Assignment 22 - Summary of everything PDF

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Assignment 2 Expenditure Cycle Transactions – Part 1 Restore the backup file TEST_ASSIGN 2.bak file for Test Company Ltd 1 Copy the backup file TEST_ASSIGN 2.bak from the ShareFile folder BE PTS 4710 Files to D:\Work 2 Log into Fabrikam, Inc 3 Microsoft Dynamics GP → Maintenance → Restore 4 Select Company “Test Company Ltd” 5 Click on the folder icon 6 Select the “TEST_ ASSIGN 2.bak“ file 7 OK 8 You should get a message that the restore has been successful 9 Log into Test Company Ltd 10 To ensure that you have the correct file make sure that the next invoice number would be INV000…207

Set the date to April 1, 2021 PART 1 1.

Set up 2 new Vendors Set yourself up as a Vendor: Vendor ID = your LastName and Name = your First Name Set the Address ID to MAIN and the Class ID to SUPPLIERS. The city is New York and the State is New York Save and Close Vendor ID = DAY and Name = Robin Set the Address ID to MAIN and the Class ID to OTHER The city is New York and the State is New York Save and Close

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PART 2 2.

Purchase NON INVENTORY ITEMS (Supplies) without a Purchase Order – USE DEFAULT ACCOUNTS

April 1, 2021, Record these invoices by choosing Transactions → Purchasing → Transaction Entry Select Document type = Invoice. You can use a batch or post as single transactions – it is your choice. The default Distribution account is correct. Record the following invoices (first voucher system should assign 00….584) Vendor Invoice Date Invoice # Invoice Amount DAY, Robin April 1, 2021 5432 $ 2,100.00 Vendor Nikki Cam, Inc

3.

Invoice Date April 2, 2021

Invoice # 650

Invoice Amount $ 1,800.00

Purchase NON INVENTORY ITEMS (Supplies) without a Purchase Order – NOT DEFAULT ACCOUNTS Record this invoice by choosing >> Transaction Entry Select Document type = Invoice

Record the following invoice: Vendor Invoice Date Nikki Cam, Inc April 5, 2021

Invoice # 3501

Invoice Amount $ 4,200.00

This invoice is for 4 Laptop Computers and the default Distribution account is not correct. No Purchase Order had been issued. The correct Distribution account is debit 1540-00 instead of 1310-00 Make the appropriate correction to the Distribution account. Confirm that the transaction for DAY has been posted to the Subsidiary Ledger (if this is posted, then the others will also be posted) Inquiry → Transaction by Vendor 4. Record Two (2) Purchase Orders Transactions → Purchasing → Purchase Order Entry Record and Save the following Purchase Orders Note that Purchase Orders are entered individually, not in a batch.

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If the PO Number is not PO0…0129 you do not have the correct file. Vendor Order Date Item # Quantity Price (Unit cost) Yourself April 4, DP0Y4MG3XD 5 Cases $ 1,524.00 2021 April 4, DVDLPRW80G 15 Cases $ 3,000.00 2021 (Although you set yourself up as a Vendor in step 1, you did not specify which items you would supply. So a warning screen will open asking you to assign a vendor item number to the item. Choose “Yes” when asked to assign a vendor item number, accept the default and Save. Your prices differ from other suppliers) If the PO Number is not PO0…0130 you do not have the correct file. Vendor Order Date Item Description Quantity Price Sonic Pan Inc April 4, DVRVT40 10 Cases $ 680.04 2021

5.

Receive Goods ordered when a Purchase Order exists. NO INVOICE has yet been received. USE A BATCH Create a “Purchasing Batch” called RECEIPT1 with Origin equal to “Receivings Trx Entry” to record these receipts. Click on Transactions and select Type: Shipment. After the Vendor ID is entered, tab to PO field and select “Auto-Rcv” (button at the top), and a list of all open Purchase Orders for that Vendor will be displayed. Highlight the appropriate PO, then mark the items received (Mark All if all items received, or modify details as necessary). Press Receive and the items you have marked will be entered. On April 5 1 Receive all the Items ordered from “Yourself” on PO 129 2 Receive all the Items ordered from “Sunyung Home Inc.” on PO 128

Save the Receipts and Post the batch. (If you do not post the batch then you will not be able to enter the invoices in Step 6) Notice the GL accounts in the General Posting Journal.

6.

Receive Goods ordered when a Purchase Order exists. 14NB – 6BE2D

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NO INVOICE has yet been received. DO NOT USE A BATCH - Use single transaction entry On April 6 Receive all the Items ordered from “Sonic Pan Inc” on PO 130. Purchasing >> Transactions >> Receivings Transactions Entry and select Shipment. Enter the Vendor ID and record these receipts using “Auto-Rcv” Enter and Post this receipt. Notice there is no General Posting Journal. WHY NOT?

7.

Enter PURCHASE INVOICES for Items already received – no Price or Quantity Differences. USE A BATCH

On April 8 The following Invoices were received for the items that were received on April 4. There are no differences in Quantities ordered and received, nor Price differences. Vendor Yourself Pasanovic, Inc.

Invoice Date April 8 April 8

Invoice # = Vendor Doc. Number LN5308 65908

PO #

Invoice Amount

129 117

$ 52,620 $ 95,250

Enter these invoices in a batch called INVApr08. Create this purchasing batch as you did in # 5 but this time the Origin is “Purchasing Invoice Entry” The Vendor Doc. Number is the vendor’s Invoice # When you enter the Vendor ID, you can select “Auto-Invoice.” This opens a new window and you can select which items are invoiced. Save the Transactions and Post this batch. (It is not mandatory to post at this stage but you should post before you run any reports.) Notice the GL accounts in the General Posting Journal.

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8. Enter PURCHASE INVOICE for Items already received – with differences: the Price on the Invoice is different from the Price on the Purchase Order. DO NOT USE A BATCH - Use single transaction entry On April 8 The following Invoice was received for the items which had been received on April 4. The price on the Invoice for the Vito 40 HR DVR was $695.00 The price on the order was $680.04. You checked with your boss and he told you to accept the Invoice price. So when you enter the transaction, you will have to change the Unit Cost. The total invoice amount is now $6,950. Vendor

Invoice Date

Invoice # (Vendor Doc. Number)

PO

Invoice Amount

Sonic Pan Inc April 8 153710 130 $ 6,950.00 Instructions next page To enter this transaction you use “Enter/Match Invoices” Select “Auto-Invoice” and change the price of the Vito 40 HR DVR to $695.00 per case from the order amount of $680.04. (You may get a warning about the unit cost being different: if you make the change at the PO level there is no message, but if you make the change at the invoice level a message will appear. In either case, you should see the red “not equal to” sign (beside the unit cost amount) when the change is made. The difference is posted to the Purchases Variance account.) Post this transaction.

9.

Return Goods to Vendor (Supplier) – DO NOT USE A BATCH use a Single Transaction

On April 8 “Test Company Ltd” returned all the “Canyon DigCamcord 22X Optical”* which had been purchased from Canyon Cam, Inc. on Invoice 9020150 dated April 1, 2021. The original GP Receipt was number PO00….113. (In a work situation I would retrieve the original invoice, write down the item #s, quantity and costs, but because we have the GP Receipt # we can process this return directly in the system.) Go to the Returns Transaction Entry 14NB – 6BE2D

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Choose “Return w/Credit” since the receipt and Invoice have already been entered. The return # is automatically generated. Enter the Date and the Vendor ID To enter the Item you can look up the item number – with the curser in the “Item Field” (*Hint: Look Up Items >Additional Sorts >By Description) When the Item Number is entered, then click on the lookup button in the “Receipt No” field and select RCT00….113. You will need to insert a Document number before the transaction can complete – (for easy reference, use the original invoice number and RET: 9020150RET). Post this Return. NOTE: The next steps you will begin running statements, ensure that ALL accounts are updated before you continue 10. Run A Cash Requirements Report using SmartList After entering Receiving’s and Invoices, the next step would be to run cheques. The Controller is planning to pay all bills due by April 10. But before running cheques he wishes to know how much Cash will be needed to pay the invoices. So he wants a Cash Requirements report. Go to SmartList>> Purchasing >> Payable Transactions and you should see the Cash Requirements* report. (Click the “+” signs to view, then click the report) Export this report to Excel (click the Excel icon) and save it -- it will be part of your submission. After exporting the report, you need to include the following totals showing: A. the Total Amount Due by April 10 (before discounts) B. the Total Amount Due (THIS IS A TEST OF YOUR EXCEL KNOWLEDGE)

Be sure to save this report and submit it with your assignment.

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REQUIRED After recording the above transactions – run the following reports to answer questions via the assignment quiz tool 1 The SmartList Cash Requirements Report you created in Step 10. (Remember to include the totals.) Name the report “CashReq” 2 Payables (A/P) Trial Balance Purchasing >> Reports >> Trial Balance >> Historical Aged Trial Balance >> Summary >> Hist AP Aging. Select Modify Run the Report in summary (do not check the in detail box) and choose the Print/Aged date as at April 10, 2021 You will have to get this report as an Excel file. Name the report “Aged AP” 3 Balance Sheet for Period 4 Financial >> Reports >> Financial Statements >> Balance Sheet >> Balance Sheet-Detail with rollup You will have to get this report as an Excel file. Name the report “BalSheet” (Compare the Aged Payables total with the Balance sheet and with the total Payables from the Cash Requirements. Do you need to make any corrections?) By answering the questions within the quiz tool YOU ARE CONFIRMING THE FOLLOWING STATEMENT

“I certify that this answer is my own work and that I have not given it to anyone else.” Submit your ANSWERS VIA THE ASSIGNMENT QUIZ TOOL.

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