Step 4 - Check your settings in Accounting

Solution Properties

Solution ID:

222001000100873

Last Modified Date:

Thu Mar 21 07:25:07 UTC 2024

Taxonomy Path:

Case category//How do I...//setting up

Author:

[email protected]

Step 4 - Check your settings in Accounting

Description

Once you’ve exported your data, you need to check a couple of things in Sage Accounting so you’re ready to import your data.

Cause

Resolution

Create new nominal ledger accounts?

The default nominal ledger accounts used for customer, supplier, product and service records, in both Sage 50, Instant and Sage Accounting is the same; 4000 (Sales) and 5000 (Purchases).

If you don’t use these defaults in Sage 50, but have used different default ledger accounts, such as 4001 or 5001, then:

Create these codes in Sage Accounting before you import your data otherwise the import will fail
From Settings, choose Chart of accounts and create new account >

TIP: Use your Trial Balance report to check for other nominal ledger accounts you might need.

Check your VAT scheme and start date

Make sure you have the correct VAT scheme selected in Sage Accounting

From Settings, then Business Settings, choose Accounting Dates & VAT.
In the Accounts Start Date field, enter the date you want to start using Sage Accounting.

For example, if you stopped using your previous accounting system on 30 September, enter 1 October. You only enter opening balances before this date.

Select your VAT scheme, and Save.

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