How to 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 begin this initially we need to go to the Task tab.
● Then, Select the Task in which you will select General Journal Entry
● Next, begin with entering the date for transaction that is suitable according to your choice.
● After this, you have to select the Reverse transaction option.
● Note: Reverse Transaction is primarily used to reverse the transaction period automatically. Fundamentally the meaning of reversing here signifies that the credits will become debits and debits will become credits.
● Further, write a Reference of the transaction and it should be of maximum 20 characters.
● Now after doing this select the GL account
● Note: GL account lets you see the list of all the accounts available. To see the list, click on the Lookup button either or write a ”?”in GL account ID field.
● Then, for the transactions write some description if required.
● Next, you have to enter the transaction amount either in credit or debit column.
● Likewise enter the Job ID if the transaction you are doing is incorporated to the job.
● After that ensure that the out of balance field is 0 (zero).
● Once you have done this, click on the save button in the General Journal to save the transaction record.

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