FINANCIAL ACCOUNTING PACKAGES
Presented by – Ayoob Siddiek
Contents-
• Computerized Accounting & Manual Accounting.
• Limitations of Manual Accounting.• Features of Computerized Accounting.• Advantages of Computerized Accounting System.• Different reports for management.• Different accounting packages.
COMPUTERIZED ACCOUNTING
Vs
MANUAL ACCOUNTING
Computerized Accounting is the process of entering business transactions and generating financial statements and reports with the help of computers. It is used to simplify the accounting process.
In Manual Accounting, after transactions are entered in the books of original entry, there need a number of process like posting, extracting balances, preparation of Trial balance, rectification of errors, recording adjusting entries etc before the preparation of final accounts and reports.
Major limitations of Manual Book-Keeping
Alterations and additions are not easy. A small error may result in the correction of entire documents.
Any small mistakes, errors or duplication may result in unmatched Trial Balance or Balance Sheet.
We cannot deal with the account books of more than one year simultaneously.
Features of Computerized Accounting
Onscreen input and printout of sales invoices.Automatic updating of customers accounts in the
sales ledger.Recording of suppliers’ invoices.Recording of bank receipts.Making payments to suppliers and for expenses.Automatic adjustment of stock records.Automatic calculation of payroll and associated
entries.
Advantages of Computerized Accounting System
• As soon as transactions are entered in voucher, the books of accounts are get posted instantly and automatically.
• Reports in different formats can be prepared.• Alterations and additions in transactions are easy
and gives changed result instantly.• All the books of accounts including final accounts
are available for the user.• Annual and monthly budgets can be set and
variance reports can be obtained readily.
• Up-to-date information• Availability of information• Management information• GST/VAT return• Staff motivation• Cost savings• Reduce frustration to management• Working in multiple currencies
Different reports for management
• Aged debtors’ summary – a summary of customer accounts showing overdue amounts.
• Trial balance, trading and profit and loss account and balance sheet.
• Stock valuation• Sales analysis• GST/VAT returns• Payroll analysis
Most commonly used Accounting Packages are :Tally
PeachtreeDacEasy
Ex-Next GenerationATACC
Quick booksMIP Fund Accounting
Mas90GnuCash
Tally(ERP)
Tally.ERP 9
Tally.ERP 9 - Auditors' Edition
Tally.ERP 9 - Rental
Description MRP Rupees(Inclusive of taxes)
Tally.ERP 9 Silver 13,500.00
Tally.ERP 9 Gold 40,500.00
Shoper 9 Silver 13,500.00
Shoper 9 Gold 40,500.00
Shoper 9 Diamond 2,70,000.00
Tally.ERP 9 Silver on rent (Quarterly*) 1,350.00
Tally.ERP 9 Gold on rent (Quarterly*) 4,050.00
India
Feature HighlightsQIF/OFX/HBCI Import Transaction MatchingReports GraphScheduled TransactionsFinancial CalculationsDouble-Entry AccountingStock/Bond/Mutual Fund Accounts
Peachtree Accounting
Sage Peachtree Accounting Software and Financial Software
Sage Peachtree Accounting Software provides network-ready accounting software to small businesses with up to 50 employees that need
accounts payable account receivable payroll support job costing any small business who needs accounting
Quick books
The market leader in entry-level accounting software, QuickBooks starts at around
$100 for the most basic version and costs about $400 for a multi-user version with more features.
QuickBooks is specifically intended for small business without much accounting experience, and is relatively easy to get up and running.
Web-based Bookkeeping Solutions
Anytime, anywhere accounting Hassle-free technology Integrated features
Advantages of using an online accounting
Online application (sometimes called a hosted solution), you contract with a service provider to securely store and back up your financial information.
Basic service generally includes double-entry general ledgers, invoicing, accounts payable, accounts receivable and financial reporting.
REFERENCES
www.gnucash.org
www.tally.com
www.peachtree.com
www.idealware.org
Computerized Accounting – SCERT