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