The first meeting we had was before our school holidays break. Before we started doing anything to the computerised accounting system, my team mates and I have discussed on the most suitable double entries to record in the system. After finalising the entries, we did the chart of accounts. We encountered some problems when creating the chart of accounts as the trial balance in the pinetree book and in the appendix D were a bit different. We then decided to follow the pinetree book and whatever accounts in appendix D that the pinetree book does not have, we would record it too. I did not help much in the chart of accounts as being quite weak in my accounting subject, I was not able to identify which category it falls under.
Thus, at the end of it, it helps me to recap what I have learnt and forgotten from Financial Accounting module. I have also learnt to create sales, sales returns and cost of sales by product in which the ACCPAC tutorial manual only teaches to do by segment. We then proceeded to do the opening balances that is to be entered into the GL system.
Following on, we did the transactions for the month of June in a new GL batch list. It runs quite well as we already knew what are the double entries to be recorded. I helped by reading out the transactions while my other team mates either double confirm with me or type the entries into the system. After which, we went on to do the balance day adjustment and recurring entries. This is one of the most difficult problems we encountered as we must ensure that there is no double counting. For example, depreciation is incurred every month, thus it should be recorded as recurring entries. If it is recorded in balance day adjustment, then we have to incur the next month’s(july) depreciation expense in the recurring entries till the end of their estimated life. Another problem was that we initially heard that there was a need to do GST for balance day adjustment and recurring entries. However, we have already post it and we had to redo it. But now, we are told not to and it was too late for us to redo again.
Thus, from here, I have learnt how to identify which entries should be recorded in ACCPAC( recurring or balance day adjustment) so as to prevent double counting and affect the company’s accounts. I have also learnt that it would be much easier and faster to create recurring entries then to account for it every single month in the normal transactions.
Next, we created the unique transaction. We wanted to have a transaction that would not affect any of the accounts. Thus, we have come out with a 1-for-2 bonus issue. This is done in a new GL batch list. We also created a void check to account that the check could not be used. This is something new that I have learnt as ACCPAC tutorial did not show us how to do that. At first, we thought that it would be in the AP system, however, we were unable to post it. We seek some help from our tutor and realised that it should be done in the GL system. It was not wrong to the void check in the AP system , just that we need to generate and print the check. Thus, I have learnt two ways of doing a void check.
Moving on to the next part was the creation of accounts receivable system. We followed closely to the steps of the ACCPAC tutorial. Thus, it was not much of a problem for us to do it. However, there is bound to be some things that we struggle at. We did not know whether to create the discount expense and interest revenue account. We sought our tutor for help and realise that we should create it and the account code must be somewhat near the same category (e.g if it is an asset, it must fall within the assets account codes which ranged from 1100 to 1800). This was something that I did not take note of and I thought we could just randomly choose a code to create the accounts.
Next was the creation of accounts payable system. I have learnt how to set up the accounts payable system, invoice/credit note/debit note entry into accounts payable system and payment entry in accounts payable system as ACCPAC tutorial does not teach us and we need to read up the resource notes. It is almost similar to the AR system.
After which, we posted all the batches in the AR, AP and GL system and print the required reports.
Last but not least, we did the financial year end closing.
As for the theory question, we split the question into two parts and two of my teammates and I identify what are the good internal control procedures that pinetree is currently practicing while the other two did the second part of the question.
In conclusion, my contributions were keying in the transactions into the system and ensuring that it is correct, solving the problems with my teammates that we have encountered during the process, and writing down the GL data entry form. Through this project, I have learnt that computerized accounting system has really help us to speed up our progression and saves a lot of time and trouble as compared to the manual accounting system where mistakes can arise without us knowing about it. This project has indeed helped me to experience how companies have used the accounting software to do its work.
Stephenie Low
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