Chapter 3A, Summary - Sage 50

Question 1

Purchase Quote

Answer 1

Enter amounts as positive, including HST where applicable.

Does not update the General Ledger.

Can be converted to Purchase Order.

Journal/ Ledger: Purchase Quotes

Question 2

Purchase Order

Answer 2

Similar to Purchase Quote.

Enter amounts as a positive.

Can be entered without a purchase quote.

Does not update General Ledger.

Journal/ Ledger: Purchase Orders

Question 3

Purchase

Answer 3

Can be entered by converting a Purchase Order to an invoice.

Can be recorded without a Purchase Order.

Enter amounts as positive. HST amounts are entered in appropriate fields.

Updates the General Ledger.

Journal/ Ledger: Purchase Invoices

Question 4

Payment Recorded invoice

Answer 4

Select the invoice(s) to be paid.

Updates the General Ledger.

Journal/ Ledger: Payments

Question 5

Payment with Discount

Answer 5

Applies a payment against the original invoice & calculated discount.

Journal/ Ledger: Payments

Question 6

New Vendor (Supplier)

Answer 6

At the Taxes tab, change the Tax Exempt Status for HST where necessary & select the appropriate tax code.

Select an appropriate default expense account.

Journal/ Ledger: Vendors Ledger