This project has been adapted from Using Sage 300 2021, Heaney, Pearson.

The information provided in this project will allow you to set up Tax Services and Bank Services for Cascading Waterfalls. Continue with your data from the Completed General Ledger or ask your instructor for the General Ledger files.

Note: As you work through the assignment, make sure you print all reports to pdf when indicated in the assignment. You dont need to submit all reports only the ones requested and listed in the end. However, if you dont print to pdf (view on screen and save as a pdf) when indicated, once you move on, you cant return to print a report in pdf.

ASSIGNMENT INSTRUCTIONS

Start the Sage 300 2021 program and select the Cascading Waterfalls company database using 31/01/2023 as the Session date.

Activate G/L Subledger Services 6.6A then, Bank Services 6.6A and Tax Services 6.6A

Create the following General Ledger accounts:

Write off accounts: 6005-100 - Bad Debt Expense

6005-200 - Bad Debt Expense

Credit Card Charges Account: 6007-100 - Credit Card and Bank Fees 6007-200 - Credit Card and Bank Fees

Add an RBC Bank Record in Bank Services for the Bank Chequing account. (You need to find the $ amount) Bank code RBC

Use 6005-100 as the write-off account in the Bank record.

Use 6007-100 as the Credit Card Charges Account in the Bank record

Leave the information on the Check Forms tab blank. You will fill in this information before you print cheques in the Accounts Payable module.

Modify the Bank Options form to include the following information:

The next bank entry number is 50

The next bank transfer number is 50

Modify the Bank G/L Integration form as needed to include the following criteria:

Create G/L Batches during posting

Create G/L Transactions by creating a new batch

Do not consolidate G/L batches

Set up a bank distribution code that will be used during the setup of the RBC Bank account. (SU1010)

Set the Bank Chequing account as a control account for Bank Services. Only transactions from Bank Services can be posted to this account.

Establish the RBC Bank account balance using the following information:

Statement Date: 01/31/23

Statement Balance: Enter the amount of the Bank account in the General Ledger as of 31/01/23

Reconciliation Date: 01/31/23

Fiscal Year and Period: 2023, Period 01

Enter the appropriate transaction on the entries tab to establish the bank balance.

Before posting the entry above, create a Reconciliation Status Report (Bank transaction reports)

Post the Bank Reconciliation.

Print the Reconciliation Posting Journal

Print the General Ledger batch listing for the batch that was sent directly to the General Ledger from Bank Services, for the reconciliation.

Process the batch sent from Bank Services to the General Ledger module. You will need to determine if this batch should be deleted or posted.

In Tax Services, add the following Tax Authorities:

HST

Create the following tax classes for each tax authority and both sales and purchases.

Taxable

Non-Taxable

Enter the appropriate Ontario tax rates for both sales and purchases. (13%)

Create an Ontario Tax Group for both sales and purchases.

ASSIGNMENT SUBMISSION

Once you complete your assignment:

a. Submit the following 10 reports in the Assignment 1 Submission Folder in Brightspace. b. Make sure you name all your reports exactly as the bolded portion below, including the report number. c. When naming your files do not use . (period) before your name. Use a dash or hyphen. d. Submit all 10 reports in a PDF format.

1. 1. Bank Reconciliation Status report your name 2. 2. Bank Reconciliation Posting Journal your name 3. 3. GL Batch Listing your name for the batch sent from the Bank to General Ledger module 4. 4. Tax Authorities report your name 5. 5. Sales Tax Classes report your name 6. 6. Purchases Tax Classes report your name 7. 7. Sales Tax Rates report your name 8. 8. Purchases Tax Rates report your name 9. 9. Sales Tax Group report your name 10. 10. Purchase Tax Group report your name