Introduction Quiz

To create a new company in Mr. Accounting Software, go to _______ and select "Company Setup."

What must you set up first when creating a new company in Mr. Accounting Software?

• General Ledger account codes

• Supplier information

• Company details such as name, tax ID, and address

• Financial reports

Where do you enter the opening balance for the General Ledger account?

• Settings > Account Setup > Opening Balance

• Accounts > Journal Entry > Opening Balance

• Financial Reports > Opening Balance

• Company Setup > Opening Balances

When entering the opening balance for the General Ledger, you must go to _______ and select "Journal Entry."

To amend a General Ledger account code, navigate to _______ and click on "Account Codes."

When creating a new supplier, make sure to enter the supplier’s name, _______ , tax ID, and payment terms.

How do you create a new company in Mr. Accounting Software?

• Go to Settings > Company Setup, and enter company details.

• Go to Accounts > New Company and enter information

• Click Dashboard, then Create New Company, and enter the details.

• From the main screen, click Company > Create New, and fill in the details

How do you amend an existing General Ledger account code in Mr. Accounting Software?

• Navigate to Settings > General Ledger > Account Codes, select an account, and edit.

• Go to Accounts > Edit Account, and change the code.

• Use Settings > Chart of Accounts and click to modify the account.

• Modify the account during a journal entry.

What information is required when setting up a supplier in Mr. Accounting Software?

• Supplier’s address, logo, and contact person

• Supplier’s name, contact details, tax ID, and payment terms

• Supplier’s name, email, bank account number, and shipping address.

• Supplier’s name, email, products, and pricing.

In Mr. Accounting Software, the master file holds essential company information such as customers, _______ , and General Ledger accounts.