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Assignment 1 – GL Setup (Version C) Introduction:  You are hired as an Accountant by a construction company Luxury Build Ltd

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Assignment 1 – GL Setup (Version C)

Introduction: 

You are hired as an Accountant by a construction company Luxury Build Ltd. Your manager has requested to transfer the financials from Sage 50 to Sage 300. 

Company Background:

Luxury Build Ltd. builds personal and commercial units since year 2003. Company has two department Personal and Commercial. 

Luxury Build has been recording the entries using Sage 50 before, they closed the books in December 2020 and looking to transition the books to Sage 300.  

Objective: 

• Setup the admin service and monthly scheduler 
• Activate the General Ledger Module 
• Set up the G/L Options 
• Setup segment codes, account structure and source code 
• Create Accounts based on the given Trial Balance 
• Enter the opening balances as of Dec 31, 2020 based on the Trial Balance provided.  •      Create a New fiscal year (2021) Reports: 
• You will be exporting reports as you complete all these exercises, all reports must be saved in the Assignment 1 folder
• If you are using the Humber online platform, all the files will be saved in the temporary folder, you must copy those repots to C drive before you close it.  
• If you are using your computer, you will create a folder on C drive in Sage 300 Assignment 1  

 

               

Assignment 1: 

You will start the below exercise by using one of the options discussed above  Option 1: Use Humber Online streaming webpage https://its.humber.ca/services/services-students/academic-application-streaming-service  

• Click on Faculty of Business – Standard. 
• Enter the Humber login information 
• Click on Sage 300 
• Then Sage 300 will open, and you will continue by selecting CHADAT  
• Create a folder Assignment 1 under temp folder (If you have linked your Google drive, create a folder Assignment 1 in Google drive) 

 

Option 2: Use Sage 300 2019 software

• Create a New database LUXDAT and LUXSYS in SQL Server and Sage 300 Database, refer to Ex

1.1 and 1.2 to create the database. 

• Create a folder on C drive Assignment 1

 

1. Select the company file LUXDAT (Using the Sage 300 on your computer) or CHADAT (Using the Humber Online streaming), and session date Jan 01, 2021

 

2. Activate the Administration services 

 

3. Select the fiscal year starting date 01/01/2021 and click procced. 

 

4. Select the Business name as: Luxury Build Ltd – Your first name, enter Humber College address and Currency as CAD. 

 

5. Setup a monthly reminder for all Users, which will be recurring on monthly basis on last day of the month starting Jan 31, 2020. And it sends the reminder 3 days prior to due date. 

 

6. Activate the GL Module

 

7. Modify the G/L Option to include the following 
   1. Do not allow the ability to post to previous year at this time 
   2. Do not use provisional posting option 
   3. Do not print the batch listing prior to posting each batch 
   4. Allow complete editing of import batches 
   5. Keep up to 7 years of information 
   6. G/L Module should consist of 2 segment codes 
      1. Segment 1 – Accounts with 4 digits 
      2. Segment 2 – Departments with 3 digits 

 

8. Create the following department segment codes (XXX represent the last three digits of your student

ID)

1. 1. 100 – Personal 
   2. XXX – Commercial 

 

9. Create the following two account structures 
   1. ACC – Accounts only 
   2. DEP – Accounts and departments 

 

10. Create the following source codes
    1. SU- Setup
    2. CD – Cash Disbursement 
    3. CR – Cash Receipt 

 

11. Print the following reports as PDF:
    1. Print the Segment codes – and save it as R1_Segment_Codes
    2. Print the Account Structure codes and save the report as R2_Account_Stucture 

 

12. You are provided the Trial Balance below in Appendix A. Based on the Trial Balance as of Dec 31, 2020, create all the required G/L Accounts. 

 

13. Jan 01, 2020, you hired a manager whose salary has to be split between both the department as 30 % personal and 70% commercial. Create appropriate Salary expense accounts to allocate the Salary expenses between Salary – Personal and Salary – Commercial as 30% and 70%. 

 

14. Based on the given Trial Balance as of Dec 31, 2019 from Appendix A, create a journal entry to record the opening balance of all the account and post it. 

 

15. Print the following reports as PDF:
    1. Print Chart of accounts – Long form and save it as R3_COA
    2. Print Chart of accounts – Allocation accounts R4_COA_Allocation
    3. Print the Posting Journal of the opening entry and save it as R5_PJ1_Dec_31-2020

 

16. Setup the Closing Account before proceeding to the next step. 

 

17. Create a new Fiscal year. 

 

18. Change the session date to Jan 31, 2021

 

19. Record the following transactions for the month of January 2021

 

1. 1. Jan 18, 2021 You purchased commercial material from Home depot $10,000 plus HST and paid using business bank account. 
   2. Jan 31, 2021: you paid $5,000 salary to the manager Tom Smith. 

 

20. Review the transaction, if correct and post the batch. 

 

21. Print the posting journal for the above batch and save it as R6_PJ2

 

22. Run the allocation batch for Jan 31, 2021 

 

23. Review and post the allocation 

 

24. Print the posting journal for allocation batch, and save the report as R6_PJ3

 

25. Create a folder for backup inside the Assignment 1 folder A1_Yourname_backup

 

26. Perform the database for your company in above folder (make sure to backup both DAT and SYS file)

 

27. Zip the backup folder 
    1. If you are working on C drive, right click on the “A1_Yourname_backup”, click on send to compressed (zipped) folder 
    2. If you are working on Humber App streak, click on 7 zip tools, locate the folder from temp folder, once located, click on + sign to zip the folder 

 

28. If you are using the Humber online streaming, download all reports and backup from Temporary folder to C drive Assignment 1 

 

29. Once you completed, go to Blackboard, click on Assignment 1, scroll down to submission, click browse my computer. Select all reports and backup and click submit. 

 

30. Exit the application. 

               

 

Appendix A: Trial Balance

Note all the accounts have its normal balance.

	Luxury Build Ltd.  Trial Balance  Dec 31, 2020
1000	General Bank Account	$ 48,256
1200	Account Receivable Account	12,352
1300	Furniture and Fixture	22,000
1350	Accumulated Depreciation	6,000
2000	Bank Line of credit	30,000
2100	Accounts Payable	8,256
2200	HST on sales	1,256
2250	HST on purchases	350
3XXX	Share Capital – Your first name	5,000
3999	Retain earning (Credit balance)	32,446
4000-100	Revenue – Personal
4000-XXX	Revenue – Commercial
5000-100	COS – Personal
5000-XXX	COS – Commercial
6000-100	Warehouse rent – Personal
6000-XXX	Warehouse rent – Commercial
6100-100	Telephone Expenses – Personal
6100-XXX	Telephone Expenses – Commercial

 

XXX – represent last three digit of your student number 

Any reports with incorrect student number will be marked zero.