1. Chapter 5: General Ledger, Inventory, and Internal Control
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2. General Ledger and Inventory
In Chapter 5, you learn about the General Ledger chart of accounts.
Sage 50 includes over 75 sample charts of accounts. You can set up your own chart of accounts, copy a chart of accounts used by another company, or use one of the samples.
Chapter 5 also shows you how to use Sage 50’s inventory system. Sage 50 lets you track inventory items both at the purchasing and sales level.
Sage 50 keeps track of cost of goods sold, stock levels, sales prices, and vendors.
Another Sage 50 feature is user security. In Chapter 5, Security and Internal Control section, you learn about how Sage 50 keeps company data secure.
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3. Sage 50 Tip
Sage 50 uses a perpetual inventory system. Chapter 5 includes two tables that show how Sage 50 Inventory and Purchases and Inventory and Sales are journalized.
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4. Excel (.xlsx) and Adobe (.pdf)
Backing Up Chapter 5
In Chapter 5, you make two backups, export the General Ledger Trial Balance to Excel, and save one PDF file.
Backup File (.ptb)
Excel (.xlsx) and Adobe (.pdf) KB
Page Nos.
Chapter 5.ptb
3,523 KB
186
Exercise 5-2.ptb
3,605 KB
188
Exercise 5-2_General Ledger Trial Balance.xlsx
15 KB
Exercise 5-2_General Ledger Trial Balance.pdf
61 KB
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5. Sage 50 Help: Chart of Accounts
Toolbar
Navigation pane
Topic pane
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6. Chapter 5: Glossary of Terms
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7. Perpetual inventory
In a perpetual inventory system, an up-to-date record of inventory is maintained. The inventory account is revised each time a purchase or sale is made.
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8. Chart of accounts
A list of all the accounts used by a company, showing the identifying number assigned to each account.
Sage 50 has over 75 sample charts of accounts.
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9. HTML
HTML is an acronym for Hypertext Markup Language. Sage 50’s Help windows display in HTML format.
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10. Inventory System
Sage 50’s Inventory & Services Navigation Center shows the inventory system, which includes information and access points related to the company’s inventory items. The Inventory & Services selection shows Sage 50’s inventory module or inventory system.
Workflow
diagram
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11. Internal Control
Internal control is an integrated system of people, processes, and procedures that minimize or eliminate business risks, protect assets, facilitate reliable accounting, and promote efficient operations.
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12. Audit Trail
If changes are made to company records, Sage 50’s audit trail provides documentation. An audit trail records all entries and changes related to the company’s data, including actions by specific users.
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13. Online Learning Center
Go online to for additional resources. Link to Student Edition, select Chapter 5.
Interactive Testing Appendix C: Review of Acctg.
Glossary of Terms Appendix D: Glossary of Terms
Feature Quizzes
Narrated PowerPoints
Assessment Rubrics
Going to the Net
QA Templates
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14. Going to the Net
Access this website
Read the Bookkeeping and Accounting Basics article.
List the three steps for keeping your small business accounting records.
From this website, link to another area.
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15. Analysis Questions
List four ways that Sage 50 includes user security and internal control.
How is the audit trail associated with user security? Provide an example.
How does user security address the purpose of internal control?
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16. Navigation Center/Module
Assessment Rubric
Date
Transaction
Navigation Center/Module
Task Window
Journal
Dr./Cr.
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Transfer $1,200 from the Regular Checking Account to the Payroll Checking Account.
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Purchased two (2) Oriole Feeders from DeJulia Wholesale Suppliers, Invoice No , $14.
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