cas project reflection (:

We started this project quite early because we knew that it will took quite long for us to finish. We started in early june. We discussed the double entries for all the source documents together in the 1st meetings. We compared all our double entries and decided which one to use as we came from different class last year. After that, we started using accpac in the school lab. We went back to school during the holidays too. We started with the chart of accounts, followed by all the opening balances and june transactions. After that, we continued with all the AR and Ap setups. We did the transactions for AR and AP as well. We included one more batch which is the unique transaction, bonus issue. We discussed together with all the group members about the recurring entries and balance day adjustment. After agreed on it, we started to typed in and processed it. We did back ups everytime we finished a small part just in case we did any mistakes. We did void cheques in our GL system too. After we confirmed everything, we started to post all the batches in AR, AP and GL. We printed out all the batches and documents we needed. We separated the duties and wrote out GL data entry forms manually. Lastly, we create a new financial year to do our year end closing, and printed out our opening balance of the financial staements.
For the theory part, we stared discussing last week. We read the accounting practice set and identified out all the internal control they used. We refered back to our lecture notes and did some reseach about the computer based internal control.
For this project, everyone in my group have did a great job. We always did this project together and everyone did their own part too. I contributed some such as key in the june transactions, recurring entries, edit the balance day adjustment, did some part of the AP system, write out the GL data entry on opening balances, find a logo for our company with huishan, check our report/statements to ensure it is balance, identified the internal control the company used, etc.
I have learnt about the AP systems, to do year end closing and how to do corrections on the errors which i cant find this in my accpac manual. Besides this, i also learnt how to work with my groupmates, comprise with each other. We need to make use of our time as the lab is not 24 hours available for us to do projects and hence it improve on our time management. Although we faced alot of problems and did alot of mistakes when we're doing this projects, we learnt alot through this projects. Not only the one i studied from the book, but also the team work among my members.
Thanks Mrs. June Yeo for all the help.
After one and a half month, we're finally done! Thanks groupmates! Good job people! (:

-jasmine-