SA-WN-TTL.doc, printed on 1/3/02, at 11:45 AM. Last saved on 1/3/02 10:54 AM.
SA-WN-TTL.doc, printed on 1/3/02, at 11:45 AM. Last saved on 1/3/02 10:54 AM. © Copyright 2002 ACCPAC International, Inc. All rights reserved. ACCPAC International, Inc. Publisher No part of this documentation may be copied, photocopied, reproduced, translated, microfilmed, or otherwise duplicated on any medium without written consent of ACCPAC International, Inc.
Object EULA (11-19-01)--no pt#.doc, printed on 04/12/01, at 1:59 PM. Last saved on 04/12/01 1:58 PM.
Object EULA (11-19-01)--no pt#.doc, printed on 04/12/01, at 1:59 PM. Last saved on 04/12/01 1:58 PM.
Object EULA (11-19-01)--no pt#.doc, printed on 04/12/01, at 1:59 PM. Last saved on 04/12/01 1:58 PM. 62)7:$5( :,7+287 /,0,7,1* 7+( )25(*2,1* 3529,6,216 $&&3$& 0$.
Object EULA (11-19-01)--no pt#.doc, printed on 04/12/01, at 1:59 PM. Last saved on 04/12/01 1:58 PM.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Workbook Before You Start .............................................................. 2 Creating a Company .......................................................... 2 Exercise 1: Creating a Company ............................................ 2 Looking Up Company Information ............................................ 5 Exercise 2: Checking Your Company Information ............................ 6 Setting Up Reports and Forms ..
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Inventory Information ......................................60 Exercise 16: Entering Historical Inventory Details ...........................61 Finish Entering History ......................................................63 Exercise 17: Finish Entering History .......................................64 Entering Purchases ..........................................................
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Where To Now? ............................................................ 131 Practice Session ............................................................ 131 Workbook ACCPAC International, Inc.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. ACCPAC International, Inc.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Workbook The Workbook guides you through the entire process of setting up a company’s books and entering common transactions. Step-by-step lessons accompany each accounting procedure introduced, to give you practice setting up and using the Simply Accounting program. When you finish the Workbook, you will have a complete set of records for a fictional company called Data Processing Services.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Before You Start Status bar text Most of the screens in Simply Accounting include a “status bar,” a line of text at the bottom of the screen. The line displays information about a field or menu item when you drag the mouse pointer over it. Online Help You can display additional information or instructions for most tasks in Simply Accounting. Either press the F1 key, or use the Help menu to select a topic.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Creating a Company Choose a company template 5. A preset folder and file name appear in the Enter The Name Of The New File field. File name Dates From the list of templates, select (highlight) Service Company, then click Next. 6. Change the folder and file name to C:\Program Files\Winsim\Samdata\Data Processing Services.SDB, then click Next. 7.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Creating a Company Terminology 15. Leave Use Non-accounting Terms selected, and click Next. Business number 16. In the Business Number field, type 12345-1234-R1, and click Next. Payroll definitions 17. Leave all the Income field names unchanged, and click Next. 18. In the Deduction 2 field, change the existing description (Union Dues) to Group Ins. (for Group Insurance). Then click Next. Project title 19.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Looking Up Company Information Leave all the information as shown on the Payroll tab. Deductions 29. Click the Payroll Deductions tab. Ensure that the following boxes are checked: Deduct Pension After Tax: Deduct Group Ins. After Tax: Deduct Medical After Tax: Deduct Misc 1 After Tax: For Misc 2 and Deductions 6 to 10: No No Yes Yes No to all 30.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Setting Up Reports and Forms Exercise 2: Checking Your Company Information 1. In the Home window, from the Setup menu, choose System Settings, and then Company Information. 2. Check that you correctly entered the company information during Exercise 1. The Company Information dialog box should look like this: 3. If you need to modify any of the information, type the correct information, and click OK to accept the changes.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Setting Up Reports and Forms Click a report tab, and then use the following fields to set up your printer(s) for the reports and forms you plan to print: Printer. Click the arrow to the right of the field, and select a printer for the type of report you selected. Or, with the Printer field highlighted, press Alt+Down Arrow, use the arrow keys to highlight the printer you want, and then press Alt+Down Arrow again. Form Type.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Setting Up Reports and Forms Font. Select a font from the list of available fonts. Size. Select a type size from the list of available type sizes. Top Margin. If a report is printing too high or too low on the page, enter an amount (in inches) by which you want the printed text to be lowered or raised. Positive amounts lower the text, negative amounts raise it. Left Margin.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Setting Up Reports and Forms Label Height. A minimum label height of one inch is accepted. Label Width. A minimum label width of one inch is accepted. Number Of Labels Across The Page. A maximum of nine labels can be printed across the page. Exercise 3: Entering Printer Options for Reports and Forms 1. From the Setup menu, choose Reports And Forms. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings 3. Click OK to accept these settings. Settings Simply Accounting options are divided into two categories — user and system options. If you set up Simply Accounting so that you need a user name and password to open a company, each user can customize their user settings. System settings changes affect all users.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings List button Show List Buttons. If you select this option, the program displays list buttons at certain fields in Simply Accounting windows. When you click a list button, a list of options for that field will appear. Pro version Automatically Refresh Lists.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings Use Cash-Basis Accounting. Select this option if you wish to use cash-basis accounting. Leave it turned off if you wish to use accrual-basis accounting. Store Invoice Lookup Details. Select this option to have the program store all invoice details so you can look them up later. This feature uses extra space on your hard disk, but provides useful information.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings dialog boxes to check that you entered the correct information during Exercise 1. Enter user settings 1. In the Home window, from the Setup menu, choose User Preferences and then Settings. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings Calculate Discounts Before Tax For One-Time Vendors: Enter Customers and Sales settings 7.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Settings Allocate Payroll Transactions By: Allocate Other Transactions By: Budget Project: Warn If Allocation Is Not Complete: Enter Forms settings Amount Amount No No 10. Click the Forms tab, then enter or accept the following settings (note that you have already entered 100 in the Next Form Number fields during Exercise 1). Note also that the Time Slips options appear only if you are using the Simply Accounting Pro version.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adapting the Chart of Accounts Repeat this message for the remaining e-mail forms, except for purchase quote and purchase invoice confirmations. Tip: Instead of retyping the message each time, you can select (highlight) and copy (Ctrl+C) the first message, then paste it (Ctrl+V) in the Message boxes of the other forms. 13. Click OK to accept the settings.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adapting the Chart of Accounts On the Account tab Account Type. Select one of five account types. For an explanation of account types, see “Account Types,” in Chapter 2 in the User Guide. GIFI Code. Enter a GIFI code for the account if you file your corporate financial statements electronically. (Contact the Canada Customs and Revenue Agency or your accountant for information on GIFI codes.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adapting the Chart of Accounts On the Budget tab Budget This Account. This box appears only if you have checked the Budget Revenue And Expense Accounts box on the General tab of the Settings dialog box, and only for a Revenue or Expense account. Check this box to set up a budget for a revenue or expense account.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adapting the Chart of Accounts 9. Close the Account record by clicking the “x” in the topright corner of the record window, or press Alt+F4. 10. To close the Accounts window, double-click the small icon in the upper-left corner of the window, or press Alt+Spacebar, then choose Close. The changes you have just made to the accounts are saved automatically. Exercise 6: Adding Accounts Create 1.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Linked Accounts 4. Click the Create Another button. 5. Add another account, entering this data: Account: Account Description: Account Type: 4410 Shipping and Handling Revenue Group Account 6. From the File menu or the toolbar, choose Save. 7. Close the account record. Display By Type 8.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Linked Accounts ■ Inventory Items. Exercise 7: Deleting Linked Accounts You may want to delete the linked accounts you never use. Deleting linked accounts requires two steps: removing the link, and removing the account. In this two-part exercise, you will delete a linked account. Part 1: Unlinking an Account 1. From the Setup menu, choose System Settings, then Linked Accounts, and then Inventory Items. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Linked Accounts 5. Close the Accounts window. The changes you have just made are saved automatically; the account has been removed. Exercise 8: Linking New Accounts Linking a new account requires two steps: creating the account in the Accounts window, and linking it. In this two-part exercise, you will add a linked account. Part 1: Create a New Account Create 1. Open the Accounts window. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Linked Accounts 7. Choose Save from the File menu, and close the account record. 8. Close the Accounts icon window. Part 2: Link the Account 1. In the Home window, from the Setup menu, choose System Settings, then Linked Accounts, and then Customers And Sales. 2. Link the new account by clicking on the arrow to the right of the Principal Bank Account field, then clicking on 1067 Central Bank: Richmond.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors Adding Vendors The Vendors window contains records of all the vendors (suppliers) with whom your company does business. Each record contains tabs on which you enter information about a vendor. Addresses The Address tab in a vendor’s record looks like this: You enter information in these fields: Vendor. Enter the vendor’s name. The program does not allow you to enter identical vendor names. Contact.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors Tax ID. Enter the vendor’s business number or social insurance number. E-Mail and Web Site. Enter the vendor’s e-mail address and Internet URL (Web site address). Inactive Vendor. Check this box if you no longer interact with this vendor but want to keep the record for reference. On the Options tab, you enter information in these fields: Options Early Payment Terms.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors box if you want Simply Accounting to send confirmation of receipt of this vendor’s invoices and quotes automatically. Include This Vendor When Printing T5018 Slips. Select this option if you wish to include the vendor when printing T5018 (Statement of Contract Payments) slips. [ ] Purchase Orders For This Vendor.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors Year-to-Date Purchases, Last Year’s Purchases. Enter this information, if available. Payments for 2005, Payments for 2004. Note that the fields for Payments For 2005 and Payments For 2004 refer to the current year and the previous year, respectively. Enter these amounts manually if you need to include payments to this vendor that were not made using Simply Accounting.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors This Vendor Has Simply Accounting And Can Import Orders. Check this box if you wish to be able to import invoices and quotes from and export purchase orders to this vendor. This Vendor Uses My Item Numbers On Invoices And Quotes. If the vendor uses the same numbers as you do for inventory items and services, check this box. You do not have to match the vendor’s item and service numbers with yours.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors Phone 1: Fax: Tax ID: E-mail: Web Site: (604) 555-2552 (604) 555-2553 011-234-567 crow@smile.com http://whiz.datacorp.net The Address tab should look like this: You can click this button to visit the vendor’s Web site, if you include a URL in the Web Site field. You can click this button to send an e-mail message to the vendor, if you include an e-mail address in the E-Mail field. 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Vendors 5. Click the Taxes tab, and in the Tax Code field, select GP (which specifies a GST of 7% and PST of 7%). 6. Click the Statistics tab, and enter the following information: Year-to-Date Purchases: Last Year’s Purchases: Payments for 2005: Payments for 2004: On the Address tab On the Options tab 125.25 563.45 0.00 0.00 7. Click Create Another to add the vendor to your records. 8.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers Invoices And Quotes: No Include This Vendor When Printing T5018 Slips: No [ ] Purchase Orders For This Vendor: Print Expense Account: blank Print blank On the Taxes tab Tax Code: GP GP On the Statistics tab YTD Purchases: Last Year’s Purchases: Payments for 2005: Payments for 2004: 126.32 125.74 335.75 0.00 0.00 180.60 0.00 0.00 9. No No Close the Vendor Records window. 10.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers You enter information in these fields: Customer. Enter the customer’s name. The program does not allow you to enter identical customer names. Status. Select whether you want to offer this customer preferred or regular pricing. Contact. Enter a contact name, usually the person you deal with most often when you write, e-mail, or phone the customer. Street 1 and Street 2. Enter the customer’s street address.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers Internal Customer. This box appears only in Simply Accounting Pro. Check this box if the customer is to be included in Time and Billing to track activities performed for a department within the company, but not included in the customer list used for sales invoices, orders or quotes.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers Tax. This column lists all the taxes that you have set up for this company; it does not represent the taxes assigned to the tax code described later. You cannot edit this field. Tax Exempt. This column specifies whether sales to this customer are exempt from the selected tax.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers If you and your customer both have Simply Accounting version 7.0 or higher and MAPI-compatible e-mail programs, such as Microsoft Outlook Express or QUALCOMM Eudora, you can e-mail sales invoices and quotes that they can import into their Simply Accounting program. You can also import sales orders that your customers e-mail to you as purchase orders.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers On the Additional Information tab Fields 1 to 5. Enter additional information about this customer if you wish. You can rename each of the five fields by choosing Set Field Names from the Edit menu. Historical transactions You can enter historical invoices and payments on this tab after you create the customer record. You will add history in a later exercise.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Customers Customer: [ ] Forms For This Customer: Clear Transactions When Paid: 6. On the Taxes tab, enter the following so that the customer will be charged GST and PST: GST Tax Exempt: PST Tax Exempt: 7. Yes Print No No No On the Statistics tab, enter the following information: Year-To-Date Sales: Last Year’s Sales: Credit Limit: 122.15 574.75 6,000.00 Note: For the credit limit, you can type 6000.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees On the Taxes tab GST Tax Exempt: PST Tax Exempt: No No On the Statistics tab Year-To-Date Sales: 124.15 Last Year’s Sales: 4,000.00 Credit Limit: 2,000.00 No No 0.00 2,000.00 1,000.00 10. Close the customer’s record, but leave the Customers icon window open. It should look like this: Click this button to view the Home window.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees On this tab, enter the employee’s personal information, such as: Hire Date. Enter the date the employee was hired. Terminate. If the employee no longer works for your company, enter the employee’s termination date. ROE Code. Enter the code that describes the employee’s reason for leaving the company. This code prints on the employee’s ROE (Record of Employment) form. Inactive Employee.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees Provincial Claim. Enter the amount of the employee’s provincial tax credit. This is a dollar amount, not a claim code. Provincial Claim Subject to Indexing. Enter the employee’s provincial tax credit amount that is eligible for indexation. WCB Rate. Enter the Workers’ Compensation Board assessment percentage that relates to this employee. The WCB Rate field accepts four decimal places.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees amount in this field, you would normally leave the Regular Per Hour and Overtime Per Hour fields blank. Benefits Per Period. If you pay benefits to or make contributions on behalf of the employee in addition to the regular salary, enter the amount in this field. Quebec Benefits Per Period.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees Deductions tab Note that the program can deduct amounts either before or after it calculates taxes. To specify when to make the deductions, choose System Settings and then Settings from the Setup menu, then click the Payroll Deductions tab and check or clear (uncheck) the boxes for each deduction. Pension, Group Insurance (Group Ins.), Medical, Misc 1, Misc 2, and Deductions 6 through 10.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Employees WCB Rate: Deduct EI: Additional Fed. Tax: c) 4.25% Yes Rate 1.4 0.00 Click the Income tab and enter: Regular Per Hour: Regular Hours Per Period: Overtime Per Hour 1: Salary Per Period: Pay Periods Per Year: Retain Vacation: Record Wage Expenses In: 12.00 80 18.00 0 26 Yes Rate 4% Payroll linked accounts d) Click the Deductions tab and enter: Pension: Group Ins.: Medical: 3.0% 0.75% 1.0% 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records Provincial Claim Subject to Indexing: WCB Rate: Deduct EI: Additional Fed. Tax: c) 8,000.00 3% Yes Rate 1.4 0.00 Click the Income tab and enter: Salary Per Period: Salary Hours Per Period: Pay Periods Per Year: Retain Vacation: Record Wage Expenses In: 1,050.00 37.5 26 Yes Rate 4% Payroll linked accounts d) Click the Deductions tab and enter: Pension: Group Ins.: Medical: 3.0% 0.75% 1.0% 6.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records The fields and tabs that will appear depend on whether you specified the item type as Inventory or Service. You enter information in the following fields: Number. Enter the inventory or service item number. Description. Enter a description of the item. Type. Choose whether the item is an inventory or service item. Activity (Time and Billing).
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records Quantities tab The Quantities tab appears only if you choose Inventory in the Type field. Show Quantities In. Select the unit of measure in which the quantities are shown, for example, dozen, kilogram, or tonne. You set the units of measure on the Units tab. Minimum Level. Enter the minimum quantity you wish to have in stock.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records Pricing tab Regular Selling Price. Enter the price at which you sell this item to regular customers. Preferred Selling Price. Enter the price at which you sell this item to your preferred customers. Linked tab You can add the following accounts “on the fly” if they do not already exist. Asset. This field appears if you chose Inventory in the Type field.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records Minutes from the drop-down list, or type your own value, such as Service Call. Unit is Related to Time. If you enter hours or minutes in the Unit of Measure field, then Simply Accounting automatically selects the Unit Is Related To Time box.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records Build tab (Pro version only) ■ Billable Time — The amount charged for the service activity will be based on the time spent on the activity. ■ Flat Fee — If you choose this option, then you must further specify how the flat fee is defined, relative to the price. For example, the flat fee of a service call may actually be based on 1.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records ■ If the item is tax-exempt (that is, the tax is not to be charged on the item), set to Yes. ■ If the item is not tax-exempt (that is, the tax is to be charged on the item), set to No. Additional Information tab Fields 1 to 5. On the Additional Information tab, enter additional information about this item if you wish.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Inventory Records c) Click the Pricing tab and enter: Regular Selling Price: Preferred Selling Price: 100 97.50 d) Click the Linked tab and enter: Asset: Revenue: C.O.G.S.: Variance: 1520 4020 5020 5020 Note: You will fill in the remaining fields in “Exercise 16: Entering Historical Inventory Details.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Projects Item Number: Item Description: Type: Minimum Level: Stocking Unit of Measure: Regular Selling Price: Preferred Selling Price: Asset: Revenue: C.O.G.S.: Variance: GST Tax Exempt: PST Tax Exempt: A15 User’s Guide Inventory 5 A18 Web Server Inventory 5 Each Each 30 3200 25 1530 4030 5030 5030 No No 3150 1540 4040 5040 5040 No No 6. Close the Inventory And Services Records window. 7.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Projects The Project records window looks like this: The window contains the following fields: Project tab Project. Enter the project name. Start Date. Enter the date your company started work on the project. The date displayed automatically is the session date. Revenue. Enter the revenue generated by the project prior to the start date. If you are starting a new project, leave the balance forward amount at 0.00. Expense.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Projects Budget This Project. Check this box to be able to enter budget amounts for revenues and expenses for this project for periods you specify in Settings. Exercise 13: Entering Project Records Project 1. In the Home window, choose the Project icon. 2. From the File menu or the toolbar, choose Create. 3. Enter the following information: Name: Start Date: Revenue: Expense: Police Academy 10-21-2002 78,514.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Historical Financial Data Expense: Name: Start Date: 99,637.00 Mayfield, Green and Assoc. 01-01-2005 6. Close the Project Records window. 7. To review the projects you entered, in the Project icon window, from the Reports menu, choose Display Project List. Entering Historical Financial Data Now that you have created the accounts and records that you need, you can enter historical accounting data.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Sales Data 1100 1200 1300 1520 1530 1540 1820 1825 1840 1845 2120 2185 2230 3010 3560 5430 5440 3. Investments Accounts Receivable Prepaid Expense And Deposits Computer Supplies Manuals Computer Hardware Office Furniture and Equipment Accum. Amort. –Furn. & Equip. Vehicle Accum. Amort.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Sales Data Simply Accounting calculates the customer’s balance, based on information you enter about the customer’s invoices and payments, as of the earliest transaction date. This information is called a customer’s “history” or “historical data.” To add historical sales data, choose the Customers icon to display a customer record. Click the Historical Transactions tab, and then click the Invoices button.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Sales Data Number: Date: Terms: Amount: A458 01-11-2004 Accept the terms (0 %, 0 days, Net 30) 4,000.00 The Historical Invoices dialog box should look like this: 5. Click Record to accept the information. 6. Click Close to tell the program you have finished entering this customer’s historical invoices. 7. In the Select field, select Action Line. 8.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Inventory Information d) Check the Include Terms and Include Historical Difference boxes. e) Click OK. If you made a mistake If you entered a historical invoice incorrectly, you must clear the invoice. To do this, open the customer’s record, and on the Options tab, check the Clear Transactions When Paid box. Then, on the Historical Transactions tab, click the Payments button.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Inventory Information You enter historical information in the following fields: On the Statistics tab Show Units Sold In. Select the unit of measure in which the data on this tab is measured. You set the units of measure on the Units tab. Year To Date. Enter the number of transactions, units sold, amount sold, and cost of goods sold for the current fiscal year. Last Year.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adding Historical Inventory Information 2. Open the record for A13 Toner Cartridge. 3. On the Statistics tab, enter the following: Show Units Sold In: In the Last Year section: Number Of Transactions: Units Sold: Amount Sold: Cost Of Goods Sold (C.O.G.S.): Date Of Last Sale: Each 22 35 3500.00 2625.00 08-04-2004 The Statistics tab of the Inventory and Services record should look like this: 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Finish Entering History History Tab Units Sold: Amount Sold: Cost Of Goods Sold: Date of Last Sale: 49 1,470.00 1,078.00 12-14-2004 9 28,800.00 22,500.00 12-19-2004 Opening Quantity: Opening Value: 60 1,500.00 6 15,450.00 6. Close the Inventory And Services Records window. 7. To review the inventory details: a) In the Inventory And Services icon window, from the Reports menu, choose Inventory.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases to select Include Historical Difference. The report then includes a line indicating whether the balance for the module matches the balance in the linked account. Back up your data Backup It is important to back up your data before choosing the Finish Entering History command. Once you finish entering history, you cannot enter additional historical information.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases The Purchases, Orders, and Quotes window looks like this: You enter information in the following fields: Transaction. The appearance and function of the Purchases, Orders, and Quotes window varies, depending on the type of transaction you select: Invoice. For recording details of an invoice from your suppliers (vendors) for a purchase you made. Purchase Order.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases in the Payments window, if you clear (uncheck) the Clear Transactions When Paid box in the vendor’s record before you enter the purchase. Paid By. Select a payment method from the list. Purchased From. Select a vendor from the list; the program automatically enters the vendor’s address. If the vendor is not listed, you can enter a one-time vendor. Type the vendor’s name, press the Tab key, and click Continue.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases and the session date, inclusive. If you selected the option Allow Transactions In The Future, on the System tab in System Settings, you can enter any date between the earliest transaction date and the last day of the fiscal year, inclusive. Item. Enter the item number, or press Enter and select one from the list.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases Amount. If you have entered a quantity and a price, the program calculates the amount automatically. If you wish, enter a different amount; the program recalculates the price. Account (Acct). The program fills in the asset account for this item, as listed in the Inventory or Service record. If no account number appears, enter the number of the account to debit or credit for the item. Allocate Allocate (Allo).
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases If you later try to pay for the shipment you are recording now, the program will warn you to look for the invoice, so you can enter any shipping costs or changes in price or payment terms. Freight. Enter the cost of freight that cannot be directly allocated to a specific item. If the freight can be allocated to a specific item, include it in the Amount field for the item. Tax totals (such as GST, PST).
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases The current session date is January 1, 2005. Because the option Allow Transactions In The Future is not selected, you cannot process transactions with a date later than the session date. To record transactions dated after January 1, 2005, you must advance the session date to the date you need. To change the session date: Change Session Date 1. Close all records and transaction windows. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Purchases Received: Price: Tax code: Amount: Freight: Invoice Received: 10 Accept the price displayed GP Enter 205 (the program automatically adjusts the Price field to 20.50 when you leave the Amount field) Enter 5 in the freight field (the final field) Yes The Purchases, Orders, and Quotes window should look like this: 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Payments Freight: Leave blank 7. Close the Purchases, Orders, and Quotes window. 8. In the Home window, from the Reports menu, select Transaction Details and then Purchases, to review the transactions. Accept the dates of 01-03-2005 by clicking OK. Entering Payments To record payment of a purchase or a prepayment to a vendor, you use the Payments window.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Payments By. You can select to pay by cash, cheque, or a credit card that you have set up. From. If you are paying by cash or cheque, you can select the bank account from which you will withdraw the funds. To The Order Of. Select the individual or company that you are paying. No./Source. If you are paying by cheque, you can enter the cheque number in this field.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Payments Include Fully Paid Invoices/ Prepayments If you select Pay Credit Card Bill Click the Include Fully Paid Invoices/Prepayments button if you need to list fully paid invoices, so you can reverse all or part of a fully paid invoice (to correct an error or to account for an NSF cheque). If you select Pay Credit Card Bill, the following field appears: Payment Amount.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Payments 8. In the Comment field, type Discount taken for late delivery. The Payments window should look like this: 9. Click Process. Simply Accounting warns that you have not printed a cheque for this payment. Click Yes. (To print a cheque, you would choose Print from the File menu. Note that you set the program to display this warning in Exercise 4.) Exercise 20: Making a Miscellaneous Payment 1.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales 5. In the Account field, type 5740 and press Tab. 6. In the Description field, type Money for charity event, in the Amount field, type 200, and in the Tax field, select – No Tax. After you move to another field, the Payments window should look like this: 7. Choose Print from the File menu to print the cheque. 8. Click Process.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales If you plan to use Simply Accounting to print invoices, you fill in the information described below, and the program prints it on the invoice. If you plan to produce invoices by some other method (such as filling in by hand), you can skip some of the fields, as noted. Enter information in these fields: Transaction.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales statements, clear (uncheck) the Clear Transactions When Paid option in the customer’s record before you enter the sale. Paid By. You can select Pay Later for customers for whom you have entered a customer record, or you can select Cash, Cheque, or a credit card you have set up. You must select Cash, Cheque, or a credit card for one-time customers.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales Back Order (B/O). If you are entering a sales order, the program automatically fills in this field with the same number you entered in the Order field. When you fill in the sales order later, the program automatically adjusts the Back Order amount. Unit. The program enters the item’s selling unit (such as each, dozen, or kilogram) listed in the inventory or service record. Description.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales Enter the dollar amount to be allocated to the project. You can allocate all or part of the remaining revenue from the item among additional projects by selecting each project, then entering the amount. The program displays the total amount to be allocated and the remaining amount at the top of the dialog box.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales in which you can enter a discount, if you wish. You can enter a discount either as a percentage of the total amount owed, or as a lump sum. In either case, the program deducts the discount from the total, and shows the new total in the Amount Received box. Shipped By. Enter the name of the shipping company you will use to send the package. Tracking Number.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Sales The program has entered the payment terms listed in Software Corp.’s customer record, in the Customers window. 6. To check the accuracy of your work before processing, choose Display Sales Transaction Detail from the Report menu. Close the display. 7. To print the invoice, choose Print from the File menu or the toolbar. 8. Click the Process button.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Looking Up Invoices Looking Up Invoices You can store and look up the details of invoices, orders, and quotes for both sales and purchases. Store invoices To have the program store invoices to look up later, you must check the Store Invoice Lookup Details box. (In the Home window, on the Setup menu, choose System Settings, then Settings, then the System tab.) To look up invoices, you use the Invoice Lookup feature.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Credit Memo (Customer Refunds) Look up an invoice 2. Click the Look Up An Invoice button on the toolbar, or press Ctrl+L to display the Invoice Lookup dialog box. 3. In the Customer Name field, select Software Corp. 4. Click the Browse button to display Software Corp.’s invoices: 5.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Credit Memo (Customer Refunds) Exercise 23: Entering a Credit Memo 1. Open the Sales, Orders, and Quotes window. 2. Select Invoice in the Transaction field, and then Pay Later in the Paid By field. 3. In the Sold To field, select Software Corp. 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Sales Receipt 6. If you want to print the credit memo, in the Sales, Orders, and Quotes window, choose Print from the File menu or the toolbar. 7. Click Process. 8. Close the transaction window. 9. To review the reduction in the customer account: a) In the Home window, from the Reports menu, choose Customers and Sales, then Customer Aged. b) Select Software Corp., and then the Detail option.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Sales Receipt You enter information in these fields: Deposit To. You can select any bank or cash account to which you wish to deposit this payment. From. From the list of customers, select the customer whose payment you wish to record. A list of unpaid invoices appears at the bottom of the screen. Number (No.). Enter the receipt number. Date.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Sales Receipt Discount Available (Disc. Available). Using the date you entered in the Date field and the payment terms from the invoice (not shown on this screen), the program calculates whether the customer qualifies for an early-payment discount, and fills in this field. Discount Taken (Disc. Taken). The discount amount applied to the invoice. Payment Amount (Payment Amt.).
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Sales Receipt 4. To check the transaction before processing it, from the Report menu, choose Display Receipt Transaction Detail. Then close the report window. 5. From the File menu or the toolbar, choose Print. 6. Click Process. A message appears, telling you that the receipt number you entered is greater than the next number in the sequence.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering a Customer Deposit b) Choose the Detail option, and click Select All. c) Select the Include Terms options, and then click OK. d) Close this report window. 10. To review the transactions, in the Home window, from the Reports menu, select Transaction Details and then Receipts. Select 01-01-2005 as the start date, and accept 01-05-2005 as the finish date, then click OK.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Miscellaneous Transactions 4. To check the accuracy of the transaction, choose Display Receipt Transaction Detail from the Report menu. Then close the report. 5. Print the deposit receipt by choosing Print from the File menu or the toolbar. 6. Click Process. 7. Close the Receipts window. 8.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Miscellaneous Transactions In the Miscellaneous Transactions window, you can process transactions affecting all accounts except the linked Accounts Payable, Accounts Receivable, Payroll Advances, and Vacation Payable accounts, inventory asset accounts, and Current Earnings accounts. You cannot update these linked accounts directly.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Miscellaneous Transactions Credits. Enter the amount you want to credit the account. Allocate Allocate. You can allocate amounts to projects or departments, if the account is set up to allow project allocations. Click the Allocate button in the toolbar to display the Project Allocation dialog box. You enter information in the following fields. Project.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Miscellaneous Transactions 4. Select account 1060 Chequing Bank Account by double-clicking it, or by using the arrow keys to reach it, then pressing Enter. 5. Move to the Credits field, then type 100. 6. Move to the Account field, and press Enter. 7. Select account 1050 Petty Cash. 8. In the Debits field, press Tab to accept the amount of 100.00. The Miscellaneous Transactions window should look like this: 9.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Paying Employees Account: Credits: 1055 Savings Bank Account 1200 12. Close the Miscellaneous Transactions window. Paying Employees Simply Accounting uses the information you entered in each employee’s record to calculate payroll cheques. Be certain that all payroll records are correct before issuing a paycheque for an employee.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Paying Employees Period Ending. Enter the ending date of the pay period to be covered by the cheque. The date displayed is the session date. Income tab Regular (Reg.). If the employee is paid by the hour, enter the number of regular hours worked by the employee during the pay period.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Paying Employees Amount. Since you chose to allocate payroll expenses by amount (in Exercise 4), the Amount field is available. (You could also have chosen to allocate by percentage or hours.) Enter the dollar amount to be charged to the project. You can allocate all or part of the remaining expense among additional projects by selecting each project, then entering the amount.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Paying Employees 1. In the Home window, choose Miscellaneous Transactions. 2. Enter the following information: Source: Date: Comment: Account: Debits: Account: Credits: 3. Transfer 01-10-2005 To increase Payroll Bank account 1065 Payroll Bank 2350 1067 Central Bank: Richmond 2350 Click Process and then close the Miscellaneous Transactions window. Part 2: Payroll Transactions Paycheques 1.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Paying Employees Depending on the tax table you use, the amounts for EI, CPP, and Tax may differ from the amounts shown on the Taxes tab: 4. To review the transaction before processing it, choose Display Payroll Transaction Detail from the Report menu. Close the window. 5. To print the paycheque, choose Print from the File menu. 6. Click Process.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adjusting Paycheques The program may also display the message: “The cheque number you entered is greater than the next number in your cheque numbering sequence. Do you want the next cheque to continue with this new numbering?” Click Yes, and the program will then use 126 as the next cheque number. 7. Enter the following information for another employee: To The Order Of: No.: Date: Period Ending: Reg.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adjusting Paycheques because income tax deductions are complex, you should avoid adjusting paycheques, unless: ■ You are adjusting the most recent cheque you paid to the employee, and ■ The employee has not reached the maximum deduction levels for EI, WCB, or CPP. Exercise 28: Adjusting a Paycheque In this exercise, you will adjust Pauline Smart’s salary from $1050 to $900 because she took some time off without pay.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Adjusting Paycheques After you enter the new salary amount, remember to recalculate the taxes. Depending on the tax table you use, the deduction amounts may differ from those shown in this example: Print 5. To review the transaction before processing it, choose Display Payroll Transaction Detail from the Report menu. Then, close the window. 6. Print the new paycheque.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Adjustments gross pay should be $950.00 ($900 in salary and $50 in commissions). Entering Inventory Adjustments During the fiscal year, inventory items may become damaged, broken, or obsolete. Also, inventory loss or shrinkage may occur. You use the Adjustments window to record any changes to the inventory quantity. The Adjustments window looks like this: You enter information in these fields: Source.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Entering Inventory Adjustments Quantity (Qty). If the stock is to be increased, enter a positive quantity. If stock is to be reduced, enter a negative quantity. Amount. The unit cost multiplied by the quantity. You can accept the amount calculated by the program, or enter a different amount. Account. Enter the expense account that will record the inventory adjustment, or accept the Adjustment account you have linked to the item.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Using Recurring Transactions Source: Comment: Item: Quantity: 12 Damaged goods A13 -2 The Adjustments window should look like this: 3. To review the transaction before processing, choose Display Adjustment Transaction Detail from the Report menu. Close the report when you are finished. 4. Click Process. 5. Close the Adjustments window. 6.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Using Recurring Transactions ■ ■ ■ ■ ■ ■ ■ Store As Recurring Transaction Purchases, Orders, and Quotes. Payments. Sales, Orders, and Quotes. Paycheques. Item Assembly (and Bill of Materials if Pro version). Adjustments. Time Slips (Pro version only). The two recurring-transaction buttons — Store and Recall — appear in the toolbar at the top of the window.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Using Recurring Transactions Exercise 30: Storing a Recurring Transaction 1. Open the Payments window and enter the following information: Transaction Type: By: From: No.: Date: Acct: Description: Amount: Comment: Make Other Payment Cheque 1060 Chequing Bank Account 102 01-15-2005 2120 Bank Loan – Current Portion Bank loan payment 500 Loan payment to Central Bank. 2.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Using Recurring Transactions Store As Recurring Transaction 4. Click the Store button or press Ctrl+T to store the recurring transaction. 5. Click OK or press Enter to accept the recurring transaction name and the frequency (monthly). 6. Close the Payments window. The program asks you if you want to discard the displayed transaction. Click Yes to discard it. You will process it in Exercise 31.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Bank Reconciliation 7. Click the Process button to update the accounts. 8. Select Make Other Payment, and click the Recall button again to look at the list of recurring entries: Note that the next due date for this transaction has changed to February 15, one month after the transaction you just processed. 9. Click Cancel to return to the Payments window. Then close the Payments window.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Bank Reconciliation Account. Select the bank account that you want to reconcile. End Date. Enter the period-end date from the bank statement. Comment. Enter a brief description of the reconciliation, such as the exact date. End Balance. Enter the ending balance shown on the bank statement. Display. Select the type of entries to display: Transactions. To display the uncleared transactions in the account. Income.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Bank Reconciliation 4. Click OK. 5. Click the Set Up button, and then click Yes to automatically select transactions that you have not reconciled on previous statements. 6. Accept the dates displayed, and click OK. 7. Click Select All, and then click OK. Because you opened this account on January 1, the balance from your last statement is $0. Notice that the unresolved amount at the bottom of the window is $0.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Bank Reconciliation 8. Click the Set Ready button. Click OK to confirm that this account is ready for reconciliation. 9. Close the record window and the Accounts window. Part 2: Reconciling your Account 1. Open the Account Reconciliation window. 2. In the Account field, select 1067 Central Bank: Richmond. All outstanding transactions that need to be reconciled appear. 3. In the Comment field, type January statement.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Bank Reconciliation 7. Notice that $3.75 still needs to be resolved. This is because you still need to account for the bank interest and charges. Under the Display section, select the Income option. 8. Select Interest, and enter the following information: Source: Comment: Amount: Statement January bank interest 0.25 Notice that Simply Accounting uses the linked accounts that you set up in the first part of this exercise. 9.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies Foreign Currencies If you do business outside of your country, you can use Simply Accounting to keep track of transactions in a foreign currency. Once you have set up the foreign currency, you can add foreign cash and bank accounts, set foreign prices, and add foreign vendors and customers. When purchasing or selling items, the vendor or customer that you select determines the currency used on an invoice.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies want to use, you can type it in the field and fill in the remaining fields manually. By default, the home currency is Canadian dollars. On most reports, any foreign balances will be converted into this currency. Currency Code. An abbreviation of the home currency. Track Exchange and Rounding Differences In.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies Exercise 33: Entering Transactions in a Foreign Currency This exercise is in three parts. In part 1, you will prepare Simply Accounting to accept foreign currency transactions. In part 2, you will set up a foreign currency. In part 3, you will create a foreign customer, and sell that customer an item.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies As Simply Accounting converts the transactions to the home currency, it rounds each line individually. However, as shown in the example above, this can result in small differences in the totals. Such differences are recorded in the Currency Exchange and Rounding account, as shown below. Account Foreign Currency Amount 1540 Hardware 534.99 855.83 35.00 55.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies 4. In the Foreign Currency field, select United States Dollars. Notice that Simply Accounting automatically fills in the remaining fields. Note: If you are using Simply Accounting Pro, you can double-click the field for a list of currencies. 5. If you are using Simply Accounting Pro, click the Exchange Rate tab and select United States Dollars. 6.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Foreign Currencies Fax: E-mail: (216) 555 5678 djones@ua.org On the Ship-To Address tab Same As Mailing Address: Yes On the Options tab Terms: Produce Statements: Clear Transactions: [ ] Forms For This Customer: Currency: Bring The Home Window To The Front 0%, 0 Days, Net 30 Yes No E-mail USD 5. Click the Save button, and then click the Bring The Home Window To The Front button. 6.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing 12. Make sure the rate you just entered is selected, and click OK. Note: If you want to keep one price for inventory and service items, you can set separate foreign prices. In the Home window, on the Setup menu, choose System Settings, then Settings, then click the Inventory and Services tab. Select the option to use the foreign price listed in the inventory or service record. 13. Click Process.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing Date. Enter the date of this time slip. Time (hh:mm:ss). Click Start to start the timer in the Time (hh:mm:ss) field, and click Stop to stop the timer. After you click Stop, you can continue or reset the timer. To apply the value in the Time field to an item (activity) that is selected (checked), click Apply Time. Customer. Enter the customer for whom the employee is performing the activity. Item.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing ■ If you change the amount of a flat fee item, the Billable Time field does not change. ■ If you change the amount of a flat fee item to zero, then the Status automatically changes to In Progress. Exercise 34: Keeping Track of Time and Billing You can do this exercise only if you are using Simply Accounting Pro.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing 4. Create inventory records On the Pricing tab On the Linked tab 124 Use the arrow buttons to scroll through the list of accounts. Select the following accounts and make these changes (after you change each account, if asked if you want to save your changes, click Yes): Change this: To this: 4320 Service B 4320 Consultation Revenue 4330 Service C 4330 Photocopy Revenue 5.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing Province: Postal Code: Country: Phone 1: Fax: Internal Customer: c) British Columbia V5K 1K1 Canada (604) 555 1234 (604) 555 6789 Yes Click the Create Another button. d) Close the Customer Records window. You are now ready to start tracking time spent on the four activities.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing 3. In the Time (hh:mm:ss) field, type 02:20:00 (the time that Howard spent on this activity). Note: If you wanted to use the Timer to actually time an activity instead of merely typing in the time, click Start, and the clock starts in the Time (hh:mm:ss) field. To stop the clock, click Stop. 4. Click Apply Time.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing Notice that values from item S002’s inventory record automatically appear in the Description, Billing Status, Billable Time and Billable Amount fields. 6. In the Actual Time field, type 01:00:00. Notice that although Howard spent more than the designated “30 minutes per session” for a consultation session, the Billable Amount field remains at 50.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing Actual Time 03:30:00 Note that you cannot change the Billing Status field for Professional Development, because you did not select the Sometimes Charge For This Activity option in its inventory record, and because you are charging an internal customer. The Time Slips window should look like this: 10. To complete this time slip, print the time slip, click Record, and close the Time Slips window.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Time and Billing Part 3: Entering a Sales Invoice You are now ready to create invoices to charge your customers for the services provided. Import Time and Billing 1. In the Home window, choose Sales, Orders, And Quotes. 2. In the Sold To field, select Action Line. 3. From the Sales menu, choose Time and Billing (or click the Import Time and Billing icon from the toolbar).
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Where To Now? 6. Click Process. You would create an invoice for Software Corp. by following the same procedure. Where To Now? Congratulations! You have completed the Simply Accounting Workbook. If you would like additional practice, complete the exercises in the next section, “Practice Session.” Practice Session The following exercises provide practice and reinforce a number of important concepts in Simply Accounting. 1.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Practice Session must create several new accounts. First create the accounts, then create the inventory record.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Practice Session Portfolio Investments Jack Visser 560 West 45th Avenue Vancouver British Columbia V2Q 1A8 (604) 555 5525 (604) 555 5526 Early Payment Terms: Clear Invoices When Paid: Produce Statements For This Customer: 4.
Swc90wb.doc, printed on 1/3/02, at 11:14 AM. Last saved on 1/3/02 10:54 AM. Practice Session 134 7. Display a Miscellaneous Transactions report for the period of January 1, 2005, to January 7, 2005. 8. The bookkeeper of Software Corp. calls to say he misplaced invoice 429. Display and reprint the invoice. Simply Accounting ACCPAC INTERNATIONAL, INC.
