Using ACCPAC 5.2 Advantage Series Corporate Edition

Christine A. Heaney

Lesson 1 System Manager

1. Define the two types of databases you must create before using ACCPAC.

The two types of databases that must be created before using ACCPAC Advantage Series are the system database and company database. A system database must be created before any company database is created, as company databases must be linked to a system database. If you already have a system database set up, it can be used with multiple company databases; therefore, you do not have to create one for each company database.

A system database stores information on users, passwords, security groups, and security settings for the companies that are linked to it. A company database contains information that is used by all the accounting applications for a single company. A company database must be created for each new company you will be keeping accounting records for, and it must be linked to a system database.

2. Where do you set up the databases?

Databases are set up in the ACCPAC Database Setup Utility program, which is a separate program that is shipped with ACCPAC Advantage Series.

3. Where will you find SAMINC and SAMSYS? What are they?

SAMINC and SAMSYS are sample database files that can be installed with the ACCPAC Advantage Series program. SAMINC is a single currency sample company database, and SAMSYS is a sample system database.

NOTE: If you install the sample company SAMLTD, you will not be able to open it in the ACCPAC Advantage Series Corporate Edition because SAMLTD is a multicurrency company. Since the Corporate Edition is not a multicurrency program unless you purchase the multicurrency package separately, it cannot read multicurrency databases.

4. What is the default administrator’s password?

The default administrator’s password is ADMIN. It is very important that students do not change this password because once it is changed other students will no longer be able to access the ACCPAC program.

5. Where do you determine in which folder your data files will be located?

The directory in which your data files will be located is determined in the Folder field of the database setup window. When you enter a new database, the folder field is entered on the second screen of the database setup window. If the folder you enter has not already been created, you will be prompted to create it.

6. After setting up the company information, can you change the functional currency selected?

No. The functional currency cannot be changed once it has been selected. If you have selected the wrong functional currency, you must delete the database file through Windows Explorer and start it over again.

7. How many fiscal periods can you set up for your company?

You can set up 12 or 13 fiscal periods for your company. Select 12 if your fiscal calendar is divided into calendar months. Select 13 if your fiscal calendar is divided into four-week periods. If you select 13, a second field will be displayed where you must indicate which quarter has four fiscal periods.

8. Name the two services that are part of the System Manager. List and describe each of the features found in these services.

The two services that are part of the System Manager are Common Services and Administrative Services. Each feature found in these services is described below:

Common Services

Company Profile: Displays the address and options selected for the

Company. All information can be modified in the

Company profile except the functional currency option.

Fiscal Calendar: Displays the fiscal calendar years available for the company and allows you to add new years to the calendar, make the years active or inactive, and lock or unlock the adjustment period and closing period.

Scheduling: The Scheduling icon allows you to select the following two icons:

Reminder List: When schedules are due to be processed, the reminder list opens automatically for the user assigned to the schedule when they open ACCPAC. The recurring entries that are linked to schedules can be processed directly from the reminder list.

Schedules: The Schedules window allows you to create schedules that can be attached to recurring entries in your ACCPAC subledgers for automatic processing.

Currency: Used to add, delete or edit currency codes.

Optional Tables: Used to record data that can be entered in optional fields in other accounting applications.

Administrative Services:

Users: Used by the System Administrator to add, edit or delete ACCPAC users.

Security Groups: Used by the System Administrator to define the tasks that users in each group may perform.

User Authorizations: Used by the System Administrator to assign users to security groups, and to edit or delete a user’s security group.

Data Activation: Used to activate ACCPAC accounting applications.

Data Integrity: Used by the System Administrator or anyone assigned to a security group with this option assigned to it to check the integrity of your accounting data.

UI Profile Maintenance: Used by the System Administrator to create profiles that will be assigned to customized user interface forms.

Assign UI Profiles: Used by the System Administrator to assign customized user interfaces to UI Profiles.

Restart Maintenance: Used by the System Administrator to list uncompleted ACCPAC operations due to errors and describes the action that must be taken to correct them.

9. What is the purpose of setting up schedules?

Schedules are set up so they can be assigned to recurring entries in the General Ledger, Accounts Payable or Accounts Receivable modules that will allow automatic processing of the recurring entries. Schedules can be created to occur on a daily, weekly, semi-monthly, monthly or yearly basis.

10. How do you access Help while using ACCPAC?

Help can be accessed by pressing the [F1] key while working in ACCPAC, by clicking on Help from the menu and then selecting the required command, or by pressing the Help button on the screen when it is available.

11. What is the purpose of changing the Icon view?

The purpose of changing the Icon View is to be able to view the icons displayed on the desktop in different formats.

12. After you have created your company, where do you maintain the information entered in the Common Services Activation notebook?

The information entered in the Common Services Activation notebook is maintained in the Company Profile in Common Services.

13. In the fiscal period, a period can be locked or unlocked. What is the difference between these two options?

If a fiscal period is unlocked, you can post transactions to it; if a fiscal period is locked, you cannot post transactions to it. You can lock or unlock a period at any time.

14. Is the ACCPAC Advantage Series Corporate Edition a multicurrency program?

ACCPAC Advantage Series Corporate Edition is not a multicurrency program. However, it is possible to purchase a multicurrency module that will support multicurrency.

15. What is the purpose of an optional table?

Optional tables contain valid data that can be entered in optional fields in other accounting applications. They are used to verify the data entered in these optional fields.

16. Describe the format of a valid ACCPAC password.

A valid password must begin with a letter and can be up to eight characters in length. A valid password would be Amanda or A01.

17. Describe the steps required to set up a user named John with the options of checking the data integrity, changing the print destination, and maintaining the company information.

a) Set up John as a user in the Users icon. His user id must begin with a letter and can be up to eight characters in length. His password must also begin with a letter and can be up to eight characters in length.

b) Create a security group that will allow its users to perform the functions listed in the following applications:

Administrative Services 5.0A: Check Data Integrity

Change Print Destination

Common Services 5.0A: Maintain Company Information

c) Assign John to the security group created in step #2, by using the User Authorizations icon.

d) If you exit the ACCPAC program and re-enter using “John” as the User ID you will only be able to perform the functions in the Security Group to which he is assigned.

Note: If you did not turn on the Security option in the System database, all the security options you create will not work.

18. When will a user’s reminder list appear automatically when they start ACCPAC?

A users’ reminder list will appear automatically when they start ACCPAC if the user is assigned to a schedule and it is due to be processed. Depending on the number of days entered in the Remind in Advance field in the schedule, the user may be reminded before the schedule is due to be processed.

19. List the steps required to customize a user’s interface.

The following steps are required to customize a user’s interface:

1. Create a User ID

2. Create a UI Profile Maintenance ID

3. Customize user interface forms for the UI Profile Maintenance ID

4. Assign users to the UI Profile ID

20. What is the purpose of the database dump feature?

The purpose of the database dump feature is to extract an ACCPAC database creating a flat-sequential file that allows you to move an ACCPAC database from one database format to another or from one version of a database format to another.

21. If you are using the files that were created during the database dump feature as a backup, what files or folders created during the process must be copied onto your backup medium?

If you are using the files that were created during the database dump feature as a backup, you must copy both the folder and the control file (which ends in .dct) that is created by the Database Dump function.

22. What is the purpose of the database load feature?

The purpose of the database load feature is to load a dataset that has been created by the database dump function into an ACCPAC database. This allows you to move data between different database formats or from different database versions.

2. Many options are available during the General Ledger Setup. Describe the following options:

a) Use Account Groups

The Use Account Groups option allows you to indicate whether you will assign each account to a standard account group such as current assets, current liabilities, revenue, etc. ACCPAC will create six standard financial statements for your company based on your accounts, provided that you select to use account groups and you indicate the account group to which each account belongs. If you choose not to use account groups, ACCPAC cannot create the standard financial statements, and you will have to create your own financial statement specification files.

b) Maintain Quantities

The Maintain Quantities option allows you to post quantity information, such as the number of items sold for an account, as well as monetary values. When setting up a new account, indicate whether you will maintain quantities for it. When entering transactions, you will be able to enter a dollar value for the account as well as the quantity amount for each account set up with this feature.

c) Allow Posting to Previous Years

The Allow Posting to Previous Years option allows you to post batches to previous years in the Fiscal Calendar. This option can be turned on or off at any time.

d) Allow Provisional Posting

The Provisional Posting option allows you to temporarily post a batch, view financial reports containing the transactions in the batch, and edit the batch before permanently posting it, or deleting the batch if necessary.

e) Force Listing of Batches

With the Force Listing of Batches option turned on, batches must be printed before they can be posted. They can be printed to a printer, screen or file.

3. Explain segments that are used in account numbers. How many segments can be used in an account number? What is the largest possible size of a segment?

An account number, which can be up to 45 characters in length, can be divided into three segments. The largest possible size of a segment is 15 characters.

4. Where do you enter valid segment codes? Do the segment codes have to be created before they can be used in an account number?

Valid Segment Codes are entered in the Segment Codes icon found in the G/L Setup folder. Segment Codes are used to define valid segments that can be entered in account numbers; therefore, you must enter all valid segment codes for each segment before they can be used in account numbers.

5. What is the purpose of identifying account structures? How do you know how many account structures that you need to enter? List a valid account structure and its segments.

The purpose of defining account structures is to define the structure of account numbers. You will need to define an account structure for every combination of segments that can be used in account numbers to a maximum of three. The following list displays two valid account structures and their segments:

Structure Code Segments currently used by this account

ACC Account

DIV Account

Division

6. Where are source codes used?

Source codes are used when entering batches. They identify the type of transaction entered and the source journal where the transaction originated. You cannot enter transactions in the General Ledger without a source code. Source Codes can also be printed in user defined Source Journal Reports.

7. List the five print destinations that are available. How do you change the print destination?

The print destinations are as follows:

1) Printer

2) Preview (screen)

3) File

4) E-mail

5) Schedule

You can change the print destination by clicking on File from the menu on the Company Desktop, selecting Print Destination, and then selecting the desired option. You can also double click on the printer icon on the status bar to quickly display the Print Destination window and then make the necessary changes.

Lesson 3 Chart of Accounts

1. What is the default for the following fields when you enter a new account:

a) Structure Code: ACC (or the structure code set up as the company default)

b) Normal Balance: Credit

c) Account Type: Income Statement

d) Account Group: Revenue

2. What is the maximum number of characters in an account?

Account numbers can be up to 45 characters long, including segment delimiters.

3. How many segments can be included in an account number?

A maximum of three segments can be included in an account number. This maximum is for the ACCPAC Corporate Edition only. The Enterprise edition can have as many as 10 segments.

4. What is a control account?

Control accounts can only have transactions posted to them by the subledgers that use them as control accounts. When you select the Control Account option, a Subledger tab appears on the Accounts form. On the Subledger tab, enter the subledgers that use the account as a control account.

NOTE: The bank accounts will be set as control accounts in lesson 10 of the textbook.

5. In creating accounts, what are the following fields:

a) normal balance

This is the normal balance of the account, either debit or credit.

b) status

This is the status of the account, either active, which means you can post transactions to it, or inactive, which means you cannot post transactions to it.

c) post to account

Transactions can be posted separately to an account if you select Detail. Posting to an account in detail allows you to view all transactions individually on reports. If you select Consolidated, transactions are consolidated into a single journal entry, which combines the transactions by fiscal period and source code.

d) account type

The account type determines on which financial statement the account will be displayed. Each account must have an account type of income statement, balance sheet, or retained earnings.

e) account group

If you selected the Use Account Groups option on the Account Options tab of the G/L Options form, you need to indicate which of the following account groups each account belongs to:

Current assets Long term liabilities Purchases

Fixed assets Shareholders’ equity Closing inventory

Other assets Revenue Cost and expenses

Accum. depreciation Cost of sales Other income and expenses

Current liabilities Opening inventory Provision for income taxes

Other

6. Name two fields for an account that cannot be modified once the account has been created.

Two fields that cannot be modified once an account has been set up are the account number and the structure code.

7. List three restrictions for deleting accounts.

Three restrictions for deleting accounts are:

1) it must be inactive

2) it may not be used as a retained earnings account

3) it may not be used on the allocation tab by an auto allocation account

For more information, refer to page 98.

8. What is the purpose of an allocation account? What information is entered on the allocation tab of the account form? What percentage of the account must be allocated?

An allocation account is used as a holding account whose balance can be allocated to other accounts when a reallocation batch is processed. On the allocation tab of the account form, you must enter the accounts that will receive the allocations and the percentage to be applied to each of them. You must also specify which source code you want the program to use when the allocation transaction is generated.

You may allocate the balance of the allocation account to as many different accounts as you like; however, the total allocated must equal 100 percent.

9. Where do you set a default closing account?

The default closing account is set on the Account tab of the G/L Options form.

10. Describe three ways of printing your Chart of Accounts.

a) open the Chart of Accounts icon from the G/L Accounts folder and then select File, Print from the menu;

b) open the Chart of Accounts report available in the G/L Reports folder; or

c) open the Accounts icon from the G/L Accounts folder and then select File, Print from the menu

Lesson 4 Opening Balances

1. List the steps required to enter current year opening balances.

To enter current year opening balances, take these steps:

1. Create a batch containing the balances of your accounts as at the end of the year prior to the oldest fiscal year starting date. Use the last fiscal period (12 or 13) depending on how your General Ledger is set up.

2. Print the batch listing and check it for accuracy.

3. Post the batch.

4. Print the posting journal and file this report as part of your audit trail.

5. Make a backup of your data prior to performing the Create New Year function.

6. Run the Create New Year function to transfer income and expense accounts to the retained earnings accounts and set up the opening balances for the current year.

7. Make a backup of your data after performing the Create New Year function.

8. Check the integrity of your data.

9. Print a Balance Sheet and file this report as part of your audit trail.

10. Print a Trial Balance as at fiscal period 1 of the New Year to make sure that it balances with the previous accounting system.

2. What are journal entries created in?

Journal entries are created in batches.

3. What are the two entry modes available for entering General Ledger transactions? What is the difference between them?

The two entry modes available for entering General Ledger transactions are Normal and Quick. When you use the Normal entry mode, the cursor stops at each field on every detail line for you to complete. When you use the Quick entry mode, the cursor stops at each field on the first detail line for you to complete; however, the reference and description fields are automatically entered for each subsequent detail line. Although this information is automatically entered, it can be modified.

4. How is a new batch created?

A new batch is created by clicking on the New icon beside the batch field on the G/L Journal Entry window or by clicking on the New button in the Batch List window.

5. How do you rearrange the transaction detail columns of information in a batch?

The columns of information in a batch can be rearranged by clicking on any one of the column headings and dragging it to a new location.

6. If you forgot a line in the middle of a batch, how do you add it in its proper place?

If you press the [INSERT] key, a blank line will be inserted below the current line, allowing you to add a new detail line to the journal entry.

7. How do you delete a line in a journal entry? How do you delete an entire entry?

To delete a detail line, highlight the line to be deleted and press the [DELETE] key on the keyboard. An entire entry can be deleted by clicking on the delete button on the bottom of the journal entry window. In each of these cases, you will be prompted to confirm deletion of your selection. Be sure to read the confirmation to confirm the option selected for deletion.

8. What should you do before posting?

You should always perform a backup before you post.

9. List and describe the different batch types.

a) Entered: A batch that has been created in the journal entry window

of the General Ledger module.

b) Subledger: Batches from ACCPAC Advantage Series subledgers or

ACCPAC Plus subledgers.

c) Imported: Batches imported into the General Ledger using the Import

batches function. The batches can be from non-ACCPAC programs or from another ACCPAC Advantage Series Corporate Edition General Ledger. They could also be batches that were exported from your own General Ledger and then imported at a later time.

d) Generated: Batches created by the General Ledger; such as allocation

batches, error batches and the closing batch created by the Create New Year function.

e) Recurring: Batches of recurring entries that were created in the Create

Recurring Entries Batch window or that were processed

through a user’s reminder list.

10. List and describe the different batch statuses.

a) Open: A batch that has not yet been posted.

b) Ready to post: A batch that is ready for posting.

c) Posted: A batch that has been posted.

c) Prov. Posted: A batch that has been provisionally posted. (This option is

only available if the Allow Provisional Posting option has

been selected on the Posting tab of the G/L Options form).

11. What is the purpose of the posting journal?

The posting journal lists all entries that have been posted to the General Ledger. This report is an important part of your audit trail.

12. What is the purpose of the Create New Year function?

The purpose of the Create New Year function is to close income and expense accounts to retained earnings, and to establish opening balances for the New Year from the previous year’s ending balances. A batch is automatically created and posted during this process.

The Create New Year function will automatically remove transaction history that is older than the number of years of fiscal sets and the number of years of transaction detail that is defined to be kept in the G/L Options form.

13. What is the purpose of the data integrity check feature? How often should a data

integrity check be performed?

The purpose of the data integrity check feature is to ensure that your data has not been damaged and is error free. A data integrity check should be performed on a regular basis, and it is a good idea to perform a data integrity check before backing up your data. If you want the data integrity check to fix minor errors, backup your data before performing the Data Integrity Check.

Lesson 5 Budget Sets

1. How many budget sets can be maintained for each account?

Only one budget set can be maintained for each account in the ACCPAC Advantage Series Corporate Edition program.

2. How do you prevent a budget set from being modified or deleted?

In order to prevent a budget set from being modified or deleted, you can lock the budget set on the Posting tab of the G/L Options form.

3. What information can you look up by using the Fiscal Set Lookup function?

Using the Fiscal Set Lookup function, you can look up actual data or the saved budget set for any account from any year in the fiscal calendar.

4. When you save a budget set, what do the following commands do?

a) Add to

This command adds the amounts calculated by the selected budget method or the values in the Inquiry Amount column to the amounts already in the Budget Amount column.

b) Replace

This command replaces the current amount in the Budget Amount column with the amounts calculated from the currently selected budget method or the amount in the Inquiry Amount column.

5. List and describe the different budget methods.

The following budget methods are based on the values you enter when prompted:

Fixed Amount: Enter a fixed amount to appear in all fiscal periods.

Spread Amount: Enter an amount that is to be divided by the total number of fiscal periods.

Base, Percent Increase: Enter a base amount for fiscal period 1 and a percentage by which the amount will increase in each subsequent period.

Base, Amount Increase: Enter a base amount for fiscal period 1, and a dollar amount by which the amount will increase in each subsequent period.

The following budget methods are based on the amounts that have been looked up in the Fiscal Set Lookup function and are currently displayed in the Inquiry Amount column:

Copy, As Is: Copies the exact amounts in the inquiry amount column to the budget amount column.

Copy, Percent Increase: Copies the amounts in the Inquiry Amount column into the Budget Amount column with a percentage increase or decrease.

Copy, Amount Increase: Copies the amounts in the Inquiry Amount column into the Budget Amount column with a dollar increase or decrease.

Copy, Prorated Spread: Calculates a weight factor and applies it to each fiscal period.

6. Describe how you would create the budget for a sales account using last year’s actual data, and adding a 15% increase.

Enter the sales account number, the year 2005, and press the Go button. In the Fiscal Set Lookup function, enter the sales account number, select Actuals as the Fiscal Set and select 2004 as the year. Click on the Go button. The actual data from last year will now be displayed in the Inquiry Amount column. Click on Copy, Percent Increase and enter 15 in the Increase field. Select either Add to or Replace depending on what is currently displayed in the Budget Amount Column.

Lesson 6 Daily Transactions

1. How do you access ACCPAC’s built-in calculator?

ACCPAC’s calculator can be accessed while the cursor is in a debit or credit field. By clicking on the + (plus) sign on the numeric keyboard or, if you do not have a numeric keyboard, the Shift key plus the key that contains the + (plus sign) the calculator will be displayed. When you open the calculator, the amount currently in the numeric field will be displayed.

2. How do you delete a batch?

Batches are deleted by highlighting the batch in the Batch List window and clicking on the delete button found on the bottom of the screen. A batch can only be deleted before it is permanently posted. The batch will have a status of Deleted and will be displayed on the Batch List window if the option to Show Posted and Deleted Batches is selected.

3. Explain the purpose of the Zoom In/Out window when entering batch detail lines. How do you access it?

The purpose of the zoom in/out window (called the Journal Detail page) when entering batch detail lines is to allow you to enter each detail line on a separate page, rather than in rows as in the Journal Entry window. Pressing the F9 key while on a transaction detail line in the Journal Entry window accesses this Journal Detail page.

4. List the steps involved in processing a batch.

The following steps should be performed in order to process a batch:

1) print and check the batch for accuracy

2) backup your data

3) post the batch

4) print the posting journal

5. Explain the difference between posting a batch within the Batch List window and using the Post Batches icon.

While in the Batch List window, you can post only one batch at a time by selecting the Post button. If the batch has not been set ready to post, you will be prompted to set the status to ready to post and then proceed with posting.

Multiple batches can be posted together by using the Post Batches icon. Only batches that have a status of ready to post will be posted.

6. Explain what happens to errors found in a batch during posting.

Errors that are found in batches during posting are automatically placed in the next available batch for correction.

7. Which report can you print to view the posting errors?

In order to view posting errors, you can print the posting journal, where the posting errors are listed on the last page of the report. To view a report showing only the posting errors, select the Posting Journal Errors Report found on the Posting Journal Report window.

8. How do you correct posting errors?

Posting errors are corrected by opening the batch they have been placed in and making the necessary corrections. Once the error is corrected, you can post the batch or continue to add other entries to it. It will no longer be an error batch, just another regular batch.

9. List the two ways that a recurring entries batch can be processed.

A recurring entries batch can be processed by selecting the Create Recurring Entries Batch icon in the G/L Periodic Processing folder. Recurring entries can also be processed from a User’s Reminder List if the schedule attached to the recurring entry was assigned to a user.

10. What is the purpose of exporting a batch?

The purpose of exporting a batch is to save it as a file that can be imported into a different company database or the same company database, or used in another application such as Excel.

11. When you import a batch, where are the entries placed?

When you import a batch, the entries are placed in the current batch which you have open on the screen. If you want the entries to be placed in their own batch, you must select the New icon to create a new batch before importing.

12. Can you modify a batch after it has been imported?

Once a batch has been imported, you can make corrections to it depending on the option selected in the Edit Imported Entries option on the Posting tab of the G/L Options form. If you have selected All Fields, then all fields can be modified in the imported batch. If you have selected Fiscal Period, Year, Trans Date then only these fields can be modified in the imported batch. If you have selected No Edit, then no fields can be modified in the imported batch.

13. Explain provisional posting.

Batches are not posted permanently when you select provisional posting, and they can still be modified or deleted. You may post your batches provisionally (temporarily) to see how they affect your General Ledger. Provisional transactions can be viewed on the trial balance report, the batch status report and the provisional posting journal.

14. Can a batch be modified after it has been provisionally posted? When is the provisionally posted batch deleted?

A batch can be modified after it has been provisionally posted. The next time you post or provisionally post batches, the provisionally posted status is removed from all provisionally posted batches. If the provisionally posted batch is within the batches selected for posting, the provisionally posted batch is permanently posted. If the provisionally posted batch was not within the batches selected for posting the next time you post, its status will change back to open.

15. What is the purpose of creating an allocation batch?

The purpose of creating an allocation batch is to have the General Ledger module generate a transaction that will credit the amount from the allocation account, thus clearing it out, and debiting the accounts assigned to the allocation account according to the percentage you set up for them.

16. After creating a recurring entries batch, it can be processed from two places. Where can it be processed from?

Recurring entries can be processed from the Create Recurring Entries Batch icon in the G/L Periodic Processing folder or from the User’s Reminder List if the schedule attached to the recurring entry has been assigned to a user or all users.

17. Explain how you can reverse a posted transaction.

When you open a posted batch, a Reverse button will be displayed on the bottom of the window. When you click on this button, a window will open allowing you to reverse the current transaction on the screen in an existing or new General Ledger batch.

Lesson 7 Displaying Account Transactions

1. List the items available in the Chart of Accounts window

The items available in the Chart of Accounts window are:

1) Open

2) Transactions

3) Comparison

4) Budget

5) History

6) Currency (this option is dimmed unless you purchase the multicurrency module)

2. What information is available on the Account History Inquiry window?

The account history inquiry window displays the beginning and ending balances, the net change (the monthly activity), and the balance of each fiscal period for the account selected and for the year selected. If you double click on a fiscal period, you can also view all of the transaction details for the account in the selected fiscal period.

3. When using the fiscal set comparison option, what is the difference between displaying the net change the balance of the accounts?

Net change is the monthly activity that occurred in the account, while balance is the period balance of the account.

4. What information is displayed on the Transaction History window?

The transaction history window displays all of the transactions for a selected account unless the account details have been consolidated. You can view transactions for the selected year and fiscal period.

5. While viewing transactions in the Transaction History window, how can you view the originating journal entry?

You can view the originating journal entry by double clicking on the transaction detail to display the Journal Entry window.

6. While viewing the transactions in the Transaction History window, how do you limit the types of transactions displayed?

You can limit the type of transactions displayed by entering a source code that will only display transactions for that source code. To see all transactions, leave the source code blank.

7. List the fiscal sets that can be compared in the Fiscal Set Comparison option.

The following fiscal sets can be compared: actual, quantity, provisionally posted data, and the budget set. The quantity and provisionally posted data can only be compared if these options have been selected in the G/L Options form.

Lesson 8 Periodic Processing

1. List the month-end procedures.

The suggested month-end procedures are as follows:

1) post all open batches

2) perform a data integrity check

3) backup your data

4) print General Ledger reports

5) print Financial Statements

2. List the six financial statements that are created by ACCPAC and the information displayed on each one.

The six financial statements that are created by ACCPAC are:

1) Quikbal1 Balance Sheets showing the current year balance.

2) Quikbal2 Balance Sheet showing the current and previous year

balances.

3) Quikbal3 Balance Sheet showing the current year and previous

period balances.

4) Quikinc1 Income Statement showing the current year-to-date

balance.

5) Quikinc2 Income Statement showing the current year-to-date and the

previous year balances.

6) Quikinc3 Income Statement showing the current year-to-date and the

budget year-to-date balances.

3. What options must you select in the General Ledger module to use these financial statements?

In order to use these financial statements, you must select the Use Account Groups option on the Account tab of the G/L Options form. When adding new accounts, you must select the account group to which each account belongs.

4. How do you print separate Financial Statements for individual segments?

In order to print separate Financial Statements for individual segments, you must sort the report by a segment other than the natural account segment, after which you can click on “Separate” in the Report As option. The report will then be printed for individual segments.

5. What program is required in order to print the financial statements?

Microsoft Excel version 7.0 (for Office 95) or higher is required to print the financial statements. This program must be purchased separately.

Lesson 9 Statement Designer

1. What macro is launched when you open the Statement Designer from within ACCPAC?

The FR macro is launched when you open the Statement Designer from within ACCPAC. The FR menu contains tools specifically used with in the Statement Designer.

2. What is the purpose of the FR command?

The purpose of the FR command is to give the user easy access to the General Ledger data.

3. Once a financial statement has been designed within the Statement Designer, where is it printed?

A financial statement can only be printed from the Print Financial Statements icon found in the Financial Reporter folder.

4. Explain the purposes of a Default Row entered in a cell in Column A.

The purpose of a default row is to set up the defaults for the rows on the report. Multiple default rows containing formulas or selection criteria can be entered in a financial statement; each one applies to the rows that follow until a new default row is defined.

5. A “T” entered in column D indicates that each account will be listed in detail on the financial statement.

a) True

b) False

False. A “T” entered in column D indicates that each account will be consolidated into a single total.

6. What is the purpose of column E and columns beyond column E?

Column E and columns beyond column E contain the actual text in your financial statement. Text entered in these columns will be displayed and formulas specified will be calculated and printed.

7. Formulas that have been entered in default rows can be printed in subsequent rows by entering what symbol in each cell?

You must enter a “\” in cells below the default row in order to calculate the formula entered in the default row in subsequent rows.

8. Which FR command allows you to insert commands and formulas into the cells of a specification file?

a) FR PASTE

b) FR VIEW

c) FR CLEAR

d) FR SELECT

The FR PASTE command allows you to insert commands and formulas into the cells of a specification file.

9. Under what circumstances would you have to redefine the spec range of a financial statement?

You only need to redefine the spec range of a financial report if you add a new column or row to the outside of the existing specification file. For example, if you added a column or row between existing columns or rows you would not have to change the spec range.

10. The six financial statements that are generated by the General Ledger can be modified using the Statement Designer?

a) True

b) False

True. The six financial statements that are generated by the General Ledger can be modified using the Statement Designer.

Lesson 10 G/L Subledger Services, Bank Services and Tax Services

1. Bank Services and Tax Services are components of what program?

Bank Services and Tax Services are components of the System Manager. An icon for Bank and Tax Services can be found in Common Services after they have been activated.

2. Can the Accounts Payable module be activated before Bank Services and Tax Services?

You must activate Bank Services and Tax Services before activating the Accounts Payable module. If you try to activate the Accounts Payable module without activating Bank Services and Tax Services first, you will receive an error message and will not be able to proceed.

3. What is the purpose of Bank Services?

Bank Services maintains bank information, including payments entered in the Accounts Payable module and receipts entered in the Accounts Receivable module. Bank Services also records transfers of funds, reverses cheques written in Accounts Payable, returns NSF customer cheques to Accounts Receivable, and creates General Ledger batches from entries made during bank reconciliation. This information is then used to reconcile the bank account with its bank statement.

4. What are transaction types used for in Bank Services?

Transaction types can be set up for each type of transaction you make directly in Bank Services. The transaction types specify which account will be used to offset the amount posted to the bank account. If you prefer, you can enter the General Ledger account when performing the bank reconciliation without entering a transaction type. You create transaction types for such entries as service charges, interest charges, NSF charges, and any other entries you must make in the Bank from your Bank Statement.

5. When you created the setup transaction type for each bank account, why was the bank account used as the offsetting account?

The bank account was used as the offsetting account so that when the General Ledger batch is created, the bank account will be debited and credited for the amount entered, thus creating no change in the current bank balance. If this batch should be posted in the General Ledger, the bank account will not be affected.

6. How do you turn a General Ledger account into a control account? What information do you need to enter on the subledger tab of the account?

A General Ledger account is turned into a control account by clicking on the Control Account option on the Detail tab of the Account form. On the Subledger tab of the account, you enter the subledgers that will use it as a control account.

7. How can you determine the balance of your bank account?

You can determine the balance of your bank account by selecting the Account History Inquiry icon from the G/L Accounts folder and then selecting the desired account and year in the Fiscal Calendar. Click on the Go button and the balance of the account will be displayed in the Ending Balance field.

8. What is the purpose of Tax Services?

Tax Services maintains the tax information for a company’s sales and purchases. It maintains tax tables and tax information used by customers, vendors, and items. Tax information is maintained for reporting purposes.

9. What are Tax Authorities? How many can you enter?

Tax Authorities are the government bodies that apply taxes to the products that a company buys and sells, and to which a company remits taxes. You can enter as many tax authorities as required.

10. When entering tax classes for the sales transaction type, what two items must you enter the tax classes for? What about the purchases transaction type?

When entering tax classes for sales transaction types, you must enter tax classes for customers and items. For purchases transaction types, you must enter tax classes for vendors and items.

11. What information is included in tax groups?

Tax groups list each tax authority that charges tax in a particular jurisdiction. For example, if you purchase goods or items in Ontario, you need to set up an Ontario tax group with GST and Ontario PST listed as the tax authorities.

Lesson 11 Accounts Payable Setup

1. If the Accounts Payable module is not performing a function that you think it should, where would you go to see how the program is operating?

The Accounts Payable Options form defines how the Accounts Payable program will operate. If the Accounts Payable module is not performing a function you want, look in the Accounts Payable Options form; there may be an option that you forgot to turn on or off.

2. Describe the following fields found in the Accounts Payable Options form:

a) Force Listing of All Batches

This option forces all batches of invoices, payments, and adjustments to be printed before they can be posted. The batches can be printed to a printer, screen or file.

b) Keep History

This option allows you to keep the details of all posted transactions. This option can be turned on or off at any time. This option must be selected if you want to be able to drill down from the General Ledger module to transactions that originated in the Accounts Payable module.

c) Allow Adjustments in Payment Batch

This option allows you to enter an adjustment in a payment batch. For example, if a vendor does not pay the full amount of an invoice, you may decide to write off the outstanding amount. If this option is selected, you can process the adjustment while entering the payment, rather than having to enter the adjustment in a separate adjustment batch.

d) Allow Edit of System Generated Batches

This option allows you to edit or delete batches that have been created by the Create Payment Batch option after they have been generated.

e) Append G/L Transactions to Existing Batch

This option will add General Ledger transactions created by the Accounts Payable module to batches that have already been created by the Accounts Payable module and are still open in the General Ledger module.

3. What is the purpose of optional fields? Where can optional fields be used in Accounts Payable?

Optional fields allow you to enter extra information in user-defined fields that are not predefined in ACCPAC. They can be entered for vendors, vendor groups, and remit-to locations; they can also be used in invoice entry. Optional Fields and Validation Tables is now a separate ACCPAC module that must be installed before optional fields are available in ACCPAC modules.

4. Can you modify and save corrections made in the Accounts Payable Options form? Are there any restrictions?

You may go back and modify the information made in the Accounts Payable Options form at any time. Changes made on the Integration tab will affect only new General Ledger transactions, and not existing General Ledger batches. When modifying the Accounts Payable Options form, no other Accounts Payable windows can be open and if you are on a network, no other users can be in the Accounts Payable module.

5. What is the purpose of account sets? List the General Ledger accounts that must be included in account sets.

Accounts sets determine the General Ledger accounts that will be used when you process transactions for vendors based on the account set entered in each vendor profile. The General Ledger accounts that must be included in the account sets are: payables control, purchase discounts, and prepayment.

6. What is the purpose of setting up distribution codes and distribution sets? Are they mandatory or optional?

Distribution codes are used to identify the General Ledger accounts to use when distributing purchase transactions. Codes are generally easier to remember than the General Ledger accounts that they represent. Distribution Codes are optional; they do not have to be set up to enter vendor information. However, if you wish to distribute vendor transactions by distribution code, they must be set up.

Distribution sets are groups of distribution codes. If you regularly distribute invoices from vendors to more than one distribution code, you may want to create a distribution set that contains all of the distribution codes required for the invoice. Distribution sets are optional. However, they make it easier to enter invoices that require multiple distribution codes.

7. What is the purpose of setting up terms? Describe how you would set up a code with multiple payments. Describe how you would set up a term that requires immediate payment.

Accounts Payable uses terms to calculate due dates and discount dates of transactions.

To set up a code with multiple payments, select the Multiple Payment Schedule option and then enter the payments in the Multiple Payments table. You can enter as many payments as necessary. Each payment number can have a different percentage due; however, they must total 100%.

To set up a term that requires immediate payment, the following information should be entered for the term:

Terms Code: COD (or a code of your choice)

Description: Immediate Payment (or a description

of your choice)

Inactive: No

Calculate Base for Discount with Tax: Excluded

Multiple Payment Schedule: No

Due Date Type: Days from Invoice Date

Discount Type: Not applicable as no discount applies

to this term

The Terms Table should appear as follows:

Lesson 12 Vendor Maintenance

1. What is the purpose of defining vendor groups?

The purpose of defining vendor groups is to group vendors who have similar characteristics. You can accumulate statistics by vendor groups, and you can select to limit the processing of payments and the printing of reports by vendor groups.

2. Explain the following options found in the Vendor Groups form:

a) Distribute by

This option allows you to select how invoices are generally distributed to the vendors in the group. The distribution methods available are: Distribution Set, Distribution Code, G/L account or none.

b) Duplicate Invoice Checking

This option determines how the Accounts Payable program will handle invoices entered for the same vendor and amount and for the same vendor and date. The three options for handling duplicate invoices are:

1) None: Ignores the error

2) Warning: Displays a warning message

3) Error: Will not post the invoice

c) Generate Separate Payments for Each Invoice

If this option is selected, a separate Check for each invoice to be paid to a vendor will be generated, rather than creating a single payment for all selected invoices.

3. How will the options set up in the vendor group affect vendor profiles?

When setting up vendors, you must indicate to which vendor group each vendor belongs. When the vendor group code is entered in the vendor profile, all default information from the vendor group will be included in the vendor profile; however, you can modify the information for each vendor.

4. Explain the following options found in the Vendor form:

a) On Hold

Select this option to put a vendor account on hold. When you start to enter a transaction for a vendor who is on hold, Accounts Payable will display a warning indicating that the vendor is on hold. You can then choose whether or not to continue entering the transaction. You can continue to post invoices, debit notes, credit notes, and manual payments while a vendor is on hold. Vendors on hold will not be included in a system generated cheque run even if they meet the requirements of the cheque run.

b) Inactive

If this option is selected, you cannot post any type of transaction to the vendor account. This option can be selected only if the vendor has a zero balance and has no outstanding transactions.

c) Short Name

This field automatically contains the first 10 characters entered in the vendor name field. The short name may need to be modified as it can be used to sort vendors in reports.

5. How do you change the tax class in individual vendor profiles?

The tax class can be changed for individual vendors by selecting the desired tax class in the tax class field of the tax authority for which you want to perform the change. This can be done on the Taxes tab of the vendor form.

6. What is the purpose of defining remit-to locations?

Remit-to locations can be defined if you are required to send payments to your vendor at an address other than the mailing address that is set up in the vendor profile.

7. Explain the Primary Remit-To option found in the Remit-To Locations form.

If you select this option, Accounts Payable will use the remit-to location as the default address for all invoices and cheques for this vendor.

Lesson 13 Opening Balances and Current Year Transactions

1. Explain how you create a new invoice batch.

To create an invoice batch, select the Invoice Entry icon from the A/P Transactions folder. Click the new button beside the Batch field. Invoice batches can also be created in the Invoice Batch List window by selecting the New button.

2. Can the default information on the Document tab of the Invoice Entry window be changed for individual invoices?

Yes, the default information that appears on the Document tab of the Invoice Entry window can be changed for individual invoices.

3. Explain the difference between selecting Enter or Calculate for the Tax Amount option on the Taxes tab of an invoice.

If you select Enter for the Tax Amount on the taxes tab of an invoice, you can manually enter the amount on which tax is based. If Calculate has been selected for the Tax Amount on the taxes tab of an invoice, the system will calculate the tax for the invoice based on the vendor tax class and the tax class defined for each distribution line.

4. Can the vendor tax class be changed for the tax authorities on an invoice? If so, how?

Yes, the vendor tax class can be changed on an invoice by clicking on the finder in the Vendor Tax Class field for the tax authority for which you want to change the vendor tax class, and then by selecting the appropriate tax class. This is done on the Taxes tab of the Invoice Entry form.

5. List the three methods by which an invoice can be distributed, and give an example of each method.

Method Example

Distribution Set TEL100 (which consists of the following

distribution codes: ADV100 and TEL100)

Distribution Code ADV100 (which represents account 6025-100)

G/L Account 6015-200 (Freight expense)

6. Can the distribution method be changed on individual invoices?

Yes, the distribution method can be changed on individual invoices. When you enter an invoice for a vendor, the distribution method and its value entered in the vendor profile will be displayed on the Document tab of the Invoice Entry form. The information can be deleted and a new item selected for either distribution method.

7. What information is found on the Totals tab of an invoice?

The Totals tab of an invoice displays the detailed invoice tax information, the total of the invoice net of tax, the document total, the discount available if the terms code for the invoice contains a discount, and the total amount of the invoice after taxes and after a possible discount.

The Totals tab also gives a breakdown of the recoverable tax, tax that is to be expensed separately, and tax that is to be allocated.

8. When printing invoice batch listings, why is it important to enter the correct date?

It is important to enter the correct date when printing invoice batch listings because only batches with a batch date between the date ranges listed will be printed.

9. Can a batch with a status of Ready To Post be edited?

A batch with a status of Ready To Post cannot be edited; however, if you change its status back to Open, the batch can be edited.

10. What is the purpose of the Invoice Batch List window?

The Batch List window displays a list of all batches beginning with the starting batch number you specify. You can also select to show or hide posted and deleted batches. From this window, you can open batches that have not been deleted, create new batches, delete batches, post a single batch, and print batch listings. You can also open posted batches allowing you to reverse posted entries in the batch.

11. What was the purpose for deleting the Accounts Payable opening balances batch in the General Ledger module for Omni Electrical Supplies Ltd.?

The purpose for deleting the Accounts Payable opening balances batch created in the General Ledger module was so that the Accounts Payable account would not have an overstated balance in the General Ledger. This textbook assumes that the opening balances for the Accounts Payable account was already entered in the General Ledger module through its opening balances batch, as shown on page 117.

12. What is the purpose of the Tax Tracking report?

The Tax Tracking report lists the tax amounts charged on taxable transactions. It is used to complete reports required by the government to report taxes for each tax authority.

13. How do you enter a payment against an invoice during invoice entry?

A payment can be entered against a saved invoice during invoice entry by clicking on the Prepay button found on the bottom of the screen. The prepayment can be added to a new or existing payment batch.

14. Explain what happens to a vendor balance when a credit note is entered.

Credit notes debit the Accounts Payable account and credit the offsetting account, thereby decreasing your debt.

15. What information is available in the Vendor Activity icon?

The Activity tab of the Vendor Activity icon displays the vendor’s credit limit, outstanding balance, prepayment amounts, last invoice amount, last payment amount, open invoice count, prepayment count, last invoice date and last payment date. The Aging tab displays the summary information about the current status of the account. The account balance is displayed in each of the aging categories for the vendor. The Transactions tab allows you to select the document types to be displayed, to display fully paid transactions that have not yet been cleared from the system through the Clear History function, open a document and view its detail and drill down to the original document. The Payments tab displays payments that have been made to the vendor

Lesson 14 Adjustments

1. What is the purpose of an adjustment?

The purpose of an adjustment is to correct mistakes in posted documents, correct transaction amounts, correct transactions that have been distributed to incorrect accounts, and adjust minor errors made in cheque amounts. You can make adjustments to fully paid documents; however, the documents must be in the system and not yet cleared through the Clear History function.

2. When entering adjustments, do you enter the amount that is to be posted to the distribution code (or G/L account) or do you enter the amount that is to be posted to the Accounts Payable account?

When entering adjustments, you must enter the G/L account, or distribution code, that is to be debited or credited, and the opposite will automatically happen to the Accounts Payable account.

3. How is the Accounts Payable account affected in an adjustment?

A credit amount entered against a distribution code or G/L account will cause the distribution code or G/L account specified to be credited and the Accounts Payable account to be debited, resulting in a decrease in the amount owed to the vendor. A debit amount entered against a distribution code or G/L account will cause the distribution code or G/L account specified to be debited and the Accounts Payable account to be credited, resulting in an increase in the amount owed to the vendor.

4. When making an adjustment, can you apply it to the vendor balance or does it have to be applied to a document?

Adjustments must be applied to documents that are still available in the Accounts Payable module and have not been cleared through the Clear History function.

5. How do you set the status of an adjustment batch to Ready To Post?

The status of an adjustment batch is set to ready to post in the Adjustment Batch List window. When you double click on the word No under the Ready To Post column beside the required batch, the word No will change to Yes, and the batch status will change to Ready To Post.

6. Explain how to enter an adjustment to an invoice in which the amount of the invoice is correct but the distribution codes have been entered incorrectly.

In the distribution box, enter the distribution code that was originally entered for the invoice and enter a credit amount to reverse the original amount. Next, enter the correct distribution code with a positive value. This transaction will not affect the Accounts Payable account. It is simply changing the distribution of an invoice from one General Ledger account to another.

7. After an adjustment batch has been posted, is a batch created in the General Ledger module?

Depending on the selection made for the Create G/L option on the G/L Integration tab of the A/P Options form, batches are either created during posting or on request using the Create G/L Batch icon. The option selected for Omni Electrical Supplies is during posting; therefore a batch is created in the General Ledger module whenever a batch is posted in Accounts Payable.

Lesson 15 Payment Entry

1. Describe the three methods for recording payments in the Accounts Payable program.

Payments can be made in the Accounts Payable program by manually entering batches to create payments using the Payment Entry form, by generating payments through the Create Payment Batch form, or by entering a payment at the time of invoice entry.

2. Describe the four payment transaction types that are available for entering payments in the Payment Entry form.

The four payment transaction types that are available for entering payments in the Payment Entry form are:

1) Payment Records a payment of an outstanding transaction in

a vendor account

2) Prepayment Allows you to enter a prepayment before being

invoiced. When the invoice is entered and posted,

Accounts Payable automatically applies the prepayment to the invoice

3) Apply Document Allows you to apply a posted prepayment or credit

note against an invoice, debit note or interest charge

4) Miscellaneous Allows you to enter a payment from a company or

Payment individual that is not set up with a vendor record.

The invoice information is entered at the time of

Payment

3. Explain the difference between Select mode and Direct mode when selecting documents for payment.

Select mode displays all outstanding transactions in the table in the lower half of the payment entry window in the order you request, allowing you to select the transactions to be paid. Direct mode does not display the outstanding transactions, but allows you to manually type the document numbers to be paid, or select them using the finder.

4. If a discount is not available for a payment based on the discount date, can you still enter the discount? If so, how?

While entering a payment, if a discount is not available for the payment, you can still enter the discount by entering the amount of the invoice less the discount in the Applied Amount column, and entering the discount amount in the Discount Taken column.

5. What types of documents can be applied against documents using the Apply Document Transaction Type?

You can apply previously posted prepayments or credit notes to documents.

6. What information is entered for a miscellaneous payment?

On the Detail tab of a miscellaneous payment, you enter the invoice information as you would in the Invoice Entry window. The distribution accounts will be debited, and the bank account for the payment batch will be credited.

7. Explain how you can view transactions that have been applied against other transactions in the Vendor Activity icon?

While in the Vendor Activity option, you can view transactions that have been applied against other transactions by double clicking on the transactions displayed.

8. Explain the purpose of Payment Selection codes.

Payment selection codes allow you to preset information about the current payment batch, including the bank to be used for payment, the vendors to be paid, and any vendors to be excluded from the payment batch. Before processing a payment batch using the Create Payment Batch icon, you must set up at least one payment selection code.

9. How do you print a pre-check register for a system generated payment batch?

A pre-check register is printed by clicking on the Register button found at the bottom of the Create Payment Batch window. A pre-check register will display the transactions selected for payment based on the criteria selected for the payment batch.

10. Explain the purpose of the Control Payments icon.

The Control Payments icon allows you to change information for posted documents. For individual documents, you can permanently change the document due date, discount date, discount percent, discount amount, prepayment activation date and status. You can also change the status for multiple documents using the control payments icon.

11. What is the purpose of the Generate button on the bottom of the Create Payment

Batch window?

The Generate button on the bottom of the Create Payment batch window is used to generate the payment batch.

12. Can a system generated Check batch be modified? If so, how?

A system generated Check batch can be modified only if the Allow Edit of System Generated Batches option has been selected on the Payment tab of the A/P Options form. The batch can be edited within the Payment Entry window.

13. What information is listed on a check register?

The Check register lists the Checks that have been posted during a Check run. You can select to print the General Ledger summary that lists the General Ledger accounts and their amounts that have been affected by the cheque run.

Lesson 16 Accounts Payable Periodic Processing

1. List the month-end procedures suggested for the Accounts Payable module.

The suggested month-end procedures for the Accounts Payable module are:

1) Create a recurring payable batch

2) Post all open batches, and print and file the posting journals for the period

3) Perform a data integrity check

4) Backup your data

5) Print analytical reports

6) Create general ledger transactions (if necessary)

7) Clear history (optional)

8) Delete inactive records (optional)

9) Clear statistics (optional)

10) Print the tax tracking report (when required for tax reporting)

11) Perform the bank reconciliation

2. List the three analytical reports that will help you analyze your Accounts Payable data.

The three analytical reports that will help you analyze your Accounts Payable data are:

1) Vendor Transactions

2) Aged Payables

3) Aged Cash Requirements

3. Explain the process of reversing a cheque. When a reversed cheque is posted, what happens to the original invoice that was paid by the reversed cheque? What transaction is created in the General Ledger module?

A cheque can be reversed if you want to stop payment on it or if you discover that a data entry error was made on a cheque. Cheques are reversed in the Bank Services program by either of these methods:

1) Change a cheque status to Reversed on the Withdrawals tab of the Reconcile Statements window. When the bank reconciliation is posted, the records will be updated

2) Select the Reverse Checks icon if you are not currently reconciling your bank account and select the cheque you want to reverse. When you select the Post button, the records will be updated

When the reversed cheque is posted, the original invoice is reinstated in the vendor account in the Accounts Payable module.

In the General Ledger program, the transaction created will credit the Accounts Payable account and debit the bank account.

4. What is the purpose of the bank reconciliation feature?

The purpose of the bank reconciliation feature is to reconcile your bank accounts with its bank statement.

5. What information is displayed on the Withdrawals tab of the bank reconciliation?

The Withdrawals tab lists all cheques that have been posted in the Accounts Payable module. When setting up the bank balance, you can manually enter outstanding withdrawals on this tab.

6. What is the purpose of the Calculate button on the Reconciliation Summary tab?

The Calculate button is used to calculate the Adjusted Statement Balance and the Adjusted Book Balance with the entries that were entered on the tabs within the bank reconciliation statement. If they do not equal, your bank reconciliation does not balance.

Lesson 17 Accounts Receivable Set Up

1. Explain the following options found in the A/R Options form:

a) Process Recurring Charges

This option allows you to automatically invoice customers for standard amounts that are due on a regular basis.

b) Force Listing of All Batches

This option forces you to print all batches of invoices, receipts, and adjustments before they can be posted. The batches can be printed to the screen, printer or file.

c) Include Tax in Statistics

This option allows you to decide whether statistics are viewed with the tax included or excluded.

d) Create G/L Transactions

This option allows you to specify when you would like the Accounts Receivable module to create general ledger transactions. There are two options:

During Posting: Creates General Ledger transactions as soon as Accounts Receivable transactions are posted.

On Request Using Creates General Ledger transactions after you select

Create G/L Batch the Create G/L Batch icon found in the A/R

Icon: Periodic Processing folder.

e) Keep History

This option allows you to keep the details of all posted transactions. This option can be turned on or off at any time. Selecting this option will allow you to reprint posted invoices and deposit slips and drill down from the General Ledger module to transactions that originated in the Accounts Receivable module.

2. What is the purpose of setting up account sets? What general ledger accounts are defined in an account set?

Account sets are used to determine which General Ledger accounts will be used in processing transactions for customers who have the account set entered in their customer profile. The General Ledger accounts defined in an account set are Receivables Control, Receipt Discounts, Prepayment Liability, and the Write-Offs account.

3. What is the purpose of dividing your customers into billing cycles?

Billing cycles are time intervals into which customers are grouped for processing purposes. For instance, you can charge interest, print statements, print customer reports, and create write-off batches for customers based on their billing cycle.

In earlier versions of ACCPAC Accounts Receivable, billing cycles determined the frequency by which recurring charges were invoiced. Since ACCPAC Advantage Series version 4.2, schedules are used to determine invoice frequency.

4. What is the purpose of setting up distribution codes?

Distribution codes represent a combination of General Ledger accounts used to post data from sales transactions. The accounts they represent are Revenue, Inventory, and Cost of Goods Sold. Distribution codes are optional; however, you must add at least one distribution code before you can add item records and enter transactions that use item numbers.

5. What are dunning messages? What report are they printed on?

Dunning messages are messages that can be printed on customer statements that reflect the customer’s oldest outstanding balance.

6. What is the purpose of an interest profile? Explain the Round Up To Minimum feature.

Interest profiles are used to define the way your company charges interest to your

Customers. The round up to minimum feature is used to round up the calculated interest charge to the minimum amount entered in the minimum interest charge field.

7. What is the purpose of setting up receipt types?

Receipt types are used to group receipts by receipt type on the deposit slip. You can create receipt types for every type of payment you accept from your customers.

8. If you set up salespersons, what information can you keep track of for them?

Setting up salesperson records allows you to keep track of the total amount and number of invoices, receipts, credit notes, debit notes, discounts and write-offs for the salesperson.

9. How do you set up a term with a multiple payment schedule?

You set up a term with a multiple payment schedule by selecting the Multiple Payment Schedule option when entering the term. You can enter as many payments in a multiple payment schedule as required, provided the total of all payments equal 100%.

10. What is the purpose of setting up inventory items?

The purpose of setting up inventory items is to have the Accounts Receivable module print detailed customer invoices. When invoices are posted, General Ledger transactions are created that will affect the revenue, inventory and cost of goods sold accounts that are listed in each item profile.

11. What information is entered on the Item tab of the Items form?

The information entered on the Item tab of the Items form includes whether the item is inactive, the commodity number, distribution code and a comment about the item. The comment can be viewed when entering invoices if the Use Item Comment as Default option was selected on the Invoicing tab of the A/R Options form.

12. What information is entered on the Pricing tab of the Items form?

The information entered on the Pricing tab of the Items form includes the units of measure by which you sell the item, the item cost, the item price and an alternate tax base if used.

13. What information is entered on the Tax Status tab of the Items form?

The information entered on the Tax Status tab of the Items form includes the tax authorities that levy tax on the sale of the item, the tax class associated with the item for each tax authority, and whether tax is included in the item price.

Lesson 18 Customer Maintenance

1. What is the purpose of setting up customer groups?

Customer groups are used to group customers with similar characteristics. You can accumulate statistics by customer groups, limit processing functions and print reports by customer groups.

2. Explain these two types of customers:

a) Open Item

Open Item customers have their receipts posted against specific invoices. Statements printed for Open Item customers show all outstanding transactions for all periods.

b) Balance Forward

Receipts from balance forward customers are made against the oldest transactions on file; however, it is possible to apply the receipt to specific documents. Statements printed for Balance Forward customers show a total balance forward from the previous period, the transactions posted in the current period, and the outstanding balance in each aging period.

3. Explain these options found in the Customers form:

a) Short Name

This field automatically contains the first 10 characters from the customer name field. You can modify it, as the short name can be used to sort customers in reports.

b) On Hold

This option puts a customer on hold. During transaction entry, the system will display a warning indicating that the customer is on hold. The user may choose to continue enter the transaction. The system will allow the posting of invoices, credit notes, debit notes, receipts, and prepayments for a customer who is on hold. Accounts Receivable will not process recurring charges for customers who are on hold.

c) Territory Code

The territory code is an optional, user defined, two-character code that can be used to group customers for printing reports and statements in a way that is not otherwise available in ACCPAC.

d) Print Statements

This option indicates whether you print statements for the customer.

4. Can you set up different credit limits for each customer?

You can set up different credit limits for each customer if you selected the Allow Edit of Credit Limit option in the customer group assigned to the customer.

5. What is the purpose of defining ship-to locations?

Ship-to locations are set up for customers who want you to deliver goods to a location other than their billing address.

Lesson 19 Opening Balances and Current Year Transactions

1. What is the difference between entering a batch of item details and entering a batch of summary details?

A batch of item details allows you to enter items sold to your customers and updates the accounts receivable, revenue, inventory, and cost of goods sold accounts. A batch of summary details allows you to enter the total amount of sales made to your customer, and updates the revenue and accounts receivable accounts only.

In Version 5.2 you can enter summary and item invoices together in one batch since each entry allows you to select whether it is a summary or invoice type. In previous versions this option was only available per batch.

2. How do you change the tax status of a detail line on an invoice?

You can change the tax status of a detail line on an invoice by highlighting the transaction detail line on the Document tab of the invoice entry form, and then selecting the Acct./Tax button. Click on the finder beside the tax authority, within which you want to change the tax class, and then select the appropriate tax class.

3. How do you print the current invoice on the screen? What option must you set in the A/R Options form to let you print invoices?

The current invoice on the screen can be printed by clicking on the Print button found on the bottom of the invoice entry form. Invoices can be printed from the Invoice Entry form after they have been saved, and only if the Allow Printing of Invoices option has been selected on the Invoicing tab of the A/R Options form.

4. Can you modify a printed invoice?

You can modify invoices after they have been printed if the batch they were entered in has not been posted and if the Allow Edit of Printed Invoices option has been selected on the Invoicing tab of the A/R Options form.

5. Explain the following batch types:

a) Entered

Batches created through the Batch Entry windows in the Accounts Receivable module.

b) Imported

Batches imported from non-ACCPAC programs.

c) Generated

Batches created by Accounts Receivable due to errors or generated by the system through icons in the A/R Periodic Processing folder.

d) Recurring

Batches created by Accounts Receivable with the Create Recurring Charge Batch icon.

6. How do you set the status of a batch to Ready to Post?

The status of a batch is set to Ready to Post in the Invoice Batch List window. The batch status will change to Ready to Post after you double click on the word No, which changes it to Yes, under the Ready To Post column beside the required batch.

7. Can a batch with a status of Ready To Post be edited?

A batch with a status of Ready To Post cannot be edited; however, if you change its status back to Open, the batch can be edited. A batch can be set back to Open by double clicking on the word Yes, which changes it to No, under the Ready To Post column beside it in the Batch List window.

8. How do you print a batch of invoices?

Selecting the Invoices icon from the A/R Transaction Reports folder will print a batch of invoices. You can indicate on the A/R Invoices window the batch numbers and entry numbers for which you want to print invoices or you can specify the customer numbers and document numbers for which you want to print.

9. When you enter a credit note, what happens to the customer balance?

When you enter a credit note, the customer balance will be credited, thereby decreasing the customer’s debt.

10. How do you enter a prepayment during invoice entry?

A prepayment is entered during invoice entry by clicking on the Prepay button found on the bottom of the Invoice Entry form after saving the invoice. The prepayment can be added to an existing receipt batch or a new receipt batch can be created from the prepayment transaction.

Lesson 21 Receipt Processing

1. Name the two windows you can use to enter receipts. What is the difference between them?

You can use the Receipt Entry window or the Quick Receipt Entry window to enter receipts. The Quick Receipt Entry window allows you to enter just enough information about the receipts to print a deposit slip or you can apply the receipts to the necessary documents or General Ledger accounts. The Receipt Entry window is used to apply the receipts to the necessary documents or General Ledger accounts and can also be used to print a deposit slip.

2. How do you print deposit slips? What information is found on them?

Deposit slips can be printed directly from the Receipt Batch List window, or from the Batch Maintenance window of either the Receipt Entry window or the Quick Receipt Entry window. On all three of these screens, you will see a Deposit button that will print the deposit slip for the current batch of receipts. You can also print deposit slips by selecting the Deposit Slips icon from the A/R Transaction Reports folder.

You can print deposit slips for receipt batches only if the Allow Printing of Deposit Slips option has been selected on the Receipt tab of the A/R Options form.

A deposit slip lists the receipts by transaction type. A form is included on the second page of the deposit slip to help you fill in a bank deposit slip. There are two deposit slip files that come with ACCPAC. If you print a deposit slip using the ARDPST01.RPT file, then only check and cash information will be printed. However, if you print a deposit slip using the ARDPST02.RPT file, check, cash and all other transaction types will be printed.

3. Can you edit the receipt batch after you have printed the deposit slip?

After you have printed the deposit slip for a receipt batch, you can modify the receipt batch only if the Allow Edit After Deposit Slip Printed option on the Receipt tab of the A/R Options form has been selected, and if the receipt batch has not yet been posted. The Allow Edit After Deposit Slip Printed option can be turned on or off at any time.

4. Describe the five different receipt transaction types. Which one of these transaction types is not available on the Quick Receipt Entry window?

The four different receipt transaction types are:

a) Receipt Used to record receipts from customers

against posted invoices.

b) Prepayment Used to record prepayments received from a

customer for which a document has not yet

been generated. You must know the

document number, purchase order number

or sales order number to which you will apply the prepayment.

c) Unapplied Cash Used to record payments received from a

customer for which the invoice is not known

or to record overpayments.

d) Apply Document Used to apply a prepayment, unapplied cash

or a credit note from a previously posted receipt batch to one or more invoices.

e) Misc. Receipt Used to record receipts that are not applied

to customer accounts. You must enter the General Ledger accounts to record the sale.

All of these receipt types can be entered in both the Quick Receipt Entry window and the Receipt Entry window. In previous versions of ACCPAC, the Apply Document option was not available in the Quick Receipt Entry window.

5. Explain the purpose of these buttons in the Receipt Entry window:

a) Delete

Used to delete the current transaction entry.

b) Adjust

Used to enter an adjustment in a Miscellaneous Adjustment Entry window at the time of the receipt entry, without having to open an Adjustment Entry window. Adjustments entered at the time of receipt entry are not included in a separate adjustment batch and will not appear on adjustment batch listing reports and adjustment posting journals. They are posted along with the receipt batch and will appear on the receipt batch listing and posting journal.

c) History

Used to view all applied transactions that have been posted to the document you have selected.

6. Which receipt transaction type must be applied to customer transactions?

The Receipt transaction type must be applied to customer transactions.

7. Which receipt transaction type must be applied to General Ledger accounts?

The Miscellaneous Receipt transaction type must be applied to General Ledger accounts.

8. Can you enter an adjustment during receipt processing?

Yes, you can enter an adjustment during receipt processing if the Allow Adjustments in Receipt Batches option on the Receipt tab of the A/R Options form has been selected.

9. How do you view documents that have been applied to customer invoices?

While in the Customer Activity icon, you can view transactions that have been applied to customer invoices by double clicking on the invoice displayed on the Transaction tab or by highlighting the invoice and clicking on the Open button on the bottom of the screen.

Lesson 23 Periodic Processing

1. List the month-end procedures required for the Accounts Receivable module.

The suggested month-end procedures required for the Accounts Receivable module are:

1) Process periodic batches

2) Post all open batches and print and file the posting journals

3) Perform a data integrity check

4) Backup your data

5) Print customer statements

6) Print analytical reports

7) Create and print general ledger transactions (if necessary)

8) Clear history (optional)

9) Delete inactive records (optional)

10) Update recurring charges (optional)

11) Print the tax tracking report (when required for tax reporting)

12) Perform the bank reconciliation

2. List the three analytical reports that will help you analyze your Accounts Receivable data.

The three analytical reports that will help you analyze your Accounts Receivable data are:

4) Customer Transactions

5) Item Sales History

6) Aged Trial Balance

3. Explain the process of returning a customer cheque. When a returned cheque is posted, what happens to the original invoice that was sent to the customer? What transaction is created in the General Ledger module?

A customer cheque can be returned if it has been returned NSF or if you discover a data entry error was made. Cheques are returned in Bank Services through the Return Customer Checks icon or during a bank reconciliation.

When the returned cheque is posted or the bank reconcilaiton is posted, the original invoice is reinstated in the customer account in the Accounts Receivable module. In the General Ledger module, the transaction created will debit the Accounts Receivable account and credit the bank account.

4. What is the purpose of the bank reconciliation feature?

The purpose of the bank reconciliation feature is to reconcile your bank accounts with their bank statements.

5. What information is displayed on the Deposits tab of the bank reconciliation?

The Deposits tab contains a list of all deposits posted through the Accounts Receivable module.

6. What information is displayed on the Returns tab of the bank reconciliation?

The Returns tab contains a list of all returned checks that have been posted through the Return Customer Checks icon or the bank reconciliation.

7. What is the purpose of the Calculate button on the Summary tab of the bank reconciliation?

The Calculate button is used to calculate the Adjusted Statement Balance and the Adjusted Book Balance with the entries you enter on the rest of the tabs in the Reconcile Statements form. If they do not equal, your reconciliation does not balance.

8. What warning message will you receive if you try to clear deleted and posted batches in the Clear History icon?

If you select the option to clear deleted and posted batches on the Clear History window, you will receive the following warning message:

This option removes all transaction history for the batches you

select. You will not be able to drill down to these batches from

General Ledger, view them from the Batch List windows, or

reprint invoices or deposit slips for these batches.