Accounts

Accounts are used to track how money is earned, allocated, and spent. Since a company uses many accounts to run their business, accounts are organized into groups. Each group is a collection of accounts that have the same purpose. The main groups are:

• Assets. Any item of value owned by the company. This can include money that others owe you, and money in your bank accounts.
• Revenues. Money earned by the company.
• Liabilities. Any amount that you owe to another business, bank, or person.
• Expenses. Costs associated with running a business.
• Equity. The net worth of a business to its owner.

When a company file is generated, Sage Simply Accounting creates most of the accounts you need. You can rename accounts in Sage Simply Accounting First Step. You can also generate a trial balance report to display and print a list of all your company accounts.

If you are not using an account, but want to keep its information in your company file, you can make it inactive. You can add or remove bank accounts, and if you are using the Accountants' Edition of Sage Simply Accounting, you can also add or remove other accounts.

Opening Balances

When you create a new company in Sage Simply Accounting, the program can be updated with your company's previous historical financial information by entering an opening balance in your banking and business operating accounts. In Sage Simply Accounting, you can only enter an opening balance during the first year of business.

Note: In the Accounts Payable and Accounts Receivable business operating accounts, the opening balance fields are not available.

What do you want to do?

Add/modify/delete accounts