Sage 50 accounting

Setting Up a New Company 4A-339 Challenge Exercise 04 C4-1, Balloons Store Conversion to Sage 50 Accounting (using COMPANY, RECEIVABLES and PAYABLES) Use the Wizard to create a new company from scratch. 1 The trial balance provided shows only postable accounts. 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) Create Linked accounts for the COMPANY, PAYABLES and RECEIVABLES modules. c) Select Class Options required. d) Add Vendor and Customer invoice information. Balloons Store is assumed to be a sole proprietorship business. It sells various kinds of party balloons. This review assignment does not use all accounts that may be used by a typical business-it uses only the RECEIVABLES (Customers), PAYABLES (Vendors) and COMPANY modules. Balloons Store 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 Year-end this year Year-end last year Manual books stopped Apr 30, 2022 This will be the conversion date the manual accounting Sep 12, 1997 Dec 31, 2022 Dec 31, 2021 records will be transferred to Sage 50 Accounting Baloons Store, Your Name, 936 Alfred St., Sarnia, Ontario N7V 3K7. b) The business is: Remember, your name must appear on all reports c) Business Type is Retail and Business number is Z345. d) Forms use the next number on: Invoices (342) Cheques (384) All other forms start at 1, except for Receipts (# blank) Customer Deposits (# blank) Direct Deposit Stubs (# blank) Discounts are calculated before tax for both customer and vendor invoices, with Customer early e) payment terms 2/10 net 30 The computer financial statements should be set up with the following sections: f) Owner's Equity Revenue Cost of Goods Sold Store Expenses Current Assets Capital Assets Current Liabilities Long Term Liabilities ac 2017 Accounting LR APPROACH Setting 4A-340 Learning Sage 50 Premium Accounting 2017.0 2 Pr The normal account balances from the Apr 30, 2022 Balloons Store Trial Balance are listed below. Use appropriate account classes in setting up your accounts A Account Names Balance Class Other Bank Account Accounts Receivable $3.187 Cheque #384 Bank 6,780 61,360 Accounts Receivable Inventory of Goods Supplies Store & Office Store Funiture Accumulated Depreciation Accounts Payable 800 3 Re 34,400 6,100 9,718 Accounts Payable May 2 HST on Sales 2,463 HST on Purchases 900 4 Pri Bank Loan Payable Capital Your actual name 8 year loan 24,600 Long Term Debt 26,504 As Capital Additional Investments Drawings Your actual name 6,500 Sales Revenue 186,000 Sales Returns 3,046 312 Sales Discounts Cost of Goods Sold Purchase Discounts Rent Expense Advertising Expense Depreciation Expense 122,640 2,086 16.221 1,325 0 g) Tax Classes, Codes and Rates: HST rate is 13 % , HST registration # R1234 and HST is refundable, HS HI code is HST at 13% code is HST at 8 % h) Customize the Journals as shown in Exercise 4A-9 i)Set up Customers and Vendors: Accounts Receivable Customers Belair Hospital (baloons for rooms & patients) Contact: Jordan Royes 85 Colborne Road Sania, Ontario, N7V 5B3 Phone: (519) 826-7520, Fax-None Terms: 2/10, net 30. Credit Limit $10,000. Revenue Account: Sales Revenue Price List Regular Invoice #340 April 26, 2022 $6,000 Accounts Payable Vendors "Your Last Name Here" Baloon Supply Contact: Kyle Lunn 289 Talford Street Sarnia, Ontario, N7T 6L4 Phone: (519) 726-6722, Fax-None Terms: 2/10, net 30. Invoice #349 April 25, 2022, $8,500 HST $1.105. Total invoice: $9,605 Expense Account: Leave Blank x Code HS HST $780. Total invoice $6,780 Tax Code HS Set the related modules, accounts, vendors and customers to READY mode. Setting Up a New Company 4A-341 Print the following reports. 2 As of Apr 30, 2022 a) Income Statement Jan 1-Apr 30 b) Balance Sheet c) Customer Aged Detail report d) Vendor Aged Detail report e) Trial Balance at Apr 30 Record and post the next transaction. 3 May 2 Your Name completed a $2,000 bank transfer investment from their personal account to the business bank account. 4 Print the following reports. As of May 2, 2022 a) Income Statement Jan 1-May 2 b) Balance Sheet Customer Aged Detail, a d) Vendor Aged Detail, all vendors, with terms at May 2 e) All Journal Entries f) Chart of Accounts terms at May 2 customers, Setting Up a New Company 4A-339 Challenge Exercise 04 C4-1, Balloons Store Conversion to Sage 50 Accounting (using COMPANY, RECEIVABLES and PAYABLES) Use the Wizard to create a new company from scratch. 1 The trial balance provided shows only postable accounts. 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) Create Linked accounts for the COMPANY, PAYABLES and RECEIVABLES modules. c) Select Class Options required. d) Add Vendor and Customer invoice information. Balloons Store is assumed to be a sole proprietorship business. It sells various kinds of party balloons. This review assignment does not use all accounts that may be used by a typical business-it uses only the RECEIVABLES (Customers), PAYABLES (Vendors) and COMPANY modules. Balloons Store 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 Year-end this year Year-end last year Manual books stopped Apr 30, 2022 This will be the conversion date the manual accounting Sep 12, 1997 Dec 31, 2022 Dec 31, 2021 records will be transferred to Sage 50 Accounting Baloons Store, Your Name, 936 Alfred St., Sarnia, Ontario N7V 3K7. b) The business is: Remember, your name must appear on all reports c) Business Type is Retail and Business number is Z345. d) Forms use the next number on: Invoices (342) Cheques (384) All other forms start at 1, except for Receipts (# blank) Customer Deposits (# blank) Direct Deposit Stubs (# blank) Discounts are calculated before tax for both customer and vendor invoices, with Customer early e) payment terms 2/10 net 30 The computer financial statements should be set up with the following sections: f) Owner's Equity Revenue Cost of Goods Sold Store Expenses Current Assets Capital Assets Current Liabilities Long Term Liabilities ac 2017 Accounting LR APPROACH Setting 4A-340 Learning Sage 50 Premium Accounting 2017.0 2 Pr The normal account balances from the Apr 30, 2022 Balloons Store Trial Balance are listed below. Use appropriate account classes in setting up your accounts A Account Names Balance Class Other Bank Account Accounts Receivable $3.187 Cheque #384 Bank 6,780 61,360 Accounts Receivable Inventory of Goods Supplies Store & Office Store Funiture Accumulated Depreciation Accounts Payable 800 3 Re 34,400 6,100 9,718 Accounts Payable May 2 HST on Sales 2,463 HST on Purchases 900 4 Pri Bank Loan Payable Capital Your actual name 8 year loan 24,600 Long Term Debt 26,504 As Capital Additional Investments Drawings Your actual name 6,500 Sales Revenue 186,000 Sales Returns 3,046 312 Sales Discounts Cost of Goods Sold Purchase Discounts Rent Expense Advertising Expense Depreciation Expense 122,640 2,086 16.221 1,325 0 g) Tax Classes, Codes and Rates: HST rate is 13 % , HST registration # R1234 and HST is refundable, HS HI code is HST at 13% code is HST at 8 % h) Customize the Journals as shown in Exercise 4A-9 i)Set up Customers and Vendors: Accounts Receivable Customers Belair Hospital (baloons for rooms & patients) Contact: Jordan Royes 85 Colborne Road Sania, Ontario, N7V 5B3 Phone: (519) 826-7520, Fax-None Terms: 2/10, net 30. Credit Limit $10,000. Revenue Account: Sales Revenue Price List Regular Invoice #340 April 26, 2022 $6,000 Accounts Payable Vendors "Your Last Name Here" Baloon Supply Contact: Kyle Lunn 289 Talford Street Sarnia, Ontario, N7T 6L4 Phone: (519) 726-6722, Fax-None Terms: 2/10, net 30. Invoice #349 April 25, 2022, $8,500 HST $1.105. Total invoice: $9,605 Expense Account: Leave Blank x Code HS HST $780. Total invoice $6,780 Tax Code HS Set the related modules, accounts, vendors and customers to READY mode. Setting Up a New Company 4A-341 Print the following reports. 2 As of Apr 30, 2022 a) Income Statement Jan 1-Apr 30 b) Balance Sheet c) Customer Aged Detail report d) Vendor Aged Detail report e) Trial Balance at Apr 30 Record and post the next transaction. 3 May 2 Your Name completed a $2,000 bank transfer investment from their personal account to the business bank account. 4 Print the following reports. As of May 2, 2022 a) Income Statement Jan 1-May 2 b) Balance Sheet Customer Aged Detail, a d) Vendor Aged Detail, all vendors, with terms at May 2 e) All Journal Entries f) Chart of Accounts terms at May 2 customers