The New Company Setup Wizard creates a set of accounts for your business. You can now add more accounts, ide or remove accounts you don't need, or edit the accounts in the list.
Naming and Numbering. Sage 50 Accounting assigns numbers to accounts with the benefit being that you can identify the type of account by its account number alone.
You can choose to hide account numbers in transactions and reports. These settings are found in
the Settings window, in the General group, under Numbering.
Most businesses follow the same standard account grouping:
|1000 - 1999
|2000 - 2999
|3000 - 3999
|4000 - 4999
|5000 - 5999
Sage 50 Accounting uses Account Types to determine how accounts and totals are reported on financial reports.
H A Group Heading. A subdivision of one of the 5 main account groups; for example, Current Assets. It is not used in transactions.
A A Subgroup Account. Part of larger group of accounts that has a subtotal. It is used in transactions.
S A Subtotal. Total of all subgroup accounts that precede it in the account list. It is not used in transactions.
G A Group Account. A standalone account whose balance is not part of a subtotal. This account is used in transactions.
T A Group Total. A roll-up of all the subtotals and group accounts that precede it in the account list. It is not used in transactions.
Account type X is reserved for the system-defined Current Earnings account. Sage 50 Accounting calculates the account balance automatically— income minus expenses, as of the current session date.
Account Classes. These are subcategories of the main account groups. For example, Bank is a particular type of Asset account.
When the Account Class = Bank, additional fields are available for electronic banking:
Entering Account Balances
If you've been running your business for a while, you already have balances to add to your accounts—for example, the total amount that your customers owe you. Enter your opening account balances in Sage 50 Accounting to ensure that your business records are accurate.
You can add accounts and enter opening account balances in the Account Ledger or in the Setup Guide.
- Find your most recent Trial Balance report—the one dated one day prior to the Earliest Transaction Date you chose in the New Company Setup Wizard.
- From the Setup menu, select Setup Guide, and then click the Accounts icon.
- For each account, enter the account balance from the trial balance.
If you start entering transactions in Sage 50 Accounting as of your fiscal start date, your trial balance will be quite simple—it will contain balances for only your balance sheet accounts, not income and expense accounts.
Checking Account Balances
Why Did I Receive a Message About Assigning a Difference?
If you don't update all your account balances, the accounts may not balance, and so, you may
receive a message asking you to assign the difference to a specific account. Accept the account
that Sage 50 Accounting suggests, or select a different account. Check the balance in this
account after you have finished entering all opening account balances to ensure that the balance
agrees with your records.
To ensure that you have entered your accounts and balances correctly, print a trial balance in Sage 50 Accounting and check it against your existing records.
To check your accounts:
- Open the Company page in the Home window, and then select the Report Centre icon from the Reports pane. Select Financials, Trial Balance, and then Historical Opening Balance.
- Click Display to view the report.
- To print the report, ensure that your printer is set up, and then choose Print from the File menu or toolbar.
- Check the account numbers, names, and balances against your existing records.