Chapter 3B, Summary - Sage 50

Question 1

Prepayment

Answer 1

Record a Vendor prepayment with a Purchas Order

Journal/ Ledger: Purchase Orders

Question 2

New Vendor

Answer 2

At the Taxes tab, change the Tax Exempt status for HST, GST or PST where necessary & select the appropriate tax code.

Select an appropriate default expense account.

Journal/ Ledger: Vendors Ledger

Question 3

Drawings

Answer 3

Create owner’s Vendor record.

Use Make Other Payment option to record a memo & a cheque together.

Journal/ Ledger: Payments

Question 4

HST Remittance

Answer 4

Create Receiver General as a Vendor.

Use Make Other Payment option to record a memo & a cheque together.

Determine balance of HST Charge On Sales & HST Paid on Purchase accounts to be paid.

Enter a negative amount to HST paid on Purchases account.

Journal/ Ledger: Payments