Summary
How to enter beginning balances in the chart of accounts in Sage 50 Accounting. These steps also allow you to adjust account balances in a closed year.
Resolution
NOTE: You can only enter beginning balances for open years if there aren't any transactions entered yet. If there are, enter the beginning balances in a General Journal Entry transaction. - Select Maintain, then select Chart of Accounts.
- Select Account Beginning Balances.
- Select the desired adjustment period, then select OK.
- Beginning balance adjustments take effect as of the last day of the period.
- If you want to change the balance on the first day of a period: Enter the adjustment in the previous period.
- When adjusting beginning balances, the Assets, Expenses column change must equal the Liabilities, Equity, Income column change. The Trial Balance displays any difference in the change in the columns.
- If you’re unsure of which account to use, consult your accountant.
- Select OK when finished.
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