Week 15 — Answer Key

Bookkeeping Software & Excel (Return to Syllabus)

Instructor Version — Detailed Answers for Software Setup, Automation, Bank Feeds, and Excel Schedules

Concept 1

Setting Up a New Company File — Instructor Answers

Students must describe correct setup steps:

Enter company info and fiscal year.
Choose cash or accrual basis.
Set user permissions and roles.
Configure modules (inventory, payroll, classes).
Enter opening balances once and only once.

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Concept 2

Chart of Accounts — Instructor Key

Correct answers identify:

COA categories (Assets, Liabilities, Equity, Income, Expenses).
Strong naming conventions.
Merging duplicates vs. inactivating accounts.
Industry-specific account needs.

Concept 3

Bank Feeds — Correct Responses

Transactions must be reviewed, matched, or categorized.
Automation rules handle predictable transactions.
Duplicates must be excluded.
Bank feed activity must match reconciliations.

Concept 4

Recurring Transactions — Instructor Key

Correct uses:

Rent bills
Subscription customer invoices
Depreciation or prepaid amortization entries

Incorrect uses:

Variable utility bills
Payroll
Vendor bills with inconsistent amounts

Concept 5

Excel Skills — Instructor Answers

Students must demonstrate knowledge of:

SUM, SUMIF, COUNT, IF, VLOOKUP/XLOOKUP
PivotTables
Schedules (prepaids, accruals, depreciation)
Reconciliations

Concept 6

Importing & Exporting — Correct Answers

Export reports to Excel/PDF.
Clean CSV data before import.
Avoid duplicate imports.
Back up files regularly.

Discussion

Discussion Prompt — Model Answer

Automation should handle predictable, repetitive tasks like recurring transactions and rules-based categorization. Manual review is required for reconciliations, unusual items, adjusting entries, and approval workflows.

Summary

Week 15 Summary — Instructor Version

Students now understand how to configure software, automate responsibly, and use spreadsheets to support accurate digital bookkeeping. These are essential skills for modern bookkeeping roles.