Create accounts to match the following Chart of Accounts.
Edit the current earnings account.
Account types are shown in brackets beside the account.
(A) = Subgroup (S) = Subgroup total (H) = Heading (T) = Total (X) = Current Earnings
All other accounts (unmarked) are Group accounts.
Chart of Accounts
1000 CURRENT ASSETS (H)
1050 Test Balance
1080 Bank: Chequing Account
1100 Bank: Credit Card
1200 Accounts Receivable
1290 Welding Supplies
1390 TOTAL CURRENT ASSETS (T)
1400 CAPITAL ASSETS (H)
1480 Other Welding Equipment
1590 TOTAL CAPITAL ASSETS (T)
2000 CURRENT LIABILITIES (H)
2100 Bank Loan
2200 Accounts Payable
2250 Credit Card Payable
2650 HST Charged on Services (A)
2670 HST Paid on Purchases (A)
2750 HST Owing (Refund) (S)
2790 TOTAL CURRENT LIABILITIES (T)
2800 LONG TERM LIABILITIES (H)
2850 Mortgage Payable
2890 TOTAL LONG TERM LIABILITIES (T)
3000 EQUITY (H)
3560 Chris George, Capital
3600 Net Income (X)
3690 TOTAL EQUITY (T)
4000 REVENUE (H)
4020 Revenue from Services
4100 Sales Allowances
4200 Sales Discounts
4390 TOTAL REVENUE (T)
5000 EXPENSES (H)
5030 Bank and Credit Card Fees
5040 Cleaning and Maintenance
5060 Hydro Expense
5220 Insurance Expense
5240 Interest Expense
5260 Telephone Expense
5270 Payroll Service Fees
5280 Welding Supplies Used
5590 TOTAL EXPENSES (T)
Export Chart of Accounts as PDF
Add account balances from the following Trial Balance:
Post-Closing Trial Balance
July 1, 2022
1080 Bank: Chequing Account $12 150
1100 Bank: Credit Card 200
1200 Accounts Receivable 5 000
1260 Welding Supplies 900
1420 Welding Torches 3 800
1450 Computer 1 500
1480 Other Welding Equipment 4 200
1500 Vehicle 9 000
1550 Shop 150 000
2100 Bank Loan $ 6 000
2200 Accounts Payable 1 600
2250 Credit Card Payable 1 100
2650 HST Charged on Services 950
2670 HST Paid on Purchases 750
2850 Mortgage Payable 99 000
3560 Chris George, Capital ________ 78 850
$187 500 $187 500
Hint: Remember to use account 1050 Test Balance for out of balance amounts.
Print the Trial Balance.
Change Account Classes:
Bank: Chequing Account: Change the account class to Bank and enter 201 as the next cheque number.
Bank: Credit Card: Change the account class to Credit Card Receivable.
Credit Card Payable: Change the account class to Credit Card Payable.
Expense Group accounts: Change the account class to Expense.
Set up credit cards as follows:
Credit Cards Accepted: Credit Card Name: Chargit
Linked Asset Account 1100
Discount Fees: 3%
Linked Expense Account: 5030
Credit Cards Used: Credit Card name: Chargit
Linked Payable Account: 2250
Linked Expense Account: 5030
Enter Sales Taxes and Tax Codes (do not enter accounts to track PST)
Tax – HST: Not Exempt, Not Taxable, Use 2670 to track tax paid on expenses
Use 2650 to track taxes charged on revenues, Report on taxes-yes
Code – H: Tax HST, Taxable, Rate 13%, Not included, Refundable
Code – HI: Tax HST, Taxable, Rate 13%, Included, Refundable
Enter Ledger Settings: Allow account classes to change.
General (Accounts): Budgeting should be turned off
– Linked Accounts Retained Earnings 3560
Current Earnings 3600
Payables: Address Windsor, Ontario, Canada
– Options Aging periods: 30, 60 and 90 days
Calculate all discounts before tax for one time suppliers
– Linked Accounts Principal Bank Account 1080
Accounts Payable 2200
Freight Expense and Early Payment Purchase Discount: leave blank
Prepayments and Prepaid Orders 2200
Receivables: Address Windsor, Ontario, Canada
-Options Aging periods: 5, 15 and 30 days;
No interest charges on overdue accounts;
Include invoices paid in last 30 days;
Use tax code H as default for new customers
– Discounts Terms: 2% discount in 5 days (before tax), net in 15 days
Line discounts not used
– Comment On sales invoices: “Where fire meets steel.”
– Linked accounts: Principal Bank Account 1080
Accounts Receivable 1200
Default Revenue 4020
Freight Revenue: leave blank
Early Payment Sales Discount 4200
Deposits and Prepaid Orders 1200
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