How to Add Accounts to General Ledger in Sage 50

General Ledger in Sage 50

General Ledger reports enable you to list your Chart of Accounts, general ledger, General Journal, and Trial Balances. It provides a record of every financial dealing that takes place throughout the lifetime of an operational company and holds account data that’s required to organize the company’s financial statements. transaction information is segregated, by type, into accounts for assets, liabilities, owners’ equity, revenues, and expenses.

How General Ledger Works

  • Making a ledger begins with making a journal or log with the main points of each business transaction, as every transaction happens.
  • Then categories every transaction below a relevant account, like sales, cash, or accounts due.
  • At regular intervals, reconcile the data within these accounts.
  • Once complete, transfer your journal entries to the GL.

How to Add Accounts to General Ledger in Sage 50

You can simply create new accounts in Sage 50. If you created your chart of accounts using one amongst the business types listed within the “New Company Setup Wizard,” then you probably have a full chart of accounts that is able to provide you with all the accounts necessary to run a business.

  • Click Maintain, Chart of Accounts
  • Enter an Account ID
  • Enter a Description
  • Select an Account Type
  • Click Save
  • Repeat Steps 2-5 as needed

How to Delete and Inactive Accounts in General Ledger in Sage 50?

To delete an account from the chart of accounts, there must be no transactions denote to the general ledger that reference the account ID. If an account includes a nonzero balance, you need to delete or take away transactions related to it. These will embody beginning-balance entries.

  • From the Maintain menu, choose Chart of Accounts.
  • Enter or choose the account ID you would like to delete. To show a listing of existing accounts, type? within the G/L Account ID field, or choose the search button.
  • Select the Delete toolbar button to delete the account.

How to Set Beginning Balances Sage 50 General Ledger Accounts?

After the process of the accounts, you’ll be able to enter beginning balances by the fund. beginning balances may be distributed by category, transaction code, or project. beginning balances may be entered for each record and financial statement account. So let’s look at steps to set beginning balances general ledger accounts,

  1. From the Maintain menu, choose Chart of Accounts.
  2. Select the beginning Balances button.
  3. Then select the period within which you wish to enter beginning balances
  4. Select OK.
  5. Click or tab to any of the white cells within the grid to add an amount.
  6. Enter all the beginning balances for the accounts
  7. Select the OK button once you are finished

Hope this will give you a context for how General Ledger in Sage 50 works and how to add accounts and set beginning balances. For all other troubleshooting videos and tutorial on Sage 50, users can visit our Youtube Channel (Sage Doctor).

Also read:

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button