Maintain Chart of Accounts

The process of setting up a chart of accounts for the first time is different depending on whether you are converting from a computerized or manual accounting system.

• If you are converting from a computerized system, you will import your account information, and then convert it.
• If you are working from a current manual system, you'll have to be sure to accurately transfer all the account information, including account types and numbers, to Sage 50.

Once your chart is set up, however, it's an easy matter to add additional general ledger accounts.

Set up a chart of accounts for the first time

Add an account to an established chart of accounts

You set up beginning balances for your company by pressing the Beginning Balances button.

If your company is an entirely new one without any posted transactions, Sage 50 assumes that you're entering beginning balances for your accounts when you select the Beginning Balances button. If you have posted transactions previously, Sage 50 assumes that you're entering adjustments to your accounts for a period in a prior year (making a prior-period adjustment).

Enter G/L beginning balances

Enter prior-period adjustments

Select the Budgets option from the Maintain Menu.

In Sage 50 Premium Accounting and above, you can maintain multiple budgets for the same fiscal year. You can build a budget based on previous budgets or from actual figures.

Setting Up a Budget

If you need specific help with a field or a folder on the Maintain Chart of Accounts window, click on the area below. (Header fields are those fields above the folders on the window—ID, Description, and Inactive.)

Header Fields

Period History grid