ACCOUNTING INFORMATION SYSTEMS II - SESSION 3
1. SETTING UP GENERAL LEDGER BEGINNING BALANCES AND
NEW ACCOUNTS (SAGE 50 2015)
Step 1: Click Chart of accounts from the Setup Guide
Step 2: Click Next and then click Add New Accounts button
Step 3: Click Next in the Setup Guide, choose Yes to the question Do any of your
accounts have balances? And then click Next
Step 4: Click the Enter Account beginning balances button
Step 5: Scroll down the window, select From 12/1/18 through 12/31/18 and then
click OK (Remember since the accounting period is 2019, the beginning balances
will be from 2018)
Step 6: Enter the opening balances from the excel sheet that you have prepared
for opening balances
Step 7: Make sure that the total of your Assets, expenses column equals the total
of your Liabilities, Equity, Income column (ALCRE!). If they are equal, click the OK
button to indicate you’ve entered all the beginning balances. If not, recheck your
entries
Step 8: Click Next two more times. Click Return to main Setup Guide screen, click
Next and then close the Setup Guide window. If presented, click No, I will set up
later …. option
Step 9: Click Reports and forms menu, click General Ledger and then double-click
Chart of Accounts. It can be printed if desired
Step 10: Click Close to close the Chart of Accounts window
Step 11: Close the Select a Report or Form window
TO VERIFY THAT ACCOUNTS RECEIVABLES, ACCOUNTS PAYABLE
AND INVENTORY DETAILS MATCH YOUR GENERAL LEDGER
BALANCES:
Step 1: Click General Ledger from the Reports & Forms menu
Step 2: Double-click General Ledger Trial Balance to view the trial balance
Step 3: Compare the report total in the Customer Ledgers report and make sure it
equal the Accounts Receivable balance. Likewise compare the report total in
Vendors Ledger report and make sure it equals the Accounts payable balance.
Finally, compare the report total in the Inventory Valuation report and make sure
it equals the Inventory balance