• Each of the five account types will record changes in your financial position
• Sage BusinessWorks breaks these account types down further to provide 14 different account types
  • Current Assets, Fixed Assets, Other Assets
  • Current Liabilities, Long-term Liabilities, Other Liabilities
  • Equity, Retained Earnings
  • Sales, Sales Adjustments, Cost of Goods Sold
  • Expenses, Other Income and Expenses and Income Tax Expense

Create a new general ledger account

1. General Ledger, Accounts, Maintain Chart of Accounts.
2. Click the New button.
3. Enter the new account number. 
4. Enter the account description.
5. Select the Account Class - Posting, Consolidation, Start Subtotal, End Subtotal.
6. Select Account Type from the account types shown above.
7. Select the Subtype if required - None, Cash, Accounts Receivable, Inventory.
8. Click Save.
9. To enter amounts for the new account, post a journal entry in GL, Entries, Post to Journal.

Edit an existing account

1. General Ledger, Accounts, Maintain Chart of Accounts.
2. Select the account you wish to edit.
3. Select the 'rename'    button if you wish to renumber the account.
4.  Edit the information desired.
   • You can't edit the Account Class or Account Type if the account has activity.
5. Edit the Subtype if desired.
6. Click Save.

 NOTE: For further assistance on setting up the Chart of Accounts for your company and what numbers to use, contact your accounting consultant.

Change the Account Type or Account Class of a general ledger account number