Chart of Accounts in Sage 50- Set Up, Create, Import, Export

With the help of this article, you will learn about the Chart of Accounts in Sage 50. So without wasting time let’s go through this blog. Importing data into Sage 50 is pretty easy from a comma-separated value (CSV) file, this can also save you time. If you have a new company with no records or transactions, you’re looking to import a chart of accounts from a CSV file.

You can do it easily without giving much time and also save valuable time rather than amending every ledger account individually.

How Does the Chart of Accounts Work in Sage 50?

This eliminates all ledger accounts when you import your Chart of Accounts and replaces them with the ledger accounts in your import tab. If you include them in your import tab, you can change the Control Accounts nominal code as well as the ledger name. If you don’t include these, your system creates them automatically as these are mandatory accounts.

Table of Contents

What is a Chart of Accounts

A list of places to enter transactions can be found in the Chart of Accounts. It includes a type code, a description for each account, and a code (sometimes known as an account number). They are particularly important because the amounts that are posted (applied) to these accounts are used to produce financial statements like the Balance Sheet and Income Statement (P & L).

You have a great deal of creative freedom with Sage 50 when creating your chart. But if you duplicate one of the sample charts and change it to meet your needs, you can save a ton of time. There are several sample companies included with Sage 50 from which you can copy default or setup data, including the chart of accounts.

Set Up Your Chart of Accounts in Sage 50

Please use the Import option under the File menu if you are converting from another accounting system. When setting up a chart of accounts if you are currently using a manual system for accounting, you should keep the following in mind.

Step 1. Things to know before setting up a chart of accounts

You can determine a conversion date and then collect balances as of the date. You use this data to calculate your starting balances.
You must have all your account names and numbers listed if you are setting a fresh chart of accounts rather than using one of Sage 50’s sample businesses.
Ready to enter all transactions that took place after the conversion date to bring your accounts up to date.

Step 2- Complete the process of setting up the chart of accounts

From the Sage 50 main window, choose the Help menu.
Choose General Ledger from the Setup Guide.
From the Maintain menu, you can choose Chart of Accounts.

Step 3: Maintain the chart of accounts window

Give the account a description and account ID.

Choosing a different account type from the drop-down menu.
Any debits or credits you made to the account throughout the months specified for the period history should be included.
Then you have to click Save.
On the General tab, enter the Beginning Balance.
At last, click on Close.

Important note: To import the Chart of Accounts in Sage 50, you must structure the information in a particular way and must be in a Comma Separated Value (CSV) file format.

Steps to Create the Chart of Accounts Report in Sage 50

To set up an account using the menu, the user can.

The user must first select ‘Chart of Accounts‘ from the ‘Maintain’ menu.
The user should be able to see the ‘Maintain Chart of Account’s window, and here they must enter the account ID and description for the account.
Then the user can select the account type from the drop-down list and hit ‘Save’.

To set up an account from most windows accessed from the Tasks menu, the user can.

First, they must either hit ‘+’, or double-click in the ‘Account ID’ field.
The user should be able to see the ‘Maintain Chart of Account’s window, and here they must enter the account ID and description for the account.
Then the user can select the account type from the drop-down list and hit ‘Save’.

How to Import Chart of Accounts in Sage 50

Once you created a CSV file in the correct or exact format as mentioned below then it is easy now to import the Chart of Accounts in Sage 50. Here are the steps involved.

Step 1: Download the CSV template file

From the ‘Settings menu, the user must go to the ‘Business Settings option, and then select ‘Chart of Accounts.
From the ‘New Ledger Account’ drop-down arrow, the user must then select ‘Import Accounts’.
After that has been done, the user must select the ‘Templates’ link and then choose the template that matches their business type.

Step 2: Prepare the CSV file

The user must first make sure that the column headings are identical to the template file’s format.
Then, the user must omit columns in the CSV file that are not present in the template file.
The user must also ensure that the data format in each column is the same as the template’s format
The user must make sure that each ledger account belongs to one of the categories in Sage Accounting.
Also, the user must ensure that each ledger account has a VAT Rate with it.

Step 3: Import the file

In the ‘Settings menu, the user must go to ‘Business Settings, and then select ‘Chart of Accounts.
From the New Ledger Account drop-down arrow, the user must select ‘Import Accounts’.
Then the user must choose the ‘Upload Data File’ option.
The user can then locate their CSV file on their workstation, open it, and then hit ‘OK’.

Why I Not Finding the Import Accounts Option in Sage Accounting Software

Once you have created a record or transaction in Sage Accounting, the Import Accounts option does not show. You need to create new ledger accounts with the use of a New Ledger Account.

Tips to Create a New Ledger Account

First, select Chart of Accounts from Settings, then Business Settings.
After that select an option New ledger account.
Complete the details and click Save.

Tips to Edit a Ledger Account

A ledger account’s details can be changed. Follow the below steps to change the category and change the ledger name.

A. Change a category of ledger account

Your reports will now include the values in a different way
Transactions that have already been entered are not updated.

B. Change the ledger name of the ledger account

First, go to the Chart of Accounts then select the account you want to edit
To change how the category appears in the Chart of Accounts, edit the Ledger Name.
Change a display Name

Tips to Delete a Ledger Account

A category cannot be deleted once it has been created. When creating transactions, you can remove a category from the chart of accounts if you no longer want to use it.

First Go to Settings, then Business Settings, and after that Chart of Accounts.
Now select your relevant category.
Then check the Included in Chart box and clear it.
Finally, save the file now.

Important Rules Involved in Importing Chart of Accounts

Make sure that row 1 contains a reliable column heading in your CSV file. Along with that, you have to use the same heading as shown in the column of the field name. The format should be as below:

Nominal Code– It can be up to 8 numeric characters and each code must be unique.
Ledger Name– Maximum Length Should be 200 Characters
Control Account– Such ledger accounts can be modified with various numbers/names but should not be deleted if populated and include a correct account name for the control./If you pick either BANK CURRENT or BANK CASH control accounts with the category as BANK you can create a bank account found in the section Banking.
Category– It must have a reliable category such as Sales, Other_Income, Direct_Expenses, Overheads, Depreciation, Current_Assets, Fixed_Assets, Bank, Current_Liability, Future_Liability, Equity
Tax Rate– It must have a reliable VAT rate including UK – Standard, Exempt, Lower, No VAT, and Zero.

Tips to Sage 50 Export the Chart of Accounts to an Excel Spreadsheet

Follow the below steps to export the Sage 50 chart of accounts to an Excel spreadsheet.

Navigate to Settings and then Chart of Accounts.
Now select Export Accounts from the drop-down menu for New Ledger Account.
On the top menu, you’ll see a notification once the export is complete.

Tips to Save or Print Sage 50 Ledger Accounts

Follow the below steps to save or print Sage 50 ledger accounts.

Go to the Reports menu then choose the Chart of Accounts report
Select a category type from the Category list to view a list of ledgers for that category.
Click Export to print or save the report.

If any case issues appear when trying to import your data file, an error message appears to give details on why the import failed or it didn’t happen. The team is highly experienced in rectifying any sage-related errors or issues. As the service is available 24*7 you are free to approach any time. For further inquiries or still need any help related to how to import a chart of accounts in Sage 50, you can easily contact the Sage 50 consultant toll-free help desk number.

Chart of Accounts in Sage 50