The regular account balance for liability

In the middle of page 82 you will not “Select and Existing Company” but rather “Restore from Backup”

and pick the Skeleton1.CAB that I gave you. You may be asked to replace the existing, say “YES” here.

Company > Information:
Name: Love it Again, your first initial, your last name (page 86)

Company > Date Format:
Change short date to: MM dd yyyy
Click the radio buttons to use “Long Dates” on the screen and in reports(Page 90)

Note: Be mindful of the account balances: if an account is in the 2000s, this is liability. The regular account balance for a liability is a CR. If you want to enter a DR as an opening balance in an account that is normally a CR, you MUST PUT A NEGATIVE in front of the number (for example the GST Paid on Purchases).

Very important:
Best to input using the Search Window input at the bottom of page 105.

Finishing the History (page 107)
I recommend that you remove the name “Backup” and save your backup copy as File Name: “Love It Again, First Name, Last Name” so you can find it later as this will be the one you turn in after all is completed.

Journal Entries

Kelly Burden Page 2 of 4

Post transactions to an earlier fiscal year
Follow the steps in your textbook on pages 116-117 for posting transactions to prior fiscal year.

All the JE pages took me about 2 hours to do so plan accordingly.

3.From the Reports menu, select Financials and Trial Balance
Fiscal Year: “Previous Year 2023”
Generate the Report
Export and save as a PDF document called “TB 2023, your first initial and your last name”

4.From the Reports menu, select Financials and Trial Balance
Fiscal Year: “Current Year 2024”
Generate the Report
Export and save as a PDF document called “TB 2024, your first initial and your last name”

Hand in your assignment
Make sure you have created a .CAB backup of your completed Sage 50 assignment.

Go to Blackboard, Assessments hyperlink, and click on the Assignment title. Attach a copy of all 7 reports I requested (all will be PDF documents).