How To Set Up Chart Of Accounts In Sage 50

Modifying the nautical chart of accounts

When yous created your company information file, Sage 50 automatically created a nautical chart of accounts based on the business type selected in the Create a New Company sorcerer. While many of these accounts volition exactly match your concern needs, others may not. You lot may notice that you need to do 1 or more than of the following:

add a new full general ledger account missing from the default chart of accounts
modify an existing account to match your exact needs
delete an account that you practice not need to use in your business organization.

While you lot near certainly will need to tailor the chart of accounts to your business after you set up your company in Sage 50, you may also need to alter the chart of accounts equally your business needs modify. For example, your business may take out a long-term loan and needs to create a new business relationship to tape the details of the loan. This topic shows you how to add, modify and delete a general ledger account from the nautical chart of accounts.

Add together a new general ledger account

To add a new general ledger account into Sage 50, in the card bar simply click Maintain and and so select Chart of Accounts from the drib downwardly list provided.

Select Maintain then Chart of Accounts

This displays the Maintain Chart of Accounts window where you lot tin can enter the details of the new business relationship into Sage 50. The following screenshot and reference table testify step-by-step instructions on how to enter a new account into the Maintain Chart of Accounts window in Sage 50. Annotation that each step is assigned a reference number to help you place the appropriate field or icon in the screenshot.

The Maintain Chart of Accounts window with reference numbers

Maintain Chart of Accounts window

Step	Sage 50 field or icon	Activeness
	Account ID	Carefully blazon the unique account number of the new account y'all are creating. You should verify that the account number does not already exist in the chart of accounts in Sage fifty otherwise you lot may accidentally alter another account. Sage 50 helps you lot bank check this by displaying a drop down listing of existing accounts and highlights the beginning account starting with the numbers you enter equally yous type. Once you enter a new unique account number no existing account should exist highlighted in this listing. Once you have checked your account number is right, move to the next footstep past clicking the OK icon at the bottom of the driblet downwards listing or pressing <Tab> or <Enter> on your keyboard.
	Description	Enter the proper noun of the new business relationship you lot are creating.
	Business relationship Blazon	Select the course of the account from the drib down list provided. It is of import that you select the right nomenclature then that the balance of the account is reported in the correct line in the financial statements.
	Once you accept entered the data in the Maintain Nautical chart of Accounts window, recall to review your entries and relieve the new account by clicking the Salvage icon. Alternatively, click on the Save & New icon if yous take another new account to add into the chart of accounts. OR

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Modifying or deleting an account

When setting upwards your nautical chart of accounts, sometimes there might exist a default account that would be perfect for your concern if merely the description of the account was slightly dissimilar. Instead of deleting the account and adding a new ane, you are able to modify the existing account to suit your business needs.

You may also find that the chart of accounts contains default accounts that y'all do not plan to use in your business concern. To minimize the number of accounts that you have to manage you can delete these accounts that are not used in your business.

To change or delete an account you need to open that account in the Maintain Chart of Accounts window. In the menu bar in Sage 50, simply click Maintain and then select Chart of Accounts from the drop down list provided. These steps are already illustrated in the offset screen shot on this page. This displays the Maintain Nautical chart of Accounts window where you lot tin enter the Account ID of the account you wish to alter or delete.

Alternatively in the Business Condition Navigation Centre select View Account List.

Business Status Navigation Center

This displays the Account List window below.

You can then scroll downward the list until you find the account you are looking for. Nevertheless, if there are a big number of accounts in the list, you lot may wish to use the the Search function to filter the accounts displayed. Once you have found the account, double click it to open that account in the Maintain Chart of Accounts Window. You are then able to change or delete the account equally described below.

Modify an existing account

To change an existing account you need to open that account in the Maintain Nautical chart of Accounts window. At that place you can modify the Account ID by clicking the Modify ID icon, entering the new Business relationship ID number and clicking OK. You can besides modify the proper noun of the account by amending the Description field, or you can modify the business relationship classification using the drop down bill of fare of the Account Type field.

Once you accept made your changes to modify the account, call back to click Save to salvage your changes.

Delete an account

To delete an account from the chart of accounts you need to open that account in the Maintain Nautical chart of Accounts window. Once open, click the Delete icon. Yous volition be asked 'Are you lot sure you want to delete this tape?' Clicking Aye volition delete that business relationship from the chart of accounts. Find that once you close the Maintain Chart of Accounts window, if you also accept the Account List window open, Sage 50 will automatically update the account list to remove the deleted account.

Having trouble deleting an account?

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Helpful Hint!

If y'all are completing the Sage 50 Practise Set, you volition need to follow these instructions to delete an account that has been assigned to the default settings of your inventory items.

If you are having trouble deleting an account, it may be that you are trying to delete an account that has been assigned to the default settings of your inventory items. In order to delete such an account you demand to first remove that account as a default account assigned to your inventory items.

To remove the account from the default settings of your inventory items, open the Inventory & Services Navigation Middle. Click the Inventory Items icon and select Fix Inventory Defaults from the driblet down listing provided. In the Inventory Item Defaults window that opens, select the GL Accts/Costing tab. The window appears as follows:

Inventory Items Defaults Window

In this window you need to delete all instances of the account number of the account y'all wish to delete. For instance, if you wish to delete the 'Toll of Sales-Salary & Wage' business relationship (account number 5400) you lot need to discover and delete all instances of this account number in the tabular array. Once the appropriate account numbers have been deleted from the table, click OK. You should so exist able to follow the procedures outlined above to delete the account using the Maintain Chart of Accounts window.

Note that you are not able to delete an account if whatsoever transactions have been recorded in that account. Even so, if you have transactions recorded for an account that yous desire to delete, you actually should exist questioning whether you should exist deleting that business relationship in the kickoff identify!

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Helpful Hint!

The instructions on this page detail how to amend your chart of accounts to match your business organization needs. Still, if yous are in the process of transferring your existing accounting records into Sage 50 for the first time, you lot may need to enter kickoff balances for some of the accounts. You can find instructions on how to enter these balances in the Get-go balances link in the Getting Started section in this learning center.

Note that entering the beginning balances of the accounts is the side by side step afterwards setting up your nautical chart of accounts if you are completing the Sage 50 Practice Set.

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