CT3 Computer Tutorial 3 2011 Printing 4th Edition Accounting Using Sage Accpac® ERP
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Contents: Computer Tutorial 3 About CGA-Canada .......................................................................................................... iii Introduction to Computer Tutorial 3 ............................................................................... 1 Lesson 1 Basic concepts of a general ledger and Sage Accpac ERP CGA 5.6A 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 Journals and ledgers ...........................................................................................
Lesson 4 Posting transaction batches 4.1 4.2 4.3 4.4 4.5 4.6 Batch status .......................................................................................................... Backing up before posting ................................................................................... Individual posting of batches ............................................................................... Range posting of batches .....................................................................................
Appendix B Solutions to self-testing questions.......................................................................................................................... B:1 Appendix C Managing budget data C.1 C.2 Entering and editing budget data.......................................................................... Viewing and printing budget data ........................................................................ C:2 C:6 Glossary ................................................................
Introduction to Computer Tutorial 3 Purpose of the tutorial The purpose of this tutorial is to present the basic features of the accounting software Sage Accpac ERP. The CGA Educational version provided with this tutorial will enable you to apply the techniques directly to your CGA course work. The CGA Educational version is based on Sage Accpac ERP, version 5.6A. The CGA Educational version provides similar functions to the current commercial version.
Reference material The material presented in this tutorial can be used without referring to other sources. The authoritative reference to the software is the documentation provided with the CGA Educational version of Sage Accpac ERP on the CD. First-time users are advised not to use the documentation until they have acquired the basic skills for Accpac from this tutorial. Overview This tutorial contains seven lessons and four appendices. Each lesson builds on material covered in a previous lesson.
Lesson 5 Printing reports and making adjusting entries This lesson describes the various financial reports available in Accpac and their use. It explains the use of source document codes, as well as how to print different types of reports. The nature of adjustments and methods of making adjusting entries are demonstrated. Lesson 6 Designing and printing financial statements This lesson describes the financial statement formatting capabilities of Accpac.
LESSON 1 Basic concepts of a general ledger and Sage Accpac ERP CGA 5.6A Topic outline 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 Journals and ledgers Overview of a general ledger The chart of accounts Manual accounting systems Computerized accounting systems Introducing Accpac General Ledger Installing the program and data files Starting Sage Accpac ERP CGA 5.
TOPIC 1.1 Journals and ledgers With a manual accounting system, each transaction is recorded in chronological order in a book of original entries called the journal. If all the transactions are recorded in one master journal, the journal is called the general journal. Exhibit 1-1 is an example of a general journal. Often, specialized journals are also used. For example, a cash receipts journal records all cash receipts, while a sales journal records all sales.
EXHIBIT 1-2 Examples of a partial general ledger and a subsidiary ledger Partial general ledger NAME: CASH Date 2001 1-Jan 31-Jan 31-Jan Explanation Month-end deposits Payment of invoices NAME: ACCOUNT NO. Post Ref CR-21 CD-32 Debit 126,225.49 98,421.64 ACCOUNTS RECEIVABLE Date 2001 1-Jan 31-Jan 31-Jan Explanation Cash receipts from vendors Sales for January NAME: 1-Jan 31-Jan 31-Jan Explanation Sales for January Cash Sales DR CR Dr Dr Dr Balance $ ACCOUNT NO.
TOPIC 1.2 Overview of a general ledger To record the assets, liabilities, and shareholders’ equity (including revenues and expenses) of a company in an orderly manner, accounting information is grouped into accounts. For example, all information relating to changes in cash on hand is recorded in a single account called “Cash” (or sometimes “Bank”). Most accounting systems, whether manual or computerized, use numbers to uniquely identify an account.
TOPIC 1.3 The chart of accounts A chart of accounts is a logical structure of account numbers designed to make it easier and faster to look up an account in the general ledger. A chart of accounts is basically a table of contents for a general ledger. For a complex general ledger with multiple account numbers, a chart of accounts is a necessity. In designing a general ledger for either a manual or computerized system, a good place to start is to outline a chart of accounts.
CGA Educational Version - Sample Company Limited 11/4/2005 2:56:05 PM G/L Chart Of Accounts - Short Form (GLCHTA01) From Account No. [ ] To [ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ] From Account Group [Current assets] To [Other] Sort By [Account No.] Acct Account Number Description Status Config.
2025 Accounts payable, retainage Active B,CR,F 2030 Prepayment liability Active B,CR,M 2040 Accts payable, clearing Active B,CR,M 2045 Non-inventory payables clearing Active B,CR,F 2050 Non stock clearing Active B,CR,M 2055 Transfer clearing Active B,CR,F 2060 Dividends payable Active B,CR,F 2070 Deposits received Active B,CR,F 2080 Project and Job Costing Billings Active B,CR,F 2100 Wages payable Active B,CR,F 2110 Quebec tax payable Active B,CR,F 2120 EI payabl
4050 Sales, dividers Active I,CR,F 4060 Sales, samples Active I,CR,F 4070 Damaged Goods Active I,DR,F 4100 Sales returns and allowances Active I,DR,M 4150 Sales discount Active I,DR,M 4200 Delivery revenue Active I,CR,M 4210 Rental revenue Active I,CR,M 4220 Interest income Active I,CR,M 4230 Miscellaneous income Active I,CR,M 5000 Cost of goods sold Active I,DR,M 5010 COGS, accessories Active I,DR,F 5020 COGS, chairs Active I,DR,F 5030 COGS, desks Active I
6620 Shop supplies Active I,DR,F 6640 Subcontract costs Active I,DR,F 6660 Traveling expenses Active I,DR,F 6680 Telephone, telex, fax Active I,DR,M 6700 Utilities Active I,DR,M 6720 Wages & benefits, direct Active I,DR,F 6725 Employer taxes, direct Active I,DR,M 6740 Wages & benefits, indirect Active I,DR,F 6760 Wages casual, direct Active I,DR,F 7100 Realized exchange gain Active I,CR,M 7110 Realized exchange loss Active I,DR,M 7200 Exchange rounding error Act
The trial balance worksheet also forms the basis of financial statements because it contains a detailed listing of the balances of all accounts in the general ledger. Adjusting entries may be added to the trial balance for information not previously recorded in the general ledger. Examples of adjusting entries include salaries payable, prepaid expenses, and accumulated amortization. Once identified, each additional entry is recorded as a separate general journal entry and included on the worksheet.
The direct-entry method enables you to enter the transactions directly, which reflects the results of the transactions immediately. The disadvantage, however, is that control over transaction entry is significantly weaker than with the batch method because there is no means to verify each transaction entry before it is reflected in the general ledger. Errors are also more difficult to correct once they are discovered.
TOPIC 1.7 Installing the program and data files The procedure for installing Sage Accpac ERP CGA 5.6A is described in Topic A.1 of Appendix A. This version can co-exist with other versions of Accpac. It is designed to avoid conflict with other versions of Accpac that may be installed on your hard drive either now or in the future. The various versions of Accpac use their respective data. Now, go to Appendix A and install the program and data files for this tutorial on your hard drive.
EXHIBIT 1-4 Using the Start button Programs Start button Accpac 2. The Open Company sign-on window appears (Exhibit 1-5). Click the drop-down arrow to the right of the Company field to display the list of companies whose data is included for this tutorial. Sample Company Ltd. will be used for the exercises in this tutorial. You do not have to enter a user ID. Accept the default of ADMIN. See Topic 1.9 for information regarding the session date. Select Sample Company Ltd.
EXHIBIT 1-5 Open Company sign-on window Click here to select a company TOPIC 1.9 The company desktop After you have selected a company, Accpac displays the company desktop (Exhibit 1-6). If it is not displayed, select “Sample Company Ltd.” from the left navigation pane.
Accpac uses a design similar to Windows Explorer. On the left-hand side is a navigation pane that shows services and the general ledger application. Within these folders are icons for specific tasks, which may be contained within a subfolder. A plus sign indicates a subfolder is contained within the folder. Clicking on the plus sign displays the subfolders. The right-hand side displays icons for the specific tasks contained within the folder selected on the left-hand side navigation pane.
To use this data, select Sample Company Inc. from the Open Company window upon starting Accpac. The Open Fiscal Period is also 2010. You can use this other set of data to practise on without altering the tutorial data. Work through the self-testing questions in the next topic before going on to Lesson 2. TOPIC 1.11 Self-testing questions 1. Briefly describe the main features of a computerized general ledger such as Accpac General Ledger. 2.
LESSON 2 Working with a chart of accounts Topic outline 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 Using an input window The G/L Accounts window Using Accpac Help Printing an opening trial balance Printing and reviewing the chart of accounts Adding, modifying, and deleting accounts Backing up the general ledger Self-testing questions Overview A company’s general ledger data must be organized by way of a chart of accounts before transactions can be entered and posted to the general ledger. In Topic 1.
Input features in the G/L Accounts window Fields Fields are often text boxes into which you type characters; some fields are filled out by selecting values from drop-down lists. To illustrate these fields, an input window — the G/L Accounts window — will be used. Some fields have certain buttons to their right. These are the Finder and New buttons. Finder button The Finder button looks like a magnifying glass. When you click the Finder button, a window related to the field appears.
EXHIBIT 2-2 Finder - Accounts window 3. If you click the Find by: drop-down arrow, you can choose the column by which Accpac will conduct the search. For example, you can search by account number, description, or type. Select Description from the drop-down list. 4. If you are looking for an account in Sales, for example, you can easily find it by typing Sales in the Filter: field. If Auto search is checked, all the accounts with sales in the description will be shown.
TOPIC 2.2 The G/L Accounts window You need to know what each field in the G/L Accounts window means. With the G/L Accounts window open, read the following explanations of the fields: Account. This field displays the alphanumeric identifier of an account in the chart of accounts. The account is usually a series of numbers set up in a segmented format. When the system utilities are first set up after starting Accpac, the system asks you to identify the account format you want to use.
appears when you select this option. This is where you would choose the accounts to which you would have amounts allocated. Multicurrency. Select this option if the account will be using a currency other than the functional currency. Multicurrency must be allowed in the Company profile and G/L options form for this option to appear. Maintain Quantities. Check this option to keep track of quantity as well as dollar amounts. This is usually used for inventory accounts.
EXHIBIT 2-4 Accpac System Manager Help window 2. To access General Ledger Help, you need an open General Ledger window. You can do this by clicking on any item under General Ledger on the left navigation pane, then double-clicking on any icon on the right. For example, click on G/L Accounts, then double-click the Accounts icon. Then select Help, Contents. The Accpac General Ledger Help window appears (Exhibit 2-5). Close all open windows when finished. Do not exit the program.
System Manager Help will provide information on Accpac services that are not dependent on any particular module such as GL or AP. General Ledger Help provides information on the General Ledger module. Accpac also comes with manuals that are helpful in learning the program. They can be accessed under Help, Online Documentation. Finally, there are tutorials available on the Accpac website that covers a wide range of topics.
3. In the G/L Trial Balance Report window (Exhibit 2-7), click the drop-down arrow to the right of the Report Format field and select Report. EXHIBIT 2-7 G/L Trial Balance Report window 8 Lesson 2 4. In the For Year/Period field, click the drop-down arrow to change the year and period. To change to the year 2010, use the drop-down arrow to the right of the Year field. To select Period 1, click on the first row on the list (Period 1). Accept all other defaults and click Print. 5.
EXHIBIT 2-8 Print dialog box 6. Computer Tutorial 3 Close the G/L Trial Balance Report window to return to the company desktop. Your printout of the Trial Balance should resemble Exhibit 2-9.
EXHIBIT 2-9 Sample Company Ltd.
Computer Tutorial 3 Lesson 2 11
The net income for fiscal Period 1 in 2010 is $88,538.81. TOPIC 2.5 Printing and reviewing the chart of accounts You can view the chart of accounts on the screen or print a copy for future reference. It is a good idea to have an up-to-date printed chart of accounts at hand, particularly if there are a large number of accounts.
EXHIBIT 2-10 G/L Chart of Accounts Report window Computer Tutorial 3 Lesson 2 13
EXHIBIT 2-11 Chart of Accounts 14 Lesson 2 Computer Tutorial 3
Computer Tutorial 3 Lesson 2 15
16 Lesson 2 Computer Tutorial 3
4. Computer Tutorial 3 Review your Chart of Accounts report, noting several things: The date and time the printout was created is shown at the top left of the report. This date is derived from the computer system and is not dependent on the date you entered when you logged in. Below the title, the criteria for printing the chart of accounts are stated. If you do not see all the accounts you expected to see, this is the first place to check to confirm whether you have specified the correct criteria.
The following column displays the account configuration: B for balance sheet or I for income statement accounts, DR (debit) or CR (credit) signifies normal balance of the account, F for functional currency, and M for multicurrency. The Post in column then follows. This signifies whether the account will post in detail or in consolidated fashion. The Structure code column tells you the structure used for the account code. ACC for 4 digits, ACCDIV for 7 digits, and REGION for 9 digits.
Adding more new accounts Add more new accounts to complete the chart of accounts for Sample Company Ltd. 11. Use the method illustrated in steps 2 to 9 to add the following new accounts. Accept the default unless specified below: Account Description 1750 6650 12. Long-term investments Sundry Structure Code Account type Normal balance Account Group ACC Balance Sheet Debit Other assets ACC Income Statement Debit Cost and expenses Leave the G/L Account window open for the next exercise.
Some settings are permanent. In the initial setup process, for example, you can create a format for the segmented account number. But once these formats have been set up, they cannot be changed. In Exercise 2.7, you delete an account added in Exercise 2.5. EXERCISE 2.7 Deleting an account 1. In the G/L Account window, click the Finder button to the right of the Account field. The Finder - Accounts window opens. 2. Click the row for account 1035, then click Select.
Database Dump Database Dump allows you to externally extract an Accpac data set. The data can then be stored as a type of backup, loaded into another Accpac database, or used when converting a database from one format to another. 1. You will find Database Dump under Administrative Services in Accpac. Doubleclick the Database Dump icon. 2. On the Database Dump window, select the database from the list that you want extracted.
4. You should get a message box indicating the operation is complete (see Exhibit 213). Click on OK. Then close the Dump Accpac Data window. EXHIBIT 2-13 Summary box General comments You should back up your data whenever you have done a significant amount of work. Always back up prior to posting because if something goes wrong with the posting, the data will be corrupted and you may not have a working data set. Your backup timing will depend on many factors. Too many backups are preferable to too few.
LESSON 3 Managing transactions Topic outline 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Accpac journal entries and transaction batches G/L Journal Entry window Viewing and printing a transaction batch Entering transactions Modifying a transaction batch Deleting a transaction batch Self-testing questions Overview The differences between managing transactions in manual and computerized systems were described in Lesson 1. In this lesson, you will work with transactions in the Accpac computerized system.
TOPIC 3.1 Accpac journal entries and transaction batches When using Accpac, you are required to organize accounting events into transactions that are entered as journal entries. Each entry or transaction is composed of as many debits and credits as necessary to describe a complete financial transaction. The debits and credits of a transaction must balance. Each debit or credit forms a transaction detail within a journal entry.
No accounting program can check for incorrect accounting treatment — you can still credit or debit the wrong account as long as the account number exists. TOPIC 3.2 G/L Journal Entry window There are two ways to access the G/L Journal Entry window. The first is through the Batch List icon, and the second is through the Journal Entry icon. To access the G/L Journal Entry window, through the Batch List icon, click on G/L Transactions on the left navigation pane, then double-click on the Batch List icon.
Ready to Post. This column shows whether the batch is ready to be posted. Double-clicking in this field changes the status. Type. This column shows the type of batch. Possibilities include Generated, Imported, Subledger, Entered, or Recurring. Status. This column shows the batch status. Possibilities include Ready to Post, Posted, Open, Deleted, and Provisionally posted. Printed. This column indicates whether the batch has been printed. Batch Total. This column contains the total of all debits in a batch.
EXERCISE 3.1 Creating a batch 1. The G/L Batch List window should still be open. If not, follow the instructions at the beginning of Topic 3.2 to open it. 2. Click New. The G/L Journal Entry window opens (Exhibit 3-2). EXHIBIT 3-2 G/L Journal Entry window 3. Leave the G/L Journal Entry window open for the next section. The G/L Journal Entry window contains many fields. Read the following explanations of the fields to familiarize yourself with this window. Batch.
Source Code. Enter a source code for the transaction. There are default codes, or you can create your own. For example, CR could be for cash receipts. Entry Mode. Two modes are available. Normal, where each field is visited in every line of the transaction detail, or Quick, where certain fields (Reference and Description) have information copied from the first detail line entered. Quick saves time by relieving you of the need to re-enter the same information more than once. Auto Reverse.
The following columns appear in Multicurrency ledgers only: Currency Source Debit (instead of the Debit column) Source Credit (instead of the Credit column) Rate Type Rate Date Rate Functional Debit Functional Credit After you have finished studying the G/L Journal Entry window, close that window, then close the G/L Batch List window to return to the company desktop. TOPIC 3.3 Viewing and printing a transaction batch Any batch that has not been posted can be viewed and edited.
In Exercise 3.3, you print a batch. EXERCISE 3.3 Printing transaction batches Printing from the G/L Batch List window 1. In the G/L Batch List window, select batch 146, then click Print. The G/L Batch Listing Report window opens. 2. Ensure you have chosen your preferred print destination. Accept all defaults and click Print again. The printed report is called a G/L Batch Listing. The listing for batch 146 is shown in Exhibit 3-3 with the print option set as landscape.
Study the report and notice the following: The date shown in the upper-left corner is the system date from your computer based on when the report was printed. A total is calculated for each entry. The total for the entire batch appears beside Batch Total. In batch 146, the source codes begin with PO or Purchase Order, one of many subledgers available for use with Sage Accpac ERP. There are many source codes available with the General Ledger or you can create your own.
BATCH 148 ENTRIES 1-3 Date Line 12/30/2010 12/30/2010 12/30/2010 Source Code Account Description Account Dr. 1 2 JE JE Land Bank - operating 1550 1020 300,000 1 2 JE JE Inventory Accounts payable 1300 2015 50,000 1 2 3 4 JE JE JE JE Bank - operating COGS, chairs Sales, chairs Inventory 1020 5020 4020 1300 42,000 15,000 Account Description Account Dr. Promotion Bank - operating 6540 1020 7,000 Cr.
8. In the Account field, you can directly enter the account number by typing it into the field. If the account number you want to enter does not exist in the chart of accounts, you will have to enter it into the chart of accounts first. If you do not know the account number, click the Finder button to the left of the word Account. Enter 1550 as the account number. 9. Pressing ENTER or TAB automatically advances you to the Debit field.
13. Enter the remaining two transactions for Batch 148, then create a new batch and enter the last entry. 14. Close the G/L Journal Entry window but leave the G/L Batch List window open for the next exercise. TOPIC 3.5 Modifying a transaction batch You have been informed that batches 148 and 149 contain some wrong information that must be corrected. You fix these errors in Exercises 3.5 and 3.6. EXERCISE 3.5 Deleting an entry in a transaction batch 1.
TOPIC 3.6 Deleting a transaction batch When there are many errors in a transaction batch, it may be simpler to delete the entire batch and start over rather than edit the batch. You cannot re-use a deleted batch number. As a precaution, before you delete one or more batches of transactions, you should back up your entire general ledger. The reasons for regular backups have already been explained (see Lesson 2).
TOPIC 3.7 Self-testing questions 1. What is a journal entry in Accpac? Must the total debit amount equal the total credit amount in a journal entry? 2. How are transaction entries entered into Accpac? What are transaction batches? Give an example. 3. Describe how you would record the following event for fiscal period 7 in 2010, in a new batch (source document code is CD; reference is Salaries Chq #412): Dr. Salaries Cr. Bank $ 11,000.00 $ 11,000.00 4.
LESSON 4 Posting transaction batches Topic outline 4.1 4.2 4.3 4.4 4.5 4.6 Batch status Backing up before posting Individual posting of batches Range posting of batches Correcting transaction errors after posting Self-testing questions Overview In Lesson 3, you practised how to enter, modify, and delete transaction batches. In this lesson, you learn how to post batches. You also learn how to correct transactions after they have been posted and how to delete account numbers.
In Exercise 4.1, you view the G/L Batch List before posting the transaction batches. EXERCISE 4.1 Viewing a batch status 1. Click G/L Transactions on the left navigation pane, then double-click the Batch List icon on the right. The G/L Batch List window is displayed (Exhibit 4-1). EXHIBIT 4-1 G/L Batch List window 2. In the G/L Batch List window, you can view the list of batches. You can specify whether you want to view posted or deleted batches by selecting Show Posted and Deleted Batches. 3.
TOPIC 4.3 Individual posting of batches In Accpac there are several methods of posting batches. The simplest method is individual batch posting. It enables you to post batches one at a time. In Accpac, it is possible to set up a large number of user types on the system. This will enable a manager to restrict access to various tasks and windows. For example, a data entry clerk can be given access only to the data entry windows. This control is particularly useful when it comes to posting batches.
3. In the G/L Batch List window, click Post. The batch is now posted to the general ledger. 4. Leave the G/L Batch List window open. TOPIC 4.4 Range posting of batches Range posting of batches enables you to post all batches available or to post a range of batches. The Post Batches icon is used to post batches already marked as Ready To Post (through the G/L Batch List icon). You must print batches first if the Forced Listing of Batches option is selected before using Post Batches.
TOPIC 4.5 Correcting transaction errors after posting Once transactions are posted to the general ledger, you generally cannot delete or modify them. As noted previously, if a transaction does not balance, it will not be posted to the general ledger. Accpac is designed so that you cannot enter a non-existing account number into a transaction batch, thus further reducing the chance of error. In Accpac, if you create a batch that does not balance, the program will save it.
Alternative A: Make an adjusting entry In this alternative, $10,000 is moved from Mortgage payable to Notes payable, leaving the other lines in the original batch unaffected. Alternative B: Reverse the entry and enter the correct one In this alternative, the first entry reverses the entire entry previously entered and the second entry provides the correct transaction lines.
LESSON 5 Printing reports and making adjusting entries Topic outline 5.1 5.2 5.3 5.4 5.5 5.6 G/L reports Printing a transactions listing Printing a trial balance Adjusting entries Making an adjustment to a prior period Self-testing questions Overview After you have entered and posted transactions in Accpac, you will need to report on the results. Accpac provides extensive built-in reports to accomplish this task. In this lesson, you print certain important reports and make adjusting entries.
Batch Status: prints a record of all G/L batches Batch Listing: prints a record of transactions that have not been posted to the G/L Posting Journals: prints a record of transactions that have been posted to the G/L Setup reports include: Chart of Accounts: prints a complete record of all accounts in the G/L Account Structures: prints a description of the account structures and the segments used by each structure Segment Codes: prints a description of all segment codes and the retai
EXERCISE 5.1 Printing the transactions listing 1. Close any windows that you may have open and return to the company desktop. Click G/L Reports on the left navigation pane, then double-click the Transactions Listing icon on the right. 2. Choose your preferred print destination by clicking File Print Destination. As the report is very long, you may want to preview it onscreen. 3. Ensure the From Period fields show 2010 1 and the To Period shows 12. Accept all other defaults. Click Print. 4.
EXHIBIT 5-1 Print Destination window 2. Click G/L Reports, then double-click the Transactions Listings icon. Ensure the From Period is 2010 1 and the To Period is 12. Click Print. The Export window opens (Exhibit 5-2). EXHIBIT 5-2 Export dialog box 3. 4 Lesson 5 Accept the defaut for the Format field (Text) and the Destination field (Disk file). Click OK. The Choose Export File window opens (Exhibit 5-3).
EXHIBIT 5-3 Choose Export File window 4. In the Choose Export File window, there is a field for entering the file name. Type TransList in the File name field, then click the Save in drop down menu, select Desktop or My Documents, where you can easily locate the saved file, and click Save. The Exporting Records window will open, showing the progress (% complete) towards completion. 5. Before returning to the company desktop, repeat the process using different file formats. 6.
EXHIBIT 5-4 Transactions Listing report displayed on the screen One use of displaying a report on the screen is to verify that it is correct prior to sending it to a supervisor or manager. Once you have verified it, you can send it in hardcopy or by e-mail as an attachment. 5. Close all windows to return to the company desktop. TOPIC 5.3 Printing a trial balance There are two very useful versions of the trial balance: Report and Worksheet. The report format shows period-end balances in a column format.
EXERCISE 5.4 Printing a trial balance 1. Click G/L Reports, then double-click the Trial Balance icon. The G/L Trial Balance Report window opens. 2. In the Report Format drop-down list, select Report. The For Year/Period field should be changed to 2010-12. Accept all other defaults. Click Print. 3. Return to the G/L Trial Balance Report window. Print another trial balance using Worksheet as the format. 5. Close the G/L Trial Balance Report window to return to the company desktop.
EXERCISE 5.5 Making and posting adjusting entries 1. Add the following account to your chart of accounts (see Topic 2.6 for an explanation of this process): Account 2090 Description Structure code Accrued liabilities ACC Account type Normal balance Account group Balance Sheet Credit Current Liabilities Click Add and close the G/L Accounts window to return to the company desktop. 2. Click G/L Transactions, then double-click the Batch List icon. 3.
EXHIBIT 5-5 Batch listing TOPIC 5.5 Making an adjustment to a prior period There are situations where you may need to make changes to prior periods, such as adjustments that came to light during an audit that need to be reflected in the financial statements of the period. Posting entries to previous fiscal periods can also be used to enter opening account balances. To be able to post to a prior year, this option must be selected under G/L options.
EXHIBIT 5-6 G/L Options window, Posting tab The G/L Options window has four tabs: Company, Account, Posting, and Segments. Information about each tab follows. Company tab. This tab lists information about the company, such as name, address, and contact information. Account tab. This tab shows the functional currency selected during setup. There are also check boxes where you can select to use Multicurrency, Account Groups, and Maintain Quantities.
EXERCISE 5.6 Posting an adjustment to a previous year Assume that the inventory value was overstated at the end of the previous year by $50,000. The amount is material, and the books have already been closed but no financial statements have been published yet. It is necessary to post an adjusting entry to the prior year in order to correct this. The journal entry for posting to a previous year is no different from an ordinary journal entry. The only thing to check is the date of the entry. 1.
6. Close all open windows to return to the company desktop. TOPIC 5.6 Self-testing questions 1. What is a transactions listing? When would you print it? How would you use it? 2. Are Accpac trial balances always in balance? Why or why not? 3. After reviewing the trial balance at the end of the month, you determine that several revenue and expense items that should have been accrued are not reflected in the general ledger. How would you complete the transactions for the month? 4.
LESSON 6 Designing and printing financial statements Topic outline 6.1 6.2 6.3 6.4 6.5 Printing a financial statement Modifying a financial statement Modifying a specification file Creating a specification file Self-testing questions Overview The most important outputs from any computerized general ledger are the financial statements. Accpac has extensive capabilities in this area. This lesson will cover how financial statements are designed and printed in Accpac.
EXERCISE 6.1 Printing a balance sheet 1. Click Financial Reporter on the left navigation pane, then double-click the Print Financial Statements icon on the right. The G/L Print Financial Statements window opens (Exhibit 6-1). EXHIBIT 6-1 G/L Print Financial Statements window 2. If quikbal1.xls is not in the Statement Name field, click Browse (located to the right of the field) and select it. 3. Ensure the Year/Period field shows 2010 - 12. 4.
TOPIC 6.2 Modifying a financial statement Accpac uses MS Excel to produce its financial statements, both in creation and output. Accpac uses an Excel spreadsheet called a specification file to produce the financial statements. You can also specify that the output (the financial statement) be an Excel file. Therefore, as long as you have some experience with Excel spreadsheets, it is straightforward to modify a financial statement. You look at specification files in the next two topics.
EXHIBIT 6-3 Preliminary balance sheet 3. 4 Lesson 6 Combine all the bank accounts into one entry. (Assume the foreign bank accounts are presented in Canadian dollars so you can simply sum them.) Record the total amount of cash in all banks in cell C12. Change cell B12 to read “Cash.” Delete rows 13 to 16. When finished, it should look like Exhibit 6-4.
EXHIBIT 6-4 Balance sheet with bank accounts combined 4. In this manner, combine the following accounts: Prepaid insurance, Prepaid rent, and Prepayment AP purchases into one account called Prepaids. Prepayment liability, Accts payable clearing, and Accrued liabilities into one account called Accrued liabilities. EI payable, CPP payable, Federal tax payable, Employee benefits payable, Employee pension payable, and Employee deductions payable into one account called Employee deductions payable.
EXHIBIT 6-5 Final combined balance sheet In this way, you can modify the financial statement to suit your needs. You can also use any Excel functions or formatting to modify your statements. For example, if you want to show only dollar amounts on the statements, you could format the cells so that the number of decimals showing is zero. Alternatively, you could use the Round function to round all values to the nearest dollar.
scratch or modify one of the specification files provided with the General Ledger. The default location for the specification files is C:\Program Files\AccpacCGA\GL56A\ENG. You open and save a working copy of the quikbal1.xls specification file in Exercise 6.3. EXERCISE 6.3 1. Click Financial Reporter on the left navigation pane, and then double-click the Statement Designer icon on the right. The G/L Statement Designer window opens (Exhibit 6-6).
EXHIBIT 6-7 Spreadsheet with new filename Columns With your working copy of the quikbal1.xls specification file open, read the following description of the purpose of the columns in specification files. The first four columns of a specification file (columns A through D) are reserved by the Statement Designer for control information. Columns E and beyond are used for the text, formulas, and values that will actually appear on a printed financial statement.
Missing from this specification file is a title row. This would appear as “/T”. Anything on a title row would appear on each page of the report. Column B If Column A is being used as a body specification row and specifies a range of accounts, then this column controls which account types or account groups should be included (or excluded) for the specified range of accounts. Row 16 contains ACCTGRPID = "Current assets" in column B. This is to limit the account number reference in column A.
Row 14 has a formula that generates the account balance for the period from the general ledger. This particular formula treats debits as positive and credits as negative. Row 16 has a “\” which repeats information above it. In this case, it repeats the formula that generates the account balance for the period from the general ledger, treating debits as positive and credits as negative. Row 17 has a formula that sums the balances of the accounts in the current asset section. Row 21 has a “\-”.
EXERCISE 6.4 1. On your working copy of the quikbal1.xls spreadsheet, click FR, FR View. The G/L Financial Statement Designer window opens (Exhibit 6-8). Ensure the Year/Period is 2010-12. EXHIBIT 6-8 G/L Financial Statement Designer window 2. Computer Tutorial 3 Click OK. A Financial Report Generation window will open briefly as the report is being generated. When complete, the balance sheet will be produced on your open worksheet (Exhibit 6-9). You may have to scroll down to see it.
EXHIBIT 6-9 Sample Company Limited balance sheet 12 Lesson 6 3. You will make changes to the current asset section of the balance sheet first. You will combine all the Bank accounts into one line, and all the prepaid accounts into one line. Place your cursor on line 17 and click Insert Rows. Do this again so you have created two blank rows below Row 16. 4. Type 1000:1060 in cell A16 (overwriting the “%%”), T in cell D16, and Cash in cell F16 (overwriting the “\”). 5.
EXHIBIT 6-10 Current asset section of balance sheet 9. Now you will combine accounts in the current liabilities section. You will combine all the employee deduction accounts into one line, and all the tax payable accounts into one line. Place your cursor on line 35 and click Insert Rows. Do this twice more so you have created three blank rows below Row 34. 10. Type 2000:2100 in cell A34 (overwriting the “%%”). 11.
In this way, you can modify specification files to suit your needs. Any future balance sheets will be produced according to the new specification file. You would not have to repeat these steps if you reprinted the balance sheet. However, if you added new accounts in the general ledger, they may not be caught by your new specification file. Remember that you changed a wildcard (%%) into a specific account reference.
cell to show a leading dollar sign by clicking Format Cells. Click the number tab, and choose Accounting as the category. Choose $ as the symbol. Click OK. 11. In cell A10, enter 3300, the account number for Dividends. 12. In cell F10, enter Dividends. 13. In cell G10, enter the formula =FRAMTA("BALP"). This formula enters the ending balance for the current period. Format the cell appropriately. 14. In cell A11, enter %%, the wild card for all accounts. 15.
EXHIBIT 6-13 Specification file showing formulas 22. Click FR, FR View. Ensure the Year/Period is 2010-12. Click OK. Your retained earnings statement should look like Exhibit 6-14. If it does not, compare your formulas and statement to those in Exhibits 6-12 to 6-14. Make corrections where needed. EXHIBIT 6-14 Retained earning statement For more information on specification files, use the Help feature of Accpac. Click Help Online Documentation General Ledger 5.6A.
TOPIC 6.5 Self-testing questions 1. List the six standard financial statements that come with General Ledger Accpac. 2. What facility is provided by Accpac if you wish to create custom financial statements? How would you use it (in general terms)? 3. You created a financial statement using Statement Designer in Accpac. You want to modify the statement. Where would you go in Accpac to make your modifications? 4.
LESSON 7 Maintaining Accpac Topic outline 7.1 7.2 7.3 7.4 7.5 7.6 7.7 7.8 7.9 A logical chart of accounts Maintenance procedures Operating procedures Month-end procedures Year-end procedures Starting a new fiscal year Internal controls Self-testing questions Taking stock Overview Routine and structured maintenance of a computerized general ledger ensures smooth operation of all accounting work. This lesson provides guidelines on initial setup and maintenance for Accpac.
5. If you are working with more than one general ledger, try to standardize the charts of accounts. Use account numbers rather than account names Accpac has a very flexible structure. As previously mentioned in Topic 1.3, with the commercial version of the program you can set up an account framework with a maximum account length of 45 characters and 10 segments, including the segment separator. How an organization sets up its chart of accounts depends on its needs.
There are two common ways to include the Accumulated amortization contra accounts in a chart of accounts: 1. Place them in a block, for example: 1500 1510 1520 1600 1610 1620 2. Warehouse Delivery truck Office computer Accum. amortization – warehouse Accum. amortization – delivery truck Accum. amortization – office computer Place each of the Accumulated amortization accounts immediately after the related asset account, for example: 1500 1501 1510 1511 1520 1521 Warehouse Accum.
Use meaningful names for account descriptions In the G/L Account window, each account is assigned a description. It is important to use meaningful names for these account descriptions. The benefits are: You minimize the chance of error when posting transactions if the account description clearly indicates the nature of the account. You are less likely to make a format error when designing custom reports. People who use your financial statements will be able to understand the information more easily.
before year-end close after setting up Accpac before and after creating a new company before year-end close before moving data or applications to another server Accpac is designed to ensure maximum accuracy and integrity of your accounting data. Occasionally, however, your data files may become damaged. Hardware failures, power surges, and other problems can affect data and damage or destroy it.
EXHIBIT 7-1 Data Integrity window 2. In the Available Applications section, click General Ledger 5.6A, then click Include. You can also click All to select all applications in the list. However, for this exercise, insert only General Ledger 5.6A. 3. Click Check to begin the process. The Integrity Checker window appears (Exhibit 7-2). EXHIBIT 7-2 Integrity Checker window 4. 6 Lesson 7 When complete, the Integrity Check Log will print according to your Print Destination setting.
EXHIBIT 7-3 Integrity Check Log 5. Close the Integrity Check Log and the Data Integrity window to return to the company desktop. By following these steps, you ensure the integrity of your data under most normal operating circumstances. However, it is no guarantee that there are no database errors. You should still perform regular backups. TOPIC 7.
4. Always back up the data before posting. 5. Post the batches, which will trigger the printing of the posted batch. 6. Collect the batch listings and posting journals in a file. This file constitutes a complete audit trail. TOPIC 7.4 Month-end procedures To ensure streamlined operations, a set of procedures should be implemented for the end of each fiscal period. A common practice is to set up each calendar month as a fiscal period.
7. Print the month-end financial statements. Make sure the balance sheet balances and the net income amount in the income statement matches that on the balance sheet. (See Lesson 6.) 8. Print a transactions listing for the entire month. (See Lesson 5.) 9. Assemble in a file folder the batch listings, posting journals, final adjusted trial balance, month-end financial statements, and transactions listing for the month. This folder comprises the month-end file for the fiscal period.
TOPIC 7.5 Year-end procedures One major benefit of using Accpac is that year-end procedures are significantly simpler than with a manual general ledger. However, a systematic approach is necessary to ensure all the steps are followed and completed efficiently. Recommended year-end procedures Following are the recommended year-end procedures for the general ledger: 10 Lesson 7 1. Complete the month-end procedures for the last month of the fiscal year.
TOPIC 7.6 Starting a new fiscal year When the recommended year-end procedures are almost complete and you are ready to start entering transactions for a new fiscal year, there are two major steps to take: 1. 2. Create a new fiscal year. Perform period-end maintenance. Create a new fiscal year Creating a new fiscal year is similar to closing the books in a manual general ledger.
Following is a basic set of internal controls that can be used to protect the financial information in a general ledger: 1. Control access to general ledger data. 2. Do routine backups. 3. Store the backups off-site to control access and to ensure that if the building is destroyed the data is still protected. 4. Handle printed output properly. Confidential printouts should be filed or shredded when not required.
type of service for a fee. Banks are also good choices because most backup media are small enough to fit into a safety deposit box. If neither is feasible, the next best alternative is a fireproof safe or locked cabinet in another office or branch of the same organization, but located in another building. Backup copies stored in another building must be protected in the same way as backup copies stored on-site.
8. Torban is a new accountant for a small, privately held firm. He is surprised to find that computer printouts from the general ledger are regularly discarded in the waste basket with no concern about the environment. During the first week of his employment, Torban implemented a paper recycling program by placing recycling boxes around the office and arranging a paper recycling firm to pick up the boxes on a monthly basis. What is right or wrong about Torban’s action? TOPIC 7.
APPENDIX A Installing Sage Accpac ERP CGA 5.6A This appendix describes how to install and remove Sage Accpac ERP CGA 5.6A. Before installation, make sure your computer meets the minimum system requirements as published by your regional CGA office. The Sage Accpac ERP installation DVD also includes Microsoft SQL Server 2008 Express as the database engine. Notes: A system restart may be required part way through the process. If so, restart your computer before continuing.
3. 4. 5. Click Microsoft SQL Server 2005 Express Edition and choose Uninstall. Wait for the uninstall to complete. Select the ACCPAC53CGAR2 Database Engine instance and click OK to continue. Wait for the uninstall to complete. Click the Microsoft SQL Server Native Client and choose Uninstall. Wait for the uninstall to complete. TOPIC A.2 Installing Microsoft SQL Server 2008 Express 1. Insert the Accpac DVD in your drive. Windows’ AutoPlay dialogue will open. Click Run autorun.
EXHIBIT A-2 Setup Menu 3. Click Install Microsoft .NET Framework 3.5 SP1. The files are extracted and the setup starts. EXHIBIT A-3 Extracting Files If your computer already has .NET Framework 3.5, you may see a Maintenance Mode dialogue. Click Cancel to abort the installation as it is not necessary to continue.
EXHIBIT A-4 Maintenance Mode If a message appears recommending that you “...download and install the latest service packs and security update...,” this can be ignored for now. 4. Click Install Windows Installer 4.5. The installation opens a “command prompt” Window similar to the one below. You can ignore this window. EXHIBIT A-5 Command Prompt The software installs as a Windows Update “Hotfix.” Follow the prompts accepting all defaults.
EXHIBIT A-6 Windows Update Standalone Installer 5. You may need to restart your computer at this point. If so click Restart Now. When your computer has restarted, reinsert the Sage Accpac DVD and click to accept the autorun.exe or start the autorun.exe as you did in Step 1. EXHIBIT A-7 Installation Complete 6. Computer Tutorial 3 At the initial menu click Microsoft SQL Server 2008 Express, and then continue with Windows Powershell 1.0 as described in the next step.
EXHIBIT A-8 Windows Update Message 7. Click Install PowerShell 1.0. As with the previous item, a command window is opened and the update may not apply to your system. Follow the prompts accepting all defaults. 8. On the Microsoft SQL Server 2008 Express menu, click Install Windows SQL Server 2008 Express. Again a command window is opened. Follow the prompts to complete the installation. EXHIBIT A-9 Extracting Files 9.
TOPIC A.3 Installing Sage Accpac ERP CGA 5.6A Follow these steps to install Sage Accpac ERP CGA 5.6A: 1. At the setup menu, click Sage Accpac ERP. The Sage Accpac ERP CGA Edition setup menu is shown. EXHIBIT A-10 Setup Menu 2. At the Sage Accpac setup menu, click Install Sage Accpac ERP 5.6A. The system prepares for setup. At the Welcome dialogue, click Next.
3. Click the option to accept the terms of the license agreement, and click Next. EXHIBIT A-12 User License Agreement 4. 8 Appendix A Click Next to accept the default installation folders.
EXHIBIT A-13 Sage Accpac Folders 5. At the Select Features dialogue, ensure that the Multicurrency and Financials Suite (including the General Ledger) options are selected, and click Next.
6. Click Next to accept the default shortcut location, and then click Install to begin the installation. EXHIBIT A-15 Program Folder 7. 10 Appendix A At the Sage Accpac ERP License Maker Page, click close to accept the defaults.
EXHIBIT A-16 License Manager 8. Click Finish on the Sage Accpac 5.6A InstallShield Wizard page. (Note: The Read Me page does not contain information needed for your coursework or running Accpac.
Data Loader Sage Accpac ERP CGA 5.6A does not come with any company’s dataset installed. You must download the data that is used in this tutorial from http://www.cga-education.org/201112/ct3/. Follow the instructions on that page to download and extract the data. Then you must use the Data Loader utility to load the data into Accpac. The steps to accomplish this are as follows: 1. On the Windows desktop, right click Data Loader and choose Run as Administrator.
EXHIBIT A-19 Sage Accpac CGA Data Loader A company’s dataset is simply a folder that contains five items: 3. Computer Tutorial 3 One folder containing the company database One folder containing the system database Three files needed in the Data Load process (two .dct files and one .ini file) (The naming convention for the company database and .dct file is xxxLTD, where xxx is an abbreviation of the company name. For the system database and .dct file, it is xxxSYS.
EXHIBIT A-20 Locating a dataset 4. Click on the dataset you want to load and click Load (Exhibit A-21). EXHIBIT A-21 Selecting a dataset 5. 14 Appendix A The data will load. When complete, you should see the message in Exhibit A-22.
EXHIBIT A-22 Successful completion Loading from a backup You may wish to load a backup copy of the data, rather than the original data provided. To do this, you need to create a new dataset. Remember that a dataset is only a folder containing the five items needed in the Data Load process. In effect, you would be combining three of the items in the original dataset with the two items generated by your Database Dump (your backup). The steps to load from a backup are as follows: 1.
TOPIC A.5 Uninstalling Sage Accpac ERP CGA 5.6A To remove Sage Accpac ERP 5.6A, follow these steps: 16 Appendix A 6. Make sure you have exited Accpac. 7. From the Windows desktop, click Start, select Settings, then Control Panel. 8. In the Control Panel window, double-click Uninstall a Program on the Control Panel Home or Programs and Features from the Classic View. 9. In the Uninstall or change a program dialog box, click Sage Accpac 5.6A and click Uninstall. 10.
APPENDIX B Solutions to self-testing questions Lesson 1 1. A computerized general ledger keeps financial information electronically in a database. The database contains account numbers, names, budget information, and balances for each account (in the chart of accounts) for each period. Transactions are first entered in a transaction file called a batch. After the transactions are verified as being in balance, the batch is posted. 2.
2. In Accpac: a. b. c. d. An account number, or account code, identifies the account in the chart of accounts. It is normally a number but it can be a combination of numbers and letters. An account description, which consists of up to 60 characters, gives an account an easily recognizable name. An account type designates how the account is closed during the year end.
press the BACKSPACE or DELETE key to erase the entire debit amount. Press ENTER (or TAB) to move the cursor to the Credit column, where you can enter the credit amount. Click Save to save the changes to the entry. 6. Ensure your preferred print destination is selected using File, Print Destination. In the G/L Batch List window, find and select the batch you wish to print. Click the Print button. The G/L Batch Listing Report window appears. Select your criteria or accept the defaults. Click Print. 1.
3. For each revenue or expense item that should be accrued, adjusting transactions are created and entered into an adjusting batch. The adjusting batch is printed and checked for errors. After ascertaining that the batch containing adjusting entries is error-free, the general ledger is backed up and the adjusting batch posted. After posting, another trial balance is printed to ensure that the general ledger is complete. 4.
Computer Tutorial 3 2. Accpac places few restrictions on the structure of the chart of accounts. It is possible to set up the chart of accounts as described in the question. Indeed, you can even alternate accounts between the various account types or randomly assign account numbers. The problem, however, is that such a chart of accounts will be very difficult to work with and prone to errors during transaction entry. It also makes producing financial statements more difficult. 3.
APPENDIX C Managing budget data Topic outline C.1 C.2 Entering and editing budget data Viewing and printing budget data Overview In addition to historical data and opening balances, many general ledgers contain information about budgets for the current year and several previous years. The budget is the plan of financial activities for the year, and should ideally be completed before the beginning of a new year.
TOPIC C.1 Entering and editing budget data When using Accpac to create a budget, there is a range of built-in calculations to create the numbers for the budget in the Budget Maintenance window. Using Accpac to create a budget In Exercise C.1, using the Budget Maintenance window, you will modify Budget Set 1 data for account 4000. EXERCISE C.1 Budget Maintenance window 1.
In the Year fields, you can select any year established in the fiscal set of the general ledger. In the Fiscal Set field, you can use the drop-down arrow to select either Actual or Budget numbers for the Inquiry Amount column. 3. Enter 4000 in the Account field. Ensure 1 appears in the Budget Set field, and 2010 appears in the Year field. 4. Click the Go button (the double arrows (») to the right of the Currency type field).
EXHIBIT C-3 Enquiry Amount column showing amounts 7. You are now able to modify Budget Set 1 based on Actual 2009 data. 8. Leave the Budget Maintenance window open for the next section. The Budget Maintenance window is used to create or modify monthly budget amounts for an account. Eight methods are provided under the Budget Method portion of the window. In addition, you can simply click the Budget Amount you want to adjust, and change it by direct entry.
Copy, As Is The program copies the amounts in the Inquiry Amount fields to the Budget Amount fields without modification. Copy, Percent Increase The program copies the amounts from the Inquiry Amounts fields to the Budget Amount fields, with each Budget Amount field increased or decreased by the percentage entered. Copy, Amount Increase The program copies the amounts from the Inquiry Amount fields to the Budget Amount fields, with each Budget Amount field increased or decreased by the amount entered.
5. Click the radio button next to Copy, As Is. Click Replace. Note the amounts from the Inquiry Amount column have been copied to the Budget Amount column. Clicking Add to doubles the amount in the Budget Amount column. 6. In this manner, you can select different Budget methods and have the amounts calculated for you. You can enter an amount directly into the Budget Amount column at any time. Click Clear to start over. This does not delete, just simply clears the field.
APPENDIX D Glossary Some of the technical terms used in this tutorial are listed and defined below. Certain definitions are specific to Accpac. Account An account is a type of record where individual transactions are recorded. It may contain up to 45 alphanumeric characters and can be divided into as many as 10 segments. Each account code in a general ledger must be unique. For sorting purposes, it is preferable to use numbers for account codes.
Batch A group of transactions. Total debits and credits in a batch must be equal before the batch is posted. Chart of accounts A complete list of the account numbers used to represent the financial information of an organization. Clearing transaction A clearing transaction is a transaction used to transfer the balance of an account to another account without deleting the account.
Finder window A window that displays a list of input options for a specified field. For example, clicking the Finder button beside the Account field will open a Finder window that displays a full list of all accounts. Fiscal periods Fiscal periods are divisions of the fiscal year, typically monthly, quarterly, or semi-annually, when transaction information is summarized and financial statements are prepared. Fiscal year A period of 365 days that is defined for recording and reporting financial information.
Normal balance The normal balance is either debit or credit depending on the account. It is the balance under ordinary circumstances. Offset account An offset account is used in double-entry accounting. It is the account used to balance a transaction, making debits equal to credits. Open batch A batch of transactions that has not been posted. Posting The action of transferring the debits and credits from a journal to the general ledger accounts.
Source code A code used to classify transactions. The source code identifies the type of journal entry to provide additional information about a specific transaction. Structure Structure is the way information is displayed or organized. The account structure determines how many segments the account will be composed of and the character used to separate each segment. Subledger A subledger is an application in Accpac that can be used to perform a specific set of tasks.
