The General Ledger records all financial information for your company. Every transaction that occurs is eventually posted to the set of accounts that make up the General Ledger. This set of accounts is called the Chart of Accounts. Here we will look at setting the defaults for the General Ledger.
When you want to set the defaults for the General Ledger, you select “Maintain| Default Information| General Ledger…” from the Menu Bar to bring up the “General Ledger Defaults” window. Then, you select the rounding account used by Sage50 to store the rounding differences on financial statements. This account can be either a balance sheet account, or an income statement account. Typically, the “Retained Earnings” account is used. When you are done selecting a rounding account, click “OK” to set it.
Check out this video clip to see how to set General Ledger Settings: