Sage 300 - Assignment PDF

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Description

Lesson 3: Creating chart of accounts Account Number 1010 1500

Descriptio n Bank chequing Linh, Capital

Structure code Acc

Normal balance Credit

Acc

Credit

Account type Balance sheet Balance sheet

Account group 01

Account status Active

Share equity

Active

Lesson 6: Daily Transactions Batch 1: Sale Journal Source Code 05/01/202 1

Inv.5213

J. Michel

1100

2599 2300

1600100 1340 06/01/202 1

07/01/202 1

Inv.5214

Inv.5215

299

1100 M. Carmichae l 1600100 1340

847.50

C. Smith

315

1100

750 97.50

1600200 1340 10/01/202 1

Inv. 5216 B. Roland

1100 1600200

300 15 762.75 675

1340

87.75

Batch 2: Purchases Source Code 05/01/2021

Inv. 90021

Office Depot (office expense)

60/40: C/T

07/01/2021

09/01/2021

Inv. City of January 07, Toronto 2021 50/50 Inv. A32155 80/20

11/01/2021

Inv. Bell January 11, Canada (telephone 2021 expense)

Inv. JG8259

J. Geoff Insurance Co.

100% consulting 15/01/2021

Bank fees 80/20

216

1360 1300

28.80

1740

459

244.80

1300

Rodeo 1700 Advertising 1360 1300

100% 15/01/2021

1730

459 350 45.50 395.50

1760

178.23

1360 1300

23.17

1750

150

201.40

1300

CIBC

1710 1300

150

24 24

17/01/2021

17/01/2021

Annual Visa Credit Card Fee 80/20 Inv. 91325 Office Depot (office expense) 100%Textbook

1710

39

1300 1730

39 62.82

1360

8.17

1300

70.99

- Creating an Allocation Batch: Click “Create Allocation Batch” icon in G/L Periodic Proceeding transaction Type “January, 2021 – Allocation” as the Batch Description Accept 01/31/2021 as the journal entry date Click process Close - Click “Journal Entry” icon in G/L Transaction folder. Finder Click “January, 2021 – Allocation” batch Note that the top right-hand corner of the screen indicates that there are 2 entries in this batching totaling …. View entry 1, next, next to view all entries. Close. Batch 3: Cash Receipts Source Code 03/01/2021

Cheque 12877

C. Smith

1000

625

1100 05/01/2021

Cheque 6312

R. Birnie

1000

625 875

1100 07/01/2021

Cheque 22511

J. Michel

1000

875 2900

1100 09/01/2021

Cheque 495

R. Slack

1000

2900 625

1100

625

2. Print the Batch Listing Report and view it for accuracy. - set the batches Ready to Post (yes) - Post the batches: Post -> all batches -> post button -> close -> close - print the Posting Journal report - print the Posting Journal Errors Report 3. Print the Posting Journal report 4. Create a recurring entry Set a Reminder list: a monthly schedule, 25th of each month, beginning 25/01/2021, 3 days in advance Create Recurring Entries batch icon in the G/L Periodic Processing folder -> accept 25/01/2021 as the run date -> Tap x3 -> process -> close -> close View batch in the Journal Entry window -> enter the following transaction: Trish’s Cleaning Staff 1810

other expenses (50/50)

1300

accounts payable

125 125

6. Print the batch listing and view it for accuracy 7. print the Posting Journal 8. Create the allocation batch for the telephone allocation account, 25/01/2021 as the journal entry date. 9. print the batch listing, view it for accuracy 10. check it for errors, post it and print the Posting Journal

Lesson 9: G/L Subledger Services, Bank Services, Tax Services 1. Session date: 31/01/2021 2. Activate G/L Subledger, Bank Services and Tax Services 3. Adding Bank Record Common services folder -> Bank icon -> CIBCCHQ as the bank code -> CIBC – Chequing as the description -> leave the inactive box blank -> 123456 as the Transit Number -> 89012345 as the Bank Account Number -> tab -> 1.00 as the Errors/Write-off speed amount -> tab -> Account tab -> 1000 for the Bank Account -> (Create 1820-100 and 1820-200/Write-off) -> type 1820-100 in the Write-off field -> 1820-100 in the Credit Charges Account field. Leave the check Stock blank. 4. Bank Options: Options icons in the Bank Setup folder -> Proceeding tab -> default bank code: CIBC -> Check for Reconciled in Future Period: Warning -> Document tab -> bank entry: length10 and next number: 50 -> bank transfer: length 10 and next number 21 -> Save -> close 5. Distribution Codes Distribution codes icon in the Bank Setup folder -> Distribution code: SU1000 -> Description: setup account 1000 -> G/L account: 1000 -> Add -> Close. 6. Credit Card Types Credit Cards icon in the Bank Setup folder -> Credit Card Type: VISA -> Description: Visa -> Add -> New icon -> Credit Card Type: MC -> Description: MasterCard -> Add -> Close. 7. Modifying the G/L Integration G/L Integration icon in the Bank Setup folder  Create G/L batches: during posting  Create G/L Transaction by: creating a new batch  Consolidate G/L batches: do not consolidate  Save -> Close. 8. Set the Bank - Chequing as the Control Account Accounts icon in the G/L accounts folder -> type 1000 -> box beside the Control Account -> Subledger tab -> finder: choose BK one of bank source code -> Save -> Close. 9. Establish Bank Balance Reconcile Statements icon in the Bank Transactions folder

 Bank code: CIBCCHQ  Description: establish bank balance  Statement date: 31/01/2021  Reconciliation date: 31/01/2021  Statement Balance: 12,000?? Enter the amount of the bank account in the General ledger as 31/01/2021  Fiscal year and period: 2021/01  Reconciliation tab  Bank entry button  Tab to accept **NEW**  Description: Establish bank balance  Bank entry type: Deposit (entering a debit balance)  Payment types: others  Bank entry date: 31/01/2021  Distribution code: SU1000  Tab  Type Establish bank balance as the Reference  Add  Close  Summary tab  GO button beside the Bank Entries Not Posted  Click Post  Close x2  Reconciliation tab  Double click on Outstanding  Drop-down list and select Cleared  Save  Summary tab  Close 10 + 11 + 12. Print the Reconciliation Status report Reconciliation status icon in the Bank Transaction Reports folder  From transaction date: 31/01/2021  To transaction date: 31/01/2021  Box in Not Posted  Close  Close to exit reconciliation status window  Post Reconciliation icon in the Bank Transaction folder

 All banks  Post button  Close to exit the message.  Reconciliation Posting Journal report in the Bank Transaction Reports folder  Print  View the report  Use to Go to Next Page arrow to view the bank reconciliation for each bank account  Close the report  Close to exit the window. 13. Print the General Ledger batch listing Batch list icon in the G/L Transaction folder  Double click on bank batches  Print 14. Tax authority Tax authority icon in the Tax Services folder  Tax authority: HST13  Harmonized Sales Tax 13%  Account tab  Tax liability account: 1340  Box in Recoverable Tax Account  Recoverable Tax Account: 1360  Add  The same for HST5 -> add-> close 15. Tax classes for both sales and purchases: Tax classes icon  Tax authority: HST13  Transaction type: Sales  Class Type: Customers  Taxable -> Non-taxable -> Zero-Rated -> Exempt -> save  The same for Sales – Items, Purchases – Vendors, Purchases – Items 16. Tax Rates

Tax Rates icon  Tax authority: HST13  Transaction type: Sales  13 for Taxable  Save  Purchase  13 for taxable  Save  Tax authority HST5, 5% for all sales and purchases 17. Tax Groups Tax groups icon  Tax group: ONT13  Transaction type: Sales  Description: Ontario Sales Tax  Calculate tax by summary  HST13  Add  Next: Purchase did the same as sales  Add  Create ONT5 as the same for sales and purchase. 18. Print Tax Reports

Lesson 10: Account Payable Setup 1. Session date: 31/01/2021 2. Activate the Account Payable module 3. A/P Options...