TheChart of Accountsis a list of all the nominal ledger accounts used by your business. Nominal ledger accounts group transactions. This is so you can see how your business is performing.
Cause
Resolution
What is a nominal ledger account?
Each ledger account has a unique code to identify the account. You can change them to use your own numbering scheme if required.
When you enter a transaction in Sage Accounting, you assign the relevant code. The code will depend on what you’re recording. For example, a sales invoice or a bank payment.
The Chart of Accounts defines the category of each ledger account. This determines where it appears on management reports.
Use these reports to analyse your:
Income
Expenditure
Assets
Liabilities
Capital
This means you can see how your business is performing.
About the Chart of Accounts
Sage Accounting uses a standard chart of accounts, including control accounts. Control accounts are special accounts used by Sage Accounting . Use these when recording transactions to ensure that items such as your VAT record correctly.
While the Chart of Accounts is suitable for most small businesses, you can customise it as needed for your business. Except for control accounts, which need to stay as they're initially set up, you can edit all accounts.
View the Chart of Accounts
Go to Settings then Business Settings.
In the Financial settings section,select Chart of Accounts