Accounts Receivable and Click Update
Create a partnership form of business Daily Express Supplies owned by you. The business started its operation January 2014 with its address at 111 Solchuaga St., Makati City, ZIP 1204, Philippines. Other details are Internet Ad - www.dailyexpress.com, Printing Header - Daily Express Supplies, Active Manager - Mr. Alfredo Salvador, Jr., Tel 1 -28401212, Tel 2 – 27400000, Fax - 27400000, Email - dailyexpress@webmail.com. Its main business is to supply school items for students.
Do the following.
1. Create Daily Express Company and 2014 posting period with sub-periods in months.
2. Enter company details found in the above paragraph.
3. Philippine currency for the local and system currency.
4. Setup payment term N/30 (credit term of 30 days) for both vendors and customers.
5. Change default password of the user manager.
6. Setup the chart of accounts, see details in Appendix B.
7. Tag AR, Allowance for Bad Debts and AP as Control Accounts.
8. Tag Cash on Hand, Cash in Bank – BPI and Cash in Bank – Metrobank as Cash Accounts.
9. Setup banks and house banks for Metrobank #9000 with bank code of 101010, branch 1111 and account number of 9000 and BPI #1100 with bank code of 200300, branch 2222 and account number of 1100.
10. Setup Cash in Bank – Metrobank as the default bank for Outgoing Payments.
11. Setup Input Tax and Output Tax at 12% effective January 1 of this year.
12. Setup the default taxes in the GL Account Determination’s Sales and Purchasing Tax subtabs.
13. Setup GL Account Determination for Sales, Purchasing, General and Inventory modules.
14. Setup Distribution Warehouse as the Default Warehouse.
15. Setup vendor and customer master data, see details in Appendix C.
16. Setup Cash Sales document and default customer which Walk-in Customer.
17. Setup items, see Appendix D.
18. Setup aging of doubtful accounts: 30 days – 1%, 60 days – 5%, 90 days – 10%, 120 days – 15%.
APPENDIX B
ASSETS (L1)
Do the following.
1. Create Daily Express Company and 2014 posting period with sub-periods in months.
2. Enter company details found in the above paragraph.
3. Philippine currency for the local and system currency.
4. Setup payment term N/30 (credit term of 30 days) for both vendors and customers.
5. Change default password of the user manager.
6. Setup the chart of accounts, see details in Appendix B.
7. Tag AR, Allowance for Bad Debts and AP as Control Accounts.
8. Tag Cash on Hand, Cash in Bank – BPI and Cash in Bank – Metrobank as Cash Accounts.
9. Setup banks and house banks for Metrobank #9000 with bank code of 101010, branch 1111 and account number of 9000 and BPI #1100 with bank code of 200300, branch 2222 and account number of 1100.
10. Setup Cash in Bank – Metrobank as the default bank for Outgoing Payments.
11. Setup Input Tax and Output Tax at 12% effective January 1 of this year.
12. Setup the default taxes in the GL Account Determination’s Sales and Purchasing Tax subtabs.
13. Setup GL Account Determination for Sales, Purchasing, General and Inventory modules.
14. Setup Distribution Warehouse as the Default Warehouse.
15. Setup vendor and customer master data, see details in Appendix C.
16. Setup Cash Sales document and default customer which Walk-in Customer.
17. Setup items, see Appendix D.
18. Setup aging of doubtful accounts: 30 days – 1%, 60 days – 5%, 90 days – 10%, 120 days – 15%.
APPENDIX B
ASSETS (L1)