You don't need to stop processing just because you've hit year end. Simply continue as normal, creating records, entering transactions, invoices and orders, reconciling bank accounts and your VAT Return, then come back to run year end as and when you…
I have created a new account and want to tie a previous years account number to it. I can enter that info for all the previous years up to 2022, but am not allowed this option to enter the account # for 2023 - Can someone please advise why that would…
Since the latest 2024.1 update, We cannot enter a Ledger Code into the General Journal that we used to be able to all the time. Does anyone know how to fix this? I have read previous QAs on this subject, but none of them answer my question, as it was…
Is there some way to have operating revenues from Acct 4000-4999, Op Expenses 5000-5999, then a section for Capital Revenues 6000-6999 and Capital Expenses 7000-7999. Basically I would like to have a revenue and expense section which would then provide…
Having a good understanding of the chart of accounts is essential when it comes to creating new nominal records and running your management reports. We'll explain what the chart of accounts is, how to create new layouts or simply amend your existing one…
I need help! Our small business received a digital grant of $2500 which was deposited in December 2022. We did not make any purchases from this grant until January 2023.
My questions::
How do I input this grant into Sage? I know that I have to put…
Do I need special Sage credentials to change the name of an account in the Chart of accounts. I want to make it something more specific.
What are the steps I need to take to go an edit the account name in the chart of accounts?
I have customers and suppliers changed their names but A/C code unable to edit. I have to remember their old A/C code every time when I want to enter transactions. I may not understand that why these cannot be edited when the customers/suppliers name…
How do you enter a transaction when an employee charges personal transactions to the company credit card? And what GL accounts should be hit? I usually just put them into the General Ledger. Also, when they pay the company back (let's say with a check…
Hello - I'm new to Sage 50 Premium Accounting. Looking for a reporting solution or GL account segment configuration to produce a balance sheet or income statement on a combined basis and at the segment/cost center/project level. I'm able to the latter…
I am setting up my company manually (the conversion was awful and I've received no response to requests for help.) I am trying to enter my beginning balances and created a Retained Earnings account, but when I hit "ok" it tells me I don't have a retained…
I have a few liability accounts that were used to reconcile company credit cards that have not had any activity for a few years. Some I was able to mark as inactive, others come up with the message "This account cannot be set to inactive. Either the account…
Having a good understanding of the chart of accounts is essential when it comes to creating new nominal records and running your management reports. We'll explain what the chart of accounts is, how to create new layouts or simply amend your existing one…
Hello,
I am trying to produce a reliable and accurate cashflow statement in Sage 50 Quantum Accounting Canada.
To me, a cashflow statement should start with net income, then take into account cashflow adjustments from operating activities, investing…
As an example, we closed a USD account and opened a new one. We ran down the old one until the balances over the companies were 0 then closed the account in the real world. We were happy to have the nominal on our Bank Accounts list until it was 0, but…
Hi,
Is it possible to have multiple sales tax payable accounts? this would make it easier to figure out my payments each month to different tax bodies.
I recently imported Sage 50 into Business Cloud and would really like to tidy up my Nominal Codes in the Chart of Accounts. It seems I can't delete nominal codes (even if empty)? Is there any way round this?
Using Sage 50 US Premium Accounting
Several years ago, I created a custom financial statement report. In this report I created Level 2 group totals for several groups. Now I have added a few new expense accounts I would like to add these accounts into…
Hello as our organisation has growing is it possible to re-number certain nominal codes.
Example Maintenance codes always started at 7001 - 7050, Administration codes started at 7051 - 7100, however as the organisation is growing and we are taking on…
About a month ago I took a new position as an office manager/bookkeeper for a metal foundry. We used Sage Premium 2016 not connected to the internet to prevent hackers. once 2023 began we realized my predecessor never closed out 2021 so I could not continue…
As you have the ability to add new nominal codes it makes sense, and would be helpful, if you could then have the option of where items are posted within the journal. For example, If there is a fixed asset account with separate additions and depreciation…
Want to know how to use the Chart of Accounts Journal Synchronization test in Sage 50 US? Head over to our article that includes a video to find out more!
Having a good understanding of the chart of accounts is essential when it comes to creating new nominal records and running your management reports.
In this session we explained
What the chart of accounts is.
How to create new layouts.
How to…
Hi,
Could anyone please provide the Account Type number mapping to the descriptions on this page ?
Here's the list to make it easier, with my guesses:
10 Accounts Payable 1 Accounts Receivable ? Accumulated Depreciation 24 Expenses 4 Fixed Assets…
