Chart of accounts

The chart of accounts is a list of all of the accounts used by your business. These accounts are known as nominal ledger accounts. You can use it to analyse your income, expenditure, assets, liabilities and capital when running your management reports.

This helps you to see how your business is performing at any moment in time. Each nominal ledger account has a unique number, although it doesn’t matter which number you use, as it’s the category you choose when creating a new account that determines where it appears on your reports.

The standard chart of accounts

Sage One Accounting uses a standard layout designed for small businesses. If required, you can customise the standard chart of accounts layout to suit the needs of your business.

You can view the chart of accounts from the Settings tab > Chart of Accounts. From here you can:

  • View details or edit your existing nominal ledger accounts, or create new accounts.
  • Filter the list by nominal ledger accounts included or excluded from the chart of accounts or by category.
  • Search for nominal ledger accounts by the code, ledger name or display name.
  • View which nominal ledger accounts are control accounts. These are marked with an asterisk.

If there’s a tick in the Visibility section, then you can use the account in that area of the program when you enter transactions. If there’s no tick, then you can only use the account for posting journals and reporting purposes.

To create a new nominal ledger account

If you want to create a new bank account, you should do this from Banking. When you create your bank account, you can enter the nominal ledger account code you want to use. This ensures the nominal ledger account links to the correct bank account.

  • 1. Settings tab > Chart of Accounts.
  • 2. New Ledger Account > complete the following information:
Included in Chart Leave this check box selected.
Ledger Name * Enter the name for this account as you want it to appear on the ledger.
Display Name * If you want a different name to the ledger name to appear when posting transactions and on your reports, enter it here.
Nominal Code * Enter the nominal code you want to use for the new account.
If you want to keep similar nominal codes together, the default nominal code ranges for each category are as follows:
Assets = 0001 – 1999
Liabilities = 2000 – 2999
Capital = 3000 – 3999
Income = 4000 – 4999
Expenditure – Direct expenses = 5000 – 5999
Expenditure – Overheads = 6000 – 9999
Category *  Choose the category for the nominal ledger account.

The category determines where the account appears on your management reports. If you’re not sure which category to choose, you should check with your accountant.
Category Group The category group is determined by the category you choose and you can’t change this.
VAT Rate Choose a default VAT rate. If required, you can change the VAT rate when entering transactions.
Visibility The areas of Sage One in which the nominal ledger account is available for use are automatically selected based on the category you chose. If necessary, you can change these by clearing or selecting the relevant check boxes.

Note: All nominal ledger accounts must be available in journals and reports.

* These details are compulsory.

  • 3. Click Save.

To edit an existing nominal ledger account

You can’t change the ledger name or category of control accounts, indicated by an asterisk, or exclude them from the chart of accounts.

  • 1. Settings tab > Chart of Accounts.
  • 2. Click the nominal ledger account you want to edit.

To quickly find the nominal ledger account, if you know the code or name, enter this in the search box.

  • 3. Make the necessary changes. For more information, please see step 2 in the previous section.

If you amend the category, this doesn’t affect any transactions posted to the previous category using this account.

  • 4. Click Save.

To exclude a nominal ledger

You can’t delete a nominal ledger account however, provided it isn’t a control account, you can exclude it from the chart of accounts. If you exclude the nominal ledger account, it’s not available for selection when posting transactions.

  • 1. Settings tab > Chart of Accounts.
  • 2. Click the required nominal ledger account > clear the Included in Chart check box > Save.

If you want to include the nominal ledger account again in the future, simply edit the account and select the Included in Chart box.

To save or print the chart of accounts list

  • 1. Reporting > More > Chart of Accounts.

The report shows a list of all nominal ledger accounts. To view a list of ledger accounts for a particular category > click Category drop-down > select the relevant category from the drop-down list.

  • 2. To save or print the report > Export > choose CSV or PDF > the report automatically downloads.
  • 3. Once the report has downloaded, from the menu bar click the relevant report.

Depending on how you chose to export your report, one of the following happens:

  • CSV – The file automatically downloads to your Downloads folder or you’re prompted to save the file > browse to where you want to save the file > Save.
  • PDF – The PDF opens in a new window or tab. You can then choose to print or save the report from your browser menu.

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