Morgan Dawn

Accounts appear automatically on the financial reports depending on the account type you assign to the general ledger number in your chart of accounts.

The type of accounts that are displayed on a Balance Sheet are Assets, Liabilities and Capital (or Stockholders Equity).

The Balance Sheet will list assets, liabilities and capital or equity of stockholders as of a specific date such as the end of a fiscal year or accounting period.  The Balance Sheet is the only financial statement which applies to a single point in time of a company's calendar year.

The types of accounts that make up the Balance Sheet are as follows:

• Current Assets
• Fixed Assets
• Current Liabilities
• Long Term Liabilities
• Capital
• Retained Earnings

 And for the Income Statement, only revenue and expense accounts display on the Income Statement report.

The Income Statement lists revenues and expenses for the period, with the resulting balance indicating a net profit (revenue exceeded expenses) or net loss (expenses exceeded revenue).

The types of accounts that make up the Income Statement are as follows:

• Sales
• Sales Adjustments
• Expense
• Cost of Goods Sold
• Other Income Expense
• Income Tax Expense

 If you have additional questions on setting up your general ledger accounts  and would like to speak or schedule an appointment with a support analyst to discuss this further, please reach out to our Live Chat team.  To get to Live Chat in the program, just go to Help, Live Chat or you can visit the Sage BusinessWorks Resource Center at Sage.com/Resources .

Sincerely,

Coleen

Morgan Dawn

Accounts appear automatically on the financial reports depending on the account type you assign to the general ledger number in your chart of accounts.

The type of accounts that are displayed on a Balance Sheet are Assets, Liabilities and Capital (or Stockholders Equity).

The Balance Sheet will list assets, liabilities and capital or equity of stockholders as of a specific date such as the end of a fiscal year or accounting period.  The Balance Sheet is the only financial statement which applies to a single point in time of a company's calendar year.

The types of accounts that make up the Balance Sheet are as follows:

• Current Assets
• Fixed Assets
• Current Liabilities
• Long Term Liabilities
• Capital
• Retained Earnings

 And for the Income Statement, only revenue and expense accounts display on the Income Statement report.

The Income Statement lists revenues and expenses for the period, with the resulting balance indicating a net profit (revenue exceeded expenses) or net loss (expenses exceeded revenue).

The types of accounts that make up the Income Statement are as follows:

• Sales
• Sales Adjustments
• Expense
• Cost of Goods Sold
• Other Income Expense
• Income Tax Expense

 If you have additional questions on setting up your general ledger accounts  and would like to speak or schedule an appointment with a support analyst to discuss this further, please reach out to our Live Chat team.  To get to Live Chat in the program, just go to Help, Live Chat or you can visit the Sage BusinessWorks Resource Center at Sage.com/Resources .

Sincerely,

Coleen