Chapter 10: Chapter 10: Maintaining Accounting Maintaining Accounting

Records Records for Service Businessesfor Service Businesses

Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

Service Business RecordsService Business Records

In Chapter 10, you continue the work started in Chapter 9. You complete the computer accounting cycle for the month of October using the transaction register and bank statement as source documents. Source documents are used to show written evidence of a business transaction. For David Walsh Designer, the source documents used are his transaction register and bank statement.

The transaction register shows Mr. Walsh’s checking account activity.

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Sage 50 TipsSage 50 Tips

Chapters 9, 10 and 11 work together.

The David Walsh Designer service business set up in Chapter 9 is continued in Chapters 10 and 11.

The company set up in Exercise 9-1, Crafts by your first and last name, is continued in Exercises 9-2, 10-1, 10-2, 11-1, and 11-2.

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Backing Up Chapter 10Backing Up Chapter 10

Backup Name (.ptb)

Excel (.xlsx) Kilobytes Page Nos.

Chapter 10 Transaction Register October.ptb 971 KB 311-312

Chapter 10 October.ptb 987 KB 325

Chapter 10_October Trial Balance and Financial Statements.xlsx

21 KB 325-327

Chapter 10_October Trial Balance.pdf 5 KB 327

Chapter 10_October Balance Sheet.pdf 5 KB 327

Chapter 10_October Income Statement.pdf 5 KB 327

Exercise 10-1.ptb 935 KB 329

Exercise 10-2.ptb 953 KB 331

In the textbook, detailed steps are shown for backing up to a USB drive. The chart below, and on textbook pages 253-254, shows the size of the backup files, Excel files, and PDF files. You may also backup to a hard drive location.

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Backing Up Chapter 10 Backing Up Chapter 10 (concluded)(concluded)

Backup Name (.ptb)

Excel (.xlsx) Kilobytes Page Nos.

Exercise 10-2_October Trial Balance and Financial Statements.xlsx

20 KB 331

Exercise 10-2_October Trial Balance.pdf 50 KB 331

Exercise 10-2_October Balance sheet.pdf 5 KB 331

Exercise 10-2_October Income Statement.pdf 5 KB 331

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Maintain Global Options, steps 1-3, p. 304Maintain Global Options, steps 1-3, p. 304 From the menu bar, click on Options, Global. Make sure the box

next to Recalculate cash balance automatically in Receipts, Payments, and Payroll Entry has a check mark next to it.

When you use Receipts and Write Checks, make sure that the Cash account balance agrees with the textbook’s transaction register balance. Refer to the transaction register on pages 310-311. The Write Checks window shows the October 2 Cash account balance.

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Editing Journal Entries, p. 320Editing Journal Entries, p. 320 Click on Tasks, then Receipts. Click on the

icon. Double-click the deposit you want to edit.

Make any necessary changes, then click on Save to post.

Editing Write Checks works similarly.

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Glossary of Terms Glossary of Terms Chapter 10Chapter 10

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Source Documents, p. 301Source Documents, p. 301

Source documents are used to show written evidence of a business transaction. For David Walsh Designer, the source documents used are his transaction register and bank statement.

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Transaction Register, p. 301Transaction Register, p. 301

The transaction register shows checking account activity.

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Bank reconciliation, p. 316 Bank reconciliation, p. 316

Sage 50’s Account Reconciliation feature allows you to adjust Mr. Walsh’s bank statement. Bank reconciliation is the process of bringing the balance of the bank statement and the balance of the cash account into agreement.

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Online Learning CenterOnline Learning Center Go online to http://www.mhhe.com/yacht2013 for additional resources.

Link to Student Edition, select Chapter 10.

o Interactive Testingo Glossary of Termso Feature Quizzeso Videos: Demonstration of recording checks and deposits.o Narrated PowerPointso Assessment Rubrico Going to the Neto QA Templates

The OLC also includes Appendixes A, B, C, and D.

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Going to the NetGoing to the Net Access the Sage Quantum website at

http://na.sage.com/Sage-50-Accounting-US/products/quantum/features?WT.mc_id=50US_QTM_Features1

Answer the following.

1.How does Sage Quantum help you manage your business with confidence?

2.Describe two industry-specific functions.

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Analysis QuestionAnalysis Question

What is account reconciliation?

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Assessment RubricAssessment Rubric

Task Date Navigation Center WindowJournal

Dr. and Cr.

ATM

(Exercise 10-1)

10/2/13

Deposit

(Exercise 10-1)

10/8/13

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