General Ledger Defaults

You can set up two pieces of default information that relate to your general ledger accounts: a rounding account and account segments (Sage 50 Premium Accounting and higher).

Setting up a rounding account for financial statements

The rounding account is used for collecting rounding differences when you choose to round totals on financial statements. Sage 50 has the ability to round financial statements either to whole dollars or to thousands of dollars.

You can choose any account to act as rounding account. However, we recommend that you use the Retained Earnings account.

Set up a rounding account for financial statements

Setting up account segments (Sage 50 Premium Accounting and higher)

You can divide your Account ID into up to 5 segments for reporting purposes. If you segment your chart of accounts, you will be able to filter reports and financial statements from drop-down lists based on your segments. This feature is very useful for businesses that departmentalize their chart of accounts or businesses that have multiple portions of their chart of accounts for which they need to produce reports.

Set up account segment (overview)

Setting up your 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