Skip to content
logo Knowledgebase

Create or edit a ledger account

Created on  | Last modified on 

Summary

How to create and edit ledger accounts in Sage Accounting.

Description

Ledger accounts can also be known as nominal accounts or nominal codes.

If you've come from another system such as Sage 50, you may want to import your ledger accounts. You can only do this before any transactions have been entered in Sage Accounting.

Resolution




What are ledger accounts?

We use ledger accounts to group your transactions so you can see how your business is performing.

 

Each ledger account has a Category and Group that determines how transactions are reported on your Profit and Loss and Balance Sheet reports.

Sage Accounting uses some ledger accounts automatically when recording transactions. This ensures that it records items like VAT correctly. We call these control accounts and you can't edit them. We mark control accounts with an asterisk *.


Create a ledger account

  1. From Settings, then Business Settings, choose Chart of Accounts.
  2. Select New ledger account.
  3. Enter the details and Save. The fields marked with an asterisk * are mandatory.

Edit a ledger account

You can change the details of a ledger account.

Change the category:

  1. From Settings, then Business Settings, choose Chart of Accounts.
  2. Select the ledger account you want to edit.
  3. Edit the Category to change how the values are included on your reports - this doesn't update transcations that are already entered.

 NOTE: If you edit the ledger details after you've processed transactions, this will not update on the previous transactions. If you need to corret these, you'll need to delete the transaction, reentering the transaction, or use correct transactions on a VAT return. 

Change the ledger name:

  1. From Settings, then Business Settings, choose Chart of Accounts.
  2. Select the ledger account you want to edit.
  3. Edit the Ledger Name to change how the ledger account displays in the Chart of Accounts.
  4. Edit the Display Name to change how the ledger account displays in the rest of the program.


Delete a ledger account

Once a ledger account is created, it can't be deleted.

If you no longer want to use a ledger account, then exclude it from the chart of accounts. This removes it from selection lists when creating transactions.

You can't exclude control accounts (indicated with an asterisk *) from the chart of accounts.

  1. From Settings, then Business Settings, choose Chart of Accounts.
  2. Open on the relevant ledger account.
  3. Clear the Included in Chart check box.
  4. Select Save.

Ledger Account fields

If you're not sure what all the fields are for, here's an explanation:

Related Solutions

Chart of Accounts

About the Nominal Activity report

Create a supplier contact