AIS With Analytics Workbook v2023

Smartbooks AIS with Analytics Workbook
EXERCISE WORKBOOK
Smartbooks AIS with Analytics
FIT ACADEMY l GF King’s Court Bldg II., Chino Roces cor. Delarosa Sts., Makati City 1200, Philippines l Telephone Number: 63.2.759.4348 l www.fitacademy.ph
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Table of Contents
1. Basic Navigation......................................................................................................................................4
Exercise 1.1..............................................................................................................................................4
Exercise 1.2..............................................................................................................................................4
2. Master Data.............................................................................................................................................6
Exercise 2.1..............................................................................................................................................6
Exercise 2.2..............................................................................................................................................7
3. Chart of Accounts....................................................................................................................................9
Exercise 3.1..............................................................................................................................................9
4. Subsidiary Ledger and Special Journals....................................................................................................9
Exercise 4.1..............................................................................................................................................9
5. Accounting Cycle...................................................................................................................................10
Exercise 5.1 Manual Journal Entry.........................................................................................................10
Exercise 5.2 Recurring Entry..................................................................................................................12
Exercise 5.3 A/P Voucher.......................................................................................................................12
Exercise 5.4 Cash Disbursement Journal................................................................................................14
Exercise 5.5 A/R Invoice.........................................................................................................................16
Exercise 5.6 Cash Receipts Journal........................................................................................................18
Exercise 5.8 General Ledger..................................................................................................................19
Exercise 5.9 Subsidiary Ledger...............................................................................................................20
Exercise 5.10 Trial Balance....................................................................................................................21
Exercise 5.11 Adjusting Entry.................................................................................................................23
Exercise 5.12 Financial Statements........................................................................................................25
Exercise 5.13 Closing Entries.................................................................................................................28
Exercise 5.14 Reversing Entry................................................................................................................29
6. Case Study – Merchandising..................................................................................................................29
Exercise 6.1 Manual Journal Entry.........................................................................................................30
Exercise 6.2 Adjusting Entry..................................................................................................................31
Exercise 6.3 Trial Balance......................................................................................................................31
Exercise 6.4 Financial Statements......................................................................................................31
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1. Basic Navigation
Exercise 1.1
Fill each blank with the appropriate words or terminologies that will make the statements correct.
1. Navigation in Smartbooks is done using the___________________. This menu contains a list of all
modules with their related options.
2. The _______________ extends along the entire lower edge of the Smartbooks main window and
contains various fields.
3. A/an __________________ appears on a red background and informs you that the procedure cannot
continue until corrective action is taken.
4. A/an ___________________ appears on a green background and confirms the successful execution of
a procedure.
5. A ____________________ function is normally linked with the master data and documents. Using it
will open the detailed information.
Exercise 1.2
Identify the terminologies being described by each sentence.
1. This application facilitates data sharing, information flows, and introduction of common business
practices among business units in the organization. It enables an organization to automate and integrate
its key business processes.
2. This is also known as Internal Cloud, is a cloud-based infrastructure operated exclusively for a single
organization with all data protected behind an internal firewall.
3. This is also known as External Cloud, is available to the public where data are created and stored on
third-party servers.
4. This is a key feature of cloud computing where resources can be accessed anywhere (except on
limitations set by company's internal control).
5. It is one of the major units of Smartbooks that produces the traditional Financial Statements, such as
Income Statement, Balance Sheet, Statement of Cash Flow, Tax Returns, Reports / Schedules, and other
reports mandated by the government.
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2. Customer Master Record

Exercise 2.1
Customers/Suppliers > Customers
Add the customer data with the following information:
Header
Customer Type: Individual
Customer No.: C + 00 + [Branch No.] + A
Tax ID: 123-887-996-00000
Last Name: [Student’s last name]
First Name: [Student’s first name]
Middle Name: [Student’s middle name]
Group: Customers
General
Phone: 12349876
Mobile Phone: 9184678943
E-Mail [student’s initials]@gmail.com
Addresses
Address Name: [Preferred address]
Street: [Preferred street]
Block/Barangay: [Preferred block/barangay]
City: [Preferred city]
Zip Code: [Applicable zip code]
Country: Philippines
Contact Person
Title: Ms./Mr.
Name: [Student’s Name]
Position: Manager
Telephone No: 12349876
E-Mail: [student’s initials]@gmail.com
Address: Student’s address
Payment Term
Payment Terms: 30 Days
Price List: Regular Sales Price
Accounting
Accounts Receivable: 10210100
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Insert the screenshot of your output below:
Exercise 2.2
Customers/Suppliers > Customers
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Add the customer data with the following information:
Header
Customer Type: Corporation
Customer No.: C + 00 + [Branch No.] + B
Customer Name: [Preferred company name] Corporation
Tax ID: 331-887-221-00005
Group: Customers
General
Phone: 6071235
E-Mail [Company name]@gmail.com
Addresses
Contact Person
Title: Mr./Ms.
Name: [Preferred name]
Position: Purchasing Officer
E-Mail: [preferred name's initials]@gmail.com
Address: [Preferred address]
Payment Term
Price List: Regular Sales Price
Accounting
Accounts Receivable: 10210100
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3. Supplier Master Record

Exercise 3.1
Customers/Suppliers > Suppliers
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Add the Supplier data with the following information:
Header
Supplier Type: Individual
Supplier No.: S + 00 + [Branch No.] + A
Tax ID: 777-888-999-00001
Last Name: [Preferred name’s last name]
First Name: [Preferred name’s first name]
Middle Name: [Preferred name’s middle name]
Group: Suppliers
General
Phone: 78941523
E-Mail [Preferred name's initials]@gmail.com
Addresses
Contact Person
Title: Ms./Mr.
Name: [Preferred Name]
Position: Owner
E-Mail: [Preferred name’s initials]@gmail.com
Address: Preferred address
Payment Term
Price List: Regular Purchase Price
Accounting
Accounts Payable: 20100100
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Exercise 3.2
Customers/Suppliers > Suppliers
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Add the Supplier data with the following information:
Header
Supplier Type: Corporation
Supplier No.: S + 00 + [Branch No.] + B
Supplier Name: [Preferred company name] Corporation
Tax ID: 663-887-994-00036
Group: Suppliers
General
Phone: 8871455
E-Mail [Company name]@gmail.com
Addresses
Contact Person
Title: Mr./Ms.
Name: [Preferred name]
Position: Sales Officer
E-Mail: [preferred name's initial]@gmail.com
Address: [Preferred address]
Payment Term
Price List: Regular Purchase Price
Accounting
Accounts Payable: 20100100
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4. Adding of Items
Exercise 4.1
Inventory > Items
Add the following items:
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Price w/ VAT
Item Code (Manual) Item Name Item Class Item Category
Installment
I + 00 + [Branch No.] + A [Item 1 Name] Merchandise Inventory Items [Base price]
I + 00 + [Branch No.] + B [Item 2 Name] Merchandise Inventory Items [Base price]
I + 00 + [Branch No.] + C [Item 3 Name] Merchandise Inventory Items [Base price]
I + 00 + [Branch No.] + D [Item 4 Name] Merchandise Inventory Items [Base price]
I + 00 + [Branch No.] + E [Item 5 Name] Merchandise Inventory Items [Base price]
5. Purchase Process
5.A Regular Purchase Process
Exercise 5.1
Do the WHOLE PURCHASE PROCESS for the following items (Purchase Oder > Receiving > AP Voucher >
Cash Outflow – Supplier):
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Supplier: [Supplier in Exercise 3.1]

Item/s: [Item 1 and Item 2 in Exercise 4.1]
Quantity: 65 and 49 respectively
Payment means: Cash (Use Cash on Hand)
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Exercise 5.2
Do the WHOLE PURCHASE PROCESS for the following items (Purchase Oder > Receiving > AP Voucher >
Cash Outflow – Supplier):

Quantity 45 and 50 respectively
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5.B Purchase Process with Purchase Return

Exercise 5.3
Do the WHOLE PURCHASE PROCESS for the following items with Goods Return (Purchase Oder >
Receiving > Purchase Returns > A/P Voucher > Cash Outflow – Supplier):

Quantity Received: 67 and 56 respectively
Quantity Returned: 5 and 3 respectively
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5.C Purchase Process with Debit Memo

Exercise 5.4
Do the WHOLE PURCHASE PROCESS for the following items with /P Debit Memo (Purchase Oder >
Receiving > AP Voucher > A/P Debit Memo > Cash Outflow – Supplier):

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Exercise 5.5
Do the WHOLE PURCHASE PROCESS for the following items with /P Debit Memo (Purchase Oder >
Receiving > A/P Voucher > A/P Debit Memo > Cash Outflow – Supplier):

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6. Sales Process
6.A Regular Sales Process
Exercise 6.1
Do the WHOLE SALES PROCESS for the following items (Sales Oder > Shipment > Invoice > Cash Inflow –
Customer):
Customer: [Customer in Exercise 1.1]

Quantity: 23 and 31 respectively
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Exercise 6.2
Do the WHOLE SALES PROCESS for the following items (Sales Oder > Shipment > Invoice > Cash Inflow –
Customer):

Quantity 25 and 27 respectively
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6.B Sales Process with Sales Return

Exercise 6.3
Do the WHOLE SALES PROCESS for the following items with Sales Return (Sales Oder > Shipment > Sales
Return > Invoice > Cash Inflow – Customer):

Quantity Delivered: 20 and 30 respectively
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6.C Sales Process with Credit Memo

Exercise 6.4
Do the WHOLE SALES PROCESS for the following items with A/R Credit Memo (Sales Oder > Shipment >
Invoice > A/R Credit Memo > Cash Inflow – Customer):

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Exercise 6.5
Do the WHOLE SALES PROCESS for the following items with A/R Credit Memo (Sales Oder > Shipment >
Invoice > A/R Credit Memo > Cash Inflow – Customer):

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7. Inventory Management
Defining Warehouse
Exercise 7.1 Adding of Warehouse
Admin > Setup > Inventory > Define Warehouses
Add the following warehouse:
Warehouse Code: WH + (Branch)

Warehouse Name: (Preferred Location) + Warehouse
Street: (Preferred street)
Block/Barangay: (Preferred barangay)
City: (Preferred city)
Zip code: (Zip code of preferred city)
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Inventory Transactions
Exercise 7.2 Item Receipt
Inventory > Inventory Transactions > Item Receipt
Received freebies from supplier:
Items: Quantity
[Item 1] 12
[Item 2] 17
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Exercise 7.3 Item Receipt

Inventory > Inventory Transactions > Item Receipt
Physical inventory count is higher than system inventory count
Items: Quantity
[Item 3] 35
[Item 4] 47
[Item 5] 23
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Exercise 7.4 Item Issuance

Inventory > Inventory Transactions > Item Issuance
Issued items due to warehouse theft.
Items: Quantity
[Item 1] 10
[Item 2] 14
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Exercise 7.5 Item Issuance

Inventory > Inventory Transactions > Item Issuance
Issued items due to warehouse fire.
Items: Quantity
[Item 3] 12
[Item 4] 22
[Item 5] 14
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Exercise 7.6 Item Transfer

Inventory > Inventory Transactions > Item Transfer
Transfer the following items from your assigned warehouse (i.e. WAREHOUSE XX) to the created
warehouse in 1.1.
Items: Quantity
[Item 1] 10
[Item 2] 10
[Item 3] 10
[Item 4] 10
[Item 5] 10
Batch and Serial Numbers

Adding of Item: Inventory > Items
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Purchase Order > Receiving > A/P Voucher

Sales Order > Shipment > Invoice
Exercise 7.7 Batches

Add the following item managed by batches:
Item Code: B + [Branch no.] + A

Item Name: [Preferred Item Name]
Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Costing Method: FIFO
Manage Item by: Batches
Management Method: On every transaction
Price List Tab:
Base Price: [Desired price]
 Purchase and receive from [Supplier in Exercise 3.1] 100pcs of [Item above] by batches. Make 4
batches divided equally.
 Sell and deliver to [Customer in Exercise 2.1] 54pcs of [Item above] by batches.
Note: Use your Branch No. when defining batch numbers.
Example, if you are Branch 1, start at:
Batch No.: Batch 1000
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Exercise 7.8 Batches
Add the following item managed by batches:
Item Code: B + [Branch no.] + B

Inventory Tab:
Manage Item by: Batches
Price List Tab:
 Purchase and receive from [Supplier in Exercise 3.2] 200pcs of [Added Item] by batches. Make 2
batches divided equally.
 Sell and deliver to [Customer in Exercise 2.2] 133pcs of [Added Item] by batches.
Note: Continue using the batch number in Exercise 7.7.
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Exercise 7.9 Serial Numbers

Adding of Item: Inventory > Items
Purchase Order > Receiving > A/P Voucher
Sales Order > Shipment > Invoice
Add the following item managed by serial numbers:
Item Code: SN + [Branch no.] + A

Inventory Tab:
Manage Item by: Serial Numbers
Price List Tab:
 Purchase and receive from [Supplier in Exercise 3.1] 20pcs of [Item above] by serial numbers.
 Sell and deliver to [Customer in Exercise 2.1] 5pcs of [Item above] by serial numbers.
Note: Use your Branch No. when generating serial numbers.
Example, if you are Branch 1, use:
Prefix: Start Serial No:

Branch 1- 1000
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Exercise 7.10 Serial Numbers

Add the following item managed by serial numbers:
Item Code: SN + [Branch no.] + B

Inventory Tab:
Manage Item by: Serial Numbers
Price List Tab:
 Purchase and receive from [Supplier in Exercise 3.2] 25pcs of [Item above] by serial numbers.
 Sell and deliver to [Customer in Exercise 2.2] 14pcs of [Item above] by serial numbers.
Note: Continue using the serial numbers in Exercise 7.9.
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8. Accounting Cycle
Exercise 8.1 – Journal Voucher
Financials > Journal Voucher
Record the following transactions using the Journal:
On January 3, 20XX, the company issued ordinary share capital worth of P1,000,000, payment was made
on cash.
Dr. Cash on hand P1,000,000
Cr. Ordinary Share Capital P1,000,000
Insert the screenshot of your output here:
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Exercise 8.2 - Journal Voucher – Draft

Record the following transactions and save it as a draft.
On March 30, 20XX, the company recorded a Salary Expense worth of P10,000, paid for through cash.
Dr. Salaries and Wages P10,000
Cr. Cash on hand P10,000
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Exercise 8.3 - Adjusting Entry

Record the following transaction:
On March 31, 20XX, the company accrue the current month’s electricity and water with a total amount
of P13,450.
Dr. Electricity & Water P13,450
Cr. Accrued Payable P13,450
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Exercise 8.4 – Recurring Postings

Financials > Recurring Postings
Create the following recurring entries.
On April 1, 20XX, the company decided to save the monthly recurring rent expense on the system for
their new lease contract starting April 1 this year until April 1 next year. It is to be posted every 15 th of
the month. Monthly rental amounts to P25,000 and payment is made thru cash.
Dr. Rental Expense P25,000
Cr. Cash on hand P25,000
Code: RP + [Branch no.]

Description: Monthly Rent
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Exercise 8.5 – General Ledger

Financials > Reports > General Ledger
Generate the General Ledger as of the date of the latest transaction.
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Exercise 8.6 – Trial Balance

Financials > Reports > Trial Balance
Generate the Trial Balance as of the end of the year.
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Exercise 8.7 – Profit and Loss Statement

Financials > Reports > Profit or Loss
Generate the Income Statement for the year.
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Exercise 8.8 – Balance Sheet

Financials > Reports > Balance Sheet
Generate the Balance Sheet as of the end of the year.
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Exercise 8.9 – Period-end Closing

For Closing Entry: Financials > Closing Period
For Generating Journal Entry List: Financials > Reports > Journal Entry List
Note: Only the manager’s account shall be able to execute the period end closing. All the balances in
branches will be connected to the closing entry made.
Faculty: Perform Period End Closing for the year 20XX.

Student: Screenshot the closing entry generated in the Journal Entry List.
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Smartbooks AIS with Analytics Workbook

2. Customer Master Record

Add the customer data with the following information:

Insert the screenshot of your output below:

Add the customer data with the following information:

Insert the screenshot of your output below:

3. Supplier Master Record

Add the Supplier data with the following information:

Insert the screenshot of your output below:

Add the Supplier data with the following information:

Insert the screenshot of your output below:

Add the following items:

Insert the screenshot of your output below:

Supplier: [Supplier in Exercise 3.1]

Insert the screenshot of your output below:

Supplier: [Supplier in Exercise 3.2]

Insert the screenshot of your output below:

5.B Purchase Process with Purchase Return

Supplier: [Supplier in Exercise 3.1]

Insert the screenshot of your output below:

5.C Purchase Process with Debit Memo

Supplier: [Supplier in Exercise 3.2]

Insert the screenshot of your output below:

Supplier: [Supplier in Exercise 3.1]

Insert the screenshot of your output below:

Customer: [Customer in Exercise 1.1]

Insert the screenshot of your output below:

Customer: [Customer in Exercise 2.2]

Insert the screenshot of your output below:

6.B Sales Process with Sales Return

Customer: [Customer in Exercise 2.1]

Insert the screenshot of your output below:

6.C Sales Process with Credit Memo

Customer: [Customer in Exercise 2.2]

Insert the screenshot of your output below:

Customer: [Customer in Exercise 2.1]

Insert the screenshot of your output below:

Add the following warehouse:

Warehouse Code: WH + (Branch)

Insert the screenshot of your output below:

Received freebies from supplier:

Insert the screenshot of your output below:

Exercise 7.3 Item Receipt

Physical inventory count is higher than system inventory count

Insert the screenshot of your output below:

Exercise 7.4 Item Issuance

Issued items due to warehouse theft.

Insert the screenshot of your output below:

Exercise 7.5 Item Issuance

Issued items due to warehouse fire.

Insert the screenshot of your output below:

Exercise 7.6 Item Transfer

Insert the screenshot of your output below:

Batch and Serial Numbers

Purchase Order > Receiving > A/P Voucher

Exercise 7.7 Batches

Item Code: B + [Branch no.] + A

Example, if you are Branch 1, start at:

Batch No.: Batch 1000