1. Enter the ledger settings. Leave unused linked accounts blank. Ledger Section Instruction General n/a Link as appropriate. Payables Settings (address) Kingston, Ontario, Canada Linked Accounts Link all as appropriate. Receivables Settings (address) Kingston, Ontario, Canada Options · Aging periods: 15, 30 and 45 days; · No interest charges on overdue accounts; · Include invoices paid in last 30 days on statements; · Use tax code H for new customers. Discount · Payment terms: 2% after tax discount in 15 days; net 30 days; · Line item discounts are not used. Comment On Sales Invoices: Thank you (Student ID#). Linked Accounts · Link all as appropriate. HINT: Remember that the ‘Bank Account to Use for Canadian Dollars’ is now going to be Undeposited Cash and Cheques account (like in Ch 15), because we are now using the Bank Reconciliation feature. · Default revenue should be ‘Revenue from Sales’. Payroll Names · Income 1: Salary · Income 2: Commission · Income 3: No. Repairs · Deduction 1: CSB Plan (Canada Savings Bond) Names – Additional Payroll · Worker’s Comp: WSIB · Entitlement 1: Vacation · Entitlement 2: Sick Leave Income · Regular and Overtime 1 (Ignore Overtime 2): Type: Hourly rate o Calculate tax, EI, Insurable Hours, CPP, EHT and vacation · Salary: Type: Income o Calculate tax, EI, Insurable Hours, CPP and EHT · Commission: Type: Income o Calculate tax, EI, CPP and EHT · No. Repairs: Type: Piece rate; Unit of Measure – Number o Calculate tax, EI, CPP, EHT and vacation. Deductions · CSB Plan by amount o Deduct after calculating tax, EI, CPP, EHT and vacation. Taxes · EI Factor is 1.4 · WSIB rate is 2.02 · EHT factor is 0.98 Payroll Entitlements: · Vacation: Track – 8%; Maximum 25 days; Do not clear at Year-end. · Sick Leave: Track – 2.5%; Maximum 15 days; Clear at Year-end. Linked Accounts – Income · Link all as appropriate. You may need to create accounts as needed. · Use Account 5300 for Vacation earned, Regular, Overtime, Salary, Commission and No. Repairs. Linked Accounts - Deductions Link all as appropriate. Taxes Link all EI, CPP, Tax, WSIB and EHT as appropriate. User-Defined Expenses This can be ignored as there are no user defined expenses. Inventory Options · Profit evaluation by markup. · Sort by item number. · Allow inventory to go below zero. Linked Accounts Link all as appropriate.