7&8_Analytics Workbook - v2023-6

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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7. Inventory Management
Defining Warehouse
Exercise 7.1 Adding of Warehouse
Admin > Setup > Inventory > Define Warehouses
Add the following warehouse:
Warehouse Code: WHA232

Warehouse Name: CocoWarehouse
Street: Aquamarine
Block/Barangay: San Miguel
City: Guagua
Zip code: 2003
Insert the screenshot of your output below:
[WAREHOUSE]
2
Inventory Transactions
Exercise 7.2 Item Receipt
Inventory > Inventory Transactions > Item Receipt
Received freebies from supplier:
Items: Quantity
[Item 1] 12
[Item 2] 17
[ITEM RECEIPT]
3
[JOURNAL ENTRY]
4
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
[ITEM RECEIPT]
5
[JOUENAL ENTRY]
6
Exercise 7.4 Item Issuance

Inventory > Inventory Transactions > Item Issuance
Issued items due to warehouse theft.
Items: Quantity
[Item 1] 10
[Item 2] 14
[ITEM ISSUANCE]
7
[JOURNAL ENTRY]
8
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
[ITEM ISSUANCE]
9
[JOUNAL ENTRY]
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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
[STOCK TRANSFER]
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Batch and Serial Numbers

Adding of Item: Inventory > Items
Purchase Order > Receiving > A/P Voucher
Sales Order > Shipment > Invoice
Exercise 7.7 Batches
Add the following item managed by batches:
Item Code: BA23238A

Item Name: INSTAX MINI 16
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-38001

[INVENTORY: ITEMS]
12
[RECEIVING]
[SHIPMENT]
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Exercise 7.8 Batches

Add the following item managed by batches:
Item Code: BA23238B

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.
[INVENTORY: ITEMS]
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[RECEIVING]
[SHIPMENT]
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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: SNA23238A

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
[INVENTORY: ITEMS]
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[RECEIVING]
[SALES ORDER]
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Exercise 7.10 Serial Numbers

Add the following item managed by serial numbers:
Item Code: SNA232B

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.

[INVENTORY: ITEMS]
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[RECEIVING]
[SHIPMENT]
19
[STOCK LIST]
20
[SUMMARY OF TRANSACTIONS]
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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:
22
Exercise 8.2 - Journal Voucher – Draft

Record the following transactions and save it as a draft.
On March 30, 20XX, (Feb 04, 2024) 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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Smartbooks AIS with Analytics Workbook

Add the following warehouse:

Warehouse Code: WHA232

Insert the screenshot of your output below:

Received freebies from supplier:

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

Item Code: BA23238A

Example, if you are Branch 1, start at:

Batch No.: Batch-38001

Exercise 7.8 Batches

Item Code: BA23238B

Note: Continue using the batch number in Exercise 7.7.

Insert the screenshot of your output below:

Exercise 7.9 Serial Numbers

Adding of Item: Inventory > Items

Item Code: SNA23238A

Note: Use your Branch No. when generating serial numbers.

Exercise 7.10 Serial Numbers

Item Code: SNA232B

Note: Continue using the serial numbers in Exercise 7.9.

Record the following transactions using the Journal:

Dr. Cash on hand P1,000,000

Cr. Ordinary Share Capital P1,000,000

Insert the screenshot of your output here:

Exercise 8.2 - Journal Voucher – Draft

Record the following transactions and save it as a draft.

Dr. Salaries and Wages P10,000

Cr. Cash on hand P10,000

Insert the screenshot of your output here:

Exercise 8.3 - Adjusting Entry

Record the following transaction:

Dr. Electricity & Water P13,450

Cr. Accrued Payable P13,450

Insert the screenshot of your output here:

Exercise 8.4 – Recurring Postings

Create the following recurring entries.

Dr. Rental Expense P25,000

Cr. Cash on hand P25,000

Code: RP + [Branch no.]

Insert the screenshot of your output here:

Exercise 8.5 – General Ledger

Generate the General Ledger as of the date of the latest transaction.

Insert the screenshot of your output here:

Exercise 8.6 – Trial Balance

Generate the Trial Balance as of the end of the year.

Insert the screenshot of your output here:

Exercise 8.7 – Profit and Loss Statement

Generate the Income Statement for the year.

7&8_Analytics Workbook - v2023-6

7&8_Analytics Workbook - v2023-6

7&8_Analytics Workbook - v2023-6