Question

Find & fix errors

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Sage 50 Learning Centre

• Sage 50 Learning Center
• Quick reference guide

Information from previous pages

• Welcome page
• Academic honesty
• General instructions
• Navigating your practice set
• Accounting policies and procedures
• Setup information
• Write check (first transaction)
• Transactions list (to May 7)
• Trial balance (at May 7)
• Receivables and payables (at May 7)

It is now May 8, 2017

You receive an email from Rinaldo that explains he accidentaly gave you an old version of the transactions list that had an error in it.

The old list provides the following description of the purchase transaction that occurred on May 4:

Old description: Purchased 8 units Tony ZIO MLP projectors from Mega Tech at $1,420 each, Invoice No. 848. Issued Check No. 4091 for $6,800 to this supplier at the time of the purchase.

The above transaction description is incorrect and should be replaced with the description below:

Correct description: Purchased the following items from JCN Electrical, Invoice No. 848:

• 8 units Tony ZIO MLP projectors at $1,420 each
• 6 units Swish Phones at $1,030 each

Issued Check No. 4091 for $6,800 to this supplier.

After giving you the above details, Rinaldo asks you to perform the necessary changes in Sage 50 so that the company's accounts reflect the correct transaction, not the incorrect transaction that he gave you earlier.

Rinaldo then requests that you email him the correct outstanding balances owed to those vendors. Once this is done, Rinaldo will ask you to answer some questions about finding and fixing errors in Sage 50.

Instructions

1. Using Sage 50, find the incorrect record of the May 4 purchase transaction that you entered earlier.
2. Make the necessary changes to that record in Sage 50 so that it reflects the correct transaction description that is given above. You may find it useful to review the Sage 50 Learning Center, in particular the Troubleshooting techniques section to help you correct errors in Sage 50.
3. Once you have finished making those changes, print the aged payables report as of May 8, 2017 and enter the correct balances of JCN Electrical and Mega Tech accounts in the email below.
4. Answer all of the questions about Sage 50 that are presented on this page of the practice set.

Email to Rinaldo

Please complete your reply email to Rinaldo about the correct amounts owed to JCN Electrical and Mega Tech:

Sent:	May 8, 2017 9:00 AM
To:	Rinaldo Jensen
Subject:	Account balances

Dear Rinaldo,

I have amended the record of the May 4 purchase transaction that you emailed earlier.

After making the necessary changes in Sage 50, the balances of the two vendor accounts are as follows:

Vendor	Balance ($)
JCN Electrical
Mega Tech

Questions on Sage 50

(Q=253.F.FE.P1.Q2)

After you have corrected the May 4 transaction record in Sage 50, Rinaldo asks you to select the field(s) that Sage 50 allows changes to be made immediately to, when users try to modify a partly paid purchase invoice:

	the Invoice date field
	the Vendor ID field
	the Invoice No. field
	all of the above fields

(Q=253.F.FE.P2.Q1)

Rinaldo asks you to open the Purchase List window and identify the task option that is not available in that window.

To open the Purchase List window, from the Lists menu, select Vendors & Purchases and then choose Purchases.

Select the option that is not listed in the Tasks section of the Purchase List window:

	View all vendor credit memos
	View quotes
	View all vendors
	View all purchase orders

(Q=253.F.FE.P3.Q1)

Rinaldo asks you to open the Find Transactions window and identify the filter options available in that window.

To open the Find Transactions window, go to the Edit menu and select the Find Transactions option.

Which of the following shows the filter options that are available in the Find Transactions window:

	Transaction Type and Account Description
	Reference Number and Account ID
	Item ID and Item Price
	Transaction Amount and Quantity Purchased

Answer 1

Q=253.F.FE.P1.Q2

Incorrect entry

Purchase a/c Dr. 11360

To Mega Tech. 11360

Mega tech. Dr. 6800

To Bank. 6800

Correct entry

Purchase a/c. Dr. 18040

To JCN Electrical. 18040

JCN Electrical. Dr. 6800

To Bank. 6800

Balance payable of

JCN Electrical 11240

Mega tech. 0

Q=253.F.FE.P2.Q1

the field(s) that Sage 50 allows changes to be made immediately to, when users try to modify a partly paid purchase invoice:

the Vendor ID field

Q=253.F.FE.P3.Q1

option that is not listed in the Tasks section of the Purchase List window

View all vendor credit memos

following shows the filter options that are available in the Find Transactions window:

Reference Number and Account ID