Kudler Fine Foods Computer Information System Essay

Kudler Fine Foods can also benefit from implementing a few general control procedures outside the system. For example, written procedures should be available and initialed by employees concerning how inventory is to be physically recorded and input into the automated system. Restrict the number of employees who have keys to the premises. Physically lock up and guard merchandise that is of high value or that can be easily converted into cash. The use of surveillance equipment or cameras can be used to monitor physical access to inventory and other company properties such as equipment. Provide procedures for identification of slow moving or damaged inventories are another internal control that could be incorporated outside the automated system.

• financial accounts, where the nominal ledger, sales ledger, purchases ledger and taxation records are

Buchbinder & Shanks (2012, p. 199) defined account receivable (AR) as a “current asset, created in the course of doing business, consisting of revenues recognized, but not yet collected as cash”. In health care organization, account receivable approximately contains 75 percent of the provider’s assets, for this reason it is also called patient accounts. In order to collect revenues generated and ensure cash flows for the management of the overall operations of the organization, management of account receivable is very important. It involves collaboration and cooperation of almost all departments in the health care organization (Buchbinder & Shanks, 2012, p. 199).

When I handle one transaction I should create one computer and write related information in detail, then start to prepare a journal according to the transaction. Write the date accordingly, when I use this software, I don’t know where to start. I find the significance of understanding double entry; you should know each transaction whether is assets account capital account liability account. If put it in a wrong entry, what we have done is all in vain. I ought to also prepare account for bank, purchase, sales and depreciation, this procedure is a little complex. When I prepare T-account at the same time I must recorded. Return back the main menu select the report, it shows the trial-balance, different statement of income and statement of financial position, all of that will appear automatically in place of preparing manually. Have ability to good use of MYOB project is very necessary, which will avoid existing of errors so as to save time and help you become professional.

If an account has been debited in the journal entry, the posting in the Ledger should also be made on the debit side of such account. In the particular column, the name of the other account which has been credited in the Journal entry should be written for reference.

Most companies have detailed process maps for employees to use as a guide to successfully complete business activities. The Accounts Payable system is no different. For this client, in order for payments to be made, an order must be placed and an invoice received. While this process may seem like common sense, it’s important to test, and update it, when necessary.

Journal entries are captured in a T-Account showing each transaction and the corresponding counter entry in the ledger. The transactions are classified as either Debit or Credit and the default presentation is that the Credit is listed on the Right hand side, the Debit is listed on the left hand side and the account description is on the extreme left. By following the dual entry book keeping practice, this helps to ensure that the accounts balance out at the end of the accounting period.

* Shorten billing cycles and enable faster discrepancy resolution with on-demand access to EOBs, claims, statements and remittance information.

This unit describes the skills and knowledge required to maintain a register of capital expenditure items.

The accounting integration platform permits users to integrate and standardize accounting from non–Oracle transactional systems to create accounting entries in any general ledger. If customers have high volumes of transactions from different industry applications, such as billing systems, the Oracle Fusion accounting hub will add plus-reference information on raw transaction information. Then, it applies rules to create detailed accounting entries to meet virtually any accounting requirement. Also, the accounting hub offers maximum flexibility in general accounting entries since it allows users to configure rules according to any attribute of a transaction. For example, a deferred revenue account can be broken out by different lines

The control accounts can help identify ledgers in which errors have been made when there is a difference in a trial balance. It assists in the location of errors where posting to the control accounts are made daily or weekly or even monthly. However if a clerk fails to record an invoice or a payment in a personal account or makes a transaction error, it would be a difficult task to locate the error at the end of a year given the fact that many transactions have been made during the year. By using the control account, a contrast with the individual balances in the sales or purchase ledger can be completed in a week or a day of the month and the error can be detected much more quickly.

Other duties include preparation of client trial balances for input in ProSystem fx Engagement, and preparation of client binders in the same system. I also routinely prepared reports from Quickbooks, including balance sheets, profit and loss statements, and trial balances. Furthermore, I conduct client write ups, and reconciliation in Quickbooks. This consisted in accurately inputting checks and deposits into Quickbooks from client provided check registers, and then reconciling them with the clients bank statements.

In some computerized accounting systems, inputs to the system are based on handwritten or typed source documents. These documents are then collected and forwarded to computer operations for error checking and processing.

This control is partially a response to the use of an inadequate POS system in use at the location. Management reviews the transactions in the system to ensure that the transactions have occurred. The system is also reviewed to ensure that the inventory recorded on the system exists. The POS system helps keep track of all cost of goods sold and revenues. We have assessed that the level of risk related to this control is high due to the outdated nature of the system being used. This control mitigates the risk of inaccuracy in the system’s figures for financial statements. This control improves the completeness and occurrence assertions for the financial statements.

performs routine accounting tasks. • Purchasing - a computer program identifies inventory requirements • The following methods are used for authorizing and ordering inventories: