can you please help me about how to set up this new company for the Skates Stores for Sage 50 Premium accounting 2018.
Please and Thank you
Setting Up a New Company 4A-343 Ready company to Challenge Exercise 04 C4-3, Skates Stores Conversion to Sage 50 Accounting, using COMPANY, RECEIVABLES and PAYABLES SIM-4 dont forged to post the journal entry after you set the Use the Wizard to create a new company from scratch The trial balance provided shows only postable accounts in alphabetical order. It is expected that you will use the techniques shown in Sarah's Kitchen Stores (Chapter 4A) to: a) Add Headings (H). Postable accounts (A and G) with Subtotal (S) accounts and Total (T) accounts You should have a minimum of 3 S-type accounts b) Use a Difference at Startup account c) Create Linked accounts for the COMPANY. PAYABLES and RECEIVABLES modules d) Select Class Options required e) Add Vendor and Customer invoice information Skates Stores is assumed to be a sole proprietorship business. It sells figure skates and hockey skates This review assignment does not use all accounts that may be used by a business, and uses only the COMPANY, PAYABLES (Vendors) and RECEIVABLES (Customers) modules Skates Stores does not use the budget feature, credit cards or shippers. When all data has been entered, turn the related modules to Ready a) The business using a calendar fiscal year has the following important dates: Opened for business Feb 15, 1996 -Year-end this year Dec 31, 2022 Year-end last year Dec 31, 2021 Manual books stopped May 31, 2022 This will be the conversion date when the manual accounting records will be transferred to Sage 50 Accounting b) The business is: Skates Stores, Your Name, 514 Canon Avenue, Your Town, Ontario, LON 180. Remember, your name must appear on all reports Business Type is Retail and Business Registration #R1176 d) Forms: use the next number on: Invoices (#983) Cheques (468) All other forms start at 1. except: Receipts (#blank) Customer Deposits ("blank). Discounts are calculated before tax for both customer and vendor invoices, with Customer early payment terms 2/10 net 30 1) The computer financial statements should be set up with the following sections: Current Assets Owner's Equity Capital Assets Revenue Current Liabilities Cost of Goods Sold Long Term Liabilities Store Expenses Learning Sage 50 Premium Accounting 2018.0 4A-344 The normal account balances from the May 31, 2022, Skates Stores Trial Balance in alphabetical order are: Other Balance Account Name Class Accounts Payable Accounts Receivable Bank Cheque #468 Accounts Payable Accounts Receivable Accumulated Depreciation Depreciation Expense All Capital Additional Investments Capital Your Last Name Cash in Bank Cost of Goods Sold Drawings Your Last Name HST on Sales HST Paid on Purchases Inventory on hand Notes Payable (Long Term) Purchase Discounts Rent Expense Sales Discounts Sales Returns Sales Revenue Store Equipment Store Supplies Telephone Expense $ 1356.00 1.243.00 4,100.00 0.00 0.00 9,240.00 424.00 13,185.00 1,000.00 252.00 136.00 6,100.00 21,400.00 125.00 3,200.00 300.00 350.00 14,165.00 23,700.00 200.00 800.00 9) Tax Classes, Codes and Rates: HST rate is 13%, HST registration #R1234, and HST is refundable. HS code is 13%. HI code is 8%. h) Customize the Journals as shown in Exercise 4A-9. Setting Up a New Company 4A-345 1) Set up Customers and Vendors: Accounts Receivable customers Elvis Skates Corp. Contact Elvis Schafer 2 Huron Street Woodstock, Ontario, N4S 1A5 Phone 519-546-8588 - Fax none Terms 2/10, net 30 Invoice #980, date May 24, 2022 Invoice amount $1.243.00 (including $143.00 HST) Revenue Account Sales Revenue Tax: HS Accounts Payable vendors: Skates Supply Lid. Contact Greg Johnson 43 McKay Avenue Windsor, Ontario, N98 144 Phone: 519-675-8940 Terms 2% 10, net 30 Fax: 416-675-8930 Invoice #6512, date May 10, 2022 Invoice amount $791.00 (including $91.00 HST) Expense Account Leave Blank Tax HS Credit Limit: $5,000.00 Manufacture Supply Inc., Contact Jessie Grant 645 Bancroft Drive Sudbury, Ontario, P38 8T4 Phone: 705-672-4860 - Fax: 705-672-4860 Terms 2% 10.net 30 Invoice # 1431, date May 28, 2022 Invoice amount $565.00 (including $65.00 HST) Expense Account: Leave Blank Tax: HS 2 > Turn the system to READY 3> Record and Post the next transaction. Jun 1 Issued cheque #468 to purchase new shelving (Store Equipment) $800.00. plus HST on Invoice #5609 from one-time vendor Jason Notela. After the transaction has been posted, print the following reports: a) Income Statement, year-to-date b) Balance Sheet c) Vendor Aged Detail, all vendors, with terms at Jun 1 d) Customer Detail, all customers, with terms at Jun 1 e) All Journal Entries for Jan 1 to Jun 1 1) Chart of Accounts Back up your file regularly. Setting Up a New Company 4A-343 Ready company to Challenge Exercise 04 C4-3, Skates Stores Conversion to Sage 50 Accounting, using COMPANY, RECEIVABLES and PAYABLES SIM-4 dont forged to post the journal entry after you set the Use the Wizard to create a new company from scratch The trial balance provided shows only postable accounts in alphabetical order. It is expected that you will use the techniques shown in Sarah's Kitchen Stores (Chapter 4A) to: a) Add Headings (H). Postable accounts (A and G) with Subtotal (S) accounts and Total (T) accounts You should have a minimum of 3 S-type accounts b) Use a Difference at Startup account c) Create Linked accounts for the COMPANY. PAYABLES and RECEIVABLES modules d) Select Class Options required e) Add Vendor and Customer invoice information Skates Stores is assumed to be a sole proprietorship business. It sells figure skates and hockey skates This review assignment does not use all accounts that may be used by a business, and uses only the COMPANY, PAYABLES (Vendors) and RECEIVABLES (Customers) modules Skates Stores does not use the budget feature, credit cards or shippers. When all data has been entered, turn the related modules to Ready a) The business using a calendar fiscal year has the following important dates: Opened for business Feb 15, 1996 -Year-end this year Dec 31, 2022 Year-end last year Dec 31, 2021 Manual books stopped May 31, 2022 This will be the conversion date when the manual accounting records will be transferred to Sage 50 Accounting b) The business is: Skates Stores, Your Name, 514 Canon Avenue, Your Town, Ontario, LON 180. Remember, your name must appear on all reports Business Type is Retail and Business Registration #R1176 d) Forms: use the next number on: Invoices (#983) Cheques (468) All other forms start at 1. except: Receipts (#blank) Customer Deposits ("blank). Discounts are calculated before tax for both customer and vendor invoices, with Customer early payment terms 2/10 net 30 1) The computer financial statements should be set up with the following sections: Current Assets Owner's Equity Capital Assets Revenue Current Liabilities Cost of Goods Sold Long Term Liabilities Store Expenses Learning Sage 50 Premium Accounting 2018.0 4A-344 The normal account balances from the May 31, 2022, Skates Stores Trial Balance in alphabetical order are: Other Balance Account Name Class Accounts Payable Accounts Receivable Bank Cheque #468 Accounts Payable Accounts Receivable Accumulated Depreciation Depreciation Expense All Capital Additional Investments Capital Your Last Name Cash in Bank Cost of Goods Sold Drawings Your Last Name HST on Sales HST Paid on Purchases Inventory on hand Notes Payable (Long Term) Purchase Discounts Rent Expense Sales Discounts Sales Returns Sales Revenue Store Equipment Store Supplies Telephone Expense $ 1356.00 1.243.00 4,100.00 0.00 0.00 9,240.00 424.00 13,185.00 1,000.00 252.00 136.00 6,100.00 21,400.00 125.00 3,200.00 300.00 350.00 14,165.00 23,700.00 200.00 800.00 9) Tax Classes, Codes and Rates: HST rate is 13%, HST registration #R1234, and HST is refundable. HS code is 13%. HI code is 8%. h) Customize the Journals as shown in Exercise 4A-9. Setting Up a New Company 4A-345 1) Set up Customers and Vendors: Accounts Receivable customers Elvis Skates Corp. Contact Elvis Schafer 2 Huron Street Woodstock, Ontario, N4S 1A5 Phone 519-546-8588 - Fax none Terms 2/10, net 30 Invoice #980, date May 24, 2022 Invoice amount $1.243.00 (including $143.00 HST) Revenue Account Sales Revenue Tax: HS Accounts Payable vendors: Skates Supply Lid. Contact Greg Johnson 43 McKay Avenue Windsor, Ontario, N98 144 Phone: 519-675-8940 Terms 2% 10, net 30 Fax: 416-675-8930 Invoice #6512, date May 10, 2022 Invoice amount $791.00 (including $91.00 HST) Expense Account Leave Blank Tax HS Credit Limit: $5,000.00 Manufacture Supply Inc., Contact Jessie Grant 645 Bancroft Drive Sudbury, Ontario, P38 8T4 Phone: 705-672-4860 - Fax: 705-672-4860 Terms 2% 10.net 30 Invoice # 1431, date May 28, 2022 Invoice amount $565.00 (including $65.00 HST) Expense Account: Leave Blank Tax: HS 2 > Turn the system to READY 3> Record and Post the next transaction. Jun 1 Issued cheque #468 to purchase new shelving (Store Equipment) $800.00. plus HST on Invoice #5609 from one-time vendor Jason Notela. After the transaction has been posted, print the following reports: a) Income Statement, year-to-date b) Balance Sheet c) Vendor Aged Detail, all vendors, with terms at Jun 1 d) Customer Detail, all customers, with terms at Jun 1 e) All Journal Entries for Jan 1 to Jun 1 1) Chart of Accounts Back up your file regularly
