Salient Features of Computerized Accounting

Important Features of Computerized Accounting for AIS

1. Unit I:
INTRODUCTION TO COMPUTER
APPLICATION AND BUSINESS
SOFTWARE

2. Salient Features of Computerized
accounting
1.Fast, Powerful, Simple and Integrated
Computerized accounting is designed to automate and integrate all the business operations,
suchas sales, finance, purchase, inventory and manufacturing.
With Computerized accounting, accurate, up-to-date business information is literally at the
fingertips.

3. 2. Complete Visibility
•Computerizedaccountingsgivingthecompanysufficienttimetoplan,
increasethecustomerbase,andenhancecustomersatisfaction.With
Computerizedaccountingthecompanywillhavegreatervisibilityintothe
day-to-daybusinessoperationsandaccesstovitalinformation.

4. 3. Enhanced User Experience
•Computerizedaccountingallowsthecompanytoenterdatainavarietyof
wayswhichmakesworkapleasure.Adaptingtothespecificbusinessneedsis
possible.

5. 4. Accuracy, Speed
•ComputerizedaccountinghasUser-definabletemplateswhichprovidesfast,
accuratedataentryofthetransactions;thereafteralldocumentsandreports
canbegeneratedautomatically,atthepressofabutton.

6. 5. Scalability
•Computerizedaccountingadaptstothecurrentandfutureneedsofthe
business,irrespectiveofitssizeorstyle.

7. 6. Power
•Computerizedaccountinghastheabilitytohandlehugevolumesof
transactionswithoutcompromisingonspeedorefficiency.

8. 7. For Improved Business Performance
•Computerizedaccountingisahighlyintegratedapplicationthattransforms
thebusinessprocesseswithitsperformanceenhancingfeatureswhich
encompassaccounting,inventory,reportingandstatutoryprocesses.This
helpsthecompanyaccessinformationfaster,andtakesquickerdecisions.
Computerizedaccountingalsoguaranteesreal-timeoptimizationof
operationsandenhancedcommunication.

9. 8. Quick Decision Making
•Generatesreal-time,comprehensiveMISreportsandensuresaccessto
completeandcriticalinformation,instantly.

10. 9. Complete Reliability
•Computerized accounting makes sure that the critical financial information is
accurate, controlled and safe from data corruption.

11. Advantages of Computerized accounting
•Automation of tedious clerical jobs
•Speed and accuracy
•Low cost of packages
•Automatic generation of standard reports
•Redundant data storage permits efficient generations of some reports
•Increase revenue while lowering operating costs and enhancing competitive
advantage of the company.

12. MASTER DATA
•Masterdatareferstothekeyinformationthatdescribesyour
customers,vendors,andleadsaswellasitemsthatyourcompanybuys
andsells.

13. Master Data Concept
Business Partners
Items
Addresses
Payment Terms
Price lists
Control Account
Inventory Accounts
Warehouses
Item Groups
Item Properties
Price lists

14. Three Types of Business Partner Master Records
All purchasing
transactions
All sales
transactions
Sales
opportunities
Quotations and
orders
Sales
opportunities
One or more control
accounts for
vendors
Possible
transactions
One or more
control accounts
for customers
Possible
transactions
Leads do not have
any effect on
accounting.
Possible
transactions
Vendors Customers Leads

15. PURCHASING PROCESS
PURCHASE REQUISITIONS
PURCHASE ORDER
GRPO
A/P INVOICE
OUTGOING PAYMENT

16. SALES PROCESS
SALES ORDER
DELIVERY
A/R INVOICE
INCOMING PAYMENT

17. PRODUCTION
•Production isthe process of making or manufacturing goods and
products from raw materials or components.
•In other words, production takes inputs and uses them to create an output
which is fit for consumption –a good or product which has value to an end-
user or customer.

18. PRODUCTION PROCESS
Create Production Order
Release to shop floor
Issue Components
Report Completion

19. BILL OF MATERIALS (BOM)
•Aproductionbillofmaterialsrepresentsanitemtobeproduced.
•Thesub-itemsinthebillofmaterialsareitemsthatwillbeneededto
producethetop-levelitem.Thesub-itemscaneitherbeitemsthatare
purchasedormade.
•Thesearetypicallyphysicalitemsthatarestoredininventory.

20. Bills of Materials
Printer
Lead Time: 10 days
Memory
Boards
Power PackPrinter
Head
A bill of materials:
Represents an item to be produced
Top level is item number
All components are items
Can be multi-level

21. Bills of Materials Types
Printer
Printer
Head
1 pc.
Power Pack
1 pc.
Memory
Boards
2 pcs.
BOM Types
Production
Sales
Assembly
Template

22. PHANTOM ITEM
•Aphantomitemisasub-assemblyintheBOMthatdoesnotactuallyexistin
inventory.
•ItisusedtosimplifytheBOM.AlthoughthephantomitemappearsintheBOM,
theProductionOrderwillshowthecomponentsneededtomakethephantomitem
ratherthanthephantomitemitself.

23. PHANTOM ITEM
Board
1 Unit
Axis
2 Units
Screws
8 Units
Wheels
4 Units
Tire
1 Unit
Rim
1 Unit
Screws
4 Units
Skateboard
1 Unit
Phantom Item
(does not appear in production orders
and only for information in MRP)

24. PRICE LIST

25. PRICE LIST
The basic way of pricing.
Enter prices into price lists and assign the
appropriate price list to a business partner.
Special Prices
Discount Groups
Period and
Volume Discounts
Price Lists
Define discount percentage by item group,
properties or manufacturer.
Overrides period and volume discounts.
Determine special prices by item, business
partner, dates and quantities.
Overrides all other prices.
Define a discount percentage by date and
quantities for a price list.
Overrides the basic price list assigned to the business
partner.

26. Title:Lesson 1: Introducing
QuickBooks Pro

27. Lesson Objectives:
•After studying this lesson, you will be able to
Understand basic accounting tasks
Manage basic QuickBooks files
Work with the QuickBooks window
Back up a company file
Open a portable company file

28. What is QuickBooks Accountant?
isanautomatedaccountinginformationsystemthatdescribes
anentity’sfinancialpositionandoperatingresultsandthat
helpsmanagersmakemoreeffectivebusinessdecisions.

29. What Can QuickBooks Do For You?
Track customers, vendors,
employees, etc.
Process sales transactions and cash
receipts
Process purchase transactions and
payments to
vendors
Run payroll
Track and sell inventory
Track assets (what you own) and
liabilities (what you owe)
Keep track of bank accounts

30. 4 Basic Features of QuickBooks
Accountant
1.LIST
aregroupsofnamessuchas
customers,vendors,employees,
inventoryitemsandaccountsand
informationaboutthosenames.

31. 2.FORMS
areelectronicpresentationsofthe
paperdocumentsusedtorecord
businessactivities,suchascustomer
invoices,avendor’sbillforgoods
purchased,oracheckwrittentoa
vendor.

32. 3. REGISTERS
contains all financial activity for a
specified balance sheet account.

33. 4. Reports and Graphs
Presentthefinancial
positionandtheoperating
resultsofacompanyina
waythatmakesbusiness
decisionmakingeasier.