Sage 50/Simply Accounting - General Ledger Setup Exercise Use the following information to setup a GL in Sage 50. Specific Requirements 1. Create a folder called "CDS GLSetup" in your flash drive to hold the data files. 2. Create a new Sage 50 data file a. Co. Name: CDS-YourName, Location: Montreal, Quebec b. Use the following fiscal dates: C. i. Fiscal Start: ii. Fiscal End: iii. Earliest Transaction: Jan 1, 2022 Dec 31, 2022 Jan 1, 2022 Create a new list of accounts from scratch d. Industry: Retail e. Filename "CDS-GLSetup-YourName", saved on your flash drive f. Finish the setup wizard 3. Change the user preferences to a. b. C. d. Switch to Classic View Use accounting terms Close all the modules except the General Ledger Disable all Checklists & Daily Business Manager notifications. 4. Change the system settings to: City Department Store Trial Balance Amounts B. Cobalt, Drawings Cash Delivery Equipment Interest Expense January 1, 2022 Accounts Payable $47,290 Accounts Receivable 12,300 Accumulated Amortization-Delivery Equipment 20,300 Accumulated Amortization-Store Equipment Amortization Expense-Delivery Equipment Amortization Expense-Store Equipment B. Cobalt, Capital 39,900 3,000 13,500 42,600 15,000 10,000 61,000 Delivery Expense 8,300 Freight In 6.010 GST Charged on Sales 63,000 GST Paid on Purchases 45780 Insurance Expense 8,000 9,000 Interest Revenue 4,500 Merchandise Inventory 33,600 Long Term Notes Payable 50,000 a. Uncheck "Allow transactions in the future (beyond the session date)" Prepaid Insurance 5,400 b. Uncheck "Automatically back up this file" Property Tax Expense 3,900 C. Uncheck "Display backup reminder when closing this company" Property Taxes Payable 4,000 PST Charged on Sales 70500 a. C. your 5. Enter the chart of accounts. Separate the account numbers by units of 10. b. Group the assets and liabilities into current and non-current. Group the expenses into COGS, Selling Expenses and General and Administrative Expenses. Selling expenses should include all expenses explicitly associated with selling including sales people, store, delivery and advert. Create subgroups for the contra accounts and sales taxes. d. Use the checkmark tool to check the validity of the accounts. 6. Enter the opening balances. Before entering the opening balances, you should setup a temporary account called "Test Balance Account" located in the chart of accounts just before cash account. Note all the opening balances must be entered in sequence without closing the accounts window. Any discrepancies in the opening balances are stored temporarily in the "Test Balance Account". Once the opening balances discrepancies are resolved the "Test Balance Account" should be removed. 7. In the system settings set the linked account for Retained Earnings to B.Cobalt, Capital. 8. Backup the data file using the filename Lastname, Firstname-CDS GLSetup-Date-Backup. 9. Close the history for the data file. (History -> Finish entering history) 10. On January 2, 2022 the owner decided to invest $10,000 in the business. Make this entry in the general journal. Use JEI as the source - remember to include your initials in the comment for the entry. 11. Print a Chart of Accounts, Trial Balance (dated January 1) and the Journal Entry. (To be submitted for grading) 12. Make a final backup, filename: Lastname, Firstname-CDS GLSetup-Date-History Closed. (To be submitted for grading) PST Paid on Purchases 52000 Purchase Retums and Allowances 3,000 Purchases 654,000 Rent Expense 20,000 Salaries Expense 125,000 Sales 900,000 Sales Commissions Expense 15,500 Sales Commissions Payable 8,000 Sales Returns and Allowances Store Equipment 11,000 130,000 Utilities Expense Totals 10,800 $2,506,180