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Things Owned = Claims Against Things Owned
Let's look at another example. On February 4, National Construction buys $1,000 worth of maintenance supplies for the trucks and the supplier gives National 30 days to pay. Amounts owed to a supplier who has given you credit are called accounts payable.
Here is the updated summary:
National Construction February 4, 1995 Things Owned: Cash in Bank $40,000 Trucks 22,000 Maintenance Supplies 1,000 63,000 Claims Against Things Owned: Accounts Payable $ 1,000 Bank Loan 12,000 Jim Brown 50,000 63,000
"Things owned" still equal the "claims against things owned," and the changes which were made resulted in an increase of the same size to both the things owned and the claims against things owned. Because this summary always balances, we call this summary of things owned and claims against things owned a balance sheet. On the balance sheet, things owned are listed on the left, and claims against things owned on the right. The claims against things owned are made by two groups of people: the owner, and others. In law, the owner does not get his investment back until others have been paid back. For this reason, it makes sense to break the claims into two groups, with claims by others ranked first:
National Construction Balance Sheet February 4, 1995 Things Owned: Cash in Bank $ Trucks Maintenance Supplies $ 40,000 22,000 1,000 63,000 Claims Against Things Owned: Accounts Payable $ 1,000 Bank Loan 12,000 13,000 Claims by Owner: Jim Brown 50,000 $ 63,000
You are now ready to go to Chapter 2 to find out more about the balance sheet.
Chapter 2 The Balance Sheet
This chapter discusses a company's assets, liabilities, and equity, and shows how changes in any one of these affect the other two.
Assets, Liabilities and Equity
Things owned by the company are called assets. Claims by others are called liabilities. If the owner wants to get back his investment, he must sell the assets and pay off the liabilities. What is left over is the owner's equity in the company. The balance sheet is now presented with the new words:
National Construction Balance Sheet February 4, 1995 Assets: Cash in Bank $ 40,000 Trucks 22,000 Maintenance Supplies 1,000 $ 63,000 Liabilities: Accounts Payable Bank Loan Equity: Jim Brown $ 1,000 12,000 13,000 50,000 $ 63,000
Our statement "Things Owned = Claims Against Things Owned" can now be rewritten:
Assets = Liabilities + Equity
This statement is the basis of accounting and is accounting's single most important concept. It is called the accounting equation.
Changes in Assets, Liabilities and Equity
Since assets equal liabilities plus equity, we know that if assets increase, then liabilities plus equity must increase by the same amount. The accounting equation can also be used to say that changes in assets equal changes in liabilities plus changes in equity. Here are some more examples so we can see how assets, liabilities, and equity are related. On February 5, National Construction buys some furniture costing $2,000 for the office Jim Brown has set up in his home. The supplier gives National 30 days to pay the bill. Our updated balance sheet has a new asset called furniture, and accounts payable has increased by the amount of the supplier's bill:

the hauling contract and $6,000 for the excavating contract. Its total revenues are therefore $11,000. Expenses are the amount a company spends to provide goods or services to its customers. National's only expenses for the contracts are $2,000 in wages. Earnings are what is left over after expenses are deducted from revenues. Brown can now update his balance sheet to show the increases in Cash in Bank and Earnings, as well as show how the earnings were earned. He does not have to record the fact that he earned $4,000 for this last contract directly ($6,000 revenues minus $2,000 expenses), because after expenses are subtracted from revenues within the earnings category of the balance sheet, this increase of $4,000 in earnings will have been taken into account automatically:
National Construction Balance Sheet March 1, 1995 Assets: Cash in Bank Trucks Maintenance Supplies Furniture Construction Equipment $ 42,000 22,000 1,000 2,000 20,000 $ 87,000 Liabilities: Accounts Payable Bank Loan Equity: Jim Brown Earnings Revenues: Hauling $ 5,000 Excavating 6,000 11,000 Expenses: Wages 2,000 Earnings $ 3,000 27,000 30,000 48,000

9,000 57,000 $ 87,000

When to Record Revenues and Expenses
Revenue is recorded in the financial records at the time the title or ownership of the goods or services passes to the customer. For a company that provides services, this usually means when the services or the contract for the services are completed. This means that National doesn't actually have to be paid for the revenue in order to record the revenue on its balance sheet. It just has to complete the contract and bill the customer. The amount receivable from a customer for goods or services is an asset (it is actually a promise to pay in cash) called an account receivable. Expenses are recorded in the financial records either at the time they are incurred (for example, advertising), or if they can be matched to a certain good or service provided (for example, wages for a particular contract). The matching of expenses with the revenues that they helped generate is called the matching concept. This means that National doesn't have to pay for an expense to be able to record the expense on its balance sheet. It just has to incur the expense and then record the amount owed to someone for the expense as an account payable. Brown completes another hauling contract on March 3 for which National will be paid $3,000 within 30 days. His expenses are $2,000 in wages which he pays on March 3 out of cash. The $3,000 owed to National by the customer is an account receivable, so Brown sets up an asset category with that name and assigns it $3,000. At the same time, he increases Hauling Revenue by $3,000 (to $8,000) because it is the source of the account receivable. He records revenue now, even though National hasn't yet been paid, because for service contracts, revenue is recorded when the contract is completed. His expenses for the contract are $2,000 in wages so he increases Wage Expense by this amount (to $4,000). He records it now

10,800 58,800 $ 90,900

You are now ready to go to Chapter 6 to learn more about the income statement.
Chapter 6 A Separate Income Statement
This chapter introduces the income statement, telling you why it is necessary and how it works.

Why and How

A statement which shows revenues, expenses, and the resulting net income for a business over any particular period of time is called an income statement. Net income is total revenues minus total expenses for a particular period of time. For instance, if someone says that a job provides an income of $6,000, it is important to know if that is the monthly income or the annual income. Income is also called net income, profit and net profit. The reason for having a separate income statement is that it provides information on how the earnings on the balance sheet were arrived at and over what period of time. As National Construction has only been in business for a short time, the earnings on the balance sheet reflect exactly the net income from the income statement for the year to date.
National Construction Balance Sheet March 15, 1995 Assets: Cash in Bank Trucks Maintenance Supplies Furniture Construction Equipment Accounts Receivable $ 38,900 22,000 1,000 2,000 20,000 7,000 $ 90,900 Liabilities: Accounts Payable Bank Loan Equity: Jim Brown Earnings $ 5,100 27,000 32,100 48,000 10,800 58,800 $ 90,900
Debits and Credits Affect Both Statements
National Construction Income Statement Feb 1 - Mar 15, 1995 Revenues Hauling Excavating Expenses Wages Subcontracts Telephone Maintenance Interest Bank Loan Net Income $ 8,000 16,000 $ 24,000 5,500 7,13,200 $ 10,800
Note that the Net Income on the income statement equals the Earnings on the balance sheet.
Each time a debit or credit is made to a revenue or expense account, net income for the year must be recalculated and this new income figure must be put into the balance sheet. As long as changes that are recorded to the balance sheet and income statement have debits and credits of equal value, the balance sheet will always balance and the Net Income/Earnings figures on the two statements will be the same. After the business year is over, the Earnings section of the balance sheet will have two accounts: Previous Years' Earnings; and Current Year's Earnings. The Current Year's Earnings will be the same as the Net Income on the income statement for the business year to date. Previous Years' Earnings will be the total of all Earnings since the business was started, except for the portion shown as Current Year's Earnings. The debits and credits necessary to implement this change at the end of a business year will be covered later.

The Balance Sheet

The balance sheet categories include current and fixed assets, current and long-term liabilities, and equity.

Assets

Assets are all the physical things and other items of value owned by a company. They are listed on the left side of the balance sheet. Current Assets Current assets are assets which are converted into cash in the ordinary course of business and in less than one year. They are listed in the order in which the assets may most easily be converted into cash. This category is very important because it is a measure of how quickly the company can pay its
creditors and deal with an unexpected situation that requires lots of cash quickly. Fixed Assets Fixed assets are assets such as land, buildings, equipment, and trucks that are used in operating the business and which have a long life. They are generally not converted into cash in the ordinary course of business. This category is important because it is a measure of the amount of physical assets that the company needs to allow it to earn revenue.

Liabilities

Liabilities are all the debts and money owed to others by the company. They are listed on the right side of the balance sheet. Current Liabilities The term current liabilities generally refers to liabilities due to be paid within a year or less. If possible, they are listed in the order that they are to be paid. This category is very important because it is a measure of how much money the company owes to others that must be paid relatively soon. If it is more than the amount of current assets, the company may have problems paying creditors quickly and regularly. Long-Term Liabilities Long-term liabilities are liabilities that are not due to be paid within the next year after the balance sheet date. A loan payable in two years and a mortgage payable in 25 years are examples. This category is important because when compared to the total amount of equity, it is a measure of how risky further loans to the company might be.

Equity

This category is important because it provides information about how much money was invested in the company and how much money was earned by the company.

Some expenses have accrued (been incurred even though National hasn't yet received a bill or invoice from the supplier of the goods or services) by year end. National owes its employees wages of $1,000 because it is one week before payday, and Brown's banker tells him that by January 31, 1996 National's loans had accumulated unpaid interest as follows: Mortgage $600; Bank Loan $300 and Operating Loan $100.
The adjusting entries to record these unpaid, but accrued, expenses are:
Jan 31, 96 Wage Expense Wages Payable Adjusting entry for accrued wages Jan 31, 96 Interest Expense Mortgage Interest Expense Bank Loan Interest Expense Operating Loan Interest Payable. Adjusting entry for accrued interest 1,000 1,1,000
When these accrued expenses are actually paid (for instance, National pays its $2,000 payroll on February 7) Brown must consider the amount that he has already expensed in an adjusting entry ($1,000 wage expense on January 31) to be sure that he doesn't count it twice. In this case the journal entry to record the actual payment of wages would be:
Feb 7, 96 Wage Expense Wages Payable Cash in Bank Wage expense and payment after Jan. 1,000 1,000 2,000
Another option is to reverse the adjusting entry and then enter the wage transaction as if the adjusting entry had never been made. Such an entry (like the first one below) is called a reversing entry.
Feb 7, 96 Wages Payable Wage Expense To reverse adjusting entry of Jan 31 Feb 7, 96 Wage Expense Cash in Bank Wages to Feb. 7, 1020 1,000 1,000 2,000 2,000

Accrued Revenues

Some revenues have been earned by year end even though National hasn't invoiced a customer or received payment. A good example is interest accrued on the company's cash in the bank. Brown's banker tells him that National's bank deposits have earned interest of $600 by January 31, 1996, but that the bank won't pay the interest until the middle of the next month. The adjusting entry to record this earned, but unpaid, interest is:
Jan 31, 96 Interest Receivable Interest Earned on Deposits Adjusting entry on accrued interest earned 600 600
When, on February 15, National is paid interest of $700, including the $600 that has already been recorded as Interest Earned and Interest Receivable, the journal entry is:
Feb 15, 96 Cash in Bank Interest Receivable Interest Earned on Deposits Interest earned, receivable and paid 600 100

Chapter 12 The Finished Financial Statements
The financial statements will now more accurately reflect the income earned during the accounting period of February 1, 1995 to January 31, 1996 and the true financial position of the company on January 31, 1996. Here are the financial statements updated with the adjusting entries:
National Construction Income Statement Feb 1, 1995 - Jan 31, 1996 Revenue Hauling Excavating Interest Total Revenue Expenses Operating Wages $ 37,000 Subcontracts 77,600 Gas and Oil 8,000 Maintenance 6,700 Total Operating 129,300 Administrative Depreciation 17,000 Bad Debts 2,000 Interest Mortgage 5,600 Interest Bank Loan 2,800 Interest Oper. Loan 800 Professional Fees 1,300 Telephone 800 Insurance 2,500 Utilities 500 Total Administrative 33,300 Total Expenses 162,600 Net Income $ 30,000

$ 128,000 64,192,600

National Construction Balance Sheet January 31, 1996
Assets Current Assets Cash in Hand $ 100 Cash in Bank 60,000 Interest Receivable 600 Accounts Receivable $ 38,000 Less: Doubtful Accounts 2,000 Net Receivables 36,000 Maintenance Supplies 300 Prepaid Insurance 1,000 Total Current Assets 98,000 Fixed Assets Land 70,000 Buildings 40,000 Less: Accumulated Dep. 4,000 Buildings: Net 36,000 Trucks 32,000 Less: Accumulated Dep. 8,000 Trucks: Net 24,000 Construction Equip. 20,000 Less: Accumulated Dep. 5,000 Equipment: Net 15,000 Furniture 2,000 Total Fixed Assets 147,000 Total Assets $ 245,000
Liabilities Current Liabilities Interest Payable $ 1,000 Wages Payable 1,000 Accounts Payable 20,000 Operating Loan 10,000 Total Current Liabilities 32,000 Long-Term Liabilities Mortgage 95,000 Bank Loan 40,000 Total Long-Term Liabilities 135,000 Total Liabilities 167,000 Equity Jim Brown Current Earnings Total Equity Total Liabilities & Equity
48,000 30,000 78,000 $245,000
Chapter 13 Starting the Next Accounting Period
The financial statements are now complete for the fiscal year ended January 31, 1996 and Brown can now proceed to do the accounting for the next accounting period. He has two choices for where to post his new accounting data after entering it in the journal: he can continue to use his current ledger; or, he can buy a new ledger and start posting in it.

Closing the Books

If he wants to continue to use the current ledger, he must make the balances of all the revenue and expense accounts zero so that his new accounting period doesn't reflect any of last year's revenues or expenses. He does this because he is going to do the accounting for a new period, and doesn't want income for this period to reflect any revenues or expenses from the period that has just ended. He leaves the balance sheet accounts unaltered because they pertain to a particular date, not a period of time, the way income does. This process is called closing the books. To close the books, a very simple but lengthy journal entry is made which makes the revenue and expense account balances go to zero, takes what's left over (the year's income) and makes it a new account under equity on the balance sheet called Previous Years' Earnings. In proprietorships like National Construction, what's left over is generally credited directly to the Owner's Investment account, but it is shown separately here because it gives us more

The companys management can now very clearly see that they should not extend more credit to Johnson Enterprises Ltd. until they improve their payment record.

Accounts Payable

This subsidiary ledger accomplishes many of the same things as the Accounts Receivable subsidiary ledger and provides a record of who is owed money and for how long. This allows a company to maintain a good credit rating by not overlooking bills that must be paid.

Payroll

This subsidiary ledger allows management to keep track of employee wages and all the deductions that must be collected and paid out, as well as the employers associated expenses. In addition it keeps track of names, addresses, social security numbers, rates of pay, and normal hours per pay period. It also summarizes the deductions for each employee, the employers associated expenses, and to whom the amounts are owed.

Inventory

This subsidiary ledger allows management to keep track of what is in stock and how much it costs. The ledger must be updated frequently in order to keep accurate information as to how much inventory has been sold or is in stock. It keeps track of supplier names, their addresses, stock numbers, quantities normally ordered, price discounts available and of course the amount and value of stock in inventory right now.
Chapter 17 Open Invoice Accounting for Payables and Receivables
This chapter describes a method of accounting known as the open invoice method. Instead of merely keeping track of the outstanding balance of each vendor and customer, open invoice accounting keeps track of each individual invoice, together with each partial payment made against it. When fully paid, it becomes optional whether the invoice and its payments are retained or purged.

Late Payment Charges

The open invoice method provides sufficient detail to allow calculations of interest charges on overdue receivables. Similarly you may have to pay interest charges on your overdue payables. Consider the interest charge as an invoice which should subsequently be paid along with other invoices. When you enter these late payment invoices the matching entry would either be to Interest Expense (in the case of accounts payable) or to Interest Revenue (in the case of accounts receivable).

Discounts

The open invoice method provides sufficient detail to allow you to take advantage of discounts offered by suppliers for early payment of their invoices. These discounts can be considered as negative invoices from your suppliers to reduce the amount of prior invoices. You can consider negative invoices either to be a
revenue (for example: Discounts Taken Revenue) or as a reduction in the expense associated with the original invoice. Similarly, if you offer a discount for early payment to your customers, you may receive less than your original invoices to your customers. These discounts can be considered as negative invoices to reduce the amount of prior invoices. You can consider negative invoices either to be an expense (for example: Discounts Taken Expense) or as a reduction to the revenue associated with the original invoice.
An invoice in receivables which is not collectable may have to be written off as a bad debt. When you decide that an invoice is uncollectable, you can process it in one of two ways. You could consider the invoice to be fully paid. This would serve the purpose of removing the invoice as an open invoice. However, it would also debit the cash account. If you use this method to remove the invoice as an open invoice, you would have to make a second entry in the general journal to credit cash and debit a Bad Debt Expense account. Alternatively, to record the invoice as a bad debt an entry could be made in the subsidiary journal to debit the bad debts expense and credit the accounts receivable control account.
Debit Bad Debts Expense Accounts Receivable Credit

Prepayments

You or a customer may be required to make a prepayment for goods or services that will be received in the future. Record the prepayment from a customer in the Accounts Receivable Sales journal. Use the customer's check number for an invoice number. Debit the Cash in Bank account and credit Accounts Receivable. If you subsequently refund the prepayment, record it as a negative invoice in the Accounts Receivable journal. Enter the number of your refund check as an invoice number. Credit the Cash in Bank account and debit the Accounts Receivable account. Record a prepayment to a vendor in the Accounts Payable journal. When you enter the prepayment, use your check number for an invoice number. Credit the Cash in Bank account, and debit the Accounts Payable account. If your prepayment is subsequently refunded, record the transaction in the Accounts Payable journal. Debit the Cash in Bank account and credit the Accounts Payable.
Chapter 18 Payroll Accounting
This chapter describes how to prepare your companys payroll in accordance with the requirements of the federal and state governments and other local authorities having jurisdiction.

FUTA (Federal Unemployment Tax Act) Expense
All employers are required to make contributions to the Federal Unemployment Tax plan. The employers FUTA liability usually varies, depending on:
The employers FUTA percentage rate, The employees gross earnings, The number of employee pay periods per year, The employees maximum taxable earnings to which the FUTA percentage rate is applied (in 1997 this was $7,000.)
You need to monitor your record of FUTA contributions according to each employees gross earnings, so that when an employees earnings exceed $7,000, you no longer contribute an amount for FUTA.
Based on the example employee, and assuming that this employers FUTA percentage rate is 0.8% applicable to an employees maximum gross annual earnings of $7,000 (and the employees gross earnings for the year do not exceed $7,000), the employer must record a $10.64 (0.8% $1,330) FUTA contribution. When a paycheck is produced, the employer must increase the FUTA Expense and the FUTA Payable accounts by the calculated amount. There is no entry in the employees record because nothing has been deducted from the employees paycheck.
SUTA (State Unemployment Tax Act) Expense
All states require employers to contribute to the states SUTA plan. Although each of the states SUTA formulas are similar to each other, they usually vary, depending on:
The employers SUTA percentage rate, The employees gross earnings, The number of employee pay periods per year, The employees maximum taxable earnings to which the SUTA percentage rate is applied (this varies by state).
Employers are assigned a SUTA percentage rate by the states tax department. These rates can vary from employer to employer. You need to monitor your record of SUTA contributions according to each employees gross earnings, so that when an employees gross earnings exceed your states maximum, you no longer contribute an amount for SUTA. Based on the example employee, and assuming that this New Jersey employers 1997 SUTA percentage rate is 0.75% applicable to the employees maximum gross annual earnings of $18,600 (and that the employees gross earnings for the year do
not exceed $18,600), the employer must record $9.98 (0.75% $1,330) as the SUTA contribution for this employee. When a paycheck is produced, you must increase the SUTA Expense and the SUTA Payable accounts by the calculated amount.
SDI (State Disability Insurance) Expense
A few states require employers to contribute to the states SDI fund. The formulas usually vary, depending on:

The FIT Taxable Earnings, Social Security Taxable Earnings, and Medicare Taxable Earnings, in addition to Social Security Taxable Tips and Medicare Taxable Tips, are amounts that must also be entered on the 941, Employers Quarterly Federal Tax Return. The amounts calculated and recorded by the employer for this purpose must be the totals for the calendar quarter-todate. The employer, then, must track both quarter-to-date and year-to-date information on FIT, SIT, Social Security Taxable Earnings, and Medicare Taxable Earnings. The FUTA Taxable Earnings is information required for use with the 940, Employers Annual Federal Unemployment Tax Return. You need to know quarter-to-date information to determine your required FUTA payment frequency. You need to know year-to-date information to fill out the 940 report at the end of the year. The employer must keep a record of FUTA Taxable Earnings information for the quarter-to-date and yearto-date. SUTA Taxable Earnings, and in some cases the SDI Taxable Earnings, are entered on the state reporting forms each quarter. The amounts calculated and recorded by the employer must be for the calendar quarter-to-date.
Creating the Journal Entries
The employer must make all the necessary journal entries to account for each paycheck produced. The journal entry to account for the paycheck prepared as an example is as follows:
Universal Construction Journal
Date Particulars # 1100 Debit 1,215.00 101.75 10.64 9.98 9.98 100.00 169.28 21.98 203.50 10.64 16.96 16.63 13.30 12.00 15.00 10.00 905.44 Credit
Jul 26, 97 Wage Expense Social Security/Medicare Expense FUTA Expense SUTA Expense SDI Expense Advances Receivable FIT Payable SIT Payable Social Security/Medicare Payable FUTA Payable SUTA Payable SDI Payable Local Payable Union Payable Medical Payable Dental Payable Cash in Bank

Remitting Funds

This section tells you how to account for remittances to the Internal Revenue Service, your states regulatory department, and your local regulatory department.
To the Internal Revenue Service
To remit funds to the Internal Revenue Service for FIT, Social Security Tax, and Medicare Tax, you prepare a check and account for it with a journal entry in the General Journal.

Chapter 19 Inventory Accounting
The inventory of a company can be defined as the materials and supplies which it uses in its day- to-day operations. These materials and supplies may subsequently be sold, or used to produce new inventory assets, or simply consumed over a relatively short period of time, usually not exceeding one year. On this basis inventory is a current asset of a company. Inventory assets may be acquired by direct purchase from suppliers. Ownership passes to the company at the point of delivery or at the point where the goods are fob (free on board), fas (free alongside ship), or cif (cost, insurance, and freight prepaid). When the goods arrive, a receiving report should be prepared, a copy of which should be passed to the accounting department for subsequent matching to the suppliers invoice. Inventory assets may also be produced by manufacture. In this case, new inventory items with higher value are created from existing inventory items of lower value. A manufacturing report should be prepared and a copy passed to the accounting department to record the transfer of raw materials inventory to value added inventory. Inventory assets are consumed (and consequently become an expense to the company) when they are sold. The revenue associated with the sale is recorded in an invoice, a copy of which is sent to the accounting department. The reduction in inventory associated with the sale and the expense associated with the original cost of the item would be accounted for concurrent with recording the sale. Inventory assets may also be reduced by using them on the manufacture of new inventory assets. In this case, there is no
Accounting Control of Inventory
expense associated with the reduction of the raw material inventory because it adds a value equal to its cost to the new inventory item. The manufacturing report indicates both the number of new inventory items created as well as the number of existing inventory items used. Inventory assets may also be reduced by using them in a project. If ownership of the project remains with the company, then this type of transaction is similar to the prior example of lower value items being transferred to higher value items through manufacture. In this case the project can be considered as an inventory item. Where the project is not owned by the company, the use of inventory on the project produces both a reduction in the inventory asset, and an expense associated with the cost of the item. Inventory items being used on a project should be recorded by requisitions, which indicate the transfer of inventory to the project. Inventory assets may also be reduced by loss arising from damage, spoilage, theft or obsolescence. In this case a loss report would be prepared and an accounting entry would be made to reduce the inventory asset and show an expense equal to the cost of the inventory item.

Glossary1

Chart of Accounts A list of the accounts in a ledger, arranged by account number. Classified Statements Financial statements that group accounts into sets that give similar information. For example, typical classifications on a balance sheet would be current assets, long-term investments, plant and equipment, current liabilities, and longterm liabilities. Closing the Books The process of posting closing entries to clear the revenue and expense accounts and to transfer the net income to the Retained Earnings account at the end of an accounting year. It is done to ensure that the books are ready to record the next accounting years transactions. When you close the books, the balance of the Current Earnings account is transferred to the Retained Earnings account. Common Shares Shares that have no preference as to dividends and no fixed rate of return. This is the most common type of share, and normally has voting rights attached to it. Since common shares are typically the only type of shares with voting rights, the shareholders who control the majority of the common shares usually control the company. Corporation A form of business organization which is legally separate from its owners, and in which the owners (called shareholders) have limited liability. Owners can only lose what they have invested in the corporation. A corporation has the right to sue and be sued by others. A corporation is also called a limited company. See also: Shareholders. Cost Accounting A system of allocating costs or expenses to a particular job, department, or project so that a companys management can quickly determine whether the project is meeting its budget or earning the company any profits. Cost of Goods Manufactured The cost of the raw materials, direct labor, and factory overhead incurred in producing all the goods manufactured during a period. Cost of Goods Sold The cost of the raw materials, direct labor, and factory overhead incurred in producing all the goods sold during a period. Current Assets Assets which can be converted to cash or realized in the ordinary course of business, usually within one year. Current Earnings The net difference between the revenue account totals and the expense account totals. There is only one Current Earnings account on the balance sheet. Every time a journal entry is made that affects revenue or expense accounts, the balance in the Current Earnings account is recalculated. You cannot post journal entries directly

You shall abide by all foreign and United States federal, state and local laws, ordinances, rules and regulations applicable to the transactions contemplated hereunder. You agree to comply to the extent applicable with the United States Export Administration regulations, the International Traffic in Arms regulations and any regulations or licenses administered by the Department of the Treasury's Office of Foreign Assets Control 7. SUPPORT.
Sage Accpac disclaims any responsibility to provide any customer support except as may be agreed under a separate agreement to render support services. Upon registration of the Program You will receive thirty (30) days of free customer support, provided that the Program is registered within thirty (30) days of your payment of the license fee, as evidenced by your receipt. All other support requires purchase of a support option, as outlined in any special offers that Sage Accpac may from time to time send You, or may be found on the Simply Accounting Web site at www.simplyaccounting.com. Sage Accpac does not provide free customer support for the Evaluation Version, NFR Version, Student Version, or versions for Educational Purposes. 8. TERMINATION OF SUPPORT AND OTHER SERVICES.
Software has a limited useful life for various reasons including changes in technology. You are free to decide and responsible for deciding when to upgrade the Program. Sage Accpac reserves the right to terminate Customer Support and all other services applicable to the Program in the event that the Program has become inoperable or incompatible with current operating systems, hardware, add-on products, product updates and services or other technologies. To obtain up-todate information regarding which products, releases and related services are currently supported, contact a customer service representative. If you are not operating a supported release or service, it may be necessary to license an upgrade or replacement product or service in order to continue to receive Customer Support and/or other updates. Any updates licensed by You are considered part of the Program and subject to the terms and conditions of this Agreement, except to the extent a separate license agreement is provided in connection with such update. Any replacement products or upgrades will be governed by a separate agreement. 9. OWNERSHIP RIGHTS.
(a) The Program is protected by United States patent, copyright laws and other intellectual property laws, and international treaty provisions. Sage Accpac and its third party licensors, if any, retain all title to and, except as expressly and unambiguously licensed herein, all rights and interest in: (i) the Program, including, but not limited to, all copies, versions, customizations, compilations and derivative works thereof (by whomever produced) and all related Documentation; (ii) the Sage Accpac trademarks, service marks, trade names, icons and logos; and (iii) any and all copyright rights, patent rights, trade secret rights and other intellectual property and proprietary rights throughout the world in the foregoing. You acknowledge that your possession, installation, or use of the Program does not transfer to You any ownership, title, or registrable interest of any kind to the intellectual property in the Program, and that You will not acquire any rights to the Program except as expressly set forth in this Agreement. You agree that

...195

Recurring Transactions Report.. 197 Remittance Detail Report.. 198 Remittance Summary Report.. 199 Revenues by Account (Graph).. 1100 Sales By Job Category.. 1100 Sales By Salesperson... 1101 Sales Due vs. Unpaid Purchases (Graph).. 1102 Sales Order Confirmations.. 1102 Sales Quotes... 1103 Sales Synopsis... 1105 Sales Transactions Report.. 1105 Sales vs. Budget (Graph).. 1106 Sales vs. Sales Due (Graph).. 1107 Statement of Cash Flows.. 1107 SUTA Summary Report
T4 Slips... 1109 T5018 Slips... 1111 Tax Report.. 1111 Time and Billing Report (Pro or higher only).. 1112 Time, Billing, and Payroll Report (Pro or higher only).. 1115 Time Sheet Report (Pro or higher only).. 1116 Transactions By Account Report.. 1117 Trial Balance.. 1118 Trial Balance (Departmental)... 1120 Trial Balance (Multi-period).. 1120 Trial Balance (Comparative Subsidiary). 1122 Unpaid Purchases by Aging Period (Graph).. 1123 Unpaid Purchases by Vendor (Graph).. 1123 Unpaid Sales by Aging Period (Graph).. 1124 Unpaid Sales by Customer (Graph).. 1124 Unrealized Exchange Gain/Loss.. 1124 Vendor Aged Reports.. 1125 Vendor List.. 1129 Vendor List (Grouped)... 1129 Vendor Purchases Report.. 1130 W-2 Forms

1iv Simply Accounting

Reports and Graphs

Date Formats

The date format in the sample reports might not exactly match the format on your reports. Simply Accounting uses the date format you have chosen in the Windows Control Panel. You can change the date format in Simply Accounting by opening the Setup menu and choosing System Settings and then Settings. Click on Company and then Dates and make your changes.
Account Numbers on Reports
You can set Simply Accounting to display or hide account numbers on all reports. If you want to see reports without account numbers, on the Setup menu, choose System Settings, then Settings. Click on General and select Numbering. Un-check the Show Account Numbers in Reports box. This option is dimmed where turning it off can create misleading reports. For example, if you have two accounts with the same name but different numbers.

Printing Reports

To print a report, display the report, then choose Print from the File menu.

Redo Report

If you want to generate the report again with different report options, click Redo Report on the toolbar, or from the Options menu, click Redo Report. To change the look of a report after you have opened it, use the Options menu in the displayed report window, and select Customize Report. See Report Customization later in this chapter for more information. If you want to change your printer settings for all of your reports at once, open the Reports and Forms Options dialog in the Setup Menu. Here you can specify fonts, colours, and additional information you want to include in your reports.

Printer Settings

Chapter 1: List of Reports and Graphs
Grouping Reports Using My Reports

If you have set up another currency and you do not want to convert foreign accounts into the home currency, check the Show Foreign Amounts box. Click OK.
Aged Overdue Purchase Invoices Reports
Print the report whenever you want to review overdue amounts that you owe to vendors. The Aged Overdue Purchase Invoices detail report lists the overdue and currently due invoices for all or selected vendors, for each aging period. Each vendors invoices are listed by due date. The summary report displays total, total current, total overdue, and overdue aged amounts that you owe to the selected vendors. The aging begins at the date you specify in the Age As Of field. To change the aging periods, on the Setup menu, choose System Settings, and then Settings. ClickVendors and Purchases and then Options, and enter the new aging periods.
You may want to select a narrower font or smaller point size to ensure that the entire report fits on the page. To change the font or size, on the Setup menu, refer to Font Settings in the Report Customization section of this chapter. 1. 2. On the Reports menu, choose Vendors and Purchases, and then Aged Overdue Purchase Invoices. To display total, total current, total overdue, and overdue aged amounts, select Summary. To display a list of all overdue and current invoices, select Detail. 3. If you have set up another currency, and you do not want to convert foreign accounts into the home currency, check the Show Foreign Amounts box. Select individual vendors or click Select All. Select whether to include inactive vendors.
If you use Simply Accounting Pro or higher and have set up departments, you can choose the Group Vendors by Departments option to report by departments. If you check the Group Vendors by Departments box, click Select Departments and choose the departments to report, whether to include inactive departments, and whether to include a section for:
Vendors with no departments. These vendors will appear in a No Department section of the report. Vendors with other (unselected) departments. For example, assume you choose only department 0100 from departments 0100, 0200, and 0300 listed in the Select Departments box. If you also choose the Vendors With Other Departments option, then vendors assigned to the other two departments (0200 and 0300) will appear in the Other Departments section of the report.
Enter a date in the Age As Of field. Click OK.
Aged Overdue Sales Invoices Reports
Print the report whenever you want to review overdue amounts customers owe you. The Aged Overdue Sales Invoices detail report lists the overdue and currently due invoices for all or selected customers, for each aging period. Each customers invoices are listed by due date. The summary report displays total, total current, total overdue, and overdue aged amounts that selected customers owe you. The aging begins at the date you specify in the Age As Of field. To change the aging periods, on the Setup menu, choose System Settings, and then Settings. Click Customers and Sales, and then Options, and enter the new aging periods.

Current Revenue vs. Last Year (graph)
Use the Current Revenue versus Last Year graph to compare the current years revenue to last years revenue. A bar graph showing current revenue and last years revenue for all or selected revenue accounts for each month. This graph is available only if you keep two years of data. 1. 2. On the Graphs menu, choose Current Revenue vs. Last Year. Select Monthly or Cumulative figures.
Select the revenue accounts you want to include in the graph. Click OK.

Customer Aged Reports

Print the report at month end and at fiscal year end. The Customer Aged Detail report lists the invoices and payments for all or selected customers, for each aging period. Payments and fully paid invoices you have cleared from your Simply Accounting files do not appear on this report. The summary report displays total, current, and aged amounts that selected customers owe you. If you have not finished entering historical information, you can also choose to view the difference in opening balances. The aging begins at the date you specify in the As At field. To change the aging periods, on the Setup menu, choose System Settings and then Settings. Then, click Customers and Sales and then Options. Enter the new aging periods.
You may want to select a narrower font or smaller point size to ensure that the entire report fits on the page. To change the font or size, refer to Font Settings in the Report Customization section of this chapter.
On the Reports menu, choose Customers and Sales, and then Customer Aged. To display total, current, and aged amounts that selected customers owe you, select Summary. To display all invoices and payments for the selected customers, select Detail. Check the Include Terms box if you want payment terms displayed for invoices. You can also define the number of days to include in the report using the Include Invoices Paid in the Last [ ] days box.

3. 4. 5.

Select individual customers or click Select All. Select whether to include inactive customers. If you use Simply Accounting Pro or higher and have set up departments, you can check the Group Customers by Departments box to report by departments. If you chose Group Customers by Departments, click Select Departments and choose the departments to report, whether to include inactive departments, and whether to include a section for:
Enter a date in the As At field. Click OK.
Sample aged reports follow this list of features. The aged reports include: On the summary report: the total owing for the customer, and the total owing in each aging category.
The customers selected for the report, in alphabetical order. For each transaction, the detail report shows invoice number or cheque number, invoice or cheque date, transaction type, transaction total, and the amount, in the aging category to which it belongs. The report also shows any payment terms entered on invoices. Invoices are listed in order by invoice date. Payments and discounts are shown as negative amounts. If one cheque paid several invoices, the cheque number appears below each invoice it paid, with the amount paid toward that invoice. As well, invoice payment terms (if any) are printed below the invoice to which they relate. Total owing for the customer, and in each aging category. Aging periods. Invoices are aged according to the invoice date. The report lists cheques (receipts) on the line below the invoice they paid, in the same aging category as the invoice. Total owing for all customers selected for the report, and total owing in each aging category.

UNIVERSAL CONSTRUCTION Customer Aged Summary As at 03/25/2000 Total -750.00 3,631.36 43,656.00 50,000.00 29,768.46 45,115.94 68,916.93 107,930.90 85,600.00 10,700.00 444,569.59 Current -750.00 570.00 50,000.00 29,768.46 68,916.93 42,800.00 191,305.to 60 43,656.00 45,115.94 107,930.90 42,800.00 239,502.to 90 -
Page 1 91+ 3,061.36 10,700.00 13,761.36
Ashburton Reinforcing Askew Shopping Centre Construction Concrete Corp Garry High School Board Kent Industries Inc. Lowland Brewery Inc. Mainline Rail Ltd. South Flats Drainage Board Village Realty West Coast Development
UNIVERSAL CONSTRUCTION Customer Aged Detail As at 03/25/2000 Total Ashburton Reinforcing 17596 01/28/535 03/20/1999 02/28/1999 03/20/1999 03/20/1999 03/28/1999 05/31/1999 04/28/1999 07/26/1999 05/28/1999 07/26/1999 06/28/1999 10/25/1999 11/02/1999 10/19/1999 10/25/1999 10/25/1999 11/02/1999 03/15/2000 Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Discount Payment Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Payment Payment Invoice 2%/30, Net 60 Discount Payment Payment Deposit 71,202.80 -71,202.80 71,202.80 -1,424.06 -69,778.74 71,202.80 -71,202.80 71,202.80 -71,202.80 69,903.20 -69,903.20 69,470.00 -45,000.00 -24,470.00 524.84 -10.50 -514.34 -750.00 -750.00 Askew Shopping Centre 17578 09/28/17706 11/02/1998 11/30/1998 02/08/1999 05/04/1999 09/12/1999 10/01/1999 10/25/1999 02/25/2000 Current -750.00 -750.to to 90 -
Page 1 91+ 71,202.80 -71,202.80 71,202.80 -1,424.06 -69,778.74 71,202.80 -71,202.80 71,202.80 -71,202.80 69,903.20 -69,903.20 69,470.00 -45,000.00 -24,470.00 524.84 -10.50 -514.34 -
Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Payment Invoice 2%/30, Net 60 Payment Deposit Invoice 2%/30, Net 60 Invoice 2%/30, Net 60
70,000.00 -70,000.00 10,000.00 -10,000.00 2,280.00 -2,280.00 -500.00 3,561.36 570.00

570.00

70,000.00 -70,000.00 10,000.00 -10,000.00 2,280.00 -2,280.00 -500.00 3,561.36 -
3,631.36 Bayswater School Board 17620 05/06/17636 MasterCard MasterCard 17651 09/12/1999 07/08/1999 07/08/1999 07/08/1999 09/07/1999

3,061.36

Invoice 5,700.00 2%/30, Net 60 Payment UNIVERSAL CONSTRUCTION -5,700.00 Invoice Customer Aged Detail As at 03/25/2000 1,824.00 Discount -36.48 Payment -1,787.52 Total Invoice 467 10,700.00 02/10/1999 Payment -137,200.00 2%/30, Net 02/28/1999 Invoice 140,000.01/19/2000 Payment -10,700.00 2%/30, Net 04/05/1999 Payment -140,000.05/15/1999 Invoice -2,500.00 2%/30, Net 09/12/1999 Payment -2,500.00 Construction Concrete Corp 05/28/1999 Invoice 140,000.05/25/1998 Invoice 17626 50,000.00 2%/30, Net 60 2%/30, Net 60 09/12/1999 Payment -140,000.09/02/1998 Payment 311 -50,000.00 06/30/1999 Invoice 60,000.08/16/1998 Invoice 17633 756.96 2%/30, Net 60 2%/30, Net 60 11/02/1999 Payment -40,000.09/02/1998 Payment 320 -756.96 12/04/1999 Payment -20,000.12/06/1998 Invoice 323 33,687.02/12/2000 Invoice 43,656.00 2%/30, Net 60 2%/30, Net 02/10/1999 Payment -33,687.01/27/1999 Invoice 140,000.00 43,656.00 2%/30, Net 02/10/1999 Discount -2,800.00 Printed On: 12/13/2000

If you chose to report differences in step 6, in the Compare field, choose the periods that you want to compare. For example, assume you entered the following values: Start date: Finish date: Income Period: Report every: January 2015 December months 3 months

Show: Compare:

Difference in Amounts First period vs. subsequent periods
The first 3-month period (January 1 to March 31, 2015) on the report will show amounts that are the sum of January and February 2015 figures. The report would also show the dollar differences between this first period and the amounts in the subsequent periods. If, in the Compare field, you had chosen Each Period Versus Subsequent Periods instead, then the report would show dollar differences between the amounts within each period and the amounts within the previous period. 8. If you use Simply Accounting Pro or higher and have set up departments, you can choose the Show Departments option to report by departments. Click OK.
Income Statement by Departments
When to print If you are using Simply Pro or higher, you can print this report
only if you are using departments (for more information about setting up departments, see Chapter 2 of the User Guide). Print the income statement by departments at month end, at the end of your fiscal year for auditing purposes, and as required.
The departmental income statement shows revenue, expenses, and net income by departments, for the specified time period. 1. 2. 3. 4. 5. On the Reports menu, choose Financials, then Departmental Reports, and then Income Statement. Enter the Start and Finish dates of the period to report. Choose the departments to include on the report, or click Select All. Choose whether to show amounts only or to also show the percentage of the department amount relative to the total. Choose whether to include a column on the report for:

The accounts total.

Amounts not assigned to a department. For example, assume your Accounts Payable account is 2200, but you also have accounts 2200-0100 and 2200-0200. If you choose this option, the amount for account 2200 will appear in a Not Assigned to Departments column; otherwise it will not appear. Other (unselected) departments. For example, assume in step 3, the Select Departments column listed departments 0100, 0200, and 0300, but you chose only department 0100. If you choose the Other Departments option, the other two departments will appear as one amount in an Other Departments column.
Income Statement (Comparative Subsidiary)
Consolidated companies (Premium or higher only). Print a comparative subsidiary income statement at the end of your consolidated companys fiscal year for auditing purposes, or more frequently if required. The comparative subsidiary income statement shows revenue, expenses, and net income for the specified time period. You can choose to print the amount or percentage of account totals between subsidiary companies and the consolidated parent company. 1. In the consolidated companys Home window, on the Reports menu, choose Financials, Comparative Subsidiary Reports, and then Income Statement. Enter the Start and Finish dates of the period to be covered by the report. Select one or more subsidiary companies. Choose to show subsidiary company account values as an amount or as a percentage of the consolidated parent company account.

Payroll Cheque Run Summary
Using the Payroll Cheque Run window, you can print a cheque run summary after you select the employee(s) to be paid, but before you click Process. The Cheque Run Summary report lists cheque details printed for each employee, including totals of all earnings/deductions. Select Reports in the Payroll Cheque Run transaction window, and then Cheque Run Summary.
Payroll Transactions Report
Print the Payroll Transactions report after making entries in the Paycheques window, to have a permanent record of a work session. Print it at month end for the past month and at the end of your fiscal year for auditing purposes. The Payroll Transactions report lists transactions entered in the Paycheques window for the range of dates or transaction numbers you specify. You can also include project allocation details. 1. On the Reports menu, choose Transaction Details, and then Payroll. Or, from the Reports menu in the Payroll Cheque Run window, choose Display Payroll Run Transaction Detail. Select By Date to display a report listing all the entries between the Start and Finish dates you specify. Enter Start and Finish dates for the report. Select By Transaction Number to display a report listing all the entries between the Start and Finish transaction numbers you enter. If you have processed entries in this work session, the program displays the first transaction entry number of the session. If you have not processed entries, it displays the first transaction entry on file. If you click the arrow to the right of either the Start or the Finish box, the program displays a list of transaction
numbers. The numbers are the first transaction on file, the first transaction processed during the work session, and the last transaction on file, in that order. 3. If you want to include entries for project allocations on the Payroll Transactions report, check the Project Allocations box. Click OK.
Pending Purchase Orders Report
Print the Pending Purchase Orders report whenever you want to review your unfilled purchase orders. The Pending Purchase Orders report lists the unfilled purchase orders for all or selected vendors. For each purchase order, the report displays the purchase order number and date, the requested ship date, and the total amount of the purchase order. It also displays the total amount for each vendors purchase orders.
On the Reports menu, choose Vendors and Purchases, and then Pending Purchase Orders. Select either By Vendor or By Inventory Item. For vendors, select individual vendors or click Select All. If you want to include inactive vendors, check the Include Inactive Vendors box to add them to the list. For inventory items, decide what type of items to include in the report (All, Inventory, Service, or Activities) and then select individual items or click Select All. If you want to include inactive items, check the Include Inactive Items box to add them to the list.

Project List

Print the Project List whenever you add, change, or delete projects. The Project List is an alphabetical list of all your current projects, along with their start dates. 1. 2. 3. 4. On the Reports menu, choose Lists, and then Project. Select the fields you want to include on the list. If you want to include inactive projects, add a check mark to that box. Click OK.

Project List (Grouped)

Print the Grouped Project List whenever you want to view a list of projects grouped by their common traits. For example, you can group your projects by status. The Grouped Project List displays your project list broken down by the common trait you want to view them by. The headings represent the variables of that trait and then the projects are displayed alphabetically under those headings. The report prints the project name, start and end dates, project status, other information about the project, and the total number of projects in the list. 1. 2. 3. 4. On the Reports menu, choose Grouped Lists, and then Projects. Select the feature by which you want to group the projects. If you want to include inactive projects, add a check mark to that box. Click OK.

Purchase Orders

When to print/e-mail
You can print or e-mail a purchase order when you enter it, before you record the entry, and after recording. A purchase order is a request to purchase inventory items or services from your vendors. You can e-mail purchase orders to vendors, following the steps later in this section. If you have not already added the vendors e-mail address to the vendor record, you can supply it when you e-mail the purchase order. You can use the e-mail form for purchase orders that comes with Simply Accounting, or create your own purchase order forms using Crystal Reports.
E-mailing purchase orders
Specify the printer you want to use, and choose the size of form, font type, font size, and margins. On the Setup menu, choose Reports and Forms, then click Purchase Orders. Under Printer
Form Settings, select Pre-printed. Select the form type, font type, and font size you want, and enter the margin values. To print your companys address on invoices, on the Setup menu choose System Settings and then Settings. Click Forms and select the Print Company Address On box beside the Purchase Orders field.
You can use Crystal Reports to design your own customized purchase order forms or to modify the custom forms that come with Simply Accounting. Or, you can order pre-printed forms, as described in the information included in your Simply Accounting package. 1. 2. In the Purchases, Orders, and Quotes window, select Purchase Order as the transaction type. In the Order Number field, type the number of the purchase order you want to print or e-mail, or click the arrow at the right of the field, and then select the purchase order from the list. Press the Tab key. From the File menu, choose Print or E-mail. If you choose to print, you are finished. If you select E-mail, go to step 4. Read the e-mail address, subject, and message displayed in the E-mail Information dialog box. You can edit the text in these fields. Note that you must type an e-mail address in the E-mail Address field if it is empty (Simply Accounting adds the address to the vendors record). Tip: To change the preset e-mail message, on the Setup menu, choose System Settings and then Settings. Click E-mail and then Forms. Select Purchase Orders, and enter the new message. 5. Click Send.

How to Display or e-mail

Quarterly Wage Report (Puerto Rico)
If you are required to submit employee quarterly wage information on magnetic media to the Puerto Rico Department of the Treasury, you can create this information on diskette for submission. Create and submit the diskettes to the Puerto Rico Department of the Treasury at the end of the quarter or by the deadline specified by the government. 1. 2. 3. 4. 5. 6. 7. 8. In the Home window, on the File menu, choose Import/Export, and then Export Quarterly Wage Reports. If you have more than one year of data, select the year for which the report should be printed. To include inactive employees in the employee list, select the Include Inactive Employees field. Select the employees who have worked for you during the past quarter. Enter your SUTA ID. Click OK. If you want to save the information directly to a diskette, insert the diskette into your disk drive. Enter information about the file to be created (such as its location), and click Save. The file will then be saved to the location you specified. Submit the file to the Puerto Rico Department of the Treasury.

To save on diskette

Purchase Transactions Report
Print the Purchase Transactions report after entering purchases, orders, or quotes, to have a permanent record of a work session. Print it at month end for the past month, and at the end of your fiscal year for auditing purposes. The Purchase Transactions report lists transactions entered in the Purchases, Orders, And Quotes window, including payments for
cash purchases, for the range of dates or range of transaction numbers you specify. You can also include project allocation details.
On the Reports menu, choose Transaction Details, and then choose Purchases. If you have two years of data, select Current Year or Previous Year. Select By Date to display a report listing all the entries between the Start and Finish dates you specify. Select By Transaction Number to display a report listing all the entries between the Start and Finish transaction numbers you enter. If you have processed entries in this work session, the program displays the first transaction entry number of the session. If you have not processed entries, it displays the first transaction entry on file. If you click the arrow to the right of either the Start or the Finish box, the program displays a list of transaction numbers. The numbers are the first transaction on file, the first transaction processed during the work session, and the last transaction on file, in that order.

Receipts

Print receipts to give to customers when they pay for purchases. You print a receipt from the Receipts window before you click Process. A receipt is a form you give to a customer to confirm a payment for goods or services. You can e-mail receipts to customers, following the steps later in this section. If you have not already added the customers e-mail address to the customer record, the program asks you to supply it when you e-mail the receipt. You can use the e-mail form for receipts that comes with Simply Accounting, or create your own receipt forms using Crystal Reports.

E-mailing receipts

Specify the printer you want to use, and choose the size of form, font type, font size, and margins. On the Setup menu, choose Reports and Forms, then click Receipts. Under Printer Form Settings, select Pre-printed. Select the form type, font type, and font size you want, and enter the margin values. To print your companys address on receipts, on the Setup menu choose System Settings and then Settings. Click Forms and check the Print Company Address On box beside the Receipts field.
You can use Crystal Reports to design your own customized receipt forms, or to modify the custom forms that come with Simply Accounting. Or, you can order pre-printed forms, as described in the information included in your Simply Accounting package. 1. In the Receipts window, fill in the receipt information. For information on entering a receipt transaction, see Receiving Payment for Goods and Services in Chapter 13 of the User Guide. From the File menu, choose Print or E-mail. If you choose to print, you are finished. If you select E-mail, go to step 3. Read the e-mail address, subject, and message displayed in the E-mail Information dialog box. You can change them if you want. Note that you must type an e-mail address in the E-mail Address field if it is empty (Simply Accounting adds the address to the customers record). Tip: To change the preset e-mail message, on the Setup menu, choose System Settings and then Settings. Click E-mail and then Forms. Select Receipts and enter the new message. 4. Click Send.
Record of Employment (ROE)
Print the ROE to give to employees when they terminate employment with the company. The ROE provides information about an employees employment with the company, such as the insurable hours and earnings, and the reason for issuing the ROE. This information is required by Human Resources and Skills Development Canada for employment insurance (EI) purposes. Specify the printer you want to use, and choose the margins. On the Setup menu, choose Reports and Forms. Click Government Forms and then Federal Payroll. Complete the information in the Record of Employment Printer Settings section.

1. 2. 3. 4. 5. 6. 7.

On the Reports menu, choose Payroll, and then Print Record of Employment. Select a date range to list employees who have a termination date between the specified dates. Click Display. Choose one or more employees for whom you want to print an ROE, or click Select All to include all employees. Enter a payroll contact name and telephone number (optional). Click OK. Review the dates and amounts in the Record of Employment Options window for each employee. When you have finished making changes, click Print to print an ROE for each employee. Carefully review each printed ROE to see that the information is correct and complete. You may have to manually complete certain sections of the ROE. For example:

233 233

Paychq2.csv..236 Paychk2.csv...237 Paychq3.csv..239 Paychk3.csv...240 Paychq4.csv..242 Paychk4.csv...244 Paychq5.csv..247 Paychq6.csv..249 Poitem.csv...249 Potaxes.csv..250 Povend.csv...251 Prlentl.csv...253 Projinc.csv...253 Purchase.csv..254 Rcpt1.csv...254 Rcpt2.csv...256 Rptopt.csv...257 Sale.csv..257 Settings.csv...258 Statcust.csv...262 Stattran.csv...263 TSacty.csv...264 TSemp.csv...266 Unrelact.csv...267 Venchq1.csv / Venchk1.csv
Venchq2.csv / Venchk2.csv..269 Vendue.csv...270 Vendpmts.csv...270

Advanced Topics 2iii

Customizing Forms Using The Form Designer
Simply Accounting offers you a group of custom forms that you can use if you do not have preprinted forms. You can customize these forms from within Simply Accounting by using the built-in form designer, or you can use Crystal Reports. Using Crystal Reports, you can also customize a group of management reports that allow you to analyze your business. You can customize the following items:

Customizing Customizing Forms
Deposit slips Direct deposit stubs Invoices Statements Paycheques Payment cheques Purchase orders Receipts Sales quotes Sales order confirmations Time slips (Simply Accounting Pro or higher versions) Management reports (in Crystal Reports only)
Note: For more information on using preprinted forms in Simply Accounting, see Setting Up Printers in the Simply Accounting User Guide.
The form designer in Simply Accounting allows you to easily customize your Simply forms. The form designer allows you to drag and drop elements of a form to create exactly the layout you require. You can also change the text font and where text and columns appear on the form, or add text, graphics, and Simply Accounting data fields to a new or existing form.

Advanced Topics 21

Chapter 2: Customizing Forms and Management Reports
Opening the Form Designer
You can open the form designer from the Reports and Forms Options window: 1. 2. 3. 4. In the Home window, from the Setup menu, click Reports and Forms. Click the name of the form you wish to edit or add. In the Form Type list, select Custom Simply Form. In the Description list, select User-defined Form. Click the Customize Form button. The Select Simply Form window opens. 5. Select either Create New Form From Template or Customize Existing User-Defined Form. If you are customizing an existing form, enter its location or click the Browse button to find its location. If you are creating a new form, leave this field blank. 6. Click OK The Simply Form Designer opens. See the instructions below to learn how to use the form designer window.

Prlentl.csv

Contains information about an employees payroll entitlements. This field: COMPANY_NUMBER EMPLOYEE_ID ENTL_DAYSA-E CHEQUE_NUMBER Contains: Simply Accounting uses this field for internal purposes. It always contains the number 1. Simply Accounting Payroll uses this field for internal purposes. Number of net days accrued for Entitlements A to E. Number assigned to the cheque.

Projinc.csv

Contains information about projects whose current net income is less than the projects net income at the earliest transaction date. This field: PROJECT_NAME CURRENT_TOT_REV CURRENT_TOT_EXP PREVIOUS_TOT_REV Contains: Name of project. Current total revenue for the project. Current total expenses for the project. Total revenue for the project as of the earliest transaction date.

Advanced Topics 253

This field: PREVIOUS_TOT_EXP COMPANY_NUMBER
Contains: Total expenses for the project as of the earliest transaction date. Simply Accounting uses this field for internal purposes. It always contains the number 1.

Purchase.csv

Contains information about purchases from vendors for the current and previous year. This field: VENDOR_NAME VENDOR_CONTACT VENDOR_PHONE YTD_TOT_PURCHASES NUM_DAYS_IN_YTD LAST_YR_TOT_PURCH LANG_ID Contains: Name of the vendor. The information in the Contact box in the vendors record. Vendors phone number. Total purchases from vendor for the year to date. Number of days in the current fiscal year as of the session date. Previous years total purchases from vendor. Simply Accounting Payroll uses this field for internal purposes.

Rcpt1.csv

Contains information about the customer for whom you are creating a receipt and general information about the payment. This field: COMPANY_NUMBER VENDOR_NAME VENDOR_CONTACT Contains: Simply Accounting uses this field for internal purposes. It always contains the number 1 Customers name. The contact name or address information in the Contact box.
This field: VENDOR_STREET VENDOR_STREET2 VENDOR_CITY VENDOR_PROVINCE VENDOR_POSTAL VENDOR_STATE VENDOR_ZIP VENDOR_COUNTRY CHEQUE_DATE CHEQUE_NUMBER CHEQUE_TOTAL CHECK_DATE CHECK_NUMBER CHECK_TOTAL TOTAL_DOLLARS TOTAL_CENTS ADDRLINE1 ADDRLINE2 ADDRLINE3 ADDRLINE4 ADDRLINE5 COMMENT RECORD_ID TRANS_ID PHONE
Contains: Customers street address.