Advice for Students, Tips, and Typos for Computer Accounting Essentials Using MBS-Great Plains 8.0

For those of you thinking about doing this project, I offer the following advice:

1.  Get started as soon as possible.  There is fair amount of work that needs to be done. (Internet summaries, Flashcards, Chapter Exercises, Multiple Choice Questions, True/Make True Question, and a Final Project)

2.  Follow the directions very carefully… Chapter 2 & 3 are very important!  This is where you are setting up the company and establishing your accounts.

3.  Take your time and always proof your entries, especially when posting to accounts etc.

4.  Backup your work when instructed.  If you make a big mistake or something weird happens to your computer, you can always reload your company as of the last backup date.

5.  Pay attention on how to load and unload your files and how to save them to a external USB.

Here are some more specific tips from students like you…

Installation pp. viii and ix: Single file extension only! e.g., .ldf or .mdf  If you erroneously enter a second file extension, the program will not install and run properly.

Installation x, #3: IMPORTANT! Click Yes. Failure to do so means GP must be uninstalled and re-installed.

Ch 1: p 37 After completing Step c., Company Name field should read, “Fabrikam, Inc. Your Name"

Ch 2 p 4l Be sure that in Step 6 you select your .mdf file that starts with your three initials, i.e. SVC.mdf. File must have the “mdf” extension!

Ch 2 p 42: Do not misinterpret Database Name: “INC” as Inc., abbreviation for incorporated. In this text, INC are the user's three initials.

Ch 2. p. 48: Typo: 000-3110-00 Commmon vs Common

Ch 2 p 59, step 14: Be sure to select and click on the “Post” button.

Ch 2 p 60 step 1 Even though the screenshot shows “Statement of Retained Earnings,” you will not be adding this statement.

Ch 2 p 62 step 4: The screenshot may not appear the first time you click “New” but it will appear after you have saved your settings for in the Financial Statement Reports Options window.

IMPORTANT: When printing reports for 2005, change the User Date since Great Plains' user date defaults to the current date and you may get the following message, "The user date falls within a fiscal year that hasn't' been set up."

To change the User Date, click on the date on the toolbar. The User Date window appears. Type the appropriate 2005 date in the date field. For example:

• Ch 2 p 62: The October 1, 2005 balance sheet is printed. Change the User Date to 12312005. December 31, 2005 is the end-of-period for financial statements.
• Ch 3 p 96-97: The Financial Statements for October are printed. Change the User Date to 12312005. December 31, 2005 is the end-of-period for financial statements.
• Ch 3 p 104-105: The Financial Statements for November are printed. Change the User Date to 12312005. December 31, 2005 is the end-of-period for financial statements.
• Ch 4 p 119-121: The Financial Statements for the quarter are printed. Change the User Date to 12312005. December 31, 2005 is the end-of-period for financial statements.

Ch 3 p 90: Typo Step 4: Should read “Bank Statement Ending Date” not “Balance.”

Ch 3 p 103: Step 2 hint order should be (Transactions; Financial, Bank Transactions).

Ch 5 p 163: Be sure to self-check your trial balance amounts. If they are incorrect due to errors, make the appropriate correcting entries.

Ch 6 p 197: Typo: PYMNT00000000016 should be dated “2/25' not “2/15.” This is a partial payment on the account.

Ch 6 p 199: If you deposited all the month's receipts in one deposit on Feb. 28 for $7,000 rather than five deposits of $2500, $1500, $1500, $200, and $1300, then your bank reconciliation does not work as intended by the authors. Your bank ending bank balance needs to be changed to $1942 instead of $642 since you will not have a deposit in transit.

Ch 7 p 216 step 2: Typo: Should read “Print reports.”

Ch 7 p 222: Typo: Trial Balance Summary screenshot is for 2006 not 2005.

Many thanks to my SFCC students and also Joann Segovia of Minnesota State Moorhead and Patrick Carey of Lake Superior College for these improvements!