Lesson - 4

Lesson – 4

All in One Summary

What is General Journal Entry?	Company Module – General Journal – Make Entry required
What is Recurring Entry?	If the entry occurring again n again you can store it in the system to call it back for simplicity and just enter the amount if it is different than the one in system store.
How to run reports?	From Report Menu or Report Centre or go the respective Module and look through the drop down arrow to select the desired report and click Display
What is Sales Quote?	It is a quote for selling inventory or services
Can Sale Quote be converted into sales Invoice directly?	Sale Quote can be transferred to Sale Order and Sales Order can be converted into Sales Invoice Or Sale Quote can directly be converted to Sale Invoice.
How sales return done?	Issue another Invoice with the same Invoice Number but RT letter addition representing Sale Return
How to enter transaction in Vendor Invoice Discount?	1. If it is Business related Make purchase Invoice with negative amount with Inventory Item n Post 2. If it is non Business –Make purchase Invoice with negative amount without Inventory Item n Post
How can we add new Employee?	Click Employees and Payroll module Employee then Add
How to pay Employee using Sage 50?	1. If paying one by one use Employees and Payroll module Employee then Paycheques 2. If paying all schedule employee then click Payroll Cheque Run
How can we add new Inventory Item?	Click Inventory n Services module Inventory n Services then Add.  Make sure you fill all the information to all the tabs: Quantities Tab for minimum quantity on hand Pricing Tab for Selling Price Regular or … Linked Tab for linking item to GL Account Statistics Tab for Credit limit Tax Tab for GST/HST
Where do we record Damaged Goods?	Click Inventory n Services module Adjust Inventory then fill the information.  Note enter the damaged quantity in Negative
How do we Reconcile Bank to Books?	1.  Click Banking Module – double click Bank Account that need to be reconciled, it will show the bank account setting and there are six tabs, we only need to select Reconcile and Deposit tab to tick mark the Reconciliation Transaction to be saved and then click the Set up button to assign various income and expenses to GL accounts that result in during reconciliation. Note: Before you start reconciling bank account make sure you TB has GL Account named Unresolved Bank Balance or Unresolved Account or Suspense Account for allocating the NSF Cheque or any other items as the case may be.  If there is any NSF and then we need to make a new Sale Invoice to charge back our client whose cheque got dishonoured by the bank reason NSF by locating the Invoice Number as we are going to issue a new invoice with the same old invoice number but with addition to letter NSF and then we need to make GL account selection to Unreseolved Account.  This will
How can we know whether we use Cash Accounting or Arrual base Accounting?	Setting Menu – setting – company – system and then one can see the selection chosen
What is Dashboard? And what it does for me?	The dashboard is the snapshots of the company performance at a glance 1. It has Revenue as a quick reference 2. It has Aged Receivables as a quick info. 3. It has Aged Payables as a quick note 4. It has Bank accounts position to show
How to write off a default client?	By issuing an Invoice with the previous Invoice number with the addition to letter WO and entering negative amount and make selection of GL A/C for Expense Bad Debts.
How can I see Non Accounting terms?	Setup Menu – User preference – Under Terminology select Non Accounting terms
What are the main points we should know and keep focus on before entering Sales Transactions into Receivables Module.	1. Sales Invoices are numeric order 2. Item column is only used when business related transactions occurred otherwise leave it blank. 3. If purchase/Sales Invoice is not business related then use the correct Account where to belong. Sales Invoice under Receivable Module have 5 mode of payment Method: 1, Pay later 2. Cash 3. Cheque 4. Debit Authorization 5. Credit Card
When can we be more proficient	If client pay the invoice on the spot, we need not to duplicate the work by: 1. Issuing Client Invoice first and then 2. Receiving Payment after: rather We should choose mode of payment when issuing Client Invoice not Pay later.
Can Sales Quote be converted to Sales Order	Yes – Look up – Convert
Can Sales Order be converted to Sales Invoice	Yes – Look up - Convert
How to journalize sale return?	Use minus quantity for items Use minus amount for service Used the same Invoice Number with addition of RT for Return or CM for Credit Memo
How to enter payment in Receipts Journal?	Receivable – Receipts Journal – make selection n Post Special care for Discount, Terms and Deposit
How to Add a new Customer?	Define if the customer is: One time customer or Regular Customer
How to print report?	Report Centre – Display – Modify
	Payable/Vendor Module -  4 Payment Type: Vendor Payment Credit Payment Expenses Payment Remittance Payment
What is HST on Sales?	Collected from our clients
What is HST On Purchase?	Paid to our vendors
When to making payment to Receiver General or When to Ask for refund?	we need to see if Collection is more than what we paid then we need to make payment if Collection is less than what we paid then we need to claim for refund.
What is Report Centre?	Report Centre in Sage 50 Simply Accounting is a powerful tool built in for users to know the various complex information and report by just making few selections and clicks.