Business with Sage 50 Accounting and QuickBooks in Ontario Assignment

Assignment Task

Comprehensive project 

You are required to choose one particular industry. Assume that you are starting a new business, (your name) located in Ontario province in the chosen industry. You company starts from scratch and does not have history in the accounts. You’ve decided for liability purposes to set yourself up as a small corporation. You agree to set up as start date the first day of your birth month.

Sage 50 Accounting and QuickBooks

Create the accounting records for this chosen company in each of the two software: Sage 50 Accounting and QuickBooks. (Use the option Create a new company)

1. For Accounts Receivable module:

• Three customers in your company database
• Three AR invoices
• One sales return
• Two receipts: one with discount, one without discount

2. For Accounts Payable module:

• Three vendors in your company database
• Three AP invoices: at least one shall be for non-merchandise goods.
• One purchase return
• Two payments: one with a discount, one without discount
• For Company/GL module:
• Three adjusting entries

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