Lesson - 3

Lesson – 3

Receivables Module and Payable Module

What is Sales Quotes?	Quotation submitted to customer
What is Sales Order	Quotation is accepted by the customer
What is Sales Invoices	Accounting Transaction took place
What is Sales Invoices Adjustment	Return of Goods Credit Memo
What is Receipts	Payment by Customer
Can a sales Journal be customized?	Yes – Customize Journal - Column
How to enter transaction in Receivables?	Receivables – Make selection n Post
Can we use Client Order to Issue Invoice	Yes, Client Quotation can be converted into Order Client Order can be converted into Invoice
What are the main points we should know and keep focus on before entering Sales Transactions into Receivables Module.	1. Sales Invoices are numeric so do the Cheques 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 the we need to claim for refund.

Lesson - 1

Lesson - 1

Company Module: General Journal

Reviewing Company Information	Company module – Settings – Information
Processing transactions in Company module	General Journal – Make selection n Enter required information – Remember debit credit must equal - Post
How to check entry before posting?	Before posting Press Control + J
How to correct entry after posting?	Adjust entry – make correction – post The system will create 2 Journal Entries: 1.        To reverse the wrong entered entry 2.       To enter a correct entry that should original be entered
How to set up for monthly transaction?	General Journal – Press button – Recurring transaction
How to print General Journal?	Report Centre – Accounts – General Journal Entries -  Modify report if so required
What is Logbook?	A logbook is a separate record maintained with date-wise data input information for easy remembrance and to refer to.
What is Drill down feature?	After calling report, this feature is to zoom in from the report to see relevant transactions

Lesson – 2

Lesson – 2

GST/HST/PST/RST

GST	General Sales Tax
HST	Harmonized Sales Tax
PST	Provincial Sales Tax
RST	Retail Sales Tax
When Tax is exempt?	It means tax (GST/HST) is not calculated on: 1.        Child Care 2.       Dental Services 3.       Legal Aid 4.      Education Services (Cert. / diploma)
What is Zero Tax?	It applies on Basic Groceries items: 5.       Milk 6.      Bread 7.       Vegetables 8.      Grain 9.      Raw wool 10.    Prescription drugs 11.     Medical devices (hearing + teeth)
When a business must register to collect tax	When annual sale is less than 30,000
What is the tax charged on to consumer	26% (13% + 13%)
HST in Various Provinces and rates: Ontario Newfoundland n Labrador New Brunswick Prince Edward Island Nova Scotia	13% 13% 13% 14% 15%
Remaining all the provinces and territories GST is	5%
PST is as follows: Saskatchewan Manitoba British Columbia Quebec	5% 7% 7% 9.975%

Getting to Know Simply Accounting in a very simplified way:

Getting to Know Simply Accounting in a very simplified way:

Sage 50 Accounting primarily known as Simply Accounting is an integrated accounting software (IAS) based on double entry system where debits are always equal to credits.

There is information data base which have no effect on the accounting transactions.  These data bases are for sales quotations, sales orders, purchase quotations and purchase orders.  Let us take the example of sales quotations data base; it represents all quotes issued to our customers, has no economic effect as there is no monetary exchange occurred yet; however the data base is there just to help us to view the quotes and to convert the quote into order and/or subsequently convert it into sales invoice, which is the ultimate objective of each and every business.

In this accounting software, there is an option available for making accounts on cash basis or on accrual basis.  However, to comply with the GAAP only accrual basis accounting is accepted.  Moreover, in this accounting software all the sub-ledgers journals are integrated with the General Ledger.  To more clarify, all the transactions input in any sub ledger will update the general ledger eventually after you post the transaction. 

There are two main sub ledgers:

1.        Receivable Leger is for all Accounts Receivable

2.       Payable ledger is for all accounts payable

There is also an Inventory and Services sub ledger which can be linked with both Receivable and Payable Ledgers. 

Besides these, there are other modules such as

1.        Employees and payroll

2.       Projects or Branches or Divisions

3.       Banking

4.      Company

Before starting to work on recording transactions into the simply accounting systems; one should have a good knowledge and understanding of Windows, File management and Accounting year, Fiscal year and Transaction Date and Session Date as they are very important factors in generating the targeted desired results smoothly without any hassle or surprises. 

Accounting/Fiscal year is a year that starts from the 1st day of January to 31^st day of December. Session Date depends upon the transactions volume of the company.  If the volume is high it could be daily otherwise make it as weekly, bi weekly or monthly as per the need of the accounting personnel.    

If you are working for a company; there is no need for worrying about the backup as the system does backup automatically once the transaction is posted.  However if you are working with accounting services company where you are maintaining several company accounts on simply accounting then it is important to have back up the company you finished working with before restoring any other company accounts. 

First of all take your time to view and understand slowly all the i-cons along with menu and tool bars in home window with their drop down arrows and note down for easy remembrance and lock back when it is so needed.  Make a special note to:

1.        Company Module available pane (depending on the company subscription per its nature)

2.       Help available

3.       Specific Module Reports drop down listing

4.      Company and related task setting.