Simply Accounting 2012

Requirements of this assignment:

Due February 26th, 2013:

•  Brief write up, detailing the type of company, as well as the challenges that small businesses face in

maintaining accurate and timely financial statements (approx. one page)

•  Development of Chart of Accounts

•  Opening entries to set up your company (Submit an opening balance sheet and trial balance)

Due March 19th, 2013

•  Budget data for three months (I/S only)

•  Actual data for three months. (Submit Ending Balance Sheet, Trial Balance, Income Statement

(budget vs. actual), AR customer aged detail and AP vendor aged payable detail, General ledger detail

for all accounts for the period covered, and Backup of your Simply Accounting file

This assignment will use the General Ledger, Accounts Payable, Accounts Receivable and Payroll modules.

General Ledger accounts must include the following:

•  Current and capital assets

•  Current and Long-term liabilities

•  Two or more sources of revenue

•  Fifteen expense accounts

Volume of data must include:

•  20 AP invoices per month (60 in total)

•  8 AP cheques per month (at least 24 in total)

•  10 AR invoices per month (30 in total)

•  6 receipts per month (at least 18 in total)

•  6 pay periods for at least three employees (done through the payroll cheque run feature)

The data is not factual, nor is the budget based on any sort of a budget process. However, this is an

opportunity to work with budget variances and to use the software without having preprinted keystrokes

given to you. Note – The AP and AR invoices should not be set as recurring transactions. Also, the AP and AR

transactions should be recorded through the payables and receivables modules respectively


the name of company is : SMA

the type of company will be a sweet or candy company

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