Setup Guide: Entering Opening Balances

If you are setting up a new business, setting up your accounting system is very easy. New businesses typically begin with zero balances in all financial accounts. Balances are generated by the entry of transactions in Sage 50 Accounting, such as a bill payment, or a sale.

If you have an existing business, and are converting from either a manual system or another accounting system, you will have account balances and existing record information that you must enter in Sage 50 Accounting to bring your new accounting system up to date.

Note: When you create your company in Sage 50 Accounting, you will be in history mode. In this mode, you can enter opening balances for accounts in your Chart of Accounts, customers, vendors, employees and payroll, and inventory. The Setup Guide can help you enter opening balances for accounts, customers, and vendors.