When you finish Create a New Company, Sage 50's accounting period will be set to the period corresponding to the current computer date. To change the accounting period to the month and year that you want to start entering transactions
Beginning balances typically reflect the day before this starting date. To maintain accurate financial statements, we recommend that you use the following guidelines when selecting a start date:
If you will start using Sage 50 to enter daily transactions at the beginning of your fiscal year, you should enter all beginning balances as of the last day of the prior fiscal year.
For example, if your fiscal year begins on 1/1/12 and ends on 12/31/12 and you will begin using Sage 50 to maintain your books on 1/1/12, you should enter your beginning balances as of 12/31/11.
If you will begin using Sage 50 in the middle of your fiscal year and the beginning balances you enter represent not only last year's activity but also a portion of this year's activity, you should enter all beginning balances as of the end of the prior period.
For example, if your fiscal year begins on 1/1/12 and ends on 12/31/12 and you will begin using Sage 50 to maintain your books on 4/1/12, you should enter your beginning balances as of 3/31/12.