Selecting pre-built general ledger structure

When you create a new company in Sage 100 Contractor, you must set up a minimum number of items in addition to selecting a chart of accounts. You must also set program defaults for the following:

• Date for the Fiscal Year End.
• Set the Current Period, which is the program default posting period.
• Select an inventory Valuation Method (if you have the Inventory add-on module).

Important! When you create a new company and set up accounting, you must set the program default Current Period. After that initial setup, you can only change the Current Period using 1-6 Period/Fiscal Year Management > Change Period. How?

To select a pre-built general ledger structure:

Important! You must make any changes to the account structure or to ledger accounts before posting transactions to the general ledger.

• To begin entering transactions for the current fiscal year, enter the number of the current period in the Current Period box.
• To enter a few startup transactions, set the current period in the Current Period box. You can change the period in the window of entry for individual transaction records without changing the programs default for the current posting period.
• To enter a large number of startup transactions, type 0 in the Current Period box. Then after entering the startup transactions, enter the current accounting period in the Current Period box using 1-6 Period/Fiscal Year Management.

Tip: After selecting an account structure, print the entire chart of accounts from 2-7 Chart of Accounts. Review the accounts and determine which accounts you want to edit or delete before you enter any transactions.