Archive about 'Computerised Accounting'

Describe the advantages/benefits from having a good Computerized Sales Ledger Module. Name the good features that a Computerized Accounting Sales Ledger Module should have.

COMPUTERIZED ACCOUNTING SALES LEDGER MODULE

BENEFITS OR ADVANTAGES
Enable management to:

produce accurate management information
recognize as early as possible debtors who are slowing down payments
prevent the chasing of debts already settled
identify customers who have reached their credit limit
ensure customers comply with any agreed payment schedule

GOOD FEATURES OF A COMPUTERIZED SALES LEDGER MODULE:

Ageing of debtors by DUE DATE
On line [...]

What Are the Usual Features, Advantages or Benefits And Examples Of Management Reporting Obtained From A Computerized Accounting System.

Question:
I just joined a small company where it is in the midst of acquiring a computerized accounting system. May I know:-
(a)  What are the usual features that are available in such system
(b)  Advantages of a computerized accounting system
(c ) Give examples of some management reports which are automatically generated.

Answer:
(a)     Some of the features [...]

Listing Of Topics Under Computerized Accounting System

Append below a listing of topics covered under the heading Computerized Accounting System:-

Content Page

1.0

What are the advantages and disadvantages of computerized accounting systems

2.0

Comparison of the steps of an accounting cycle under the Manual system and under the Computerized system.

3.0

Internal Control in a Manual and Computerized Accounting Environment

4.0

Characteristic and difference between Batch And Online Processing.

5.0

Factors To [...]

Comparison Of The Steps Of An Accounting Cycle Under The Manual System and Under The Computerized System

 

Steps In Accounting Cycle

Manual System

Computerized System

1

Analyze source documents

Manual

Manual

 
2

Record transactions in journal

 
Manual

Manual data entry includes manual electronic coding

3

Post to Ledger accounts

Manual

Automatic

4

Prepare Unadjusted Trial Balance

Manual

Automatic

5

Journalize adjusting entries

Manual

Manual

6

Post adjusting entries

Manual

Automatic

7

Prepare adjusted Trial Balance

Manual

Automatic

8

Journalize closing entries

Manual

Automatic

9

Post closing entries

Manual

Automatic

10

Prepare post-closing Trial Balance

Manual

Automatic

11

Prepare financial statements

Manual

Automatic

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Question On Computerized Accounts

Question On Computerized Accounting:

You started work in ABC Company Ltd. The Management is asking you to implement a computerized accounting system. The following questions were posed to you:-  
(a) “What benefits will a computerised accounting system bring your company?” State up to five possible benefits.
(b) “There are so many different packages on the market. What should [...]

Internal Control In A Manual And Computerized Accounting Environment ( Part 3)

The following are some of the controls in a Manual and Computerized Accounting System:

Controls In Manual Accounting System

·      Independent reconciliation of external data like using bank statement to reconcile to the company’s bank account or using external supplier statement of account to reconcile with our individual creditor account;
·      Using Control or Total Account
·      Review of the [...]

What Are The Advantages And Disadvantages of Computerised Accounting Systems (Part 2)

The advantages and disadvantages are as follows:

Advantages

· Faster and efficient in processing of information;
· Automatic generation of accounting documents like invoices, cheques and statement of account;
·With the larger reductions in the cost of hardware and software and availability of user-friendly accounting software package, it is relatively cheaper like maintaining a manual accounting system;
· More timely information can [...]

Characteristic And The Difference Between Batch And Online Processing (Part 1)

Nowadays, the modern accountant needs to know how computerized accounting systems work so that these systems can meet the needs of the organization and the users

Characteristics of Computerized Accounting System

·      All accounting systems follow the same sequence of Input to Processing to Output and
·      Transaction data need to be entered only once at the input [...]

Factors To Consider When Buying A Small Business Accounting Software

When choosing an appropriate accounting software, it is critical that we should plan ahead as a smart business decision will later save us plenty of time and money in the future.
The following includes some of the factors to consider when buying a small business accounting software

1. Scalability

It is always very important to remember that as [...]