Solution Properties
Solution ID:
240701115926823
Last Modified Date:
Thu Jan 09 13:09:16 UTC 2025
Taxonomy Path:
Case category//How do I...//setting up
Author:
[email protected]
Control accounts
Description

Control accounts are the nominal codes that Sage Accounting uses when it makes automatic double-entry postings.

For example, when you post a sales invoice, the system automatically posts the value to the Trade Debtors nominal code.

Sage Accounting sets up the control accounts by default. You cannot edit or delete the Ledger Name, Category, or Category Group. However, you can remove all visibility to prevent them from showing elsewhere.

View all of your control accounts and ledger accounts from the Chart of Accounts.

Sage Accounting control accounts

Control Account Default code Notes
Trade Debtors 1100 Holds the total amount owed to you by your customers every time you enter a sales transaction.
Trade Creditors 2100 Holds the total amount you owe to your suppliers every time you record a purchase transaction.
Bank Account 1200 This is the default bank account in Sage Accounting. Selected by default when you post transactions that affect the bank. Normally the bank account you use most frequently.
Bank Charges and Interest 7900 Records all fees and interest expenses related to your bank accounts. This includes charges such as monthly account fees, overdraft charges, and interest paid on loans or overdrafts.
VAT Allocations & Adjustments 2203 Records any adjustments or allocations made to VAT amounts.
VAT on Sales 2200 Records the VAT collected on sales and shows the VAT you need to pay to HMRC.
VAT on Sales - Holding Account 2205 Temporarily holds VAT amounts related to sales before transferring them to the VAT on Sales account.
VAT on Purchases 2201 Records the VAT paid on purchases and expenses. This account helps in tracking the reclaimable VAT amount.
VAT on Purchases - Holding Account 2205 Temporarily holds VAT amounts related to purchases before transferring them to the VAT on Purchases account.
VAT Liability 2202 Tracks the total VAT liability owed to HMRC. This account shows the net VAT payable or receivable after accounting for VAT on purchases and sales.
Suspense 9999 Records the opposite value of any opening balances when you add them. Once you post all opening balances, the value should be zero.
CIS Tax Asset Realised 1131 Records the realised CIS tax amounts that the company can claim back.
CIS Tax Asset Withheld 1132 Records the CIS tax amounts withheld but not yet realised.
CIS Tax Liability Realised 2502 Records the CIS tax liabilities that the company has realised and needs to pay to HMRC.
CIS Tax Liability Withheld 2501 Records the CIS tax liabilities withheld but not yet realised.