Accpac 228 Pretest Final: I. General Ledger

ACCPAC 228
Pretest final
I. GENERAL LEDGER
You are the accountant of Your name Tele Inc. Your company has decided to use Sage Accpac to
perform all accounting functions. Jan 1, 2017 is the beginning of its fiscal year.
The company uses a 12-period fiscal year and its Functional Currency is Canadian dollar.
Using the chart of accounts below set up appropriate structures
Set up the following Chart of Accounts:
Account Description
1100 Bank
1200 Accounts receivable
1260 Allowance for bad debts
1300 Inventory
1400 Office supplies
1500 Prepaid expense
2000 Accounts payable
2020 HST payable
2200 HST receivable
2220 Prepayment received
3000 Common stock
3200 Retained earnings
4000 Sales
4020 Sales discount & returns
4500 Interest income
5000 Purchase Discounts
6030 Write off account
6050 Bank/credit card charge
1. Setup the G/L options and print the GL Options report showing default account structure and
closing account
2. Enter and Print the chart of accounts
3. Create HST as the Tax Authorities.
4. Create tax classes for both Sales and Purchases. Class 1 is Taxable and Class 2 is non-taxable.
5. Add Tax Groups “ONT” for sales and purchases. Use “calculate tax by detail” as the Tax
Calculation Method.
6. Add Bank Code “TD” with the following particulars:
TD
GL Account #: 1100,
Write off account #: 6030
Bank/credit card charge Account # 6050
7. Print the Tax Authority, Tax classes and tax rates reports for sales and purchases
II. ACCOUNTS RECEIVABLE
Set up A/R options select appropriate options.
Create Account Set “ACCREC” entitled Accounts Receivable.
Add a Billing Cycle named “Mthly”
Set an Interest Profile Code “COM” with the description “2% for AR accounts” and annual interest rate
of 2%. 5 DAYS
Add Terms code:
Term code 2N30

Description 2/10, net 30
Calculate base for discount with tax field Excluded
Create the following Customer Group:
Group code CUST

Description ALL CUSTOMERS
Account type Open item
8. Print the Customer Groups report.
Add the following customer accounts:
Customer No. BEC### (### is the

last 3 digits of your student #)
Name BeCKford Inc.
Group code CUST
Terms code 2N30
Tax class 1
Credit limit $3000
9. Print the Customer List.
10. Process the following transactions:

On January 13, 2017 Beckford Inc. purchases goods on credit for $1350.00 plus taxes. Your invoice
number BD2017.
Print the following:
11. January 13th Invoice

12. Invoice posting journal
On January 30, 2017 Beckford Inc. pays by cheque No. 1085 for $1525.50. Apply the receipt to
invoice BD2017.
Process the above transaction and print the following:
13. Deposit slips
14. Status report for receipt batch after posting
15. Customer aged trial balance by due date as of January 31, 2017 show applied details
16. Customer statement as at January 31, 2017 for Beckford showing applied details of paid
transactions
III. ACCOUNTS PAYABLE
Set up options as you consider necessary.
Modify the following bank records:
Bank TD
Check stock code CHAD
Description Check and Advice forms
Next cheque number 5055
Stock type Combined check and advice
Cheque form APCHK01.RPT
Add Account Set “ACCAP” with the description “All Accounts Payable”, include the following
accounts:
Payable control account #2000;
Purchase discounts account - #5000;
Prepayment account #1500.
Add Terms code:
Term code 2N30

Description 2/10, n/30
Calculate base for discount with tax Excluded
Create the following Vendor Group:
Group code ACCPAY

Description All AP
Add the following vendor accounts:
Vendor No. CAT2020

Name Catch 22 Inc. (follow by your
name)
Group code ACCPAY
Credit limit $2500
17. Print the Vendor Groups Report
Add the Payment Selection Code – MTHLY for all due invoices.
Enter and process the following transactions:
On January 10, 2017 bought supplies inventory for $3,000.00 plus taxes from CATCH22 Inc.
CATCH22 invoice # B1220 dated January 11, 2017. On January 12, 2017 you perform a cheque run
to pay this invoice. DUE ON OR BEFORE JAN 30 OR TAKING DISCOUNTS JAN 12 TO 22
BATCH DATE: JAN 12, 2017 PAYMENT DATE JAN 12
Process the above transactions and print the following reports:
18. Pre-cheque register
19. Payment posting journal
20. Cheque register
21. Aged payables report as at January 31, 2017 with applied details and fully paid transactions
IV GENERAL LEDGER
Process the Accounts Receivable and Accounts Payable sub-ledger batches in G/L. Use one posting
sequence and print the following:
22. GL batch status report
23. Print the Income Statement at January 31, 2017
24. Print the trial balance for January 31, 2017.
-End of Paper-

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ACCPAC 228

Using the chart of accounts below set up appropriate structures

Set up the following Chart of Accounts:

2. Enter and Print the chart of accounts

3. Create HST as the Tax Authorities.

II. ACCOUNTS RECEIVABLE

Set up A/R options select appropriate options.

Create Account Set “ACCREC” entitled Accounts Receivable.

Add a Billing Cycle named “Mthly”

Add Terms code:

Term code 2N30

Create the following Customer Group:

Group code CUST

8. Print the Customer Groups report.

Add the following customer accounts:

Customer No. BEC### (### is the

9. Print the Customer List.

10. Process the following transactions:

Print the following:

11. January 13th Invoice

Process the above transaction and print the following:

13. Deposit slips

14. Status report for receipt batch after posting

III. ACCOUNTS PAYABLE

Set up options as you consider necessary.

Modify the following bank records:

Add Terms code:

Term code 2N30

Create the following Vendor Group:

Group code ACCPAY

Vendor No. CAT2020

17. Print the Vendor Groups Report

Enter and process the following transactions:

18. Pre-cheque register

19. Payment posting journal

20. Cheque register

22. GL batch status report

23. Print the Income Statement at January 31, 2017

24. Print the trial balance for January 31, 2017.

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