Exercises Twinfield at school

The learning program ‘Twinfield at school’ contains a lot of exercises. Bookkeeping isn’t something easy to do; you must keep to a lot of rules. Technical rules, but also legal ones. By doing the exercises you learn why specific rules are kept in bookkeeping.

Twinfield at Schoo

In the exercises you will find for each month financial facts (bank statements, invoices, etcetera) that you must insert in Twinfield. Also you will find example reports of how the bookkeeping should be inserted that you can use to check your own work, and if necessary, to correct your entries.

Introduction

In this learning program you will learn how the bookkeeping of a small entrepreneur is done. For an small entrepreneur the bookkeeping consists of bank- and cash statements, in which payments and receipts are registered, and sometimes added with a accounts payable and accounts receivable.
When you finished the course you will be able to do the bookkeeping of a small entrepreneur.
All aspect for doing the bookkeeping will be dealt with in this course. You will learn:
to structure documents
Translate financial facts and transactions of a company to into bookkeeping
Register documents in de bookkeeping system
To check and modify transactions
To report financial facts
Step by step you will get introduced in the bookkeeping.
You will do the bookkeeping in the online application of Twinfield. With your own log in of the type “Basic Bookkeeping” you will be able to register bank statements, cash statements, as well as purchase invoices and sales postings. If needed you can create a new supplier or customer.
The principal of a “Basic Bookkeeping” user is that when data is entered in the system, this data can be checked by a more experienced bookkeeper or accountant. Your instructor will take that role during this course
On this website you can find all information financial documents needed for this course. In an exercise you can click on the specific icons to download the financial documents (statements, invoices, etcetera) and example reports.

Meer&Zo is founded by Lewis van der Meer early 2013. Lewis had studied at the fashion academy. During his study he invented a construction that makes that the person who wears his clothes looks at least two sizes smaller than in real.
Immediately after his study Lewis started his own company Meer&Zo to market his invention. He now is a designer of lady clothing using the invented construction. With the sketches of his designs and a technical description of the construction he visits potential customers. His focus for potential customers is on the more exclusive fashion shops in the Netherlands.
Thanks to his personal enthusiasm about the construction and designs, he can persuade purchasers and owners of fashion shops quickly to buy his designs. Because the customers of these fashion shops are quite happy about the designs and the positive effect of the construction the number of orders and customers is increasing. The first year having his own company seems to exceed expectations for Lewis.
To reduce the risk and investments Lewis does not manufactures the clothes before he has received a sales order. In order to be able to deliver in time and with the expected quality, Meer&Zo has made a contract with Heuvel. As soon as an order is ready Heuvel directly delivers the order to the customer. In this way Meer&Zo doesn’t need to keep a stock and a warehouse.
Lewis leases a company car to execute his activities. With this car he visits potential customers throughout the Netherlands. Furthermore he hired a small but functional office in Utrecht where he designs his clothes, meets his customers and keeps his bookkeeping.
For the description of the other company activities is referred to the documents of the monthly activities and transactions.

Ask your instructor the log in for Twinfield. You will have your own company for the bookkeeping of entrepreneur Meer&Zo.
Register the log in information to be able to keep access to this company. You will receive a user code, password and organization name. If you click on the question mark the Twinfield Knowledge Base will open. Here you can find a user manual for the use of Twinfield. Search for “Starting with Twinfield”.
The account scheme available (balance sheet and Profit&Loss nominal codes), you can find in the main menu of Twinfield under Accounting > Dimensions. You can also print the account scheme.
You can change your user name and password by clicking on the TAS-code at the top of your display.

Contact
The learning program Twinfield @ School and this website are designed with greatest care. However, if you notice errors and have suggestions for improvement, please let us know. You can write a mail to NL-TAA-CSOcso@wolterskluwer.com.
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Exercises Twinfield

In this exercise you will start to online accounting for the entrepreneur Meer&Zo. At first you will do the accounting cash based. This means that you will only insert financial transactions in Twinfield via a bank statement.
To perform good accounting you must fulfil eight steps:

  • structure the financial facts
  • check if all documents are available
  • get knowledge of the type of transactions, the payments and receipts
  • what happened in the organisation? What are the financial results of this?
  • insert the financial documents
  • display or print the financial transactions
  • checks the financial documents entered and if necessary make corrections
  • report the results

For this exercise you got a full set of structured financial documents. In the exercise you will focus on registering a bank statement.
For the registration you have:

  • a description of the activities with financial facts for Meer&Zo for the omonth of January (period 1);
  • a full set of financial documents of January;
  • the manual “Starting with Twinfield SME”, cash based bookkeeping page 16:
  • the manual “Starting with Twinfield SME”, reporting page 41:

For checking the data entered you have the exercise reports:

  • trial balance;
  • general ledger transactions;
  • transaction list.

The manual is quite general and is also used for all next exercises and the performing the online accounting with a Basic Bookkeeping user in the real world.
Print the reports of your own data entered. These reports can help you to answer questions of your instructor or in future the management, a colleague, an accountant or the tax authorities. Save the reports carefully.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

In this exercise you will continue to register the bookkeeping cash based for the month of February.
Read the description of the activities of the company in February. What happened in the organisation? What are the financial consequenses for Meer&Zo?
Log on Twinfield and enter the bank statement.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

In this exercise you will continue to register the bookkeeping cash based for the month of March.
Read the description of the activities of the company in February. What happened in the organisation? What are the financial consequenses for Meer&Zo?
Log on Twinfield and enter the bank statement.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

In this exercise you will in addition to a bank statement also manually register cash postings for the month of April (period 4). The entry of a cash statement is done in the same way as a bank statement.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

Continue to register a bank and cash statement for the month of May.
Use all knowledge you got in the previous exercises.
Print the reports of your own data entered. Save the reports carefully.
Materials (PDF, click your right mouse and choose ‘save as’)

For te month of June you must again register a bank statement and a cash statement in the accounting system Twinfield.
Materials (PDF, click your right mouse and choose ‘save as’)

JUNI Financial documents Exercise results
Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

So far you registered bank statements manually. However, it is also possible to import electronic bank statements in the accounting system of Twinfield. From the bank it is possible to receive a printed bank statement but often also an electronic bank statement can be downloaded.
This electronic bank statement can be imported in Twinfield. The program can, depending of the set up, suggest a financial posting.
In this exercise you will import an electronic bank statement from the SNS bank, invest the suggested postings and if necessary modify the postings.
Note. Up till now you learned to do cash based accounting. For the month of June you will continue to register the electronic bank statement on the cash based accounting system. The manual, however, already also explains how to register invoice based accounting. For now, you must just link the bank statement lines to nominal codes.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag

When the delivery of goods/services is invoiced, there is an important difference in:
the moment of receiving or sending an invoice;
the payment or receipt of money.
In the previous exercises you updated the bookkeeping via the payments and receipts on the bank statement. In this and the next exercises you will continue to update the bookkeeping registering
purchase invoices, -at the moment the invoice is received (in the purchase transaction type or purchase daybook).
sales invoices –at the moment that invoices are printed and send to the customers (in the sales transaction type / sales daybook).
This way of updating the bookkeeping is known as ‘Invoiced-Based accounting’.
When goods and an invoice are received a company gets an obligation to the supplier. This obligation is registered in the bookkeeping as an outstanding invoice that must be paid to the supplier (creditor) within an agreed time period. The creditors balances increases in the accounts payable subadministration.
When goods are delivered, the invoice is created and sent to the customer, a company gets a financial claim towards this customers (debtor). This claim is registered in the bookkeeping as an outstanding invoice that must be paid by the customer within an agreed time period. The debtors balances increases in the accounts receivable subadministration.
Because of the registration of purchase and sales invoices two extra financial postings are created:
the increase and the decrease of the creditors balance due to the purchase invoice and payment;
the increase and decrease of the debtors balance due to the sales invoices and receipt.
The question is ‘What is the benefit of these two extra postings?
For this exercise you can find example reports of August that you can study. On the Internet you can search for additional information about ‘invoice-based accounting’.
Suggestions for searching the Internet are:
Why companies keep an accounts payable and accounts receivable?
What is registered in the accounts payable and accounts receivable?
How does invoice-based accounting work?
What are the mean consequences for the ‘balance sheet’ and ‘profit and loss statement’ when Meer&Zo wouldn’t start invoice-based accounting?
To answer the last question, you can look at the attached transaction list, open items debtors and op items creditors, and the trial balance reports for August from the bookkeeping of Meer&Zo (period 8). Write down what the trial balance would have look like if the bookkeeping still would have been ‘cash-based’.
Which postings would not, or for different amounts, be posted to the trial balance?
Based on your findings of the above, write a paper in your own words why companies keep subadministrations for accounts payable and accounts receivable. Further write down what the most important consequences and advantages are for Meer&Zo of an invoice-based accounting system are.
Materials (PDF, click your right mouse and choose ‘save as’)

Example reports
Proefsaldi balans Grootboek kaart Invoerverslag Debiteuren Crediteuren

In this exercise you will insert purchase- and sales invoices, a cash and bank statement.
read the activities and documents for August;
insert or import (bank statement) the financial documents.
It is important that you insert the financial documents in the correct order! First register the purchase and sales invoices, and only than register the bank statement and cash statement.
Read the manual “Starting with Twinfield SME”
Invoices based bookkeeping, page 21;
Bank statement entry, page 28;
E-bank statements, page 35.
Note. In this learning program you will not create and print sales invoices in Twinfield. You will register sales transactions the same way as purchase invoices.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag Invoerverslag Invoerverslag

In this exercise you continue the bookkeeping for Meer&Zo invoice-based.
Materials (PDF, click your right mouse and choose ‘save as’)

Financial documents Exercise results
Boekstukken Boekstukken
Proefsaldi balans Grootboek kaart Invoerverslag Invoerverslag Invoerverslag

You have learned the basic principles and theories of bookkeeping and got experience how to perform online accounting in Twinfield. In this final exercise you will do the bookkeeping of the fourth quarter for the Meer&Zo company.
Note: Ask your instructor for the financial documents and log in of Twinfield.
This exercise consists of several parts. You will go through all steps of bookkeeping; from sorting the documents till reporting. You need to register the different type of financial transactions you learned in this course; purchase and sales invoices, cash and bank statements.
From your instructor you will receive unsorted financial documents. You first must sort the documents.
Follow the next sorting principles:
Store the documents per period. You need to get a group of financial documents for October, a group for November and a group for December;
Per month, sort the documents for invoices and vouchers of cash payments;
Sort the purchase invoices on invoice date;
Sort the sales invoices on invoice date;
Sort the bank statements on statement number;
Be sure no documents are missing.
For this exercise take the following steps:
Read the description of the activities of the company for the last quarter. What happened in the company? What are the financial consequences for Meer&Zo?
On each document write the financial posting of that financial fact;
Write down which transaction will increase and which one will decrease, and if this is a debit or a credit posting;
Define the correct nominal code.
If necessary, read the relevant theory or check the results of the previous exercises.
Log on the Twinfield online accounting system.
Register the financial documents
Insert the financial documents per period. If you receive electronic bank statements you can import them. Start with the documents of October, than November and finally with December. Match, if possible, all open items.
Print the transaction list and check your postings.
When all financial documents are entered, you must check all postings on the transaction list report.
If necessary modify the postings;
Reporting.
Finally print a transaction list report of the fourth quarter, the open items of the customers and creditors, and a trial balance till period 12 (December).
Note. The materials for his exercise you will receive from your instructor.