The Chart of Accounts is nothing more than a list of places to enter transactions. It contains a code (sometimes called an account number), a description for each account, and a type code. The amounts that are posted (applied) to these accounts are used to create financial statements, such as the Balance Sheet and Income Statement (P & L), so they are very important.
Sage 50 allows you a great deal of flexibility in designing your own chart. However, you can probably save a great deal of time by copying one of the sample charts and modifying it to meet your needs. Sage 50 comes with several sample companies from which you can copy default or setup information, including the chart of accounts.