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Query re Computerised Accounting

Michelle02Michelle02 Just JoinedRegistered Posts: 3
I am sitting my Computerised Accounting exam on Thursday and have been working the revision tests. One of the questions asks me to Contra a balance against the Sales Ledger (and later on against the Purchase Ledger), and although I remember the procedure from Basic Accounting there is no explanation how to process this on Sage. Can anyone please advise prior to my exam on Thursday?

Also how long does this particular exam usually take as I assume it would be longer than any of the others.

Comments

  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Hi Michelle,

    Edited because as others below have pointed out I'm talking rubbish, teach me to try and do two things at once! Apologies for misinformation... :blushing:
  • coojeecoojee Experienced Mentor Registered Posts: 794
    CeeJaySix wrote: »
    Hi Michelle,

    Can't help with the actual exam as I used RPL, but to contra on Sage just use a journal entry, from memory the Journal option is on the top toolbar on the nominal ledger window. Exactly the same principles apply as for the paper exercises in BA.

    If it's not there let me know and I'll have a quick look when I get home...

    If a journal entry is done then it won't show up in the debtor/creditors account. When we do a contra we're saying that because we owe X and they owe us then we can contra off some of the balance. The only way to do it is to do a credit note in the SL and another one in the PL, they can go to the mispostings account which I think is 9999. I always do them with a VAT code of T9 but I think you're meant to do them with VAT on as it will reduce the input and the output VAT.
  • KenzPriKenzPri Just Joined Registered Posts: 1
    If the question says "any balance remaining on their Sales Ledger... set off by contra against their Purchase Ledger" then this means you look at the Customer record. Similarly, "Purchase Ledger... set off by contra against their Sales Ledger" implies you need to look at the Supplier record.

    The question might tell you to look at the balance up to a certain date - look at the Customer's Activity and obtain the required figure. This might not always be just one figure, so be careful.

    Next, go to Bank, select the Current Account. In order to process the contra, you need to produce a Customer Receipt AND Supplier Payment for the amount you noted earlier. Do this by clicking on 'Customer' (at the top) and following the normal steps (except, use CONTRA as your reference), and then 'Supplier' and filling in the cheque for the exact same amount (again, use CONTRA as the ref/cheque number).

    To check, go back to the original record where you obtained your figure from - it should now be less the amount processed.

    The exam is longer than other CBTs (3hrs), you will have plenty of time to do everything so there's no need to rush. Remember that you will know how to do the vast majority of the question (e.g. inputting customer/supplier details, editing, producing reports etc.) so don't stress too much over one thing that you find a bit trickier. Just make sure you read each part thoroughly and attempt every question.

    Hope this all helps, apologies if it's confused you further. This is just how I remembered it for my exam. Good luck for Thursday!
  • Michelle02Michelle02 Just Joined Registered Posts: 3
    Thank you all, fingers crossed for tomorrow.
  • BlueberryBlueberry New Member Registered Posts: 9
    thank you Kenzpri I must have the same book because I came on here to ask this question!

    Is it possible that someone could answer how i process a returned cheque from the bank please?
  • BlueberryBlueberry New Member Registered Posts: 9
    scrap that because I've worked it out! Can someone else me on my next problem please? It asks to set up a DD which I set up as a recurring payment and as the date of the first transaction is (in sage) todays date it should have been posted but it hasn't? I can't find this activity in my bank or posted under the NC (insurance), should I just make a payment as it won't matter that it's not a dd, just that I can show payment1 has been 'sent'?
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