Sage 50 MCQ

Questions and Answer You need to enter a new customer on to Sage, how do you do this? Suppliers module -> New Customers module -> Record Nominal module -> New Customers module -> New Correct Answer D. Customers module -> New Explanation Customers are always set up through the customers module, but when adjustments need to made to their records this is done through the "record" button. You are asked to enter some new capital into your business, which module will you do this in? Nominal Financials Supplier Bank Customer Correct Answer D. Bank Explanation Credit the capital account with money introduced and therefore debit the bank with the money coming in. This transaction is made through the bank module in bank receipts. What nominal code range are Sales normally in? The 4000 range The 3000 range The 5000 range The 7000 range Correct Answer A. The 4000 range Explanation This is the first section of the statement of profit or loss What Tax Code do you use on an exempt transaction? T0 T1 T2 T9 Correct Answer C. T2 Explanation T0 - zero rated T1 - standard rate T2 - EXEMPT T9 - Outside the scope of VAT Where would you enter opening balances for suppliers? Customer record Supplier record Customer invoice Supplier invoice Correct Answer B. Supplier record Explanation The supplier invoice is only for current invoices not for opening balances. What two elements do you use to reconcile the bank account? Sage bank balance in the bank module and nominal ledger balance Bank statement and supplier payments Bank statement and customer balances Sage bank balance in the bank module and the bank statement Correct Answer D. Sage bank balance in the bank module and the bank statement Explanation To reconcile a bank account, you need to compare the Sage bank balance in the bank module with the bank statement. This process ensures that the recorded transactions in the Sage system match the actual transactions reflected in the bank statement. By reconciling these two elements, any discrepancies or errors can be identified and resolved, ensuring the accuracy of the bank account balance. The bank current account is defaulted to which nominal ledger code? 9999 4000 5000 1200 Correct Answer D. 1200 Explanation 9999 - mis postings account 4000 - sales 5000 - purchases Which function would you use in the bank module to enter a monthly direct debit? Bank payment Supplier payment Recurring items Batch payments Correct Answer C. Recurring items Explanation This is used to set up standing orders and direct debits, which can be receipts or payments on a regular basis. Where would you find the customer receipt button? Customers Bank Nominal Suppliers Correct Answer B. Bank Explanation The customer receipt button would be found in the bank. This suggests that the bank provides a feature or option for customers to receive a receipt, possibly for transactions or services conducted at the bank. If your trial balance is incorrect, which of the following would appear? 9999 - Mispostings account 9998 - Suspense account 3000 - Capital account 3200 - Profit or Loss account Correct Answer B. 9998 - Suspense account Explanation If the trial balance is incorrect, it means that the total debits do not equal the total credits. In such a situation, a Suspense account is created to temporarily hold the difference between the debits and credits until the error is identified and corrected. The Suspense account is used to balance the trial balance and ensure that the financial statements are accurate. Therefore, if the trial balance is incorrect, the correct answer would be 9998 - Suspense account. When first opening the Sage 50 program you will be asked to choose A. to open the sample company B. to create a new company C. to select an existing company D. any one of the above Correct Answer D. any one of the above