Flashcards in Chapter#6F: Daily Transactions and Monthly Procedures Deck (10)
How are Daily Transactions entered?
Through Modules in Simply Accounting 2005
How does Simply Accounting 2005 handle transactions?
Through Receivables, Payables and Payroll Modules
True or False, when a company makes a sale to the customer; the sale is recorded in the Receipt Journal?
False, it's recorded in the Sales Journal in the Receivable Module
True or False: when a customer pays an account, the cash is recorded in the Sales Journal?
False, it's recorded in the Receipts journal in the Receivable Module
Where does a purchase made from the company go into what journal?
The Purchase Journal of the Payable Module
Where does a Payment made from the company go into what journal?
the Payments Journal of the Payable Module
What does the General do?
its used to set up month-end and year-end entries or make corrections between accounts.
What are Month Ends?
Procedures performed much faster, more accurately and efficiently
What are some different management reports?
financial reports (Balance Sheet, Income Statement, etc.)
Payroll reports, and other reports