Chapter 1, Before Moving on ... - Sage 50 Flashcards
What is the best way to open the Sage 50 Accounting program and data files?
- The best way to open the Sage 50 Accounting program and data files is to use the Start, Programs icon,
options method as shown in Exercise 1-2.
Describe toolbar icons
graphical images (pictures) of menu items that can be completed (e.g., Backup, Calendar, Lookup, etc.).
Hover your mouse over toolbar icon, information box appears below it with a brief explanation.
The firm’s year-end (fiscal year) is on December 31, 2024. You received on January 22, 2024 a bank debit memo dated January 20, 2024, for service charges on the bank account:
What would be your Session Date?
Your Transaction Date?
The Session date is January 22, 2024. This date is equivalent to the day you are actually working on the computer.
The Transaction date is January 20, 2024. This is the date the bank account was changed. For proper aging of transactions, in future chapters, the transaction date must be used to record the document.
What important information does the Source field indicate?
the document from which the data is being taken; e.g., cheque, invoice, etc.
What is the Comment field (box) used to record?
a summary of the entry (who, what and why).
What is the Comment column used to record?
additional comments for each account
Describe two ways to display a list of accounts when entering a General Journal entry.
a) Double-click on the Account field.
b) Press the Enter key when the cursor is in the Account field.
An Income Statement may be displayed/printed for only 1 day, a month at a time, or a time period that can be several months or parts of a month (eg. January 1 - February 17). Explain why.
To compare a companies financial standing.
An Income Statement shows the current financial position
Re: SALES, COST OF GOODS SOLD & EXPENSES.
Why would you use the drill-down feature in Sage 50 Accounting?
to look up the details of an amount that appears in a report. (E.g., you would drill down from an Income Statement account to look up details of individual amounts recorded.)
Describe an effective backup routine in an office environment.
You would use the Backup icon to complete a backup on a USB drive or other storage medium. Refer to Exercise 1-24.
A logbook/diary, as discussed in this chapter, is used for what purposes?
to record the work you have completed and lists the storage device or other media you have backed the data on. (See Appendix J, Work Logbook for Sage 50 Premium Accounting 2019 in your course materials
How or where can you get help in Sage 50 Accounting
To get Help in Sage 50 Accounting, you can:
Review Exercises 1-4a- to 1-4d - Using Help Information.
