Financial Accounting in Computerized Environment
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With the technology it’s important to understand the techniques of financial accounting in computerized environment. For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
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Financial Accounting in Computerized Environment
- 1. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Gamut of accounting process goes through phases of prepare a voucher make an accounting entry post entries in the ledger prepare a trial balance pass and post adjusting entries prepare adjusted trial balance prepare Income Statement & Balance Sheet prepare Cash Flow Statement
- 2. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Gamut of accounting process goes through several phases, offering opportunities to commit errors like Posting a debit -without corresponding credit -for a corresponding debit Posting a credit -without corresponding debit -for a corresponding credit Transposing figures , posting Rs 123/- for Rs 132/- Wrong totals Posting to a wrong a/c
- 3. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Gamut of accounting process goes through several phases, offering opportunities to commit many errors. No more in computerized environment !
- 4. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Gamut of accounting process goes through several phases, offering opportunities to commit many errors. No more in computerized environment ! Further you benefit from - ability to handle bulky data processing in real time - across different office locations - integration of cross functional inputs - provision of cohesive data for decision making.
- 5. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Computerized environment takes care of gamut of accounting process plus offers - ability to generate vouchers cheque writing facility interest calculations aging analysis of debtors & creditors cost center analysis TDS and other reports for taxation purposes audit trail for control & fraud detection
- 6. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment Computerized environment offers standard software packages like Tally Ex-NGn Trio ModAct Plus tailor made industry specific packages for Banking, Travel, Financial Portals, Stock Brokers , Hotels, Insurance and other industries.
- 7. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment However, current trend is to offer computerized environment to Accountants as a part of software packages that span over entire value chain of the business. These are generally known as Enterprise Resource Planning (ERP).
- 8. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment These are generally known as Enterprise Resource Planning (ERP). ERP integrates order processing, accounting, inventory, production, dispatch, vendors and customers into a single network and Provides meaningful and accurate reports to managers on need to know basis as and when required.
- 9. Chapter Eleven -- Chapter Eleven Financial Accounting in Computerized Financial Accounting in Computerized Environment Environment These are generally known as Enterprise Resource Planning (ERP). In addition to providing computerized environment for accounting , main objective of ERP is to increase revenues & to improve efficiency Good Luck !
- 10. Chapter Twelve-- Chapter Twelve Understanding Financial Statements Understanding Financial Statements Financial figures in absolute amounts do not provide complete picture. Net earnings from operations disclose profitability of a company. But the figure can include one time item like sale of assets, in which case earnings from operations are less to that extent.