Computerised accounting system.
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The sage line 50 product contains Basic and Advanced tasks for operation of the Sage accounting software.
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Learn To Use Sage Task List
Basic:
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* Add a new customer
* Open an existing customer record
* Add a new supplier
* Open an existing supplier record
* Add a new nominal account
* Open a blank record
* Add a new product code and save
* Open a product record
* Add a sales invoice
* Add a credit note
* Enter purchase invoice / Credit note
* Allocate customer receipts
* Allocate supplier payments
* Add a nominal payment / receipt
* Preview / Print aged debtors report
* Enter sales invoices
* Enter sales credit notes
Advanced:
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* Transfer funds
* Add a nominal journal
* Create a skeleton journal
* Blank reconciliation
* Display VAT return
* Analyse VAT totals
* Print VAT return
* Add a fixed asset
* Posting depreciation
* Add a prepayment
* Posting prepayments and accruals
* Write off, Refund, Return
* Set access rights
* Contra entries
* Add receding entry
* Correcting errors
* Check and print
Computerised Accounting System
How does a computer works?
Data Input Process Data Output
Type of data processing:
. Batch processing
Transaction data are accumulated until a large volume can be processed at one time. Eg. Payroll, customer account and general ledger
2. On - line processing
Processing transaction as they occur so that a user can obtain current information at any time. Eg. Accounts receivable, accounts payable and inventories.
Manual vs. Computerised systems
Manual accounting systems consists of source of documents, journals, ledgers and reports. In a computerised accounting system basically the ...
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How does a computer works?
Data Input Process Data Output
Type of data processing:
. Batch processing
Transaction data are accumulated until a large volume can be processed at one time. Eg. Payroll, customer account and general ledger
2. On - line processing
Processing transaction as they occur so that a user can obtain current information at any time. Eg. Accounts receivable, accounts payable and inventories.
Manual vs. Computerised systems
Manual accounting systems consists of source of documents, journals, ledgers and reports. In a computerised accounting system basically the same source of documents can be used but must be converted into a machine - readable format to be accepted as an input to the computer.
Eg. Computerised receivables system
Input : accounts receivable master file at the beginning of the period and the aacounts receivables transactions files required to update the beginning balances.
Output: updated account receivable master file and a schedule of accounts receivable are produced through the computer processing.
Advantages using computerised accounting system:
. Reduction in processing cost: The large reductions in the cost of hardware and software, and the availability of user - friendly packages, the manual system has lost its comparative cost advantage.
2. Speed of processing: The computer can process many thousands of transactions at incredible speeds, and high - speed printers enable output to be produced at thousands lines per minute.
3. Error reduction: Once programmed, the computer is virtually error - free in both processing and performing mathematical calculations.Manual system are much more prone to human error.
4. Automatic posting: Once data have been entered all posting is performed automatically by the computer. This is done at high speed and virtually error - free.
5. Automatic production of documents and reports: The computer can be programmed to produce automatically up - to - date reports on request and accounting documents such as invoices, cheques and statement of account.
6. Improved reporting: The computerised system can be used to generate a wide range of reports such as analyses of sales by product, salespeople and customers.
7. Faster response time: Provides the users with the ability to seek and receive very quickly answers to a wide range of queries.
Disadvantages using the computerised accounting system.
. Computer fraud: the use of computers by programmers to assist in defrauding business entities of huge amounts of money.
2. Power failures: the other forms of system breakdowns or crashes. Such system therefore require an elaborate program of constantly backing - up computer records.
3. Computer virus: program which introduced to a computer systems can go undetected and gradually destroy all the files maintained in the system.
4. Computer hackers: unauthorised people can gain access to a computer files and make amendments to those files.
Computerised accounting packages can save you money, time and even help
boost your profits. But many solicitors have yet to switch from the old manual
system. Grainne Rothery gives a step-by-step guide to making the transition
Traditional three-in-one accounting systems are still widely used in solicitors' firms around the country, but there is a wide range of computerised packages available for this task, and almost all practices could benefit from using them. Computerised accounting packages are increasingly sophisticated and have a number of advantages over manual systems: they're faster, more flexible and accurate; they offer greatly-improved access to data; and, significantly, they can provide valuable management information which contributes to greater productivity and, ultimately, profitability.
'From a business point of view, there are three main advantages to a good accounting package', says Seamus MacGiollariogh, director of Star Computers. 'First, they improve efficiency and allow staff to respond to clients quickly. Second, solicitors should be able to spend more time on fee-earning activities rather than analytical or administrative tasks. Finally, a good system will provide greater security of important data'.
Despite these benefits, most small to medium-sized firms, and even some larger practices, are soldiering on with their trusted manual systems. The reluctance to switch to computer-based systems is attributed to the profession's lack of enthusiasm for technology. 'Many small to medium-sized practices are slow to commit their accounts to computer because they are traditional firms that have never been pulled into the computer era', says one supplier.
Most businesses use off-the-shelf accounting packages, but solicitors should use specialised legal products to meet the requirement to run client and office ledgers. These normally cost around £1,200 and may require
additional outlay for training. They're actually cheap at the price, considering the size of the Irish legal market and the fact that developers must enhance and adapt their products to continue to meet legal requirements. The initial cost can be quickly recouped through substantial savings realised from a computerised system.
'Traditional manual accounting systems are cumbersome, inflexible and are so demanding of staff time and skills that accuracy, timeliness and completeness are sacrificed so that such systems tend to be mainly used to demonstrate past regulatory compliance in the areas of taxation and accounting rules', says Bryan O'Donnell, managing director of Harvest Software in Waterford. 'On the other hand, properly-designed computerised accounting systems improve the quality and timeliness of accounting information and provide many non-accounting management tools'.
According to Michael Gilmartin, managing director of Legal & General Office Supplies, the time saved using a computerised rather than a manual system can cut wage costs. He maintains that a book-keeper employed five days a week to keep a manual system up-to-date should only require two to three days to do the same work on a computerised package. 'It does not make sense for a busy firm to use a three-in-one system instead of a computerised package', he says. 'All solicitors using accounts software will find that they make more money. They can get on with their work, productivity is higher and there is less time-wasting.
'Everything you have on a PC should cut labour', he says. 'So if you have an accounts package, it should be linked to your case-management system. If you set up a case and issue an interim bill, this information should be sent automatically to the accounts system. Likewise, the accounts system should be linked to a time-recording module'.
Gilmartin maintains that the management information available from a PC package can help firms to identify the areas where they are making money. 'When setting up the system, you can define various areas such as probate, litigation and conveyancing', he says. 'It is then possible to calculate outgoings, incomings and the amount of time spent on each case if the system has time recording. Firms can work out each area's profitability'.
Many computerised accounts packages now include time-recording modules which keep track of the exact amount of time spent working on particular cases. 'Time recording is becoming more important', says Aidan O'Neill, sales and marketing manager of Ivutec, which developed the Italax package. 'Features like this allow solicitors to keep better track of their time and expenses. One British case-management software firm says solicitors can add 12.5% to their gross billings by tracking all their expenses'.
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