simply Accounting create a list of accounts for you.4. Select your ownership structure, industry type, and company type.5. Click View List of Accounts to view the complete list of accounts that will be created for your company.Sage Simply Accounting Premium and Sage Simply Accounting EnterpriseClick the Account Ranges button to expand or change the range of your account groups. To learn more, search for “expandaccount numbers” in the Help.6Getting Started Guide 2012

SETTING UP YOUR COMPANY6. Accept the suggested filename (your company name), or enter a different name.7. Accept the suggested location or Browse to navigate to a different folder.8. Click Finish and Sage Simply Accounting will create your company.Reviewing & Modifying SettingsNow that you have set up your company, you are ready to review your company settings and get your booksup to date.In Sage Simply Accounting, settings are divided into the following types:System settingsUser preferencesForm and report settingsYou'll find system settings in the Settings window, grouped by module. Backup options and settings that affectmore than one module are located within the Company group.There are three important system settings that you should review:Sales TaxesForeign CurrenciesLinked AccountsSales TaxesSage Simply Accounting automatically creates Sales tax items based on the province you chose in the New Company Setup Wizard. For example, if your company operates in British Columbia, two taxes are set up for you: theGoods and Services Tax (GST) and the Provincial Sales Tax (PST).Sage Simply Accounting also creates some default tax codes that you can use to calculate the taxes you pay andthe taxes you charge.TipAssign tax codes to customers, vendors, and items to simplify tax calculations when you processa transaction.To learn more, search for “About sales taxes” and “Modifying a tax code” in the Help.Foreign CurrenciesIf you have customers or vendors that reside in another country, Sage Simply Accounting can be set up to accountfor operations in a foreign currency. This allows you to create foreign currency bank accounts, add foreign pricesto your inventory and service items, pay bills and receive payments without having to manually convert theamounts to or from another currency, and display reports with amounts in both the foreign currency and the equivalent in your home currency.Sage Simply Accounting Pro supports 2 currencies; Premium and higher support an unlimited number of foreigncurrencies.7

SETTING UP YOUR COMPANYTo learn more, search for “Working with foreign currencies” in the Help.Linked AccountsSage Simply Accounting uses linked accounts to update all related accounts automatically when you process atransaction. Linked accounts reduce the amount of time you spend assigning amounts to your accounts wheneveryou process a transaction. For example, whenever you make a sale, the amount your customer owes youincreases, the quantities in inventory decrease, and Sage Simply Accounting records any sales taxes, freightcharges, and early-payment sales discounts in the proper accounts.When Sage Simply Accounting builds your account list, linked accounts are set up for you. If you want to makechanges to your linked accounts, you can edit them one at a time, or you can use the Linked Accounts Wizard, ifyou need to add or edit several linked accounts.To learn more, search for "About linked accounts” in the Help.User PreferencesYou can customize Sage Simply Accounting to suit the needs of individual users. For example, you can hide modules that the user doesn't require access to, or change terminology from plain English to accounting terminology.To learn more, search for "About user preferences” in the Help.Report and Form OptionsReport options define the default print settings for reports. You can modify these settings on individual reports.Select the form type for the business forms you use, such as cheques and invoices. You can customize any SageSimply Accounting Form in the integrated Sage Simply Accounting Form Designer to suit your business needs.Set up Sage Simply Accounting to remind you when to order new cheques.8Getting Started Guide 2012

SETTING UP YOUR COMPANYTo learn more about customizing your business forms, search for “How do I customize a form” inthe Help.Adding or Modifying AccountsThe New Company Setup Wizard creates a set of accounts for your business. You can now add more accounts,hide or remove accounts you don't need, or edit the accounts in the list.Account BasicsNaming and Numbering. Sage Simply Accounting assigns numbers to accounts with the benefit being that youcan identify the type of account by its account number alone.TipYou can choose to hide account numbers in transactions and reports. These settings are found inthe Settings window, in the General group, under Numbering.Most businesses follow the same standard account grouping:Number RangeAccount Group1000 - 1999Asset2000 - 2999Liability3000 - 3999Equity4000 - 4999Revenue5000 - 5999Expense9

SETTING UP YOUR COMPANYAccount Types. Sage Simply Accounting uses Account Types to determine how accounts and totals arereported on financial reports.Type DescriptionHA Group Heading. A subdivision of one of the 5 main account groups; for example, CurrentAssets. It is not used in transactions.AA Subgroup Account. Part of larger group of accounts that has a subtotal. It is used in transactions.SA Subtotal. Total of all subgroup accounts that precede it in the account list. It is not used intransactions.GA Group Account. A standalone account whose balance is not part of a subtotal. This accountis used in transactions.TA Group Total. A roll-up of all the subtotals and group accounts that precede it in the accountlist. It is not used in transactions.Account type X is reserved for the system-defined Current Earnings account. Sage Simply Accounting calculates the account balance automatically— income minus expenses, as of the current session date.Account Classes. These are subcategories of the main account groups. For example, Bank is a particular typeof Asset account.When the Account Class Bank, additional fields are available for electronic banking:10Getting Started Guide 2012

SETTING UP YOUR COMPANYTo learn more, search for “Add or modify an account” in the Help.Entering Account BalancesIf you've been running your business for a while, you already have balances to add to your accounts—for example,the total amount that your customers owe you. Enter your opening account balances in Sage Simply Accountingto ensure that your business records are accurate.You can add accounts and enter opening account balances in the Account Ledger or in the Setup Guide.1. Find your most recent Trial Balance report—the one dated one day prior to the Earliest Transaction Date youchose in the New Company Setup Wizard.2. From the Setup menu, select Setup Guide, and then click the Accounts icon.3. For each account, enter the account balance from the trial balance.If you start entering transactions in Sage Simply Accounting as of your fiscal start date, your trial balance will bequite simple—it will contain balances for only your balance sheet accounts, not income and expense accounts.To learn more, watch the Account Setup video tutorial in the Learning Center, or search for “Addor modify an account” and “Setup Guide” in the Help.Checking Account BalancesWhy Did I Receive a Message About Assigning a Difference?If you don't update all your account balances, the accounts may not balance, and so, you mayreceive a message asking you to assign the difference to a specific account. Accept the accountthat Sage Simply Accounting suggests, or select a different account. Check the balance in thisaccount after you have finished entering all opening account balances to ensure that the balanceagrees with your records.To ensure that you have entered your accounts and balances correctly, print a trial balance in Sage SimplyAccounting and check it against your existing records.To check your accounts:1. Open the Company page in the Home window, and then select the Report Centre icon from the Reports pane.Select Financials, Trial Balance, and then Historical Opening Balance.2. Click Display to view the report.3. To print the report, ensure that your printer is set up, and then choose Print from the File menu or toolbar.4. Check the account numbers, names, and balances against your existing records.11

SETTING UP CUSTOMERS & VENDORSSetting Up Customers & VendorsEntering Customer InformationWhen you create a customer record, all you need is a name. Of course, you will probably want to add more contactinformation and default options when it is convenient for you to do so.You can enter customers and opening balances in the Customer Ledger or in the Setup Guide.To learn more, watch the Customer Setup video tutorial in the Learning Centre, or search for“Add or modify a customer” and “Setup Guide” in the Help.1. Enter the customer’s name or other unique identifier.2. Add in other details about the customer.TipAre you converting from QuickBooks , Quicken , or MYOB ? Run the Import Wizard to importyour current customer information. For more information search for “How do I import records” in theHelp.Entering Customer BalancesIf you have been in business for a while, some customers may owe you money as of the earliest transaction dateyou entered during the company setup process. You need to bring each customer record up-to-date.12Getting Started Guide 2012

SETTING UP CUSTOMERS & VENDORSFor each customer, determine the total outstanding amount owed as of the earliest transaction date, and thenenter a historical invoice for this amount. If you want to record every transaction with this customer to date, enterindividual historical invoices and payments.1. In the record, on the Historical Invoices tab, click Invoices to record unpaid invoices as of the earliest transactiondate.2. In the Historical Invoices dialog box, enter invoice information.TipThe total of all unpaid historical invoices must equal the opening balance of the AccountsReceivable account in your account list.Entering Vendor InformationWhen you create a vendor record, all you need is a name. Of course, you will probably want to add more contactinformation and default options when it is convenient