Set
Up Your Chart of Accounts for the First Time
How Do I...
If you are converting from another accounting system, please use the
Import selection on the File menu.
If you are currently using a manual system for your accounting, there
are several things you need to know when you set up a chart of accounts:
- Determine a conversion date, and gather balances
as of that date. You use this information for your beginning balances.
- If you are setting up a new chart of accounts
(instead of copying from one of Sage 50's sample businesses), you need
to have all your account numbers and names written down.
- Have all of your transactions that have occurred
after the conversion date ready to enter to bring your accounts up to
date.
- What do you want to do next?
- To let Sage 50 walk you through the process
of setting up your chart of accounts, from the Sage 50 main window, select Help>Setup Guide. On the Setup Guide, select General Ledger.
- Select the Chart
of Accounts option from the Maintain
menu.
Sage 50 displays the Maintain Chart of Accounts window.
-
Enter an account ID and description for the account.
The account ID determines how the account is identified and sorted
in the chart of accounts list. Most charts of accounts are set up with
specific account types grouped together.
- Select an account
type from the drop-down list.
- Enter any debits or credits you've made against
the account in the months listed for period history.
- Select Save.
- Enter the Beginning
Balance on the General tab.
- Select Close.
Related topics
What if I'm out of balance?
What do you want to do next?
Set
up Account Segments (Sage 50 Premium Accounting and higher)
Add an
account to an established chart of accounts
Change an account ID
Enter G/L beginning balances
Enter prior-period adjustments
Delete an
account from the chart of accounts
Perform other
General Ledger procedures
Read
the chart of accounts overview