Simply Accounting

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002160235051



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ACCPAC INTERNATIONAL

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Workbook

Before You Start.............................................................. 2

Creating a Company.......................................................... 2

Exercise 1: Creating a Company............................................ 2

Looking Up Company Information ............................................ 5

Exercise 2: Checking Your Company Information............................ 6

Setting Up Reports and Forms ................................................. 6

Exercise 3: Entering Printer Options for Reports and Forms................... 9

Settings .................................................................... 10

User Settings ............................................................ 10

System Settings.......................................................... 11

Exercise 4: Entering Settings .............................................. 12

Adapting the Chart of Accounts .............................................. 16

Exercise 5: Modifying Existing Accounts ................................... 18

Exercise 6: Adding Accounts.............................................. 20

Linked Accounts ............................................................ 21

Exercise 7: Deleting Linked Accounts ...................................... 22

Exercise 8: Linking New Accounts ........................................ 23

Adding Vendors ............................................................ 25

Exercise 9: Adding Vendor Records ....................................... 29

Adding Customers .......................................................... 32

Exercise 10: Entering Customer Records ................................... 37

Adding Employees .......................................................... 39

Exercise 11: Entering Employee Records ................................... 43

Adding Inventory Records ................................................... 45

Exercise 12: Entering Inventory Records ................................... 51

Adding Projects ............................................................. 53

Exercise 13: Entering Project Records ...................................... 55

Entering Historical Financial Data ............................................ 56

Exercise 14: Entering Historical Balances in the Accounts .................... 56

Adding Historical Sales Data ................................................. 57

Exercise 15: Entering Historical Sales Details ............................... 58

iv Simply Accounting

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Adding Historical Inventory Information ......................................60

Exercise 16: Entering Historical Inventory Details ...........................61

Finish Entering History ......................................................63

Exercise 17: Finish Entering History .......................................64

Entering Purchases ..........................................................64

Exercise 18: Entering Inventory Purchases ..................................69

Entering Payments...........................................................72

Exercise 19: Paying an Invoice.............................................74

Exercise 20: Making a Miscellaneous Payment ..............................75

Entering Inventory Sales .....................................................76

Exercise 21: Entering Sales Invoices ........................................81

Looking Up Invoices .........................................................83

Exercise 22: Looking Up a Sales Invoice ....................................83

Entering a Credit Memo (Customer Refunds)...................................84

Exercise 23: Entering a Credit Memo .......................................85

Entering a Sales Receipt ......................................................86

Exercise 24: Entering a Sales Receipt .......................................88

Entering a Customer Deposit .................................................90

Exercise 25: Entering a Customer Deposit ..................................90

Entering Miscellaneous Transactions ..........................................91

Exercise 26: Entering Miscellaneous Transactions ...........................93

Paying Employees ...........................................................95

Exercise 27: Entering Payroll Transactions ..................................97

Adjusting Paycheques...................................................... 100

Exercise 28: Adjusting a Paycheque ...................................... 101

Entering Inventory Adjustments ............................................ 103

Exercise 29: Entering an Inventory Adjustment ........................... 104

Using Recurring Transactions............................................... 105

Exercise 30: Storing a Recurring Transaction .............................. 107

Exercise 31: Recalling and Processing a Recurring Transaction.............. 108

Bank Reconciliation ........................................................ 109

Exercise 32: Reconciling Your Bank Account .............................. 111

Foreign Currencies......................................................... 115

Exercise 33: Entering Transactions in a Foreign Currency .................. 117

Time and Billing ........................................................... 121

Exercise 34: Keeping Track of Time and Billing ........................... 123

Workbook v

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Where To Now?............................................................ 131

Practice Session ............................................................ 131

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Workbook 1

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Workbook

The Workbook guides you through the entire process of setting up

a company’s books and entering common transactions.

Step-by-step lessons accompany each accounting procedure

introduced, to give you practice setting up and using the Simply

Accounting program.

When you finish the Workbook, you will have a complete set of

records for a fictional company called Data Processing Services.

You can use this data for more practice, if you wish.

If your company uses cash-basis accounting, be sure to read

Chapter 28, “Cash-Basis Accounting,” in the Simply Accounting

User Guide.

Backing up You must back up your Simply Accounting data on a regular

basis, in case your current data becomes damaged.

Print historical reports

anytime

Using the backup copy instead of your current records, you can

print historical reports even after you start a new month,

calendar year, or fiscal year. This is useful, for example, if you

need to print payroll reports as of the end of the calendar year,

after you have already entered data for a new year.

For information about backing up your data, see “Backing Up

Your Company’s Information” in Chapter 19, “Preventing

Problems,” in the User Guide.

Displayed amounts

and date formats

may vary

Note that the screen representations in the Workbook may not

exactly match your screen because you will probably be using

different tax tables. The date format may also be different. The

program displays the date format you have chosen in your

Windows Control Panel. (The Workbook uses the month-day-year

format.)

Before You Start

2 Simply Accounting

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Status bar text Most of the screens in Simply Accounting include a “status bar,”

a line of text at the bottom of the screen. The line displays

information about a field or menu item when you drag the

mouse pointer over it.

Online Help You can display additional information or instructions for most

tasks in Simply Accounting. Either press the F1 key, or use the

Help menu to select a topic.

Before You Start

Install company

templates

Follow the installation instructions in the Simply Accounting

Quick Start manual. Select Typical if the program asks you what

type of installation you prefer.

Creating a Company

You can create a company using one of the company templates

that come with the program, modifying it to suit the needs of

your business. In Exercise 1, you will create a company using the

Service Company template.

Exercise 1: Creating a Company

This exercise outlines the steps to create a company from the

Service Company template for Data Processing Services, a

fictional company you will use in these exercises.

1. Start Simply Accounting. (In Windows, on the Start menu,

choose Programs, and then choose Simply Accounting from

the program group in which you installed it.)

2. In the Home window, from the File menu, select New

Company.

3. In the Setup Wizard dialog box, click Next.

4. Select Copy A Template Containing Typical Accounts, and

click Next.

Creating a Company

Workbook 3

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Choose a company

template

5. From the list of templates, select (highlight) Service

Company, then click Next.

File name A preset folder and file name appear in the Enter The Name

Of The New File field.

6. Change the folder and file name to C:\Program

Files\Winsim\Samdata\Data Processing Services.SDB,

then click Next.

Dates 7. Enter the following information:

Fiscal Year Start: 01-01-2005

Fiscal Year End: 12-31-2005

Earliest Transaction: 01-01-2005

Then click Next.

Business location 8. From the list of provinces, select British Columbia, then click

Next.

Business type 9. Leave Sole Proprietor selected, then click Next.

Business activities 10. Leave all the items checked, and click Next.

Bank account 11. Uncheck (clear) Use The Same Bank Account, and click Next.

Multi-currency 12. Under the question Do You Wish To Keep Track Of Foreign

Currency Transactions, leave No selected, and click Next.

Capital assets 13. Check all the boxes (Vehicle, Building, and Land), and click

Next.

Company name and

address

14. Enter the following information:

Name: Data Processing Services

Street 1: 2406 East Hastings St.

City: Vancouver

Province: British Columbia

Postal: V5K 1K1

Country: Canada

Phone 1: (604) 555-1234

Fax: (604) 555-6789

Then click Next.

Creating a Company

4 Simply Accounting

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Terminology 15. Leave Use Non-accounting Terms selected, and click Next.

Business number 16. In the Business Number field, type 12345-1234-R1, and click

Next.

Payroll definitions 17. Leave all the Income field names unchanged, and click Next.

18. In the Deduction 2 field, change the existing description

(Union Dues) to Group Ins. (for Group Insurance). Then

click Next.

Project title 19. Enter or accept the information displayed:

Project Title: Project

Then click Next.

Printer settings 20. In the Printer Settings dialog box, click Next. (Do not click

the Printer Settings button. You will change the printer

settings for reports and forms later, in Exercise 3.)

Track Inventory

Turnover

21. Leave the Store Invoice Lookup Details box checked, and

click Next.

Cash-basis

accounting

22. Leave the Use Cash-Basis Accounting box unchecked, and

click Next.

Budgeting 23. Leave the Budget Revenue And Expense Accounts box

unchecked, and click Next.

24. Leave the Budget Project box unchecked, and click Next.

Account

reconciliation

25. Leave the Use Cheque No. As The Source Code For Cash

Purchases And Sales box checked, and click Next.

Sales taxes 26. Leave the Yes option selected, and click Next. This will

automatically create a tax code that will calculate GST and

PST at a rate of 7.0% each.

Payroll 27. Leave the Automatic Payroll Deductions box checked, and

click Payroll Settings.

Taxable Income 28. The Payroll tab shows the different types of income and the

taxes to which they are subject. It also shows the EI, EHT

and QHSF factors, and enables you to track Quebec tips.