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Finance Analyst 2 > Sage50 Accounts > Flashcards

Sage50 Accounts Flashcards

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1
Q

How is the View changed?

A

There are two ways:

One is by clicking Change View on the top-right corner and choosing a different view (Customers/Suppliers).

The other is by using the Links section on the left side of the screen (customer list/supplier list).

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2
Q

What is the default view?

A

Customer/Supplier Process

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3
Q

Where are the different navigation groups?

A

In the list at the bottom-left corner of the screen.

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4
Q

Where is the toolbar for each navigation group located?

A

At the immediate top of the navigation pane.

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5
Q

How is information about the company changed?

A

Settings

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6
Q

How is the financial year changed?

A

settings

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7
Q

How is the program date changed?

A

settings

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8
Q

How are customer details entered?

A

customer navigation pane

OR

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9
Q

What will appear when you click the New Customer button?

A

The Customer Record Wizard

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10
Q

How are terms agreed set has default for all customers/suppliers?

A

settings

##customer/supplier 
defaults

Select terms agree box

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11
Q

What is the alternative (to new … wizard) of entering details into the system?

A 
#links
##...list
###record (on the toolbar)
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12
Q

How is the program restored to your saved files?

A

File

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13
Q

Where is the Layout modifier on the Company navigation group?

A

Top-right

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14
Q

Where is the button that unselects all members of the list in the Company navigation group? What is it called?

A

Is the third button from the left at the bottom of the navigation panel and it’s called Clear

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15
Q

How is a Trial Balance carried out?

A

links

In the Company navigation group:

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16
Q

How are budget preferences set?

A

Settings

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17
Q

How many default Nominal Account Categories are there?

A

9

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18
Q

What view in the Nominal Ledger is used to gain an overview of the business?

A

Analyser view

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19
Q

Why is it beneficial to use the Graph layout in the Nominal Ledger?

A

To display accounts data visually to aid understanding

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20
Q

In which Sage window is the Trial button found?

A

Financials

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21
Q

What is the Trial Balance?

A

A list of all Nominal Ledger accounts at a specific date.

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22
Q

How are Adjustments In made?

A

Products navigation group

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23
Q

What are Adjustments In for?

A

To record stock increase/receipt (due to purchase or otherwise)

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24
Q

How are Purchase invoices recorded?

A

suppliers

Batch Invoice (in the supplier process view)

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25
Q

How many types of purchase invoice are relevant in Sage?

A

Invoice for tangible goods and invoices for services (rates, rent, electricity, etc.)

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26
Q

What should you do when you’ve entered invoices as batch?

A

Total them yourself and crosscheck with the program.

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27
Q

What is the typical format of the Purchase order number for services?

A

The is no purchase order number for service invoices but it is good practice to order them numerically for ease of identification.

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28
Q

How are corrections made when errors are made?

A

file

Select item

Change Net (for example)

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29
Q

Explain the following function key:

F1

A

Displays help relating to the particular window.

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30
Q

Explain the following function key:

F2

A

Displays a calculator which can be used with the mouse

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31
Q

Explain the following function key:

F3

A

Displays the Edit Item Line window when entering an invoice

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32
Q

Explain the following function key:

F4

A

Shortcut to calendar, calculator or record list (when the cursor is in the A/C box in customer records)

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33
Q

Explain the following function key:

F5

A

Activates a currency calculator when in a numeric box

Or

A spell checker when in a text box

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34
Q

Explain the following function key:

F6

A

Copies data from the box above

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35
Q

Explain the following function key:

Shift + F6

A

Increments the last digit in the box above by one number

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36
Q

Explain the following function key:

F7

A

Inserts a blank row in a list

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37
Q

Explain the following function key:

F8

A

Deletes a row

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38
Q

Explain the following function key:

F9

A

Used to calculate the net amount from any gross taxed values

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39
Q

Explain the following function key:

F11

A

Displays the Windows control panel

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40
Q

Explain the following function key:

F12

A

Displays the Report Designer

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41
Q

The Nominal Codes from 4000 to 4999 are for:

A

Sales

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42
Q

The Nominal Codes from 5000 to 5999 are for:

A

Purchases

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43
Q

The Nominal Codes from 6000 to 6999 are for:

A

Direct Expenses

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44
Q

The Nominal Codes from 7000 to 9999 are for:

A

Overheads

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45
Q

The Nominal Codes from 0001 to 0999 are for:

A

Fixed assets

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46
Q

The Nominal Codes from 1000 to 1999 are for:

A

Current assets

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47
Q

The Nominal Codes from 2000 to 2299 are for:

A

Current Liabilities

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48
Q

The Nominal Codes from 2300 to 2999 are for:

A

Long term liabilities

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49
Q

The Nominal Codes from 300 to 3999 are for:

A

Capital & Reserves

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50
Q

How are invoices produced?

A

Customer navigation group

@Customer Process

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51
Q

How to access invoices?

A

Customer navigation group

@Links

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52
Q

How are invoices printed?

A

Customer navigation group

@Invoice List

@report browser

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53
Q

How are invoices posted?

A

Customer navigation group

@Links

@Update Ledgers box

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54
Q

How are letters to customers sent?

A

Customer navigation group

@Tasks

Select customer

@Report Browser

Choose format

@ preview

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55
Q

How to check communications with a customer?

A

Customer navigation group

Select customer

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56
Q

How are new products added to the “portfolio” of the company?

A

Products navigation group

@Product Record Wizard

Create product information

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57
Q

What are Customer Receipts?

A

Receipts from customers in settlement of sales invoices.

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58
Q

What are Bank receipts?

A

Receipts for non-invoiced items.

59
Q

How are Customer receipts entered?

A

Customer navigation group

@Customer Receipt - Bank Current Account

Choose Account @Customer Details #Account

Then

Choose date of receipt @Receipt Details #Amount

And

Enter reference.

___

If the payment is correspondent to the total amount owed by the customer:

But if a mistake is made and you wish to make changes to any information entered:

60
Q

How are Bank Receipts entered?

A

Bank navigation group

@Bank Receipts

Enter details of payments
___

If Vat is discerned in the payment, do not forget to use the “Calc. Net” button.

61
Q

What is the Current Bank Account Nominal Code?

A

1200

62
Q

What is the Petty Cash Account Nominal Code?

A

1230

63
Q

What is the Travelling Account Nominal Code?

A

7400

64
Q

How are statements produced?

A

Statement

@Customer list

Select all customers

65
Q

How are customer reports accessed?

A

reports

@Customers Navigation pane

Clear all selections

Aged Debtors analysis

66
Q

In the Aged Debtors Analysis (Detailed), what is the meaning of the different periods?

A

Current = under 30 days due

Period 1 = 30 days overdue

Period 2 = 60 days overdue

Period 3 = 90 days
overdue

Older = more than 90 days overdue

67
Q

Where is the Diary Button

A

Lower left of the screen

Bellow Projects

68
Q

How can the Dashboard be accessed?

A

Change View

69
Q

What types of payments are there?

A

Supplier payments and Bank payments.

70
Q

What are supplier payments?

A

Payments for invoiced items.

71
Q

What are Bank payments?

A

Payments for non-invoiced items.

72
Q

How are Supplier payments made?

A

Pay Supplier (on the upper thread)

@Supplier Navigation Pane

@Supplier Payment - Bank Current Account

Enter payment details

73
Q

How are remittance advises produced?

A

remittance

@Bank navigation pane

74
Q

How are Bank payments made?

A

Payment

@Bank navigation pane

Select Current Account

@Bank Payments

75
Q

What is the Advertisement Account Nominal Code?

A

6201

76
Q

What is the Net Wages Account Nominal Code?

A

2220

77
Q

What is the Vat liability Account Nominal Code?

A

2202

78
Q

What is the Postage and Carriage Account Nominal Code?

A

7501

79
Q

What is the Fuel and Petrol Account Nominal Code?

A

7300

80
Q

What is the Office Stationery Account Nominal Code?

A

7504

81
Q

What is the Refreshments Account Nominal Code?

A

8205

82
Q

What is the Miscellaneous Expenses Account Nominal Code?

A

6900

83
Q

How is the Petty Cash restored?

A

Transfer

@Bank navigation pane

Select Bank Current Account

@Bank Transfer

Account from : 1200

Account to : 1230

Reference = Cheque number

Description = Restore petty cash

84
Q

How are journal entries made?

A

Journals

@Company navigation pane

@Nominal Ledger Journals

Enter reference

Enter details

85
Q

What is the Staff Salaries Account Nominal Code?

A

7003

86
Q

What is the Employer’s N.I. Account Nominal Code?

A

7006

87
Q

What is the PAYE Account Nominal Code?

A

2210

88
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

7000

A

Gross Wages

Debit

89
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

7006

A

Employer’s N.I.

Debit

90
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2220

A

Net wages

Credit

91
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2210

A

PAYE

Credit

92
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2211

A

National Insurance (employee)

Credit

93
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2214

A

Student Loans

Credit

94
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2215

A

Attachments

Credit

95
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2216

A

Deductions

Credit

96
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2230

A

Pension

Credit

97
Q

7007

A

Employer’s Pension

Debit

98
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

7010

A

SSP Reclaimed

Credit

99
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

7011

A

SMP Reclaimed

Credit

100
Q

Name and state wether this code is a Debit or Credit entry on the Journal:

2211

A

National Insurance

Debit

101
Q

How are Bank reconciliations made?

A

Bank navigation pane

@Statement Summary

Enter reference

Enter Statement Date

Enter the Ending Balance showing on the bank statement

Enter any account charges or interest earned

Press OK.

@Bank Reconciliation

Match the entries on the bank statement with the entries on the Sage program. Thick the bank statement for every entry matched.

102
Q

@Bank Reconciliation

What is the functions of the Find button?

A

To find entries by different criteria.

103
Q

@Bank Reconciliation

What is the function of the Adjust button?

A

To adjust the statement according to the type of receipt or payment needed.

104
Q

@Bank Reconciliation

How is the process finalised?

A

Reconcile on bottom left.

@Links

@Criteria for Bank Statement

Enter the date range of the statement

105
Q

How is the Audit Trail done?

A

Financials

@Nominal Ledger

@Links

Continue…

106
Q

@Batch Supplier Invoices, what do you enter in the following fields:

Ref;

Ex.Ref;

Details.

A

Ref: Order Number

Ex.Ref: Supplier Invoice number

Details: quantity*product code

107
Q

How do you use the Memorise-Recall functions?

A

When information is shown for batch entries, Memorise will create a document that can be Recalled at a later time.

108
Q

What is the assumption when giving settlement discounts?

A

That the customer will take the discount.

109
Q

How are settlements applied to invoices?

A

customer

@Customer list

In Settlement Due: enter number of days

In Sett. Discount: enter the percentage discount.

110
Q

How are invoices printed and posted?

A

print

@invoice list

Select invoices

Then

111
Q

How are Credit Notes created?

A

New Credit

@customers

@tasks

Same procedure as invoice.

112
Q

How are Purchase Credit Notes entered?

A

Credit

@suppliers

Enter details of the Credit Notes received.

113
Q

How are goods returned to suppliers entered into the system?

A

out

@products

Select product

Enter details of returned goods

114
Q

What is the procedure when a customer overplays the amount of an invoice?

A

It is assumed that a mistake was made and the surplus can be used to make a payment on account.

115
Q

If there is still an invoiced amount outstanding on an account which was overpaid, how are the surplus funds allocated to the outstanding invoice?

A

Wizard

@Customer process

@Customer Receipt - Bank Current Account

Enter the date of the payment

Enter the Paying In Slip number as the Reference.

116
Q

How to enter a customer receipt with Settlement Discount?

A

@Customer Receipt -Bank Current Account

Enter the date

Enter the amount actually paid (as opposed to the amount showing as outstanding)

Enter the reference

Again, enter the amount actually paid and in the next cell enter the amount discounted.

117
Q

How are Bank receipts processed?

A

Receipt

@Bank Navigation Pane

Select Bank Current account

118
Q

How are recurring entries set up?

A

Recurring

@Bank Navigation pane

@Recurrin entro

119
Q

How are prepayments entered in the journal?

A

The amount prepaid is debited and the same amount is credited to the corresponding expenses account.

120
Q

How are accruals entered in the journal?

A

The corresponding expenses account is debited and the accruals account is credited.

121
Q

How are restricted users added?

A

Settings

122
Q

How are combined products created?

A

First, the individual components of the combined product must be registered as products themselves.

Then use the same procedure as if a new product was being created by using the New Button.

After this, in the list of products, click on the newly created product and then bring the BOM window uppermost.

Set up the BOM.

123
Q

What is a Bill Of Materials (BOM)?

A

Is the list of the individual items that make up the combined product

124
Q

What is Link Level?

A

The number of BOM lists to which a given product belongs.

125
Q

How is stock allocated to combined products?

A

Transfer

@Products

Select product

126
Q

How are price lists set?

A

Prices

@Products

@Edit Price List

Select which products and the amount of discount.

Select which Customers will get the discount.

127
Q

How are Sales orders created?

A

New Sales Order

@Products navigation pane

Enter date and customer A/C

Enter product and quantity

128
Q

What has to be done after a sales order has been created?

A

The required stock must be allocated to the order.

129
Q

How is stock allocated to a sales order?

A

Modules

Select the order

Select order

130
Q

How are invoices for sales orders accessed ?

A

Modules

131
Q

How are invoices printed and posted through the Product Invoice window?

A

print

132
Q

How are addresses changed as needed?

A

New Sales Order

@customers

@Delivery Address

133
Q

How are carriage charges added?

A

New sales order

@Customers

Enter details

134
Q

How is stock unallocated?

A

Amend

Select the sales order

Select option

135
Q

How are Purchase Orders created?

A

New Purchase Order

@Suppliers Process

Enter details

Enter extra charges (such as carriage) @Footer Details

136
Q

If the company wants a product to be delivered straight from its supplier to its customer, how is it done?

A

@Product Purchase Order

@Order Details

In Show, select Customer Addresses

Select customer

137
Q

How are orders marked as part-delivered?

A

Amend

Select order

138
Q

How to cancel Purchase Orders?

A

Amend

Off Order

139
Q

How is VAT processed?

A

Manage Vat

@Company

@Tasks

Enter dates

140
Q

How are the sales and purchases accounts cleared of VAT?

A

VAT transfer wizard

@Company

@Tasks

141
Q

How are year-end Trial balances printed?

A

Select the month of December (or final month of financial year).

142
Q

How are budgeted figures checked?

A

Nominal Ledger

@Company

@Links

Enter Nominal code to be compared

143
Q

How is the program backed up prior to Year End?

A

File

144
Q

How is the Year End carried out?

A

Year End

#Tools
Period end

Finance Analyst 2 (11 decks)

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