Set Up Your Chart of Accounts for the First Time

How Do I...

If you are converting from another accounting system, please use the Import selection on the File menu.

If you are currently using a manual system for your accounting, there are several things you need to know when you set up a chart of accounts:

  • Determine a conversion date, and gather balances as of that date. You use this information for your beginning balances.
  • If you are setting up a new chart of accounts (instead of copying from one of Sage 50's sample businesses), you need to have all your account numbers and names written down.
  • Have all of your transactions that have occurred after the conversion date ready to enter to bring your accounts up to date.
  1. What do you want to do next?
    • To let Sage 50 walk you through the process of setting up your chart of accounts, from the Sage 50 main window, select Help>Setup Guide. On the Setup Guide, select General Ledger.
    • Select the Chart of Accounts option from the Maintain menu.

    Sage 50 displays the Maintain Chart of Accounts window.

  2. Enter an account ID and description for the account.

    The account ID determines how the account is identified and sorted in the chart of accounts list. Most charts of accounts are set up with specific account types grouped together.

  3. Select an account type from the drop-down list.
  4. Enter any debits or credits you've made against the account in the months listed for period history.
  5. Select Save.
  6. Enter the Beginning Balance on the General tab.
  7. Select Close.

Related topics

What if I'm out of balance?

What do you want to do next?

Set up Account Segments (Sage 50 Premium Accounting and higher)

Add an account to an established chart of accounts

Change an account ID

Enter G/L beginning balances

Enter prior-period adjustments

Delete an account from the chart of accounts

Perform other General Ledger procedures

Read the chart of accounts overview