Control Accounts are the nominal codes that Sage Accounts uses when it makes automatic double-entry postings.
For example, when you post a sales invoice, the value of the invoice is posted automatically to the Debtors Control nominal code, as determined in the Control Accounts window.
The Control Accounts are set up by default on installation, but can be amended if required.
NOTE: To be able to amend most of the Control Accounts, there must be no transactions attached to the current Control Account.
How do I delete or amend Control Accounts
You can't delete a control account, but it is possible to amend the nominal code assigned to the account, providing the account has a zero balance and no associated transactions. To edit a Control Account:
- Click Settings, then click Control Accounts.
- Amend the nominal codes as required, click OK, then click OK again.
The Control Accounts
|Control Account||Default code||Notes|
|Debtors Control||1100||Holds the total amount owed to you by your customers and is updated every time you enter a sales transaction. At year end the value in this account is moved to Retained Earnings.|
|Creditors control||2100||Holds the total amount you owe to your suppliers and is updated every time you record a purchase transaction.|
|Default Bank||1200||Selected by default when you post transactions that affect the bank. Normally the bank account you use most frequently.|
|VAT on Sales||2200||Records the VAT for sales transactions that are to be added to the VAT Return. The balance of this account is transferred to VAT Liability when you reconcile your return and use the VAT transfer wizard.|
|VAT on Purchases||2201||2201 Records the VAT for purchase transactions that are to be added to the VAT Return. The balance of this account is transferred to VAT Liability when you reconcile your return and use the VAT transfer wizard.|
|Sales Discount||4009||Records the value of discounts you have given your customers. This value reduces your sales income and reduces your gross profit for the year.|
|Purchase Discount||5009||Records the value of discounts your suppliers have given you. This value reduces your purchase expenses and increases your gross profit for the year.|
|Retained Earnings||3200||This account is updated at year end. The outstanding profit and loss values are moved to this account to record retained earnings and clear the profit and loss for the new year.|
|Default Sales||4000||The default nominal code for all sales transactions.|
|Accruals||2109||This account holds the amount that is set aside to pay an accrued expense.|
|Prepayments||1103||This account is used for recording the value of a prepayment|
|Bad Debts||8100||Holds the amount that you have written off as customer bad debt. This reduces the gross profit on your profit and loss report.|
|Mispostings||9999||Used for anomalies in your accounts. It is updated automatically with any anomalies on data conversion.|
|Suspense||9998||Records the opposite value of any opening balances when opening balances are added. After all of the opening balances are posted the value should be zero.|
|Credit Charges||4400||Records the value of any credit charges against your customers.|
|Exchange Rate Variance||7906||Records the difference of transaction values as the exchange rate changes between an invoice being raised and paid.|
|VAT Liability||2202||This account holds the balance of the VAT on Sales and VAT on Purchase as transferred in at the end of your VAT period. The balance will either be the amount you owe HMRC or the amount they owe you.|
|Manual Adjustments||2204||Holds the value of the reconciled adjustments made to your last VAT Return.|
|CIS Tax Control||Only available if you use the CIS module. |
Records the value of tax from subcontractors' payments before the value is recorded on the CIS Return.
|CIS Tax Liability||2102||Only available if you use the CIS module. |
Records the value of tax deductions from subcontractors' payments after the value has been added to the CIS Return.