Sage 50 Accounting Exam Questions and Answers

Sage 50 Ac counting Exam Questions and Answers for what is the daily business manager used? - ANSWER centralizes some of the most common daily tasks in a single location. It can be used to remind you about upcoming events and allow you to attach notes to the business calendar. I also allows you to view business performanc e measurments what are the two different types of Advice - ANSWER management reports -defult advice type. those reports pertain specifically to the data that is in the use at the time. General Advice - select this type of data to veiw a list of t opics pertaining to general accounting what is sage 50's default accounting basis? - ANSWER accrual - basis accounting where do you enter information about your company when creating a new company - ANSWER in the new company setup wizard who is able to add additional users and control what data each user is able to display or change - ANSWER system adm inister or sysadmin what is the purpose of the company file check & Repair tool - ANSWER fix errors through which ledger do all your transactions flow - ANSWER general ledger in which window do you add the credit cards used and accep ted by your company - ANSWER in the settings window what types of transactions are entered in the General Journal - ANSWER the general journal is used to record transactions that cannot be recored in another module can you adjust a po sted journal entry - ANSWER yes in the general journal window why is it a good idea to add customers to the Recievables ledger - ANSWER allows you to keep track of sales made and payments received where are invoices entered that were outstanding prior to using sage 50? - ANSWER on the historical transactions tab of the receivables ledger window where can you find the merge records command - ANSWER on the maintenance menu where do you enter information about a sale when there is no previous order - ANSWER directly into the sales journal - creating an invoice window what does the receipts journal window resemble - ANSWER a receipt with the details of the receipt outlined underneath how do you en ter a deposit in the receipts journal window - ANSWER in the receipts journal window select "Enter customer deposits box" on the tool bar. When enter customer deposits is selected, the window changes in include a deposit is selected, the window c hanges to include a deposit reference number box and a deposit amount box how do you recall a sales quote - ANSWER select find quote on the sales quotes menu and then select the quote in the select order or quote window. You can also open this w indow by selecting the search icon beside the quote no. box in the sales journal - creating a quote window to what can you convert a sales quote - ANSWER a sales order or sales invoice do sales orders affect the company's books? - ANSWER no b/c the sales transactions has not yet been completed what kind of information is displayed on the customer sales report - ANSWER the details of the sales (such as revenue, quanti ty, and profit) for your customers in summary or detail format Do all vendors or suppliers have to be added to the payables ledger - ANSWER no, you do not have to enter all your vendors or suppliers. You can have one time vendors. Vendors and su ppliers can be added on the fly