Describe how the system selected handles processing & recording accounting transactions related to expenditure-related activities.

This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and information. The accounting system you use is up to you. Several suggestions are given below.

STEP 1. SELECT A SOFTWARE PACKAGE

  • Sage 50
  • QuickBooks
  • Select some other accounting software to use for the project, such as an accounting software product from your job. If you choose to use a product besides Sage or QuickBooks, it is recommended that you visit the product’s website and download a trial version or request that a trial version is sent to you via email.

STEP 2. EXPLORE THE SOFTWARE

Check to see if the application has a tutorial that demonstrates some of the features of the application, and if so, review the tutorial. Review any online documentation regarding how to use the application.

STEP 3. TRY OUT THE SOFTWARE USING A SAMPLE COMPANY

  • The application you select should have a sample company that you can use to evaluate the system. If it does not, you may need to set up a sample company, but this would be very unusual. Once you are in your sample company, you must explore the sample company to determine how you can do the following.

Revenue Activities (e.g. sales, collections, billing)

  • How can you create and maintain customers?
  • How can you create customer invoices/bills?
  • How can you process customer payments?
  • What are the reports available to support your revenue activities? Expenditure Activities (e.g. purchasing, invoicing / payments)
  • How can you create and maintain vendors?
  • How can you create and maintain purchases?
  • How can you generate payments to vendors?
    • What are the reports available to support your expenditure activities?

Other Activities (e.g. payroll)

  • How can you create and maintain employees?
  • How can you process payroll transactions for your employees?
  • How can you create and maintain your chart of accounts?
  • How can you generate financial statements?
  • What are the reports available to support your other activities?

    STEP 4. DOCUMENT YOUR RESULTS (YOUR PAPER)

Once you have completed your evaluation, you will need to develop a report using the following layout.

Section I (Overview of the Accounting System): Provide a general overview of the accounting system that you are evaluating. Make sure the overview provides the reader with a general understanding of the application, including the projected purchase price and any special hardware and software requirements. Finally discuss the ease of use of this system for accountants and non-accountants.

Section II (Review of Revenue Activities): Describe how the system selected handles processing & recording accounting transactions related to revenue-related activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section III (Review of Expenditure Activities): Describe how the system selected handles processing & recording accounting transactions related to expenditure-related activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section IV (Review of Other Accounting Activities): Describe how the system selected handles processing & recording accounting transactions related to other activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section V (Accounting System’s Strengths & Weaknesses): In this section, you will identify and discuss at least two strengths and two weaknesses with the system. Also, you will identify at least one technology advancement that this system lacks. Examples of technology advances includes but not limited to (a) digital signatures; (b) single sign-on and bio-metrics; (c) bloc chain; and (d) data analytics

Section VI (Conclusion): In this section, you will summarize your final thoughts on the application you chose. You should include why you selected the application. Finally, discuss how this assignment will help you to evaluate an AIS for your firm in the future.

The post Describe how the system selected handles processing & recording accounting transactions related to expenditure-related activities. appeared first on Essay Lane.

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