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Chapter 3:
Customers
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Customer Transactions
In Chapter 3, you learn about Bellwether
Garden Supply’s customers. In this
chapter, you learn how Sage 50 handles
accounts receivable transactions with
customers.
3-2
Sage 50 Tips
All work in Chapters 1 and 2, including the end-ofchapter exercises, must be completed before
starting Chapter 3.
If the Sales/Invoicing window or Receipts window
does not show the G/L account field, refer to
Setting Global Options in Chapter 1 and the front
matter. A Chapter 1 video is also included at
www.mhhe.com/yacht2015; Chapter 2, Videos.
You need to record (enter the sale to a customer),
post, then print Invoice No. 101 before entering
Receipts.
3-3
Sage 50 Tips
If the GL Account field is not displayed on
the Quotes, Receipts, or Sales/Invoicing
windows you need to check your global
settings. In Global Options make sure
that the boxes in the Hide General
Ledger Accounts section are unchecked
(from the menu bar, Options; Global).
3-4
Backing Up Chapter 3
Make two backups: back up Chapter 3 data and back up Exercise 3-2.
Export Customer Ledgers to Excel and save one Adobe PDF file. All the
backups made and files saved are shown in the Part 1 introduction.
Backup Name (.ptb)
Excel Report (.xlsx) and Adobe (.pdf)
KB
Page Nos.
Chapter 3.ptb
3,465 KB
126
Exercise 3-2.ptb
3,480 KB
128
Exercise 3-2_Customer Ledgers.xlsx
18 KB
128
Exercise 3-2_Customer Ledgers.pdf
71 KB
128
3-5
Chapter 3
Glossary of Terms
3-6
Sales Order
A sales order is a document containing a
list of items or services that a customer
wants to buy. A sales order is a request for
a sale. No accounting information is
updated when a sales order is posted.
3-7
Accounts Receivable module or
accounts receivable system
3-8
Sales discount
A cash discount that is offered to
customers for early payment of their sales
invoices. For example, Bellwether Garden
Supply offers Teesdale Real Estate a 5%
discount for payments received within 15
days of the invoice date. In Sage 50, the
discount period (number of days) and
discount percentage can be changed.
3-9
Real-time posting
The sample company, Bellwether
Garden Supply, uses real-time posting.
When real-time posting is used, the
transactions that you enter are posted as
you save them. On the Tasks windows,
click on the Save icon to post to the
general ledger.
3-10
Batch posting
Journal entries that are held in temporary
storage and not made part of the
permanent records of the company until
you decide you are satisfied with them
and select Post from the icon bar. After
you post, the General Ledger and all other
accounting reports are updated.
3-11
Customer Ledgers
Sage 50’s accounts receivable system
includes the customer ledgers. Customer
Ledgers list customers with detailed
transaction information including
outstanding balances for each customer.
3-12
Credit Memos
Credit Memos are issued to customers for
returned merchandise or service refunds.
Use the Credit Memos window to enter
credit memos for customer returns and
credits. Credit memos can be applied to
any existing sales invoice.
3-13
Online Learning Center
 Go online to www.mhhe.com/yacht2015 for additional
resources. Link to Student Edition, select Chapter 3.
o Interactive Testing
o Glossary of Terms
Appendix C: Review of Acctg. Princ.
Appendix D: Glossary of Terms
o Feature Quizzes
o Narrated PowerPoints
o Assessment Rubric
o Going to the Net
o QA Templates
3-14
Going to the Net
Access the Financial Accounting Standards
Board website at http://www.fasb.org. Select
ABOUT US, then Board Members.
1. How many board members serve on the
Financial Accounting Standards Board? Do
they serve part time or full time?
2. What are the qualifications for the board
members?
3-15
Analysis Question
With the Customers & Sales Navigation
Center serving as the starting point to
perform tasks related to Accounts
Receivable, list five Customers & Sales
tasks.
3-16
Assessment Rubric
Date
Transaction
3/3
Bellwether Garden
Supply sold one
Rotary Mower EQLW-14140 to
Teesdale Real
Estate, Invoice 102,
$299.99; plus $18
sales tax.
3/15
Received Check No.
9915 in the amount
of $302.99 from
Teesdale Real
Estate.
Navigation
Center/Module
Task
Window
Journal
Dr./Cr.
3-17