BIBLIOGRAPHY Sage50. (n.d.). Retrieved from https://www.bing.com/search?q=what+types+of+transactions+are+journalized+in+the+receiveables+module&form=EDGNTT&qs=PF&cvid=a062fb7d654041ab89be0678952ced4f&cc=US&setlang=en-US
SeniorAdvisor.com. (n.d.). Retrieved from https://www.senioradvisor.com/blog/2015/06/senior-discounts-age-55/
What types of transactions are journalized in the RECEIVEABLES module?
Sales Invoice with Payment
Receipts from customers
What is the main difference in journalizing transactions between the RECEIVABLES module and the COMPANY module?
The main difference is that in the General Journal both the debits and credits must be entered while only one entry is required in the Sales, Orders & Quotes Journal. The debit or credit to Accounts Receivable is done automatically after the other accounts are entered.
What occurs when you post journal transactions in the RECEIVABLES module?
When you post journal transactions in the RECEIVABLES module, the customer’s and the General Ledger accounts are updated.
Why would a business need to use more than one bank account?
The business deposits normal receipts from customers in a Canadian dollar account.
The business has a separate Canadian dollar account for credit card receipts
Explain the concept of aging in customer accounts.
Aging is the process of sorting sales invoices by number of days from the transaction date to the current session date for each customer. Normally the dates are in ranges, e.g., 0-30 days old, 3160 days old, etc.
Name at least two uses of the Customer Aged Detail report.
Identify large invoices that have not been paid.
Identify Customers that are slow in paying.
What is the difference between a sales quote and a sales order?
A Sales Quote is a form given to a customer listing the quantity and selling prices of goods or services they require and that you can provide.
A Sales Order is a form given to a customer confirming the quantity and the selling prices of goods or services that they have requested.
The default Revenue account is used for what purpose?
The default revenue account is used when recording a sales quote, order or invoice to the customer. The default revenue account will display on the first line of the customer invoice, helping the user charge the sale to the account normally used.
What is a deposit? In what circumstances would a business require a deposit? Where do you record the deposit?
Deposit means to placed or kept money in the bank account. It is kept gaining interest.
It minimizes the chances of non-payment.
It invested our client throughout the process
It is recorded as a credit in the customer Receivables Ledger.
Which of the following business events does not need a negative amount to record the transaction?
Write off a customer balance due to the bankruptcy of the customer.
How would you record a senior’s discount?
Senior discount is available only for those people who are of 50 or above. They get discount in every department like medical care, general stores etc.
Give the journal entry (or entries) for a $210.00 NSF cheque for which the bank has added bank charges of $15.00 (no HST) to your company bank statement. Indicate the Sage 50 Accounting module in which the entry is made.
Account Number Account Description Debits Credits
1212 Accounts Receivable 225.00 2332 Bank Chequing Account 215.00
1323 Handling Fee 15.00
What is a customer account write-off? In what circumstances would a business write off a customer account?
Write-off as a minus amount with HST. It either a reduction by the full amount or by a partial amount from a specific invoice or the balance in the customer ledger.
When all attempts to collect the amount from the customer have failed due to bankruptcy, business closing, etc., the account balance of the customer would be written off.
A customer wants to pay an outstanding Invoice in the amount of $339.00 (which includes $39.00 of HST) with a credit card. Which journal would you use to record it and what entry is made in the accounting records, assuming the bank charges 3% for processing credit cards?