Chapter 2A - Summary - Sage 50

Question 1

Sales Quotes

Answer 1

Creates a quote (w/ inventory) that may be printed and sent to a customer.

Sage 50 records in database, but does not post to the General Ledger

Journal/ Ledger: Sales Quotes

Question 2

Sales Order

Answer 2

Creates a sales order record (w/ inventory) when an order is received from a customer.

Can be created by converting an existing sales quote.

Sage 50 records in Sales Order Listing, but does not post to the General Ledger

Journal/ Ledger: Sales Orders

Question 3

Sale on Account

Answer 3

Records SALES (w/ inventory)

Sage 50 automatically debits Accounts Receivable and credits the appropriate tax accounts, and increases the COGS and decreases the Inventory.

Journal/ Ledger: Sales Invoices

Question 4

Sales Adjustment

Answer 4

Use Adjustment icon

Journal/ Ledger: Sales Invoices

Question 5

Return on Account/ Credit Memo

Answer 5

Enter the memo as a minus amount with HST

Journal/Ledger: Sales

Question 6

Receipt

Answer 6

Select the invoice(s) paid.

Journal/ Ledger: Receipts

Question 7

Receipt with Discount

Answer 7

Apply the receipt against the original invoice less the discount amount calculated on the sales amount before taxes.

Journal/ Ledger: Receipts

Question 8

New Customer

Answer 8

Remember to select an appropriate Revenue account & appropriate tax code for each customer.

Journal/ Ledger: Customers

Question 9

Cancel an invoice

Answer 9

Use the Reverse Invoice icon to reverse the original invoice.

Journal/ Ledger: Sales

Question 10

Revise a Cash Receipt

Answer 10

Use Lookup to find the original receipt and adjust the amounts as required.