Smartbooks Entrepreneurship Workbook

EXERCISE WORKBOOK FOR STUDENTS- ENTREPRENEURSHIP
TECHNOPRENEURSHIP AND ENTERPRISE MANAGEMENT
EXERCISE WORKBOOK
FOR STUDENTS
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
TABLE OF CONTENTS...................................................................................................................................2
1. Basic Navigation......................................................................................................................................5
Exercise 1.1..............................................................................................................................................5
Exercise 1.2..............................................................................................................................................5
Exercise 1.3 A...........................................................................................................................................6
Exercise 1.3 B...........................................................................................................................................6
2. Introduction to Business Plan..................................................................................................................7
Exercise 2.1..............................................................................................................................................7
3. Pre-Operational Transactions using Smartbooks.....................................................................................9
Exercise 3.1..............................................................................................................................................9
Output Screenshot- Exercise 4.1.............................................................................................................9
Exercise 3.2............................................................................................................................................10
Output Screenshot-Exercise 4.2............................................................................................................10
Exercise 3.3............................................................................................................................................11
Exercise 3.4............................................................................................................................................12
Exercise 3.5............................................................................................................................................13
Output Screenshot- Exercise 4.5...........................................................................................................13
Exercise 3.6............................................................................................................................................14
Exercise 3.7............................................................................................................................................15
Exercise 3.8............................................................................................................................................16
Exercise 3.9............................................................................................................................................17
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Exercise 3.10..........................................................................................................................................18
Output Screenshot-Exercise 4.10..........................................................................................................18
4-11. Operational Transactions using Smartbooks....................................................................................19
Supplier Master Record.........................................................................................................................19
Exercise 4.1........................................................................................................................................19
Exercise 4.2........................................................................................................................................20
Output Screenshot.............................................................................................................................21
Customer Master Record.......................................................................................................................23
Exercise 5.1........................................................................................................................................23
Exercise 5.2........................................................................................................................................24
Output Screenshot.............................................................................................................................25
Item Master Record...............................................................................................................................27
Exercise 6.1........................................................................................................................................27
Output Screenshots- Exercise 6.1......................................................................................................28
Procurement of Items (Purchasing Process)..........................................................................................31
Exercise 7.1........................................................................................................................................31
Exercise 7.2........................................................................................................................................35
Selling of Items (Sales Process)..............................................................................................................39
Exercise 8.1........................................................................................................................................39
Exercise 8.2........................................................................................................................................43
Banking/Payment Process.....................................................................................................................47
Exercise 9.1........................................................................................................................................47
Exercise 9.2........................................................................................................................................48
Exercise 10.1......................................................................................................................................49
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Output Screenshots- Exercise 10.1....................................................................................................49

Exercise 10.2......................................................................................................................................50
Output Screenshots- Exercise 10.2....................................................................................................50
Report Generation.................................................................................................................................52
Exercise 11.1......................................................................................................................................52
Exercise 11.2......................................................................................................................................52
Exercise 11.3......................................................................................................................................52
Output Reports..................................................................................................................................52
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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 Smart books 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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Exercise 1.3 A
Admin > Setup > Define Users
Perform the ff. user profile credentials change:
User Name -Insert Own Student Name-

(Naming Convention will be discussed by your instructor)
Password -Insert Own Password-
Re-enter Password -Insert Own Password-
Exercise 1.3 B
Admin > System Configuration > Company & Branches Details
Perform the ff. branch credentials change:
Name -Insert Own Student Name-

(Naming Convention will be discussed by your instructor)
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2. Introduction to Business Plan

Exercise 2.1
1. It is a formal statement of business goals, reasons they are attainable and plans for reaching team.
2. A ______________ is a one-or-two-page summary of your entire business plan.
3. This key element of a business plan gives you a window into your industry, the state of the market,
general costs, how business is acquired, and also affords you an opportunity to distinguish yourself from
competitors.
4. A key element of a business plan which purpose is to help you outline the more administrative side of
your business, including how you operate, where your office is located, your staff or assistant if
applicable, etc.
5. True or False: The executive summary shows the mission of the company, its objectives and keys to
success.
6. True or False: It is necessary to put a part in your business plan the forecast of your management and
personnel- # of employees needed, projected increase on the # of employees per year, basic
qualification (atleast) of employees.
7. A _____________ is a documents which serves as a proof that an individual is a resident of the

city/Municipality and that he/she paid the necessary dues arising from income derived from business,
exercise of profession, and/or ownership of real properties in the area. It is also referred to as sedula.
8. These financial ratios measure the ability of a company to pay off its short-term liabilities when they
fall due.
9. This kind of profitability ratio commonly referred to as acid ratio.
10. These financial ratios measure the ability of a company to meet its obligations- both long-term and
short-term.
11. These financial ratios shows a company’s overall efficiency and performance.
12. __________________ are balance sheet accounts that represent the value of all assets that is
reasonably expected to be converted into cash within one year (12 months) or within the normal
operating cycle.
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13. The following, except one are considered to be a quick assets:
a. Cash and Cash Equivalents

b. Inventory
c. Marketable Securities (Trading)
d. Receivables (Current)
14. True or False: Your total amount of startup requirement should be at least Php500, 000.
15. Under Business Positioning Strategy, location, pricing and product availability must be considered.
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3. Pre-Operational Transactions using Smartbooks

Treasury > Cash Outflows > Cash Outflows- GL Account > input G/L Account > establish Payment Means
Treasury > Cash Inflows > Cash Inflows- GL Account > input G/L Account > establish Payment Means
As part of the commencement of the business, we will need to establish pre-operational expenses,
rather transaction, such as investment, asset acquisition, etc.
The ff. exercises are given as a simulation to pre-operational transactions you can see all throughout the
course of a business.
Exercise 3.1
On January 04, 20XX, the owner invested cash amounting to Php 900,000 as its initial investment.
Record the transaction using the System-generated Approach Entry and screenshot the journal entry
made.
Cash Flow: Inflow

G/L Account: 30110000- MG, Capital
Payment Means: Cash (Cash on Hand)
Output Screenshot- Exercise 4.1

Input the screenshot of your output here
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Exercise 3.2
On January 04, 20XX, transferred Php 200,000 to BPI bank account via cash deposit
Cash Flow: Inflow

G/L Account: 10120102- BPI
made.
Output Screenshot-Exercise 4.2

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Exercise 3.3
On January 04, 20XX, paid rent for 3 months, starting from January until March 20XX amounting to
Php 10,000 per month. Next rent payment after this one will be on April 2, 20XX.
Cash Flow: Outflow

G/L Account: 60006010- Rental Expense
made

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Exercise 3.4
Still on January 04, 20XX, the entity paid taxes and licenses (Mayor’s Permit, DTI Permit and BIR
Registration) through cash worth Php 15, 000.
Cash Flow: Outflow

G/L Account: 60008010- Taxes & Licenses
made

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Exercise 3.5
On January 04, 20XX, spent Php 10,000 for tarpaulin, fliers and other advertising materials (cash
payment)
Cash Flow: Outflow

G/L Account: 60010010- Printing & Reproduction
made
Output Screenshot- Exercise 4.5

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Exercise 3.6
On January 04, 20XX, spent Php 5,000 cash for the repainting and other repair costs of the rented shop
Cash Flow: Outflow

G/L Account: 60009010- Repairs & Maintenance Labor
made

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Exercise 3.7
On January 05, 20XX, bought supplies amounting to Php 15,000
Cash Flow: Outflow

G/L Account: 10450000- Office Supplies
made

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Exercise 3.8
On January 05, 20XX, the entity issued a check for the purchase of computers, printers and calculators
for a total amount of Php 150,000.
Cash Flow: Outflow

G/L Account: 15110110- Office Equipment
made

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Exercise 3.9
On January 06, 20XX, purchased office tables, chairs and furnitures thru cash worth Php 10,000.
Cash Flow: Outflow

G/L Account: 15110100- Furniture & Fixtures
made

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Exercise 3.10
On January 07, 20XX, the entity paid Php 6,000 cash for other expenses incurred
Cash Flow: Outflow

G/L Account: 60013020- Miscellaneous Expense
made

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4-11. Operational Transactions using Smartbooks
Supplier Master Record

Customers/Suppliers > Suppliers
Exercise 4.1
Using the template below, add the supplier record inside the system:
Header
Supplier Type: Individual
Supplier Code: Manual
Supplier No: Section Name Code + Smartbooks Account No + A
(e.g ABM0101A)
Supplier Name: -Input Desired Supplier Name-
Group: Suppliers
General
Phone: -Input Desired Phone Number-
Mobile Phone: -Input Desired Mobile Number-
E-Mail -Input Desired Email Address-
Payment Term
Payment Terms: Net30
Price List: Base Price
Accounting
Accounts Payable G/L: 20100100
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Exercise 4.2
Using the template below, add the supplier record inside the system:
Header
Supplier Type: Corporation
Supplier Code: Manual
Supplier No: Section Name Code + Smartbooks Account No +
B
(e.g ABM0101B)
Supplier Name: -Input Desired Supplier Name-
Group: Suppliers
General
Phone: -Input Desired Corporate Phone Number-
Mobile Phone: -Input Desired Corporate Mobile Number-
E-Mail -Input Desired Corporate Email Address-
Website -Input Desired Corporate Website-
Contact Person
Title: Mr./Ms.
Name: -Input Desired Name-
Position: Procurement Officer
Telephone No: -Input Desired Phone Number-
Mobile Phone: -Input Desired Mobile Phone Number-
E-Mail: -Input Desired Email Address-
Address: -Input Desired Mailing Address-
Payment Term
Payment Terms: 2P10Net30
Price List: Discounted Purchase Price
Accounting
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Output Screenshot
Exercise 4.1
Insert the screenshot below:
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Exercise 4.2
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Customer Master Record

Customers/Suppliers > Customers
Exercise 5.1
Using the template below, add the customer record inside the system:
Header
Customer Type: Individual
Customer Code: Manual
Customer No: Section Name Code + Smartbooks Account No + D
(e.g ABM0101D)
Last/First/Middle Name: -Input Desired Customer Name-
Group:
General
Phone 1: -Input Desired Phone Number-
Mobile: -Input Desired Mobile Number-
Birth Date: -Input Desired Birth Date-
Nationality: Filipino
Sex: Male/Female
Civil Status: -Select Any-
Position: -Input Desired Position-
Payment Term
Payment Terms: Net30
Price List: Base Price
Accounting
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Exercise 5.2
Using the template below, add the customer record inside the system:
Header
Customer Type: Corporation
Customer Code: Manual
Customer No: Section Name Code + Smartbooks Account No +
E
(e.g ABM0101E)
Customer Name: -Input Desired Customer Name-
Group:
General
Phone: -Input Desired Corporate Phone Number-
Mobile Phone: -Input Desired Corporate Mobile Number-
E-Mail -Input Desired Corporate Email Address-
Website -Input Desired Corporate Website-
Contact Person
Title: Mr./Ms.
Name: -Input Desired Name-
Position: Sales Officer
Telephone No: -Input Desired Phone Number-
Mobile Phone: -Input Desired Mobile Phone Number-
Address: -Input Desired Mailing Address-
Payment Term
Payment Terms: 2P10Net30
Price List: Special Sales Price
Accounting
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Output Screenshot
Exercise 5.1
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Exercise 5.2
Page 26 / 52
Item Master Record

Inventory > Items
Exercise 6.1
Item Price
Item Code Item Code Item Name Item Class Price List
Category VA
ITM + Smartbooks Account No + A
Manual -Input Desired Item Name- Merchandise Inventory Items Base Price 15
(e.g ITM01A)
ITM + Smartbooks Account No + B
(e.g ITM01B)
ITM + Smartbooks Account No + C
(e.g ITM01C)
Add the following items inside the system following the details below:
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Output Screenshots- Exercise 6.1

Input the screenshot of your output here:
ITEM 1
PLACE YOUR ITEM RECORD SCREENSHOT HERE
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ITEM 2
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ITEM 3
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Procurement of Items (Purchasing Process)

Purchases > Purchase Order > Receiving > AP Voucher
Exercise 7.1
January 09, 20XX
Perform the purchasing process inside the system using the details below:
For Purchasing Docs (Purchase Order, Receiving, AP Voucher)

Supplier No/Name: -Choose supplier created in Exercise 4.1-
Journal Date/Due Date/Creation Date: January 09, 20XX
Item Code/Item Name: -Choose item 1 created in Exercise 6.1-
Quantity Ordered (for Purchase Order): 50
Vat Code: IG
Quantity Received (for Receiving): 50
Quantity Invoiced (for AP Voucher): 50
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Purchase Order
PLACE YOUR PURCHASE ORDER (PO) SCREENSHOT HERE
Page 32 / 52
PLACE YOUR RECEIVING SCREENSHOT HERE
Receiving
Page 33 / 52
PLACE YOU’RE A/P INVOICE SCREENSHOT HERE
A/P Voucher
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Exercise 7.2
January 10, 20XX
For Purchasing Docs (Purchase Order, Receiving, AP Voucher)

Supplier No/Name: -Choose supplier created in Exercise 4.2-
Item Code/Item Name: -Choose items 2 and 3 created in Exercise 6.1-
Quantity Ordered (for Purchase Order): 100 and 120, respectively
Vat Code: IG
Quantity Received (for Receiving): 100 and 120, respectively
Quantity Invoiced (for AP Voucher): 100 and 120, respectively
Page 35 / 52

Purchase Order
PLACE YOUR PURCHASE ORDER (PO) SCREENSHOT HERE
Page 36 / 52
PLACE YOUR RECEIVING SCREENSHOT HERE
Receiving
Page 37 / 52
PLACE YOU’RE A/P INVOICE SCREENSHOT HERE
A/P Voucher
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Selling of Items (Sales Process)

Sales > Sales Order > Shipment > Invoice
Exercise 8.1
January 12, 20XX
For Sales Docs (Sales Order, Receiving, Invoice)

Customer No/Name: -Choose customer created in Exercise 5.1-
Item Code/Item Name: -Choose item 1 created in Exercise 6.1-
Quantity Ordered (for Sales Order): 50
Vat Code: OV
Quantity Received (for Shipment): 50
Quantity Invoiced (for Invoice): 50
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Sales Order
PLACE YOUR SALES ORDER (SO) SCREENSHOT HERE
Page 40 / 52
PLACE YOUR DELIVERY SCREENSHOT HERE
Shipment
Page 41 / 52
PLACE YOU’RE A/R INVOICE SCREENSHOT HERE
A/R Invoice
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Exercise 8.2
January 13, 20XX
For Sales Docs (Sales Order, Shipment, Invoice)

Customer No/Name: -Choose customer created in Exercise 5.2-
Item Code/Item Name: -Choose items 2 and 3 created in Exercise 6.1-
Quantity Ordered (for Sales Order): 75 and 95, respectively
Vat Code: OV
Quantity Received (for Shipment): 75 and 95, respectively
Quantity Invoiced (for Invoice): 75 and 95, respectively
Page 43 / 52

Sales Order
PLACE YOUR SALES ORDER (SO) SCREENSHOT HERE
Page 44 / 52
PLACE YOUR DELIVERY SCREENSHOT HERE
Delivery
Page 45 / 52
PLACE YOU’RE A/R INVOICE SCREENSHOT HERE
A/R Invoice
Page 46 / 52
Banking/Payment Process
Treasury > Cash Outflows > Cash Outflows- Supplier
Treasury > Cash Inflows > Cash Inflows- Customer
Exercise 9.1
Process the payment to the supplier with the ff. details below:
For Payment Doc (Cash Outflows-Supplier)

Payments For: Payables
Supplier No/Name: -Choose supplier used in Exercise 7.1-
Journal Date/Due Date/Creation Date: February 1, 20XX
Documents for Payment: -Select open voucher-
Payment Means: Cash
G/L Account: Cash on Hand
Amount: -Input Amount in reference to Total Amount Due-

PLACE YOUR CASH OUTFLOW DOC SCREENSHOT HERE
Page 47 / 52
Exercise 9.2
Process the payment to the supplier with the ff. details below:
For Payment Doc (Cash Outflows-Supplier)

Payments For: Payables
Supplier No/Name: -Choose supplier used in Exercise 7.2-
Documents for Payment: -Select open voucher-
Payment Means: Cash
Amount: -Input Amount in reference to Total Amount Due-

PLACE YOUR CASH OUTFLOW DOC SCREENSHOT HERE
Page 48 / 52
Exercise 10.1
Process the collection from the customer with the ff. details below:
For Collection Doc (Cash Inflows- Customer)

Payments For: Receivables/Payables
Customer No/Name: -Choose customer used in Exercise 8.1-
Documents for Payment: -Select open invoice-
Payment Means: Cash
Amount: -Input Amount in reference to Amount Due-

PLACE YOUR CASH INFLOW DOC SCREENSHOT HERE
Page 49 / 52
Exercise 10.2
Process the collection from the customer with the ff. details below:
For Collection Doc (Cash Inflows- Customer)

Payments For: Receivables/Payables
Customer No/Name: -Choose customer used in Exercise 8.2-
Documents for Payment: -Select open invoice-
Payment Means: Cash
Amount: -Input Amount in reference to Amount Due-

PLACE YOUR CASH INFLOW DOC SCREENSHOT HERE
Page 50 / 52
Page 51 / 52
Report Generation
Financials > Financial Reports > Financial > Balance Sheet
Financials > Financial Reports > Financial > Profit and Loss Statement
Financials > Financial Reports > Financial > Cash Flow
Exercise 11.1
Generate the Balance Sheet Report
Branch: ALL
As of: December 31, 20XX
Exercise 11.2
Generate the Profit and Loss Statement
Branch: ALL
Profit Center: ALL
From: January 01, 20XX
To: December 31, 20XX
Exercise 11.3
Generate the Cash Flow Report
Branch: ALL
From: January 01, 20XX
To: December 31, 20XX
Output Reports
Submit the generated report/file via PDF or Excel to your instructor.
<<<Nothing Follows>>>
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EXERCISE WORKBOOK FOR STUDENTS- ENTREPRENEURSHIP

TECHNOPRENEURSHIP AND ENTERPRISE MANAGEMENT

Output Screenshot-Exercise 4.9............................................................................................................17

Output Screenshots- Exercise 10.1....................................................................................................49

Perform the ff. user profile credentials change:

User Name -Insert Own Student Name-

Password -Insert Own Password-

Re-enter Password -Insert Own Password-

Perform the ff. branch credentials change:

Name -Insert Own Student Name-

2. Introduction to Business Plan

2. A ______________ is a one-or-two-page summary of your entire business plan.

7. A _____________ is a documents which serves as a proof that an individual is a resident of the

9. This kind of profitability ratio commonly referred to as acid ratio.

13. The following, except one are considered to be a quick assets:

a. Cash and Cash Equivalents

3. Pre-Operational Transactions using Smartbooks

Cash Flow: Inflow

Output Screenshot- Exercise 4.1

Cash Flow: Inflow

Output Screenshot-Exercise 4.2

Cash Flow: Outflow

Output Screenshot-Exercise 4.3

Cash Flow: Outflow

Output Screenshot-Exercise 4.4

Cash Flow: Outflow

Output Screenshot- Exercise 4.5

Cash Flow: Outflow

Output Screenshot-Exercise 4.6

Cash Flow: Outflow

Output Screenshot-Exercise 4.7

Cash Flow: Outflow

Output Screenshot-Exercise 4.8

Cash Flow: Outflow

Output Screenshot-Exercise 4.9

Cash Flow: Outflow

Output Screenshot-Exercise 4.10

4-11. Operational Transactions using Smartbooks

Supplier Master Record

Customer Master Record

Item Master Record

Output Screenshots- Exercise 6.1

PLACE YOUR ITEM RECORD SCREENSHOT HERE

PLACE YOUR ITEM RECORD SCREENSHOT HERE

PLACE YOUR ITEM RECORD SCREENSHOT HERE

Procurement of Items (Purchasing Process)

For Purchasing Docs (Purchase Order, Receiving, AP Voucher)

Output Screenshots- Exercise 7.1

PLACE YOUR PURCHASE ORDER (PO) SCREENSHOT HERE

PLACE YOUR RECEIVING SCREENSHOT HERE

PLACE YOU’RE A/P INVOICE SCREENSHOT HERE

For Purchasing Docs (Purchase Order, Receiving, AP Voucher)

Output Screenshots- Exercise 7.2

PLACE YOUR PURCHASE ORDER (PO) SCREENSHOT HERE

PLACE YOUR RECEIVING SCREENSHOT HERE

PLACE YOU’RE A/P INVOICE SCREENSHOT HERE

Selling of Items (Sales Process)

For Sales Docs (Sales Order, Receiving, Invoice)

Output Screenshots- Exercise 8.1

PLACE YOUR SALES ORDER (SO) SCREENSHOT HERE

PLACE YOUR DELIVERY SCREENSHOT HERE

PLACE YOU’RE A/R INVOICE SCREENSHOT HERE

For Sales Docs (Sales Order, Shipment, Invoice)

Output Screenshots- Exercise 8.2