Adjusting General Ledger Balances for Payroll

Sage 50 is unable to convert certain payroll information from QuickBooks. As a result, your general ledger balances may be incorrect and you will need to manually enter employee beginning balances. Please follow the steps below to check your balances.

General Ledger Balances

The following transaction types are not available for the Sage 50 to QuickBooks conversion:

Because these transactions types are not available, General Ledger balances for some accounts converted from QuickBooks to Sage 50 will not have the correct balances after conversion. Follow these steps to fix this:

1. After converting from Sage 50 to QuickBooks, you should print a General Ledger Trial Balance in Sage 50 and compare it to the Trial Balance printed for All Transactions in QuickBooks. This will help you determine which accounts may need adjusting entries.

  1. Select Reports & Forms from the menubar.
  2. Then, select General Ledger.
  3. On the Select a Report or Form window, highlight General Ledger Trial Balance.
  4. Click Print.
  5. Click OK.

2. For accounts whose balances are different, perform the following steps to determine what entries must be manually entered into Sage 50.

  1. From the Reports menu in QuickBooks, select Accountant & Taxes.
  2. Select Trial Balance.
  3. Change Dates to All.
  4. Select Customize Reportor Modify Report.
  5. On the Filters Tab, choose Transaction Type.
  6. Select Multiple Transaction Types.
  7. Select Paycheck, Payroll Liability Check, and YTD Adjustment.
  8. Click OK., then OK again.
  9. Print the report.

3. Make General Journal entries in Sage 50 for the accounts listed, making sure the offsetting entry is made to Retained Earnings.

  1. Select Tasks from the menubar.
  2. Then, select General Journal Entry.
  3. Enter the appropriate Date and assign a Reference.
  4. Enter the GL Account for the account that must be adjusted.
  5. Specify whether it should be a debit or credit.
  6. Select the Retained Earnings account for the offsetting account and enter the same amount.
  7. Click Save.

4. After making the General Journal entries in Sage 50, reprint the Trial Balance and compare it again to the Trial Balance for All Transactions printed in QuickBooks to confirm the balances for all accounts are now all the same.

Employee Beginning Balances

If you are converting to Sage 50 from QuickBooks users in the middle of a calendar year, you will need to print out the Employee Earnings Summary in QuickBooks to use when you enter beginning balances for employees in Sage 50.