ACCOUNTING SOFTWARE FEATURES COMPARISON
By: Gary A. Porter, CPA In the Winter 1999 issue of The Ledger Quarterly we reviewed some basics on accounting software selection criteria. We also presented an update on the newest versions of Quickbooks Pro and Peachtree. With this issue we are presenting a chart that compares features on several commercially available, low end, accounting software packages. While we certainly recognize that this industry has some unique needs from accounting software, many associations and management companies still opt for low end accounting solutions. For that reason, we believe the following information is useful to readers in providing a more independent review of features than is available directly from the software companies.

MYOB Accounting Plus 9.0

Quickbooks Pro 2000
ACCPAC Simply Accounting 7.0

TOP 12 FEATURES

System Requirements Minimum recommended system Minimum recommended RAM Operating Systems Supported networks Security Level(s) User access defined by Security maintains access log Interfaces Imports/Exports ASCII text files Exports to word processor(s) Exports to spreadsheet(s) ODBC-compliant
Pentinum 32 MB Win 95/98/NT4 N/A
Pentium 166MHz 64 MB Win 95/98/NT4 NetWare, Windows Peerto-Peer & NT Server 4.0
Pentium 16 MB Win 95/98/NT4 & Mac Windows Peer-to-Peer & NT Server 4.0
Win 95/98/NT4 NetWare, Windows Peerto-Peer & NT Server 4.0
by function/modules access mulitple secruity levels no
by function/modules access administrator-defined groups X
by function/modules access multiple secruity levels no
multiple secruity levels X

no X X no

X X X no
This article was downloaded from Porter & Companys web site at www.porterandcompany.com Contact Porter & Company at (800) 304-6700 for any questions regarding this article or related subjects.
Peachtree Software Peachtree Complete Accounting 7.0
MB screen level X no X no

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Accounting Software Features Comparison (contd)
General Features Ability to consolidate companies Compresses client data Real-time or batch entry Customize data-entry field or names Customizable user menus Context-sensitive online help Allows postings to closed years Requires all input to be balanced JE lookup of account codes JE lookup of account codes by name Automatic reversing entries User-designed forms & checks General Ledger Functions Provides standard chart of accounts (COA) Supports departments Supports departments & divisions Supports project codes Prior year adjusting entries Financial Statements/Reports This month vs. last year This month vs. budget YTD vs. last year YTD vs. budget Percent of revenue calculations Cash flow statement Ratio analysis Financial snapshots Displays information graphically Custom reporting Custom queries
no X Real-time no no X X X X no X no
no X Both X no X X X no X no X
no X Real-time X no X no X X no X X

X no no X X

X X X no X

X X no X no

X X X X X X no X X X no

X X X X X X no X X X X

no X Both X no X no X X X X X X X X X no X X X X X X X X X X no

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Accounts Receivable Function Aging based on actual date Aging mirrors payment terms Supports recurring billings Can deposit to multiple banks Accounts Payable Functions Aging Reports Cash requirements reporting Aging based on invoice date Vendor histroy detail reports Supports recurring invoices Tracks & processes 1099 data Maintains vendor type codes Can pay out multiple banks Pricing Single user Multi-user (5-users)

X X X X

X X X X X X no X
X no X X X X no X $219 $499

X X X X X X X X

$99 Available next version

$179 $575

Note: A modified version of this article was published in CAIs Ledger Quarterly, Summer 2000 Issue
X X X X X X X X X X X X $229 $599.95

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YOU ARE RESPONSIBLE FOR ADOPTING REASONABLE MEASURES TO LIMIT THE IMPACT OF SUCH PROBLEMS, INCLUDING BACKING UP DATA, ADOPTING PROCEDURES TO ENSURE THE ACCURACY OF INPUT DATA, EXAMINING AND CONFIRMING RESULTS PRIOR TO USE, ADOPTING PROCEDURES TO IDENTIFY AND CORRECT ERRORS AND OMISSIONS, REPLACING LOST OR DAMAGED MEDIA, AND RECONSTRUCTING DATA. IF YOU LICENSED A STUDENT VERSION, YOU ACKNOWLEDGE AND UNDERSTAND THAT: (I) THE STUDENT VERSION MAY BE USED FOR EDUCATIONAL PURPOSES ONLY; (II) THAT THE STUDENT VERSION SHALL BE OPERABLE ONLY FOR 14 MONTHS; AND (III) THAT DATA OR OTHER INFORMATION USED WITH, PROCESSED BY AND/OR STORED IN CONJUNCTION WITH THE STUDENT VERSION MAY BE CONVERTED IF YOU UPGRADE TO THE PRO, PREMIUM, OR ACCOUNTANTS EDITION OF THE FULL RETAIL PRODUCT UPON TERMINATION OF THIS AGREEMENT. IF YOU LICENSED AN EVALUATION VERSION, YOU ACKNOWLEDGE AND UNDERSTAND THAT: (IV) THE EVALUATION VERSION MAY BE USED FOR EVALUATION PURPOSES ONLY; (IX) THE EVALUATION VERSION SHALL BE OPERABLE ONLY FOR SIXTY (60) DAYS; AND (X) UPON EXPIRATION OF THE EVALUATION PERIOD, ANY DATA OR OTHER INFORMATION USED WITH, PROCESSED BY AND/OR STORED IN CONJUNCTION WITH THE EVALUATION VERSION MAY BE CONVERTED IF YOU UPGRADE TO THE STUDENT VERSION OR THE BASIC, PRO, PREMIUM, OR ACCOUNTANTS EDITION OF THE FULL RETAIL PRODUCT. (d) ANY SAGE ACCPAC PREMIER ADVISOR OR AUTHORIZED CONSULTANT OR ANYRESELLER, INSTALLER OR CONSULTANT IS NOT AFFILIATED WITH SAGE ACCPAC IN ANY CAPACITY OTHER THAN AS A RESELLER, INSTALLER OR CONSULTANT OF SAGE ACCPACS PRODUCTS AND HAS NO AUTHORITY TO BIND SAGE ACCPAC OR MODIFY ANY LICENSE OR WARRANTY. SAGE ACCPAC MAKES NO REPRESENTATIONS, WARRANTY, ENDORSEMENT OR GUARANTEE WITH RESPECT TO THE SKILLS OR QUALIFICATIONS OF ANY SAGE ACCPAC PREMIER ADVISOR OR AUTHORIZED CONSULTANT OR ANY RESELLER, INSTALLER OR CONSULTANT AND YOU ARE ENCOURAGED TO INDEPENDENTLY INVESTIGATE THEIR SKILLS AND QUALIFICATIONS. 5. DISCLAIMER REGARDING LINKS TO EXTERNAL SITES.
The Program includes links to other Web sites on the Internet that are owned and operated by third parties not under the control of Sage Accpac. Sage Accpac provides the links for your convenience only and does not provide a warranty of any type regarding the actions of such third parties or the security of information sent to such third parties while You are using their Web sites. Under no circumstances shall Sage Accpac, or its subsidiaries or affiliates, be responsible or liable in any way for the availability of services or products offered, or the content located on or through, any such third partys Web site. 6. EXPORT RESTRICTIONS.
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

On the Account tab

Account Type. Select one of five account types. For an explanation of account types, see Account Types, in Chapter 2 in the User Guide. GIFI Code. Enter a GIFI code for the account if you file your corporate financial statements electronically. (Contact the Canada Revenue Agency or your accountant for information on GIFI codes.)
Omit From Financial Statements If Balance Is Zero. Check the box to omit the account from financial statements if its balance is zero. Leave the box unchecked if you want the account to appear on financial statements, regardless of its balance. Allow Project Allocations. Check this box to be able to allocate amounts to projects. Opening Balance. Enter the account balance as of the earliest transaction date.

On the Class Options tab

Account Class. Select a description of the accounts purpose. Assigning account classes for asset accounts is particularly useful, because you can differentiate between cash, bank, and other types of asset accounts. Save Transactions For Account Reconciliation. Check this box if the account is a bank or credit-card account, and you want to reconcile the transactions in this account to the transactions on your bank or merchant statement. Fields 1 to 5. Enter additional information about this account if you wish. You can rename each of the five fields by choosing Set Field Names from the File menu.
On the Reconciliation and Deposits tab
On the Additional Information tab
Exercise 5: Modifying Existing Accounts

Accounts

In the Home window open the Accounts window (choose the Accounts icon). In the Accounts window, scroll to account 1520 Category A, and double-click it to open the account. In the Account description field, type Computer Supplies. The screen should look like this:
Scroll through the chart of accounts using these buttons. You can type a new account description in this box.
Use the arrow buttons to scroll through the list of accounts. Select the following accounts and make these changes (after you change each account, if asked if you want to save your changes, click Yes): Change this: 1530 Category B 1540 Category C 4020 Sales Inventory A 4030 Sales Inventory B 4040 Sales Inventory C 5020 Category A 5030 Category B 5040 Category C To this: Manuals Computer Hardware Sales -- Computer Supplies Sales -- Manuals Sales -- Computer Hardware Cost -- Computer Supplies Cost -- Manuals Cost -- Computer Hardware
Open account 2240 Deduction 1 Payable. In the Account description field, type Pension Payable.

[ ] Purchase Orders For This Vendor. Select Print if you normally print purchase orders for this vendor, or E-mail if you normally send purchase orders via e-mail. E-Mail Confirmation Of Purchase Invoices And Quotes. If you include an e-mail address in the E-mail field on the Address tab, you can send confirmation by e-mail to the vendor automatically when you process an invoice or quote. Check this box if you want Simply Accounting to send confirmation of receipt of this vendors invoices and quotes automatically.
On the Taxes tab, you enter information in these fields: Tax. This column lists all the taxes that you have set up for this company; it does not represent the taxes assigned to the tax code described later. You cannot edit this field. Tax Exempt. This column specifies whether purchases from this vendor are exempt from the selected tax. Click this field to set to Yes or No as follows:
If purchases are tax-exempt (that is, the tax is not to be charged on purchases), set to Yes. If purchases are not tax-exempt (that is, the tax is to be charged on purchases), set to No.
Tax Code. Select the tax code that you normally use for this vendor. When you enter an item on a purchase invoice, order or quote for this vendor, Simply Accounting will automatically charge the taxes defined by the tax code. However, you can exclude some or all of the taxes by editing the Tax Exempt column, described earlier.

Statistics

Complete the following fields on the Statistics tab: Year-to-Date Purchases, Last Years Purchases. Enter this information, if available. Payments for 2015, Payments for 2014. Note that the fields for Payments For 2015 and Payments For 2015 refer to the current year and the previous year, respectively. Enter these amounts manually if you need to include payments to this
vendor that were not made using Simply Accounting. Normally, you do not need to enter these amounts manually. Recalculate. You can replace an amount you entered for the year by clicking the Recalculate button. Simply Accounting totals the payments recorded for the vendor.

Reminders

You can record and recall important information about the vendor on the Memo tab. The Memo tab looks like this:
Simply Accounting can remind you to take action with respect to this vendor, if you complete these fields.
Import and export purchase transactions
You can import purchase invoices and quotes that your vendor sends you by e-mail, if both you and the vendor use Simply Accounting version 7.0 or higher and have MAPI-compatible e-mail programs, such as Microsoft Outlook Express or QUALCOMM Eudora. You can also e-mail purchase orders to your vendor that they can import into their Simply Accounting program. This Vendor Has Simply Accounting And Can Import Orders. Check this box if you wish to be able to import invoices and quotes from, and export purchase orders to this vendor. This Vendor Uses My Item Numbers On Invoices And Quotes. If the vendor uses the same numbers as you do for

Adding Customers

On the Options tab
Expense Account: blank Include This Vendor When Printing T5018 Slips: No Print Contact on Cheques: No E-Mail Confirmation Of Purchase Invoices And Quotes: No [ ] Purchase Orders For This Vendor: Print Tax Code: YTD Purchases: Last Years Purchases: Payments for 2015: Payments for 2014: 9. GP 126.32 335.75 0.00 0.00
Print GP 125.74 180.60 0.00 0.00
On the Taxes tab On the Statistics tab
Close the Vendor Records window.
10. In the Vendors icon window, from the Reports menu, choose Display Vendor List. Select all fields and then click OK to review the information you just entered.
The Customers window contains records of all the customers with whom your company does business. Each record contains tabs on which you enter information about a customer.

Addresses

The Address tab in a customers record looks like this:
You enter information in these fields: Customer. Enter the customers name. The program does not allow you to enter identical customer names. Contact. Enter a contact name, usually the person you deal with most often when you write, e-mail, or phone the customer. Street 1 and Street 2. Enter the customers street address. City, Province, and Country. Enter the customers city, province, and country. The names you entered for your company in the Company Information window are displayed automatically. Postal Code, Phone 1, Phone 2, and Fax. Enter the customers postal code, phone, and fax numbers. E-Mail and Web Site. Enter the customers e-mail address and Internet URL (Web site address). Department. If you are using Simply Accounting Pro or higher and have checked the Use Departmental Accounting in the System Settings, you can assign the transactions associated with
this customer to a specific department in your company. For more information on departments, see the User Guide. Inactive Customer. Check this box if you no longer interact with this customer but want to keep the record for reference. Internal Customer. This box appears in Simply Accounting Pro and higher. Check this box if the customer is to be included in Time and Billing to track activities performed for a department within the company, but not included in the customer list used for sales invoices, orders or quotes.

Shipping address

If you ship goods to a customer at an address different from the mailing address (where you send invoices), record shipping details on the Ship-To Address tab. Otherwise, check the Same As Mailing Address box. This address appears on sales invoices, orders, and quotes beside the mailing address. You enter credit terms and other housekeeping information regarding the customer on the Options tab. Revenue Account. Enter the revenue account that you normally use to record the non-inventory sales to this customer (that is, sales for which you have not created an inventory record). The account number you enter in the Revenue Account field will automatically appear in the Account field of the first line in the detail section of the Sales, Orders and Quotes window. Price List. Select the price list you want to use for this customer, regular or preferred. If you are using Simply Accounting Pro or higher, you may set up additional price lists to assign your customers. Early Payment Terms. Enter the payment terms you generally offer this customer. Payment terms include your early-payment discount rate (a percentage), a period (in days), and the number of days until an invoice is due in full. The program automatically displays the terms you entered on the Customers and Sales tab in the Settings window (under System Settings on the Setup menu), but you can change the terms for individual customers if you wish.

Quantities tab

The Quantities tab appears only if you choose Inventory in the Type field. Show Quantities In. Select the unit of measure in which the quantities are shown, for example, dozen, kilogram, or tonne. You set the units of measure on the Units tab. Minimum Level. Enter the minimum quantity you wish to have in stock.

Units tab

If you select a service item, the only field that appears on this tab is Unit of Measure. You do not need to differentiate between stocking, buying, or selling units of measure for services. In Simply Accounting Pro or higher, if you select a service item that you designated as an activity for Time and Billing, then the fields on the Units tab are unavailable for edit. Use the Time And Billing tab instead. Stocking Unit of Measure. Enter the unit of measure in which you stock the item in your inventory, for example, dozen, kilogram, or tonne. Selling Units and Buying Units. If you buy or sell items in a different unit of measure than the one in which you stock the item, uncheck the Same As Stocking Unit box under the Buying Units or Selling Units section.
Unit of Measure. Enter the unit of measure in which you buy or sell the item, such as dozen, kilogram, or tonne. Relationship. Describes the relationship between the stocking unit and the buying or selling unit. Enter the number of stocked units that make up a buying or selling unit or vice versa. For example, if the stocking unit of measure is kilograms and selling unit is grams, you would enter 1000 in the first box, and select Grams per Kilogram in the second box:

Pricing tab

Regular. Enter the regular price at which you sell this item. Preferred. Enter the preferred price for this item. Web Price. Enter the price at which you sell this item on the Web. If you are using Simply Accounting Pro or higher, you may have additional prices to enter.

Linked tab

You can add the following accounts on the fly if they do not already exist. Asset. This field appears if you chose Inventory in the Type field. From the list of accounts, select the asset account you want to associate with this inventory item. Revenue. Select the revenue account you want to associate with this inventory item, service or activity. Expense. This field appears if you chose Service in the Type field. Select the expense account you want to associate with this service. Cost of Goods Sold (C.O.G.S.). This field appears if you chose Inventory in the Type field. Select the Cost Of Goods Sold expense account you want to associate with this inventory item. Variance. This field appears if you chose Inventory in the Type field. The account records any difference in price caused by negative inventory levels. Select the variance account you want to associate with this inventory item. It can be the same account as the C.O.G.S. account.

Time and Billing tab (Simply Accounting Pro or higher)
The Time And Billing tab appears in Simply Accounting Pro and higher. You can edit this tab only for a service item that is a Time and Billing activity. After you complete this tab and create the item record, you can select the item when using the Time Slips window. Units Relationship to Time. Enter the following information:
Unit of Measure. Enter the unit of measure by which to measure this service activity. You can choose Hours or
Minutes from the drop-down list, or type your own value, such as Service Call.
Unit is Related to Time. If you enter hours or minutes in the Unit of Measure field, then Simply Accounting automatically selects the Unit Is Related To Time box. If the unit is not hours or minutes but can be measured in hours or minutes, check the Unit Is Related To Time box, then in the Relationship field, fill in the information about the item. Relationship. If you selected the Unit Is Related To Time box, define the relationship that the unit has with time. For example, if a service call is defined as one hour per service call, enter 1 in the first Relationship field, and select Hours Per Service Call from the drop-down list of the second Relationship field. If you did not select the Unit Is Related To Time box, you do not need to define the relationship.
Billing & Payroll Options. Enter the following information:
The Service Activity is. Specify whether the activity is: Billable The charge for the service item (activity) will appear on the invoice. Non-billable The service item (activity) will not appear on the invoice. No charge The service item (activity) will appear on the invoice, but without a charge amount.
Sometimes Charge for this Activity. This field appears only if the Service Activity Is field is Non-billable or No Charge. Selecting the Sometimes Charge For This Activity option enables you to charge for the activity during Time Slips entry, even though the activity is normally non-billable or not charged. Charges are Based on. You can edit this field only if you specified that the unit is related to time and that the service activity is billable. Then specify whether charges are based on:
Billable Time The amount charged for the service activity will be based on the time spent on the activity. Flat Fee If you choose this option, then you must further specify how the flat fee is defined, relative to the price. For example, the flat fee of a service call may actually be based on 1.25 hours of activity, even though the service call has been defined as only one hour in the relationship to time fields.

Adding Historical Inventory Information
d) Check the Include Terms and Include Historical Difference boxes. e) Click OK.

If you made a mistake

If you entered a historical invoice incorrectly, you must clear the invoice. To do this, open the customers record, and on the Historical Transactions tab, click the Payments button. Pay the invoice in full, then click Record. Modify the invoice number and re-enter the invoice correctly.
Before you finish entering history, the total value of inventory items must equal the total of the associated asset account(s) in the Accounts window. You should therefore enter a quantity and value for each item in your inventory. This is called historical inventory information. In Exercise 14, you entered inventory asset account balances in the Accounts window. The accounts are Computer Supplies, Manuals, and Computer Hardware. Now you must enter the values for the individual inventory items in the inventory records. You must make sure, for example, that the total value of inventory associated with the asset account Computer Hardware is $15,450, the amount you entered earlier in the Accounts window. In these exercises, only one inventory item is associated with each asset account, but that may not always be true. You enter historical information in the following fields:
Show Units Sold In. Select the unit of measure in which the data on this tab is measured. You set the units of measure on the Units tab. Year To Date. Enter the number of transactions, units sold, amount sold, and cost of goods sold for the current fiscal year. Last Year. Enter the number of transactions, units sold, amount sold, and cost of goods sold for the previous fiscal year.
Date Of Last Sale. Enter the last date on which you sold some of this item.

On the History tab

Opening Quantity. Enter the number of items in stock as of the earliest transaction date. Opening Value. Enter the total cost of the stock on hand as of the earliest transaction date.
Exercise 16: Entering Historical Inventory Details
1. 2. 3. In the Home window, choose the Inventory and Services icon. Open the record for A13 Toner Cartridge. On the Statistics tab, enter the following: Show Units Sold In: In the Last Year section: Number Of Transactions: Units Sold: Amount Sold: Cost Of Goods Sold (C.O.G.S.): Date Of Last Sale: Each 3500.00 2625.00 08-04-2014
The Statistics tab of the Inventory and Services record should look like this:
On the History tab, enter the following: Opening Quantity: Opening Value: 65 4,875.00

Statistics Tab

Scroll to items A15 and A18, entering the following information for them: Item Number: Show Units Sold In: Number Of Transactions: Units Sold: Amount Sold: Cost Of Goods Sold: Date of Last Sale: Opening Quantity: Opening Value: A15 Each 1,470.00 1,078.00 12-14-1,500.00 A18 Each 28,800.00 22,500.00 12-19-15,450.00

To record a purchase of inventory or services, you use the Purchases, Orders, and Quotes window. When you record purchases of inventory or services, the Vendors And Purchases, Inventory And Services, and General modules are affected. The Purchases, Orders, and Quotes window looks like this:
You enter information in the following fields: Transaction. The appearance and function of the Purchases, Orders, and Quotes window varies, depending on the type of transaction you select:
Invoice. For recording details of an invoice from your suppliers (vendors) for a purchase you made. Purchase Order. For recording details of goods or services you are ordering. (You will receive and pay for them later.) Quote. For recording details quoted by your suppliers for goods or services you might want to purchase later. (You can convert the quote into an order or invoice if you decide to make the purchase later.)
The program stores the information from purchase orders and quotes for tracking purposes only; it does not update the accounts until you record a purchase invoice. Details of cash purchases appear in the Transactions By Account, All Transactions, and Purchase Transaction Details reports. Paid By. Select a payment method from the list. Purchased From. Select a vendor from the list; the program automatically enters the vendors address.
If the vendor is not listed, you can enter a one-time vendor. Type the vendors name, press the Tab key, and click Continue. You must pay one-time vendors at the time of purchase. Ship To. If you select Purchase Order or Quote in the Transaction field, the program displays this field and fills in your companys name and address. You can accept this information or type over it. Order/Quote Number (PO Number). If you select Purchase Order in the Transaction field, the program automatically enters the next available purchase order number. You can accept it or type a different number or word to identify the order. If you want to fill an existing purchase order, select Invoice in the Transaction field, and then Pay Later, Cash, Cheque, or a credit card in the Paid By field. Then enter the purchase order number. The program fills in the fields for the purchase, which you can accept or change. Cheque. If you select Cheque in the Paid By field, the program automatically enters the next available cheque number. You can accept this number, or type a different number or word to identify the transaction. Invoice. If you select Invoice in the Transaction field, enter the number of the vendors invoice for this purchase. If you select Purchase Order or Quote, this field does not appear. Ship Date. If you select Purchase Order or Quote in the Transaction field, enter the date by which you need to receive the order. Date. Enter the date of the invoice, or accept the date displayed. The date can be any date between the earliest transaction date and the session date, inclusive. If you selected the option Allow Transactions In The Future, on the System tab in System Settings, you can enter any date between the earliest transaction date and the last day of the fiscal year, inclusive. Item. Enter the item number, or press Enter and select one from the list. The Unit, Description, Price, and Account (Acct) fields are filled in automatically, using values you entered in the Inventory or Service record.

To review the reduction in the customer account, in the Home window from the Reports menu, choose Customers And Sales, then Customer Aged. Select the Detail option, and then select Software Corp. Click OK. To check your work, in the Home window from the Reports menu, select Transaction Details and then Receipts. In the Start Date, enter 01-05-2015 and click OK.
The Miscellaneous Transactions window is used to make all entries that cannot be made in other transaction windows. In the Miscellaneous Transactions window, you can process transactions affecting all accounts except the linked Accounts Payable, Accounts Receivable, Payroll Advances, and Vacation Payable accounts, inventory asset accounts, and Current Earnings accounts. You cannot update these linked accounts directly. Their balances are changed only through the related transaction windows, or when the program automatically calculates the balance of the Current Earnings account. The Miscellaneous Transactions window looks like this:
You enter information in these fields:
Source. Enter the source document number you want to store with the transaction; for example, enter a cheque number or invoice number. Date. Enter the date on which you entered the transaction. Comment. Enter a description or reason for the transaction. Account. Enter the account number that you want to debit or credit. You can type in the number, or select it from the list of accounts by double-clicking the field. You can also create a new account on the fly by choosing <Add new account> from the list of accounts. Debits. Enter the amount you want to debit the account. Credits. Enter the amount you want to credit the account. Comment. If you wish, you can enter a description for each line of the transaction.
Allocate. You can allocate amounts to projects or departments, if the account is set up to allow project allocations. Click the Allocate button in the toolbar to display the Project Allocation window. You enter information in the following fields.
Project. Double-click or press Enter to display a list of projects, then select one from the list. Amount. Since you chose to allocate by amount (in Exercise 4), the Amount field is available. (You could also have chosen to allocate by percentage.) Enter the dollar amount to be allocated to the project. You can allocate all or part of the remaining amount among additional projects by selecting each project, then entering the amount. The program displays the total amount to be allocated and the remaining amount at the top of the window.

numbers by the overtime hourly rates entered in the employees record to determine the amount of overtime pay earned during the period. Salary. Enter the number of hours per pay period in the Hours column and the amount of pay in the Amount column. If a salary amount and number of hours per pay period have been entered in the employees record, the program fills these in for you. You can type a different amount of pay if needed. Commission. Enter any commission earned in the pay period.

Income tab - Other

Advance. Enter the amount advanced to the employee, which will be taken off a future cheque. Benefits. Enter the amount of any taxable benefits received by the employee during the pay period. Vacation Accrued. Enter the amount of vacation pay to be paid to the employee for this period. Vacation Paid. Enter the amount of vacation pay retained from prior periods to be paid with this paycheque.
Pension, Group Insurance, Medical, Miscellaneous 1 and 2. The amounts entered originally in the Employee Record is displayed. EI, CPP/QPP, and Tax. Since you checked Automatic Payroll Deductions as a Payroll option in Exercise 1, the fields for federal and provincial payroll taxes are not accessible. The program calculates these amounts automatically. Allocate. You can allocate payroll expenses to projects. Click the Allocate button to display the Project Allocation window. You enter information in the following fields:
Project. Double-click or press Enter to display a list of projects, then select one. Amount. Since you chose to allocate payroll expenses by amount (in Exercise 4), the Amount field is available. (You could also have chosen to allocate by percentage or hours.)
Enter the dollar amount to be charged to the project. You can allocate all or part of the remaining expense among additional projects by selecting each project, then entering the amount. The total amount to be allocated and the remaining amount are displayed at the top of the window.
Exercise 27: Entering Payroll Transactions
This is a two-part exercise. In part 1, you will add enough money to the Payroll Bank account to cover the paycheques you will issue, and in part 2, you will enter payroll transactions. Part 1: Increasing the Payroll Bank Account When you use separate bank accounts for different functions in your business, you need to keep track of your account balances. You want to avoid having an overdrawn account, and you want to keep large amounts of cash in a higher interest-bearing account. Data Processing Services has begun to earn revenues, and receipts are starting to come in. However, to earn those revenues, the company has had to incur expenses. Payroll is usually a significant expense for a service company, and Data Processing Services is no exception. The Payroll Bank account does not have sufficient cash to meet the payroll. Therefore, before entering paycheques, you must transfer cash into the Payroll Bank account. 1. 2. In the Home window, choose Miscellaneous Transactions. Enter the following information: Source: Date: Comment: Account: Debits: Account: Credits: 3. Transfer 01-10-2015 To increase Payroll Bank account 1060 Chequing Bank Account Central Bank: Richmond 4000

Notice that $3.75 still needs to be resolved. This is because you still need to account for the bank interest and charges. Select the Income tab.
10. On the Income tab, enter the following information: Source No.: Date: Comment: Account: Amount: Statement 01-15-2015 January bank interest 4440 Interest Revenue 0.25
11. Select the Expense tab, and fill in the following: Notice that Simply Accounting uses the linked accounts that you set up in the first part of this exercise. Source No.: Date: Comment: Account: Amount: Statement 01-15-2015 January bank charges 5690 Interest and bank charges 4.00
12. Simply Accounting now shows that you have $0 unresolved. Click Process to complete the reconciliation, then close the Reconciliation and Deposits window.

Foreign Currencies

If you do business outside of your country, you can use Simply Accounting to keep track of transactions in a foreign currency. Once you have set up the foreign currency, you can add foreign cash and bank accounts, set foreign prices, and add foreign vendors and customers. When purchasing or selling items, the vendor or customer that you select determines the currency used on an invoice. If you select a foreign customer, Simply Accounting uses foreign prices on the invoice. The Basic version of Simply Accounting allows you to use two currencies; Simply Accounting Pro and higher allows you to use as many as you need. The setup screen for currencies looks like the following for Simply Accounting Pro and higher:
Allow Transactions in a Foreign Currency. Select this option to prepare Simply Accounting to handle another currency, such as US dollars.
Home Currency. Select the currency of the country in which your company resides. If you cannot find the currency that you want to use, you can type it in the field and fill in the remaining fields manually. By default, the home currency is Canadian dollars. On most reports, any foreign balances will be converted into this currency. Currency Code. An abbreviation of the currency. Symbol. The symbol that represents the countrys currency, such as $ for dollars or for pounds. Symbol Position, Separators, Decimal Places. Fill in the values for the currency you have selected. Denomination. Specify the currency type you want used for deposit slips. Simply Accounting uses the denomination type available for the currency you choose (for example, CDN $5, $10, $20 or USD $1, $2, $5, $10). Track Exchange and Rounding Differences In. Select a revenue or expense account in which you can track differences due to changes in the exchange rate over time. Foreign Currency. Select the other currency in which you want to conduct business. If you cannot find the currency that you want to use, you can type the name.

Rename accounts

1. 2. 3. 4.
In the Home window, open the Accounts window (choose the Accounts icon). In the Accounts icon window, scroll to account 4310 Service A, and double-click it to open the account record. In the Account description field, type Data Entry Revenue. Use the arrow buttons to scroll through the list of accounts. Select the following accounts and make these changes (after you change each account, if asked if you want to save your changes, click Yes): Change this: 4320 Service B 4330 Service C To this: 4320 Consultation Revenue 4330 Photocopy Revenue
Create inventory service records
Close the Chart of Accounts Records and Accounts windows. In the Home window, open the Inventory and Services window. Click the Create button on the toolbar and create an inventory service record for each of the following activities (items S001 to S003): Field Record 1 Record 2 S002 Consultation Session Service Record 3 S003 Photocopying Service
Item Number: S001 Description: Type:

In the checkbox

Data Entry Service
Activity (Time and Billing): Regular Selling Price:

Yes $100.00

Yes $50.00

On the Pricing tab

On the Linked tab
Record Data Entry Revenue Leave blank
Record Consultation Revenue Leave blank
Record Photocopy Revenue Leave blank
Revenue Account: Expense Account:
On the Time and Billing tab
Unit of Measure: Unit Is Related to Time:

Hour Defaults to Yes

Session
Hour Defaults to Yes Not applicable No Charge
Yes 30 minutes per session Billable Not applicable Flat Fee 1 session x Price Non-payroll
Relationship: Not applicable The Service Activity Is: Billable
Sometimes Charge For Not This Activity: applicable Charges Are Based On: Flat Fee = Default Payroll Income: Internal Service Activity: 8. Billable Time Not applicable Non-payroll
Yes Billable Time Not applicable Non-payroll
Close the Inventory and Services Records window.
You are now ready to start tracking time spent on the three activities.