For serrated, you simply sharpen it like a normal edge, but only on the side of the serrations.Take a stone or crock stick, find the right angle and run the entire edge across it. Its the points, and sides of the points that do the cutting, not the valleys.
You can do it on a belt sander, keep the speeds low, make sure you have the angle right, and start out with a finer grit than you think you might need. You can always go coarser to remove more metal, but you can't (easily) put metal back on once its gone. Run the edge across the edge of the sanding belt.
Alternately, you can buy tapered diamond hones and do each groove individually.