Cascading Waterfalls Bank Tax and AP Services – Finance Assignment Help

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Assignment Task :
The information provided in this project will allow you to set up Tax Services and Bank Services for Cascading Waterfalls.  
1. Start the Sage 300 2017 program and select the Cascading Waterfalls company database using 31/01/2019 as the Session date. Go to common services- company profile- fill the information in the (….) brackets with the required information. Save the company profile tab. Click on file- exit the software. Then reopen green sage 300 erp software with the session date 31-01-2019. This will display your name in the top of the database. (mandatory one to do)
2. Activate G/L Sub Ledger Services 6.4A, Bank Services 6.4A and Tax Services 6.4A
3. Create the following General Ledger accounts under GL accounts/account:
Write off accounts: 6005-100 – Bad Debt Expense 
6005-200 – Bad Debt Expense
 
Credit Card Charges Account: 6007-100 – Credit Card and Bank Fees
6007-200 – Credit Card and Bank Fees
 

Add an RBC Bank Record in Bank Services for the Bank – Chequing account (Use transit number, account number from OMNI TD chequing and also the address details)

Use 6005-100 as the write-off account in the Bank record.

Use 6007-100 as the Credit Card Charges Account in the Bank record

Enter the information on the check stocks tab in the RBC bank record.  This information is required before any cheques can be written.

 
Check Stock Code: CHAD
Description: Cheque and Advice
Next Check No.: 1500
Stock Type: Combined Check and Advice
Advice Lines Per Page: 16
Language: English
5. Modify the Bank Options form to include the following information:

The next transfer number is 50

 
6. Set up a bank distribution code that will be used during the set up of the RBC Bank account. SU 1010
8. Set the Bank – Chequing account as a control account for Bank Services.  Only transactions from Bank Services can be posted to this account.
9. Establish the RBC Bank account balance using the following information:
Statement Date: 01/31/2019
Statement Balance: Enter the amount of the Bank account in the           
    General Ledger as of 01/31/2019 -$24,720
Reconciliation Date: 01/31/2019
Fiscal Year and Period: 2019, Period 01
Enter the appropriate transaction on the entries tab to establish the bank balance. 
10. Post the Bank Reconciliation.
11. Print the Reconciliation Posting Journal
12. Print the General Ledger batch listing for the batch that was sent directly to the General Ledger from Bank Services. (Skip this step and proceed to next one)
13. Process the batch sent from Bank Services to the General Ledger module. You will need to determine if this batch should be deleted or posted.
14. In Tax Services, add the following Tax Authorities:
 

HST

GST

 
15. Create the following tax classes for each tax authority and for both sales and purchases.
 

Taxable

Non-Taxable

Exempt

 
16. Enter the appropriate HST 13% and GST 5% tax rates for both sales and purchases
17. Create an Ontario Tax Group for both sales and purchases with HST and Alberta Tax group with GST for sales and purchases
18. Activate the Accounts Payable module.
19. Modify the Accounts Payable options to include the following criteria: (accept the defaults for items not listed below)

Enter your name as the Accounts Payable contact 

Keep Vendor and Group Statistics

Invoice, payment and adjustment batches do not have to be printed before posting

The program should automatically calculate the tax on invoices

Use RBC as the default bank code for payments

Adjustments can be entered directly in payment batches

System Generated Batches can be edited

 
 
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