SI2O - Computerized Accounting With Sage 50 Level 2 Assignment

Assignment Task

Introduction

This project will test your understanding of the Sage 50 Accounting application and your ability to apply the features of this application. You will be using many of the skills that you have acquired throughout the course to set up the accounts for a small business and record typical transactions.

Objectives

The objectives of this project are to:

• Set up the General, Payable, Receivable, Payroll, and Inventory ledgers for a small company

• Record transactions

• Print reports 

Project Specifications

The information provided in this test allows you to set up all ledgers for an Ontario company named Dermal Decor. Dermal Decor specializes in high-quality aesthetic body art with sterile equipment. Before beginning any tattoo work, customers watch a brief consultation video from a dermatologist describing the process and cost of reversing their decisions. The new manager of the store buys tattoo designs and also creates custom designs for patrons with special requests. Most patrons choose from a stock of designs purchased from other artists. Her assistant completes much of the tattoo work. In stock designs are entered as inventory items, with prices based on size and complexity. Temporary tattoos are also available. The ink used for tattoos is charged to customers as inventory sales. The tattoo application and custom design work are charged as services on the basis of time. All ledgers are used.

3. Create accounts to match the following Chart of Accounts: Account types are shown in brackets beside the account. (A) = Subgroup (S) = Subgroup total (H) = Heading (T) = Total (X) = Current Earnings All other accounts (unmarked) are Group accounts. Allow division allocations for all revenue and expense accounts.

5. Add foreign currency. Allow transactions with United States suppliers in US dollars. Use account 5015 to track exchange rate differences. Enter 1.19 the exchange rate for Apr. 1, 2024. Display the reminder if the rate is one day old.

6. Edit Account classes: For Undeposited Cash and Cheque, change the account class to Cash. For Chequing Account: CAD, change the account class to Bank. Enter 432 as the next cheque number and 607 as the next deposit slip number. For Chequing Account: USD, change the account class to Bank. Enter 119 as the next cheque number.

Change the currency to USD and add $1 350 as the USD balance. For Credit Card Account, change the account class to Credit Card Receivable.

For Accounts Receivable, change the account class to Accounts Receivable For Inventory accounts, change the account class to Inventory

For Credit Card Payable, change the account class to Credit Card Payable.

For Accounts Payable, change the account class to Accounts Payable For all expense accounts, change the account class to Expense.

7. Set up credit cards as follows:

Credit Cards Accepted:

Credit Card Name: Wishful

Discount Fee: 3.5%

Linked Asset Account: 1100

Linked Expense Account: 5010

Credit Cards Used:

Credit Card Name: Wishful Linked Payable Account: 2150

Linked Payable Account: 2150

Linked Expense Account: 5010

8. Enter Sales Taxes and Tax Codes

Tax – HST: Not Exempt, Not Taxable, Use 2670 to track tax paid on expenses. Use 2650 to track taxes charged on revenue. Report on taxes

Code – H: Tax HST, Taxable, Rate 13%, Not included, Refundable

Code – HI: Tax HST, Taxable, Rate 13%, Included, Refundable

13. Set up a payroll authority.

Create a new supplier record for the Receiver General of Canada as the payroll authority for Income Tax, EI and CPP. Leave the remaining supplier fields blank. Settings -Payroll: Remittance and suppliers-Receiver General of Canada Remitting frequency – Monthly End of remittance period – April 15, 2024.

14. Set up job categories.

Create two job categories named Sales and Other. Persons in the Sales category are salespersons. Persons in the Other category are not salespersons. Assign the employee Painter to the Sales category. Assign the employee Dyes to the Other category. Select Painter as the salesperson for all sales.

15. Create the following inventory accounts:

Variance accounts will not be required. Leave the variance-linked account field blank. Allow account classes to change. Customers pay HST on all inks, designs, tattoo services and custom design work. Ink tubes are purchased in lots of 10 tubes per box and stocked and sold as individual tubes. Note: Web pricing is the same as regular pricing.

16. Create two divisions starting April 1, 2022.

1. Sales

2. Services

There are no balances forward. Select status: Completed Setup: warn if allocation is not complete

17. Back up your work with the name Dermal – Before finishing history. Continue with the original working copy, DERMAL.SAI. Finish entering the history.

Recover $50 advance. Dyes should be paid for serving 10 clients (No. Clients piece rate pay). Allocate 30% of payroll expenses to Sales and 70% to Service. Issue deposit slip #68. Hints: Use Payroll cheque run. Accept: Payroll Tables are out of date

21. Print and assemble the following reports in the order indicated and hand in to your instructor:

Note: Make sure your name appears as part of the company name at the top of each report.

1. Journal Entries for all journals from April 1 to April 15, 2024 – Show division allocations, foreign currency amounts, corrections and additional information.

2. Balance Sheet at April 15, 2024

3. Income Statement from April 1 to April 15, 2024

4. Employee Summary

5. Inventory Summary

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