VMG Accounting 101 Test

You have successfully completed your Accounting Assessment when you have

• Answered every question in the Accounting Assessment accurately and proven you comprehend and understand the information.
• You have completed this DMS Accounting 101 Test
• Have successfully onboarded two accounting customers without assistance from another member of the VMG team. You goal is to be able to fly solo and well.

Please report any issues with these tasks to alan@vmgsoftware.co.za

NOTES

• This test is intended to follow the DMS 101 Assessment
• Your accounting period is going to start in MAY.
• Your financial year commences on 01 MARCH.

TASKS

1. CLEAR ACCOUNTING TO REMOVE ALL PRE MAY TRANSACTIONS
2. MOVE ACCOUNTING PERIOD INTO MAY
3. SETUP CHART OF ACCOUNTS
4. SETUP COST TYPE LEDGER ACCOUNTS
5. BRING IN OPENING BALANCES (USE TEST BANK STATEMENT MAY 2018 FOUND BELOW)
6. TRANSFER ABOVE OTP TO INVOICE AND ALLOCATE INVOICE NUMBER
7. TRANSFER THE STOCK TRANSACTIONS PROCESSED IN YOUR DMS 101 ASSESSMENT TO LEDGER (DISCUSS AFFECTS OF TRANSFER AND THEN WORKSHOP AFTER)
8. AFTER STOCK TRANSFER – VERIFY DATA IN DETAILED, DEBTORS AND CREDITOR LEDGER REPORTS
9. PROCESS TEST BANK STATEMENT BELOW
10. OPEN CASHBOOK REPORT FOR TEST BANK AND VERIFY THAT DATA MATCHES BANK STATEMENT
11. OPEN DEBTOR AND CREDITOR LEDGERS TO VERIFY CASHBOOK ENTRIES ALLOCATED CORRECTLY
12. RECONCILE INCOME STATEMENT TO FULL PROFIT REPORT
13. RECONCILE DEBTORS AND CREDITORS
14. RUN MONTH END