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How to Make Adjustments to General Ledger Account with SAGE 50?

Make Adjustments to General Ledger Account with SAGE 50

Coming on the topic that we are going to discuss “How to make adjustments to the General Ledger Accounts”. Then for this, you all should be aware of what General Ledger Account is? For all those who don’t have any idea we will give a quick overview on what it is, General Ledger Account is predominantly an account that is used to store all the transactions related records of an individual. It is an account that lets you sort your transaction details, you can see the previous transaction that you have done till date. This account includes your Income statement transactions, lets you store the balance sheets.

You can use the General Ledger Account to formulate and keep the track of the financial reports for the year. If you want to see the General Ledger Report, you can simply click on the reporting menu after that by clicking on the more button various options will be available of which one will be of General Ledger Report. You have to simply click on it and see all the detailed reports.

SAGE 50 has a very user friendly interface so that you can easily generate report of every time period as it has a drop down menu which has options like This month, This quarter, This financial year, Last month and many more so select the option for which you want and see the transaction detail. Moreover, you can make adjustment in the accounts.

Now let’s understand how to make adjustment in adjustments to the General Ledger Account for this we have to follow some steps and regulate the accounts

  • To access General Journal Entry in Sage 50, go to Tasks and select it.
  • The date of the transaction must be entered or selected.
  • The system defaults to the current date, but if the accounting period is different, the program displays the first day of that period.
  • Select the Reverse Transaction box if you want the program to automatically reverse the transaction on the first day of the next accounting period, which means debits become credits and credits become debits.
  • A reference for the transaction, up to 20 characters, must be entered.
  • For each line of the transaction, enter or select a GL Account. You can use the “?” in the GL Account ID field or select the Lookup button to display a list of existing accounts.
  • A description can be added to the transaction if desired.
  • Enter an amount in either the Debit or Credit columns for each line of the transaction.
  • If the transaction is associated with a job, enter or select a Job ID.
  • Once the Out of Balance field shows zero (0.00), select Save to record the transaction in the General Journal.

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