Creating summary accounts

Using summary accounts, you can combine multiple ledgers into a single ledger for generating a financial report in 2-8 Financial Reports. When you generate a financial report, Sage 100 Contractor looks to the Summary Account box in each ledger. If Sage 100 Contractor finds an account number, it combines the balance of that account into the indicated summary account.

Suppose that you have four cash accounts: 1000-General Checking, 1002-Payroll Checking, 1011-Petty Cash, and 1020-Savings. To combine all the cash account balances into the General Checking ledger account, enter [1000] in the Summary Account box of the Payroll Checking, Petty Cash, and Savings ledger accounts.

You must always use the lowest account number of the ledgers you want to combine. In the above example, the cash accounts used 1000-General Checking for the summary account because it had the lowest account number.

To combine ledger accounts into a summary account:

  1. Open 1-7 Ledger Accounts, and select the account.
  2. In the Summary Account box, enter the ledger account number to which you want to add the current account balance.
  3. Click File > Save.

Tips:

  • The Financial Report uses the long name of each account. Before printing the report, you can change the long name of each summary account to accurately represent the data.
  • The Financial Report gives you the ability to produce a single report that combines two or more companies.
  • If you produce summarized reports frequently, create accounts dedicated to this purpose. Dedicated summary accounts eliminate the need to rename summary accounts each time you produce a report.