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Sage 50 Avoid Terms In Relatio Within An Accounting Information System

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1. Discuss how SAGE 50 facilitate double –entry accounting Sage 50 is an accounting software that is currently used in various countries worldwide, Likewise, over 6 million small to medium sized businesses depend on Sage 50 to conduct their transactions and produce accurate accounting reports. Moreover, the double entry accounting principle basically states that for each accounting transaction that is entered, there needs to a corresponding debit and credit entry, this ensures that the trial balance always remains in a balanced position. Sage 50 performs transactions by employing a real-time double entry accounting system, for instance, when a check is being written to pay for a goods or services within the system, the user is required to apply the transaction to an expense account in order for posting to occur. Additionally, Sage 50 will not allow you to override this step as this measure ensures that for each credit entry that is made, the user must record the required debit entry. Furthermore, in order to provide full assurance of the double entry processing of transactions, Sage 50 includes the general along with other journals, audit trails, various ledgers and a vast amount of financial reports, all of these allows the user to be able to track any transaction that was entered. 2. Explain the following terms in …show more content…

Even thou, this report does not prove that a company recorded all transactions or ledgers are correct, the trial balance is a good tool for uncovering errors made during journalizing and the posting of transactions. When working Sage 50 during the close of the period, the user would first prepare an unadjusted trial balance prior to making adjusting entries and an adjusted trial balance to represent the entries made and prepare the rest of the financial

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