June 2012
Beginner
424 pages
9h 20m
English
Content preview from Sage 50 Accounts For Dummies® 2nd Edition
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Chapter 2
Creating Your Chart of Accounts and Assigning Nominal Codes
In This Chapter
Getting familiar with some accounting concepts
Charting your accounts
Adding nominal codes in your Chart of Accounts
Changing your Chart of Accounts
In this chapter, I get down to the nitty-gritty of the accounting system – the Chart of Accounts (COA), which is made up of nominal codes. Think of the Chart of Accounts as the engine of the accounting system. From the information in your COA, you produce your Profit and Loss report, your Balance Sheet, your budget report and prior-year reports. Set it up properly, and the Chart of Accounts grows with your business, but set it up wrongly and you’ll have problems forever more!
Luckily, Sage gives you a lot of help and does the hard work for you, but you still need to understand why Sage is structured in the way that it is and how you can customise it to suit your business.
Understanding as Much as You Need to about Accounting
To use Sage, it helps if you have an appreciation of accounts and understand what you’re trying to achieve. But you certainly ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.