C4 Toss for Tots
Ch 4. Setup
Toss for Tots
This chapter is on setting up the books for a business using Simply Accounting.
There are two objectives:
-
For you to understand how files for a company are created with their chart of accounts and various settings. After this chapter, you will not be asked to create a set of books independently. That is not the objective!
-
For you to demonstrate how you find errors using an accurate General Ledger key. This skill will help you throughout this course. (But not at a work site!)
Assignment:
This chapter will be largely instructor led. Attendance is strongly encouraged!
Day One
Read over pages 72 to 76--this is where you will
find the firm’s accounting policies.
Page 76 to 90; prepare the files for Toss for Tots.
Be sure to backup your files every hour or so. This part
of the course is very detailed and somewhat error-prone!
Day Two
Page 91 to 102; make a copy of your files, and create the Chart of Accounts.
After setting up the company, compare your chart of
accounts against the supplied one. On the key, accounts with an “x” beside them
will not be on your chart of accounts.
Page 102 to 103; make a copy of your files, and "Finish" the General Ledger history.
"Finishing" means you can't go back in and change any of the opening balances. The books are ready to use!
Delete the “Test Account” or “Suspense Account”,
whichever name you used.
Day Three
Make the entries starting on July 2 (page 103) to the end
of July 6. Also, for the first transaction, add your initials to
the beginning of the comment area. Compare to the supplied key.
Evaluation:
At this point, print out the following, and staple them
in this order:
Hand In All Of The Below:
Your Chart of Accounts (on the very top), and
Hand in the following, stapled into one package:
- General Ledger, all accounts (double check), show corrections, for the full time span (at top of package)
- "All" Journal, for the full time span, show corrections, (at bottom of package)
This chapter is worth approximately 4% of OA2430
-10% if all the posted accounts are not in the ledger
-10% each for Journal Entry Errors
-10% for initials not on specified entries--or assignment nor accepted
-10% each for wrong report, additional report, or report submitted out-of-order
-10% for not handing in work stapled in the correct order
Assignments due on last scheduled day of chapter
Late assignments accepted if in Evans' hands before marking is completed
Trays in the classroom are used to return work, not hand work in