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    TB1000 03 Sales Ex2

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    Clint-Daniel Abenoja
    1. The document describes an exercise to simulate the sales process from creating a sales order through receiving payment. Key steps include creating a sales order, delivery, and invoice, then recording payment. 2. Creating each document allows viewing its effects on inventory levels and accounting entries. A sales order reduces inventory committed quantities, a delivery reduces inventory on hand, and an invoice generates a customer receivable with a sales credit. 3. Receiving payment closes out the customer receivable with a debit to cash. Understanding each document's impact provides insight into how the sales process is tracked.

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    © All Rights Reserved
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    TB1000 03 Sales Ex2

    Uploaded by

    Clint-Daniel Abenoja
    40 views5 pages
    1. The document describes an exercise to simulate the sales process from creating a sales order through receiving payment. Key steps include creating a sales order, delivery, and invoice, then recording payment. 2. Creating each document allows viewing its effects on inventory levels and accounting entries. A sales order reduces inventory committed quantities, a delivery reduces inventory on hand, and an invoice generates a customer receivable with a sales credit. 3. Receiving payment closes out the customer receivable with a debit to cash. Understanding each document's impact provides insight into how the sales process is tracked.

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    TB1000_03_Sales_Ex2

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    1. The document describes an exercise to simulate the sales process from creating a sales order through receiving payment. Key steps include creating a sales order, delivery, and invoice, then recording payment. 2. Creating each document allows viewing its effects on inventory levels and accounting entries. A sales order reduces inventory committed quantities, a delivery reduces inventory on hand, and an invoice generates a customer receivable with a sales credit. 3. Receiving payment closes out the customer receivable with a debit to cash. Understanding each document's impact provides insight into how the sales process is tracked.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    40 views5 pages

    TB1000 03 Sales Ex2

    Uploaded by

    Clint-Daniel Abenoja
    1. The document describes an exercise to simulate the sales process from creating a sales order through receiving payment. Key steps include creating a sales order, delivery, and invoice, then recording payment. 2. Creating each document allows viewing its effects on inventory levels and accounting entries. A sales order reduces inventory committed quantities, a delivery reduces inventory on hand, and an invoice generates a customer receivable with a sales credit. 3. Receiving payment closes out the customer receivable with a debit to cash. Understanding each document's impact provides insight into how the sales process is tracked.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 5

    Purchasing – Exercises

    Unit: Sales – A/R


    Topic: Sales Process

    At the conclusion of this exercise, you will be able to:


     Perform the steps of the sales process
     Discuss sales documents’ effects on inventory and accounting
     Run the open items list

    In this exercise, you create a sales order for one of the customer
    master records you just created. Then you change the sales order
    to accommodate customer requests. You deliver the items to the
    customer then create an A/R invoice for the delivery. When the
    customer pays your company, you create the incoming payment
    document.
    Later, you perform each step of the sales process again while
    viewing the effects of each document on inventory and
    accounting.

    2-1 Follow the steps of the sales process.

    2-1-1 Create a sales order for your new domestic customer, Laurel School.

    Laurel School has just called to place an order for a motherboard and five
    network cards.

    Field Name or Data Type Values


    Customer C2001
    Delivery Date <2 days from today>
    Item No. C00001
    Quantity 1
    Item No. C00006
    Quantity 5
    Do not save the sales order yet.

    2-1-2 The purchaser from the school asked if the school receives a 2% discount
    for paying within 10 days. Check if the payment terms are correct.
    Review the payment terms and adjust if necessary.
    Sales order number: ___________________________
    Save the sales order.

    2-2 Change a sales order.

    2-2-1 The customer calls you to make some changes to the sales order that you just
    entered. Open the sales order you just created.
    Increase the first quantity to 10.
    The customer tells you that he had been promised a 1% discount on the whole
    sales order. Enter a 1% discount for the order total.

    Field Name or Data Type Values


    Discount 1

    2-3 Create a delivery for your sales order.

    2-3-1 Open the sales order you just created to create a delivery with the Copy to
    function.
    2-3-2 Copy all the items from the sales order to a delivery.
    Save the delivery.

    2-4 Create an A/R invoice for your delivery.

    2-4-1 From the delivery, copy the items to an A/R invoice.

    Save the invoice.


    A/R invoice number: ___________________________

    2-5 Laurel Schools sent a payment for the delivery using a bank transfer. Create an
    incoming payment for the A/R invoice.

    2-5-1 Open the incoming payments window.

    Field Name or Data Type Values


    Code C2001
    Select the A/R invoice.
    Choose the Payment Means icon.
    Enter the following information in the appropriate tab.
    Field Name or Data Type Values
    G/L Account number < Use 161022 for the UK,
    if using another
    localization then the
    instructor will provide>
    Transfer Date < today’s date>
    Reference 79773528
    Total Press CTRL + B to copy
    the total

    Save the document.

    2-6 Track the effect of each step in the sales process beginning with the sales order.

    2-6-1 Create a sales order for a customer and view the effect on inventory.

    Field Name or Data Type Values


    Customer C23900
    Delivery Date < today>
    Item No. A00002
    Quantity 10
    Save the order.
    Sales order number: ___________________________

    2-6-2 Open the sales order you just created.


    View the details for the row.
    Which warehouse is assigned to the first row?
    _______________________________________________________
    Return to the sales order. Open the item master record.
    How many printers are in stock? ____________________
    How many printers are committed? ______________________
    Choose Cancel to return to the sales order._________________

    2-7 View the open items list.


    2-7-1 Run the Open Items List for sales orders. Look for your sales order and
    item.

    2-8 Create a delivery and view the effect of the delivery.


    2-8-1 Open the sales order you just created and copy the items to a delivery
    document.
    Add the delivery.
    Delivery number: ___________________________

    2-8-2 Retrieve the delivery you just created to view the effect of the delivery on
    inventory.
    Open the item master record to find the following information.
    How many printers are in stock? ____________________
    How many printers are committed? ______________________
    Return to the delivery.
    2-8-3 View the effect of the delivery on accounting.
    Open the journal entry. What are the two postings made by the delivery
    document?
    _______________________________________________
    _______________________________________________
    2-9 Create the A/R invoice and view the accounting effects.
    2-9-1 From the delivery document, create an A/R invoice.
    Add the invoice.
    A/R Invoice number: ___________________________
    View the journal entry. What type of postings is made to indicate the
    customer owes us money: debit or credit?
    _______________________________________________
    What type of posting is made to record sales revenues: debit or credit?
    _______________________________________________

    2-9-2 As you saw in the journal entry, no changes to inventory were recorded
    when you created the A/R invoice. When would an A/R invoice record
    changes to inventory?
    _______________________________________________
    _______________________________________________
    _______________________________________________

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