Smartbooks

` Basic

EXERCISE WORKBOOK

Table of Contents
1. Basic Navigation......................................................................................................................................4

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

Page 1 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

Exercise 1.1..............................................................................................................................................4
Exercise 1.2..............................................................................................................................................4
2. Master Data.............................................................................................................................................6
Exercise 2.1..............................................................................................................................................6
Exercise 2.2..............................................................................................................................................7
3. Chart of Accounts....................................................................................................................................9
Exercise 3.1..............................................................................................................................................9
4. Subsidiary Ledger and Special Journals....................................................................................................9
Exercise 4.1..............................................................................................................................................9
5. Accounting Cycle...................................................................................................................................10
Exercise 5.1 Manual Journal Entry.........................................................................................................10
Exercise 5.2 Recurring Entry..................................................................................................................12
Exercise 5.3 A/P Voucher.......................................................................................................................12
Exercise 5.4 Cash Disbursement Journal................................................................................................14
Exercise 5.5 A/R Invoice.........................................................................................................................16
Exercise 5.6 Cash Receipts Journal........................................................................................................18
Exercise 5.8 General Ledger..................................................................................................................19
Exercise 5.9 Subsidiary Ledger...............................................................................................................20
Exercise 5.10 Trial Balance....................................................................................................................21
Exercise 5.11 Adjusting Entry.................................................................................................................23
Exercise 5.12 Financial Statements........................................................................................................25
Exercise 5.13 Closing Entries.................................................................................................................28
Exercise 5.14 Reversing Entry................................................................................................................29
6. Case Study – Merchandising..................................................................................................................29
Exercise 6.1 Manual Journal Entry.........................................................................................................30
Exercise 6.2 Adjusting Entry..................................................................................................................31
Exercise 6.3 Trial Balance......................................................................................................................31
Exercise 6.4 Financial Statements......................................................................................................31

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

Page 2 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 3 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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__ modules/main menu _________________. This menu
contains a list of all modules with their related options.

2. The __ status bar ____ extends along the entire lower edge of the Smartbooks main window and
contains various fields.

3. A/an ____ Error message ______________ appears on a red background and informs you that the
procedure cannot continue until corrective action is taken.

4. A/an __ confirmation message __ appears on a green background and confirms the successful
execution of a procedure. –

5. A __ document link ____ 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. - Smartbooks

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. – Private

3. This is also known as External Cloud, is available to the public where data are created and stored on
third-party servers. - Public

4. This is a key feature of cloud computing where resources can be accessed anywhere (except on
limitations set by company's internal control). – Location independence

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. – General Ledger / Financial Reporting

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

Page 4 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 5 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

2. Customer Master Record

Exercise 2.1
BP Master Record

Add the customer data with the following information:

Header
  Customer Type: Individual  
  Last Name: (Student’s last name)  
  First Name: (Student’s first name)  
  Middle Name: (Student’s middle name)  
  Group: Customers  
General
  Phone: 12349876  
  Mobile Phone: 9184678943  
  E-Mail (student’s initials)@gmail.com  
Contact Person
  Title: Ms./Mr.  
  Name: (Student’s Name)  
  Position: Owner  
  Telephone No: 12349876  
  Mobile Phone: 9184678943  
  E-Mail: (student’s initials)@gmail.com  
  Address: Student’s address  
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

Page 6 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 7 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

Exercise 2.2
BP Master Record

Add the customer data with the following information:

Header
  Customer Type: Individual  
  Last Name: (Movie character’s surname)  
  First Name: (Movie character’s first name)  
  Middle Name: (Movie character’s middle name)  
  Group: Customers  
General
  Phone: 12349876  
  Mobile Phone: 98034678943  
  E-Mail (Movie character’s initials)@gmail.com  
Contact Person
  Title: Ms./Mr.  
  Name: (Movie character’s Name)  
  Position: Owner  
  Telephone No: 12349876  
  Mobile Phone: 98034678943  
  E-Mail: (Movie character’s initials)@gmail.com  
  Address: Davao City  
Payment Term
  Payment Terms: 30 Days  
  Price List: Regular Sales Price  
F
Accounting
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

  Accounts Receivable G/L: 10210100   Page 8 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 9 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 10 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

Exercise 2.3
BP Master Record

Add the customer data with the following information:

  Customer Type: Corporation  

  Customer Name: (Your favorite band) & Co.  
  Group: Customers  
General
  Phone: 6071235  
  Mobile Phone: 9172356787  
  E-Mail (favorite band).co@gmail.com  
Contact Person
  Title: Mr./Ms.  

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

Page 11 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

  Name: (Lead vocalist’s name)  

  Position: Purchasing Officer  
  Telephone No: 5060978  
  Mobile Phone: 9123456321  
  E-Mail: (lead vocalist’s initials)@gmail.com  
  Address: Makati 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

Page 12 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 13 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

Exercise 2.4
BP Master Record

Add the customer data with the following information:

  Customer Type: Corporation  

  Customer Name: (Your favorite cartoon/anime) & Co.  
  Group: Customers  
General
  Phone: 2031235  
  Mobile Phone: 9182456787  
  E-Mail (cartoon/anime).co@gmail.com  
Contact Person
  Title: Mr./Ms.  
  Name: (Protagonist’s name)  
  Position: Purchasing Officer  
  Telephone No: 7920978  
  Mobile Phone: 9604756321  
  E-Mail: (Protagonist’s initials)@gmail.com  
  Address: Naga 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

Page 14 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 15 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 16 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

3. Supplier Master Record

Exercise 3.1
BP Master Record

Add the Supplier data with the following information:

Header
  Supplier Type: Individual  
  Supplier Name: (Preferred name of individual)  
  Group: Suppliers  
General
  Phone: 8039876  
  Mobile Phone: 9103478943  
  E-Mail (Preferred name’s initials)@gmail.com  
Contact Person
  Title: Ms./Mr.  
  Name: (Preferred name)  
  Position: Owner  
  Telephone No: 8039876  
  Mobile Phone: 9103478943  
  E-Mail: (Preferred name’s initials)@gmail.com  
  Address: (Preferred address)  
Payment Term
  Payment Terms: 30 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

Page 17 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

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

Page 18 / 72

632453110.docx printed on 12/11/2022 7:32 AM

Smartbooks
` Basic

Exercise 3.2
BP Master Record

Add the Supplier data with the following information:

Header
  Supplier Type: Individual  
  Supplier Name: (Preferred name of individual)  

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

Page 19 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

  Group: Suppliers  
General
  Phone: 8039876  
  Mobile Phone: 9103478943  
  E-Mail (Preferred name’s initials)@gmail.com  
Contact Person
  Title: Ms./Mr.  
  Name: (Preferred name)  
  Position: Owner  
  Telephone No: 8039876  
  Mobile Phone: 9103478943  
  E-Mail: (Preferred name’s initials)@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

Page 20 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 21 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 3.3
BP Master Record

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

Page 22 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Add the Supplier data with the following information:

  Supplier Type: Corporation  

  Supplier Name: (Your favorite color) & Co.  
  Group: Suppliers  
General
  Phone: 80234576  
  Mobile Phone: 91723456787  
  E-Mail (favorite color).co@gmail.com  
Contact Person
  Title: Mr./Ms.  
  Name: (Preferred Name)  
  Position: Sales Officer  
  Telephone No: 8021456  
  Mobile Phone: 9356789878  
  E-Mail: (preferred name’s initials)@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

Page 23 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 24 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 3.4
BP Master Record

Add the Supplier data with the following information:

  Supplier Type: Corporation  

  Supplier Name: (Your favorite food) & Co.  
  Group: Suppliers  
General
  Phone: 8045465  
  Mobile Phone: 9556742231  
  E-Mail (Favorite food).co@gmail.com  
Contact Person
  Title: Mr./Ms.  
  Name: (Preferred Name)  
  Position: Sales Officer  
  Telephone No: 8045465  
  Mobile Phone: 9556742231  
  E-Mail: (Preferred name)@gmail.com  
  Address: Iloilo 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

Page 25 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 26 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 27 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

4. Adding of Items
Exercise 4.1
Add the following items:

Price Price
Item Item
Item Class Regular Purchase Price with Regular Sales Price with
Name Category
VAT VAT
[Item 1] Merchandise Inventory Items [Purchase price item 1] 200 [Sales price item 1] 280
[Item 2] Merchandise Inventory Items [Purchase price item 2] 250 [Sales price item 2] 360
[Item 3] Merchandise Inventory Items [Purchase price item 3] 300 [Sales price item 3] 420
[Item 4] Merchandise Inventory Items [Purchase price item 4] 500 [Sales price item 4] 700
[Item 5] Merchandise Inventory Items [Purchase price item 5] 600 [Sales price item 5] 840

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

Page 28 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 29 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 30 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 31 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

4. Purchase Process
Exercise 4.1
Do the WHOLE PURCHASE PROCESS for the following items:

Supplier: [Supplier in Exercise 3.1]

Item/s: [Item 1 and Item 2 in Exercise 4.1]
Quantity: 65 and 49 respectively
Payment means: Cash (Use Cash on Hand)

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

Page 32 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 33 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 4.2
Do the WHOLE PURCHASE PROCESS for the following items:

Supplier: [Supplier in Exercise 3.2]

Item/s: [Item 3 and Item 4 in Exercise 4.1]
Quantity 45 and 50 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 34 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 35 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 4.3
Do the WHOLE PURCHASE PROCESS for the following items:

Supplier: [Supplier in Exercise 3.3]

Item/s: [Item 1 and Item 5 in Exercise 4.1]
Quantity: 67 and 56 respectively
Payment means: Cash (Use Cash on Hand)

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

Page 36 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 37 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 38 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 4.4
Do the WHOLE PURCHASE PROCESS for the following items:

Supplier: [Supplier in Exercise 3.4]

Item/s: [Item 2 and Item 3 in Exercise 4.1]
Quantity 50 and 45 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 39 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 40 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 41 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 4.5
Do the WHOLE PURCHASE PROCESS for the following items:

Supplier: [Supplier in Exercise 3.1]

Item/s: [Item 4 and Item 5 in Exercise 4.1]
Quantity 47 and 55 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 42 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 43 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 44 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

5. Sales Process
Exercise 5.1
Do the WHOLE SALES PROCESS for the following items:

Customer: [Customer in Exercise 1.1]

Item/s: [Item 1 and Item 2 in Exercise 4.1]
Quantity: 13 and 11 respectively
Payment means: Cash (Use Cash on Hand)

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

Page 45 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 46 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 5.2
Do the WHOLE SALES PROCESS for the following items:

Customer: [Customer in Exercise 2.2]

Item/s: [Item 3 and Item 4 in Exercise 4.1]
Quantity 25 and 15 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 47 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 48 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 5.3
Do the WHOLE SALES PROCESS for the following items:

Customer: [Customer in Exercise 2.3]

Item/s: [Item 1 and Item 5 in Exercise 4.1]
Quantity: 5 and 2 respectively
Payment means: Cash (Use Cash on Hand)

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

Page 49 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 50 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 51 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 5.4
Do the WHOLE SALES PROCESS for the following items:

Customer: [Customer in Exercise 2.4]

Item/s: [Item 2 and Item 3 in Exercise 4.1]
Quantity 18 and 24 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 52 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 53 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 54 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 5.5
Do the WHOLE SALES PROCESS for the following items:

Customer: [Customer in Exercise 2.1]

Item/s: [Item 4 and Item 5 in Exercise 4.1]
Quantity 7 and 9 respectively
Payment means: Bank
Reference in Payment means: Cash (Use Cash on Hand)

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

Page 55 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 56 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 57 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

6. Inventory Management
Inventory Transactions
Exercise 6.1 Item Receipt
Received freebies from supplier:

Items: Quantity
[Item 1] 5
[Item 2] 2

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

Page 58 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.2 Item Receipt

Physical inventory count is higher than system inventory count

Items: Quantity
[Item 3] 35
[Item 4] 47
[Item 5] 23

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

Page 59 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.3 Item Issuance

Issued items due to warehouse theft.

Items: Quantity
[Item 1] 10
[Item 2] 14

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

Page 60 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.4 Item Issuance

Issued items due to warehouse fire.

Items: Quantity
[Item 3] 12
[Item 4] 22
[Item 5] 14

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

Page 61 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.5 Item Transfer

Transfer the following items from Main Warehouse to the assigned warehouse to you (e.g. Student 1
Warehouse).

Items: Quantity
[Item 1] 10
[Item 2] 10
[Item 3] 10
[Item 4] 10
[Item 5] 10

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

Page 62 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Batch and Serial Numbers

Exercise 6.6 Batches
Add the following item managed by batches:

Item Name: [Preferred Item Name]

Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Costing Method: FIFO
Manage Item by: Batches
Management Method: On every transaction
Price List Tab:
Regular Purchase Price: 500
Regular Sales Price: 750


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 Student No. when defining batch numbers.

Example, if you are Student 1, start at:

Batch No.: Batch 1000

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

Page 63 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 64 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.7 Batches

Add the following item managed by batches:

Item Name: [Preferred Item Name]

Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Costing Method: FIFO
Manage Item by: Batches
Management Method: On every transaction
Price List Tab:
Regular Purchase Price: 300
Regular Sales Price: 450

 Purchase and receive from [Supplier in Exercise 3.1] 200pcs of [Added Item] by batches. Make 5
batches divided equally.
 Sell and deliver to [Customer in Exercise 2.1] 133pcs of [Added Item] by batches.

Note: Continue using the batch number in Exercise 6.6.

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

Page 65 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.8 Serial Numbers

Add the following item managed by serial numbers:

Item Name: [Preferred Item Name]

Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Costing Method: FIFO
Manage Item by: Serial Numbers
Management Method: On every transaction
Price List Tab:
Regular Purchase Price: 20,000
Regular Sales Price: 30,000

 Purchase and receive from [Supplier in Exercise 3.4] 20pcs of [Item above] by serial numbers.
 Sell and deliver to [Customer in Exercise 2.4] 5pcs of [Item above] by serial numbers.

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

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

Page 66 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Example, if you are Student 1, use:

Prefix: Start Serial No:

Student 1- 1000

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

Page 67 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 68 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.9 Serial Numbers

Add the following item managed by serial numbers:

Item Name: [Preferred Item Name]

Item Category: Items
Item Class Merchandise Inventory
Inventory Tab:
Costing Method: FIFO
Manage Item by: Serial Numbers
Management Method: On every transaction
Price List Tab:
Regular Purchase Price: 23,000
Regular Sales Price: 34,500

 Purchase and receive 30pcs of [Item above] by serial numbers.

 Sell and deliver to [Customer in Exercise 2.4] 14pcs of [Item above] by serial numbers.

Note: Continue using the serial numbers in Exercise 6.8.

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

Page 69 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Pick and Pack

Exercise 6.10
Create Sales Order using the following details. Deliver the items using pick and pack process.

Customer: [Customer in Exercise 2.1]

Item/s: [Item 1, Item 2, and Item 3 in Exercise 4.1]
Quantity: 15, 12, and 19 respectively

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

Page 70 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

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

Page 71 / 72

632453110.docx printed on 12/11/2022 7:33 AM

Smartbooks
` Basic

Exercise 6.11
Create Sales Order using the following details. Deliver the items using pick and pack process.

Customer: [Customer in Exercise 2.2]

Item/s: [Item 4 and Item 5 in Exercise 4.1]
Quantity: 13 and 11 respectively

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

Page 72 / 72

632453110.docx printed on 12/11/2022 7:33 AM