However, the second option allows you to know how much money is outstanding and how much money is owed to you (creditors and debtors). The first option is quicker as each transaction is only handled once. Entering in invoices to be paid (upcoming payments) and then processing the payment against the outstanding invoice (and vice versa for income).Processing your transactions direct from the bank statements as money in and money out.Most accounting systems work in the following two ways: The computerised accounting system may also allow you to generate a bulk payment file that can then be uploaded to your bank account for payment, also a time saving. Processing transactionsĪ computerised accounting system may streamline processing and reduce the organisation's work by downloading transactions automatically from a bank feed, ready for you to reconcile. Most systems allow you to add in contact details and notes etc, which you may want to consider if this information is not recorded elsewhere. Most accounting systems will require you to set up a contact or card file for each person or organisation you have transactions with. last financial year's closing balances will become this year's opening balances). However, if you are changing to a new accounting system you will need to enter the opening balances from last year's balance sheet (i.e. If this is your first financial year, you will have no opening balances to begin with. In that case, you would have two categories for telephone in your chart of accounts, whereas an organisation that does not need that level of information would only have one category for telephone accounts. For example, a manager may need to know how much is spent on mobile phones versus landline phones. This will help you decide how detailed your chart of accounts needs to be. Spend some time considering who will require information from you and what sort of information they will require. This is a list of all types of income, expenditure, assets, liabilities and equity (see the following sample). Once you have chosen your accounting package and installed it, you should set up your chart of accounts.
Computerised financial accounting notes trial#
Computerised financial accounting notes full#
can you produce a full set of financial accounts (profit and loss and balance sheet)?.can it track funding or project spending?.can the system calculate GST and allow you to allocate GST by individual transactions?.Checklist for a computerised accounting system Ask computer experts and sales people, and also check around to see what friends or colleagues in other organisations are using. Choosing the right one is important and your group should do some research before you make the decision. There are many computerised accounting packages on the market, so you should be able to find one to suit the needs of your organisation. Created: Augat 4:18 PM | Updated: J| By Community Resource KitĪ computerised accounting system is the best option for most organisations as it will allow you to manage your finances accurately and efficiently, and it will also make financial reporting and planning much easier.
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