ERP Journal Entry Exercise

Net suite vs business central

Exercise:

make and enter the following Journal Entries:

Regular, Single Use Journal Entries:

Transfer $25,000 from Savings to Cash. (debit Cash, credit Savings)

Accrue $50,000 additional Allowance for Doubtful Accounts (debit Bad Debt Expense, credit Allowance for Doubtful Accounts)

Reclassify $10,000 into Prepaid Expenses and $5,000 into another Prepaid Expense account crediting Other Assets $15,000.

Recurring Journal Entry:

Set up a Recurring Journal Entry to amortize monthly insurance expense of $2,500. (debit Insurance Expense, credit Prepaid Expenses - Insurance)

Reversing Journal Entry:

Set up a Reversing Journal Entry to accrue $100,000 in payroll expense in the current period and reverse that entry out in following period. Use Accounts Payable for the contra-account.

steps:

a. Perform this exercise in two different ERP. Extra credit is available for doing the exercise in a third system.

any system

b. Compare and Contrast the systems in which you did the exercises answering the following comparative questions:

1. How are the systems similar?

2. How are the systems different?

3. Describe the Internal Controls built into journal entries, including differences among systems.

4. Which system has more "headroom"? Explain your answer. ("Headroom," in this context, refers to additional features and functions not currently required.)

5. Which system do you prefer? Why?

6. Identify something that caught your attention in both systems. Explain your answer.

7. What did you learn from this exercise?

steps:

make short sentences

Regular Journal Entry

Screen print Regular Journal Entry

Recurring Journal Entry

Screen print Recurring Journal Entry

Reversing Journal Entry

Screen print Reversing Journal Entry

Answer the seven questions listed above.