Chart of Accounts Record Window
The Chart of Accounts Record window allows you to add or modify information about individual accounts: create sub-accounts, merge accounts, change the name or number of an account, or rearrange the account order as it appears in your Chart of Accounts.
Use these tabs to make your changes:
Account tab
This tab shows you the account type and GIFI code associated with the account.
If the account type is Subgroup Account or Group Account, and has a zero balance, you can omit the account from any financial statements. You can also allow project allocations for expenses, revenues, and assets to the account.
Class Options tab
(Subgroup and Group accounts)
This tab allows you to change the class for the account. If the Account Class is Cash, Bank or Credit Card (Receivable or Payable), you can enter some or all of the following information about the account:
- Institution. The name of your banking institution.
- Branch Name. The name or number of the branch at which you hold the account.
- Transit Number. A code that identifies the specific bank with which the account is associated, which is also known as a routing number. It is provided by your bank.
- Account Number. The bank account number.
- Currency. The currency in which the account's funds are held by the bank. You must set up foreign currencies before you can choose a currency other than your home currency. Once an account is used in a transaction, the currency cannot be changed.
- Account Type. Identifies the type of bank account - Chequing, Savings, or Other.
- Next Deposit Number. Determines the Deposit Slip Number used when you next perform a deposit for this account. This number increases serially unless you change it manually.
- Home Page. The address of the bank's home page.
- Online Banking Login. The address of the bank's login page for the account.
Additional Information tab
This tab contains additional information about the account.
Add or change this account's Additional Information text
Turn on or off the Additional Information Notes window for this account
Reconciliation and Deposits tab
(Subgroup and Group accounts)
Select Save Transactions for Account Reconciliation, if you want to be able to perform account reconciliations for this account.
The Setup button opens the Account Reconciliation Linked Accounts window
Related Historical Accounts tab
(Subgroup and Group accounts)
This tab controls links to account information from previous years. The accounts listed in the table are the ones used when reporting on this account's information from previous years. This table is updated whenever you move into a new fiscal year.
If you have removed an account and replaced it with another one, you can link the old account information to the new account, so that the historical financial information is not lost in your reports.
Note: You can only use accounts from the same account group in this table (for example, assets)
Departments tab
(Subgroup and Group accounts) If you are using departments, you can associate one or more departments with an account.
Budget tab
(Revenue and Expense Subgroup and Group accounts)
You must have the account budget feature turned on to use this tab. If the account belongs to the expense or revenue account group, this tab is displayed, and you can set up your budget amounts by selecting Budget this account.
Total budgeted amount. This box contains the budget for the account for your company's entire fiscal year.
The budget period boxes contain allocated amounts for the budget periods you selected when you turned on the budget feature (for example, they would be months if you were using a 12-period budget).
Allocate to period. This button automatically distributes the Total budgeted amount evenly across all of the budget periods.
Departmental Budgets (Sage 50 Premium Accounting)
Requires that you turn on the Departments feature.
In addition to the above options, you can distribute budget period amounts across any of the departments listed.
Allocate to Department. This button is used with Allocate to period to distribute each period amount equally across all of the departments listed.
Balance tab
(Foreign Currency Accounts Receivable or Payable)
If your company does not have a foreign currency set up, this tab is not available.
This tab shows you the transaction total for the account in each of the currencies you have set up for your company. The total for foreign currencies is shown in both the Foreign Amount and the CAD Amount. The home currency totals for foreign currencies are based on the exchange rates at the time the transactions were recorded.
Beneath the table, you can see the account total in your home currency.
Notes tab Use this tab to add reporting notes to accounts. You can include these notes on your financial statements.