Setting up your company's chart of accounts involves three basic tasks: setting up the chart of accounts, setting General Ledger defaults, and entering account beginning balances. Once you've set up your chart of accounts, Sage 50 lets you easily add new accounts to the chart. These tasks are all available from the Chart of Accounts pages of the Sage 50Setup Guide.
If you've copied the chart of accounts of an existing Sage 50 company or set up your company using one of Sage 50's sample charts of accounts, some important groundwork has already been done for you. But if you're converting from a manual to an automated accounting system and setting up your company from scratch, you'll need to have a list of all your account names and numbers on hand so you can enter them into Sage 50.
Whether you're setting up from scratch or not, we recommend you review the topics listed below. They will familiarize you with some of the choices you need to make and the data you should collect before proceeding.