How to Make Adjustments to General Ledger Account with Sage 50?

Sage 50 is a suite of versatile business solutions software that helps small and mid-sized companies take care of their accounting, payroll and HR-related tasks. Sage 50 is easy and secure and provides excellent troubleshooting assistance. It is compatible with MS Office 365, which makes its usability universal.

Sage 50 also offers cloud functionality, which means data, such as company files, can be accessed on-the-go and from any location. This also allows collaboration across groups and among employees. Sage 50’s usability makes it ideal software for businesses across industries.

It allows companies to run payroll according to fixed time-periods and it automatically makes payroll calculations. It streamlines accounting processes and helps companies manage employees more efficiently.

In Sage 50, adjustments can be made to the General Ledger accounts by using general journal entries.

Creating general journal entries

  • To create general journal entries and/or determine the amount that must be applied to every account contained in the entry, the following should be done:
  • In Sage 50, all transactions must be double-sided: the total in the debit column has to match the total in the credit column. This applies to general journal entries too.
  • Users won’t be able to save the entry if the totals in the debit and credit columns don’t match. For figuring out the amounts/accounts that must be used in a general journal entry, users should consult an accountant.
  • Users must first select ‘Tasks, General Journal Entry’ and then provide a ‘Date’, followed by a ‘Reference’.
  • Then, they must choose a ‘GL Account’ in the first line. Next, they can provide a ‘Description’ if they want.
  • Then an amount must be provided in the ‘Debit’ or ‘Credit’ column. Next, users can choose a ‘Job’ if they want.
  • In the next lines, users must repeat the previous steps, beginning with the step to enter the ‘Date’.
  • When the necessary amounts are provided for the required accounts and the ‘Out of Balance’ section is null, users must select ‘Save’

Making adjustments to General Ledger accounts

  • Users must first choose ‘Tasks, General Entry’ and then provide the ‘Date’ for the transactions that have to be entered.
  • NOTE: The default date used by Sage 50 is the system date. If the user’s accounting period isn’t the same as the system date, Sage 50 shows the first day from that period.
  • Next, users must choose the ‘Reverse Transaction’ box so that the transaction is reversed to the first day of the succeeding accounting period automatically. Reversing changes debits to credits and vice-versa.
  • Now, a ‘Reference’ for the transaction must be provided and it can be of maximum 20 characters.
  • A ‘GL Account’ must be chosen/provided for every line. To see the list of present accounts, users must type ‘?’ in the ‘GL Account ID’ section or choose the ‘Lookup’ button.
  • Then, if they want, users can provide a description of the transaction.
  • An amount must be provided in the ‘Debit’ or ‘Credit’ column for every line.
  • If there’s a job connected to the transaction, a Job ID’ must be provided or chosen.
  • When the ‘Out of Balance’ section is null (0), users must choose ‘Save’ for the transaction to be recorded in the General Journal.

For any further help/information on the topic, users must contact the Accountsportal.co Sage Technical Support Team at this toll-free helpline number ✆+1-800-796-0471. The Accountsportal.co Sage help desk teams consist of experienced personnel, who can provide help on product and application-related matters 24X7 worldwide.