Smartbooks

` Basic

EXERCISE WORKBOOK

Table of Contents

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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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1. Basic Navigation......................................................................................................................................4
Exercise 1.1..............................................................................................................................................4
Exercise 1.2..............................................................................................................................................4
2. Master Data.............................................................................................................................................6
Exercise 2.1..............................................................................................................................................6
Exercise 2.2................................................................................................Error! Bookmark not defined.
3. Chart of Accounts......................................................................................Error! Bookmark not defined.
Exercise 3.1................................................................................................Error! Bookmark not defined.
4. Subsidiary Ledger and Special Journals......................................................Error! Bookmark not defined.
Exercise 4.1................................................................................................Error! Bookmark not defined.
5. Accounting Cycle.......................................................................................Error! Bookmark not defined.
Exercise 5.1 Manual Journal Entry.............................................................Error! Bookmark not defined.
Exercise 5.2 Recurring Entry......................................................................Error! Bookmark not defined.
Exercise 5.3 A/P Voucher...........................................................................Error! Bookmark not defined.
Exercise 5.4 Cash Disbursement Journal....................................................Error! Bookmark not defined.
Exercise 5.5 A/R Invoice.............................................................................Error! Bookmark not defined.
Exercise 5.6 Cash Receipts Journal............................................................Error! Bookmark not defined.
Exercise 5.8 General Ledger......................................................................Error! Bookmark not defined.
Exercise 5.9 Subsidiary Ledger...................................................................Error! Bookmark not defined.
Exercise 5.10 Trial Balance........................................................................Error! Bookmark not defined.
Exercise 5.11 Adjusting Entry.....................................................................Error! Bookmark not defined.
Exercise 5.12 Financial Statements............................................................Error! Bookmark not defined.
Exercise 5.13 Closing Entries.....................................................................Error! Bookmark not defined.
Exercise 5.14 Reversing Entry....................................................................Error! Bookmark not defined.
6. Case Study – Merchandising......................................................................Error! Bookmark not defined.
Exercise 6.1 Manual Journal Entry.............................................................Error! Bookmark not defined.
Exercise 6.2 Adjusting Entry......................................................................Error! Bookmark not defined.
Exercise 6.3 Trial Balance..........................................................................Error! Bookmark not defined.
Exercise 6.4 Financial Statements..........................................................Error! Bookmark not defined.

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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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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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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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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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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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2. Customer Master Record

Exercise 2.1
BP Master Record

Go to Customers/Suppliers > Customers

Add the customer data with the following information:

Header
  Customer Type: Individual  
  Last Name: Tuazon  
  First Name: Krystel Joy  
  Middle Name: Rada  
  Group: Customers  
General
  Phone: 12349876  
  Mobile Phone: 9184678943  
  E-Mail kjrt@gmail.com  
Contact Person
  Title: Ms.  
  Name: Krystel Joy R. Tuazon  
  Position: Owner  
  Telephone No: 12349876  
  Mobile Phone: 9184678943  
  E-Mail: kjrt@gmail.com  
  Address: Surallah, South Cotabato  
Payment Term
  Payment Terms: 30 Days  
  Price List: Regular Sales Price  
Accounting
  Accounts Receivable G/L: 10210100  

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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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Insert the screenshot of your output below:

F
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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Exercise 2.2
BP Master Record

Go to Customers/Suppliers > Customers

Add the customer data with the following information:

Header
  Customer Type: Individual  
  Last Name: Granger  
  First Name: Hermione Jean  
  Middle Name: Wilkins  
  Group: Customers  
General
  Phone: 12349876  
  Mobile Phone: 98034678943  
  E-Mail hjwg@gmail.com  
Contact Person
  Title: Ms.  
  Name: Hermione Jean W. Granger  
  Position: Owner  
  Telephone No: 12349876  
  Mobile Phone: 98034678943  
  E-Mail: hjwg@gmail.com  
  Address: Davao City  
Payment Term
  Payment Terms: 30 Days  
  Price List: Regular Sales Price  
Accounting
  Accounts Receivable G/L: 10210100  

F
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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Insert the screenshot of your output below:

F
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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Exercise 2.3
BP Master Record

Go to Customers/Suppliers > Customers

Add the customer data with the following information:

  Customer Type: Corporation  

  Customer Name: Westlife & Co.  
  Group: Customers  
General
  Phone: 6071235  
  Mobile Phone: 9172356787  
  E-Mail westlife.co@gmail.com  
Contact Person
  Title: Mr.  
  Name: Shane Steven Filan  
  Position: Purchasing Officer  
  Telephone No: 5060978  
  Mobile Phone: 9123456321  
  E-Mail: ssf.co@gmail.com  
  Address: Makati City  
Payment Term
  Payment Terms: 60 Days  
  Price List: Regular Sales Price  
Accounting
  Accounts Receivable G/L: 10210100  

F
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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Smartbooks
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Insert the screenshot of your output below:

F
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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Exercise 2.4
BP Master Record

Go to Customers/Suppliers > Customers

Add the customer data with the following information:

  Customer Type: Corporation  

  Customer Name: Violet Evergarden & Co.  
  Group: Customers  
General
  Phone: 2031235  
  Mobile Phone: 9182456787  
  E-Mail violetevergarden.co@gmail.com  
Contact Person
  Title: Ms.  
  Name: Violet Evergarden  
  Position: Purchasing Officer  
  Telephone No: 7920978  
  Mobile Phone: 9604756321  
  E-Mail: veg@gmail.com  
  Address: Naga City  
Payment Term
  Payment Terms: 60 Days  
  Price List: Regular Sales Price  
Accounting
  Accounts Receivable G/L: 10210100  

Insert the screenshot of your output below:

F
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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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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3. Supplier Master Record

Exercise 3.1
BP Master Record

Go to Customers/Suppliers > Suppliers

Add the Supplier data with the following information:

Header
Supplier No. (Manual): SU00015
  Supplier Type: Individual  
  Supplier Name: Ella Justeinne Amor C. Dayot  
  Group: Suppliers  
General
  Phone: 8039876  
  Mobile Phone: 9103478943  
  E-Mail ejacd@gmail.com  
Contact Person
  Title: Ms.  
  Name: Ella Justeinne Amor C. Dayot  
  Position: Owner  
  Telephone No: 8039876  
  Mobile Phone: 9103478943  
  E-Mail: ejacd@gmail.com  
  Address: City of Koronadal  
Payment Term
  Payment Terms: 30 Days  
  Price List: Regular Purchase Price  
Accounting
  Accounts Payable G/L: 20100100  

Insert the screenshot of your output below:

F
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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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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Exercise 3.2
BP Master Record

Go to Customers/Suppliers > Suppliers

Add the Supplier data with the following information:

Header
Supplier No. (Manual): SU0015A
  Supplier Type: Individual  
  Supplier Name: Amiel C. Salvador  
  Group: Suppliers  
General
  Phone: 8039876  
  Mobile Phone: 9103478943  
  E-Mail acs@gmail.com  
Contact Person
  Title: Mr.  
  Name: Amiel C. Salvador  
  Position: Owner  
  Telephone No: 8039876  
  Mobile Phone: 9103478943  
  E-Mail: acs@gmail.com  
  Address: Davao City  
Payment Term
  Payment Terms: 30 Days  
  Price List: Regular Purchase Price  
Accounting
  Accounts Payable G/L: 20100100  

Insert the screenshot of your output below:

F
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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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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Exercise 3.3
BP Master Record

Go to Customers/Suppliers > Suppliers

Add the Supplier data with the following information:

Header
Supplier No. (Manual): SU0015B
  Supplier Type: Corporation  
  Supplier Name: Black Pink & Co.  
  Group: Suppliers  
General
  Phone: 80234576  
  Mobile Phone: 91723456787  
  E-Mail blackpink.co@gmail.com  
Contact Person
  Title: Ms.  
  Name: Roseanne C. Park  
  Position: Sales Officer  
  Telephone No: 8021456  
  Mobile Phone: 9356789878  
  E-Mail: rcp@gmail.com  
  Address: Quezon City  
Payment Term
  Payment Terms: 60 Days  
  Price List: Regular Purchase Price  
Accounting
  Accounts Payable G/L: 20100100  

F
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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Insert the screenshot of your output below:

F
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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Exercise 3.4
BP Master Record

Go to Customers/Suppliers > Suppliers

Add the Supplier data with the following information:

Supplier No. (Manual): SU0015C

  Supplier Type: Corporation  
  Supplier Name: ChickenWings & Co.  
  Group: Suppliers  
General
  Phone: 8045465  
  Mobile Phone: 9556742231  
  E-Mail chickenwings.co@gmail.com  
Contact Person
  Title: Mr.  
  Name: Charles Raven B. Juadiong  
  Position: Sales Officer  
  Telephone No: 8045465  
  Mobile Phone: 9556742231  
  E-Mail: charlesravenjuadiong@gmail.com  
  Address: Iloilo City  
Payment Term
  Payment Terms: 60 Days  
  Price List: Regular Purchase Price  
Accounting
  Accounts Payable G/L: 20100100  

Insert the screenshot of your output below:

F
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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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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