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Assignment 1 - Setup Procedures in Sage 50

Instructions

Assignment 1 assesses your understanding of the setup procedures you have learned thus far in this course. Using the company information in Chapter 17, you will set up a company file in Sage 50, as well as the accounts, payables, receivables, and employee ledgers. Although the chapter includes source documents, only the setup of the company will be marked. Instructions At the beginning of Chapter 17, read through the information about Stratford Country Inn and the ledgers and records it will need. This will familiarize you with the requirements for your file setup. The data included in these pages will be used for the assignment. Read the Assign1_How_to_Insert_Your_Student_Signature.pdf document (attached below). Open a new Word document and name it, “Acct 2281 A1 First Name Last Name Stratford-INI_xxxx.docx” (where INI = your initials and xxxx = the last 4 digits of your student number. Example: Joe Smith, student number T00253538, would name his file “Acct 2281 Joe Smith Stratford-JS_3538.docx”). You will use this document to save your ten numbered screen prints. Please use this same syntax for the four PDF files (see instruction 18). So Joe’s 4 pdf files would be: Acct 2281 A1 Joe Smith Stratford-JS_3538 Trial Balance Acct 2281 A1 Joe Smith Stratford-JS_3538 Supplier Aged Detail Report Acct 2281 A1Joe Smith Stratford-JS_3538 Guest Aged Detail Report Acct 2281 A1 Joe Smith Stratford-JS_3538 Employee Summary Create a new company. Select the option to create your own accounts—do not let Sage 50 create them for you. (It is much faster and less complicated to create the accounts yourself, rather than to make changes to accounts created by Sage 50.) Use a new fiscal period starting on July 1, 2020, and ending on September 30, 2020. Change the company name to include your signature. Save a screen print of the company information screen (1). Ensure that you have changed the company name. Set up the accounts to match the Chart of Accounts attached below. (Do not set up the currency information for USD transactions. We will be reviewing currency transactions in Lesson 9.) Enter the linked accounts for the ledgers and credit cards as appropriate, based on your Chart of Accounts and information provided. Save screen prints of your credit card accepted screen (2), payables links (3), and receivables links (4). Enter the sales tax information and create a tax code for HST @ 13%, refundable. Set up your guest, supplier, and employee information from the information supplied in the chapter. The tax code is H for all suppliers, except those who are payroll or tax authorities, and for Tempest Food Wholesalers, which supplies tax exempt foods. Enter the historical balances in all ledgers. Create two Job Categories: Sales (employees who are salespersons) Other (employees who are not salespersons) Assign Othello to Sales and all other employees to the other category. Set up the Employee Incomes screen: Set up Payroll Authorities and Payroll Remittances. Add the Balance Forward accounts. Save a screen print of each of the Payroll linked screens—(5), (6), (7), (8)—a screen print of the Payroll incomes screen (9), and one of the Payroll remittances screen (10). Back up your company. Perform the following transactions to test your setup (these are not marked, but are used to test your setup only): Bard’s Linen and Towels invoice BLT-64 (p. 717) Avon Maintenance Services invoice AM-148 (p. 718) Cheque 701 (p. 718) Invoice 701 (p. 719) Employee Time Summary Sheet ET27 (p. 726) If you notice problems, check and restore your backup to fix the setup of those items, and create a new backup. Restore your backup from step 14 before the next step. Run the following reports AS OF JULY 1, 2020, and export a copy of the report to four separate PDF documents: Trial Balance Supplier-Aged Detail Report Guest-Aged Detail Report Employee Summary Required Submission Turn in the following five files: One Word document with ten (10) numbered screen prints (as numbered in each of the above steps), named as instructed in step 3. Four (4) PDF documents—one for each of the reports listed in step 18. Assignment 2 Assignment 2 continues to assess your understanding of the setup procedures that you have learned thus far. In this assignment, you will set up a company file as well as the ledgers required. However, rather than manually inputting all the data, you will be provided with the files needed and will modify them as necessary. In addition, you must enter source documents supplied in the chapter. Instructions At the beginning of Chapter 16, read through the information about the company ledgers and records you will need. This will familiarize you with the requirements for your file setup. The data included in these pages will be used for the assignment. Read the Assign2_How_to_Insert_Your_Student_Signature.pdf document attached below. The files you will need to import are provided in a zip file below. These files are not complete and will have some errors. You will need to import the files, review the imported information, then add and adjust the ledgers as necessary to match the file information in the following steps. Open a new Word document and name it, “Acct 2281 A2 First Name Last Name Velocity-INI_xxxx.docx” (where INI = your initials and xxxx = the last 4 digits of your student number. Example: Joe Smith, student number T00253538, would name his file “Acct 2281 A2 Joe Smith Velocity-JS_3538.docx”). You will use this document to save your eight numbered screen prints. Please use this same syntax for the six PDF files (see instruction 13). So Joe’s six pdf files would be: Acct 2281 A2 Joe Smith Velocity-JS_3538 Chart of Accounts Acct 2281 A2 Joe Smith Velocity-JS_3538 Trial Balance Acct 2281 A2 Joe Smith Velocity -JS_3538 Supplier Aged Detail Report Acct 2281 A2Joe Smith Velocity -JS_3538 Customer Aged Detail Report Acct 2281 A2 Joe Smith Velocity -JS_3538 Employee Summary Acct 2281 A2 Joe Smith Velocity-JS_3538 Inventory Follow the Keystrokes in the chapter with the following additional instructions: Create a new company. Select the option to create your own accounts—do not let Sage 50 create them for you. (It is much faster and less complicated to create the accounts yourself, rather than to make changes to accounts that the program has created—particularly where you are importing accounts.) Use a new fiscal period starting on May 1, 2020, and ending on July 31, 2020. Save a screen print of the company information screen (1). Adjust the User Preferences and Company Defaults in the textbook. Save a screen print of the Company date format screen (2). Import the Accounts and make any corrections needed to match the Chart of Accounts in the textbook. Be sure to make any changes to account for classes as appropriate. Enter the company default settings, using the keystrokes in the text. Save a screen print of your Sales Taxes/Tax Codes screen (3) and a screen print of the Foreign Currency screen (4). Enter the ledger default settings, using the keystrokes in the textbook. Save screen prints of your Payroll screens for income (5), deductions (6), entitlements (7), and remittances (8). Prepare the subsidiary ledgers, using the Keystrokes in the textbook, but import the records for your suppliers, customers, inventory, and payroll and make any corrections as appropriate. Enter the source documents from the chapter. Generate the following reports AS OF JULY 31, 2020, and export a copy of the report to a PDF document: Chart of Accounts Trial balance—show foreign amounts and hide zero balances Supplier aged detail report—show foreign amounts Customer aged detail report—show foreign amounts and include terms Employee summary—show only income, deductions, and taxes that are currently in use or have a YTD amount Inventory quantity, by item in stocking units—modify the report to remove the “to order” and “on sales order” columns; sort the report by “number on purchase order” Required Submission Turn in the following seven files: One Word document with eight (8) screen prints as numbered in the above steps. Six (6) PDF documents—one for each of the above reports.

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