Specifications

4  Appendix B Computer Tutorial 3
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. Adjustments are required to correct any errors of posted transactions or omissions
and to accrue revenues and expenses. Typical adjustments are:
 recording bank charges, NSF cheques, and interest charges
 reversing interest charges on customers’ accounts
 recording bad debt expense
 adjusting accrued liabilities for expenses such as wages earned but unpaid,
professional services received, and so on
 recording amortization charges
5. Prior period adjustments are sometimes required to reverse or correct an error in the
previous year’s data:
 to enter adjustments that come to light during an audit, but after the books are
closed for the year
 to enter opening balances or historical transactions for previous years
6. The following three conditions are required to post an adjusting entry to a prior
period:
 the fiscal period must exist in the fiscal calendar
 the prior fiscal period is not locked
 the option Allow Posting to Previous Years is selected in the G/L Options window
Lesson 6
1. The six basic financial statements supplied with Accpac are:
 Balance Sheet
 Comparative Balance Sheet (Current Year/Last Year)
 Comparative Balance Sheet (Current Month/Last Month)
 Income Statement
 Comparative Income Statement (Current Year/Last Year)
 Comparative Income Statement (Current Month/Last Month)
2. Accpac provides the Statement Designer which you can use to specify the format of a
financial statement. You can either alter an existing format or create a new one.
3. Click Financial Reporter in the left navigation pane, then double-click the Statement
Designer icon on the right. The G/L Statement Designer window opens. Click Start.
Excel is launched. Open your statement and modify it.
4. The simplest way to format the balance sheet is to enter 1600:1605 in Column A.
Then enter a T on the same line in Column D. This will report the two amounts
together on one line.
Lesson 7
1. If letters are used in the account code, the chart of accounts will be sorted in
alphabetical order automatically. The chart of accounts will not be sorted in an order
you would expect in a balance sheet or income statement. Some income statement
accounts may appear between balance sheet accounts. Also, Accpac enforces the
length you put in an account segment. This may result in awkward and inconsistent
abbreviations. You should advise your friend to use numeric account codes.