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REVIEWER_SAP

The document outlines the components and requirements of a computerized accounting system, emphasizing the importance of adhering to GAAP for accurate financial reporting. It discusses the structure of data processing, the differences between manual and computerized systems, and the various financial forms used in business transactions. Additionally, it covers the rules of debit and credit, along with examples of journal entries.

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Kristine Nicole
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7 views

REVIEWER_SAP

The document outlines the components and requirements of a computerized accounting system, emphasizing the importance of adhering to GAAP for accurate financial reporting. It discusses the structure of data processing, the differences between manual and computerized systems, and the various financial forms used in business transactions. Additionally, it covers the rules of debit and credit, along with examples of journal entries.

Uploaded by

Kristine Nicole
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Chapter I: Computerized Accounting System

- accounting info. System that process the transaction as per GAAP (Generally Accepted Accounting
Principle) to produce report

*Basic Requirements

1. Operating Procedure 2. Accounting Framework

- blended suitably w/ the operating environment - principle and structure of accounting

* Database Application

1. Front-End (Interface) 2. Back-end Database

- link between user and database which user - a data storage from the user & respond to the

Communicate to the back-end database requirement of the user

*Data Processing

- sequence of action to transform data into a wise decision information

*Reporting System Field Record File Database

- set of objects that constitute the report

*Manual System

- system using an older way of recording

*Computerized System

- computerized accounting system or systematized accounting procedure (SAP) involves recording the
financial performance of the business using a spread sheet.

Pros Cons

Can produce accurate financial statements It must have a hard copy backup like online drive
(reliable and historical data) (quantitative or Drive
analysis)
Can save time if you want to create a budget or Technology can be complex and somewhat
forecast (corporate planning) (avoiding surplus) difficult to use
Can streamline and add efficiency to the Must require a much more complex system along
accounting process to help-out with bookkeeping w/ trained people
such as entering bills
Automated invoices, credit notes and receipts
Save money on resources
Faster record-keeping leads to more business

Financial Forms for Business Transactions

1. Billing Invoice – billing clients


a. Service invoice – basic invoice for listing the amount
b. Sales Invoice = for business that sells and ships
2. Price, Sales and Service Quote – a binding agreement of two parties at predefined price. If
accepted, the quote will convert to invoice
3. Purchase Requisition – document that filled within the company of items on what they want. An
approved PR will proceed to PO
4. Purchase Order (PO) – to place an order and issued for delivery. Defines amount of buyer owes
for goods and date to pay
5. Official receipt – received payment from customer
6. Price List – list of current prices
7. Check/Cash voucher – proving disbursement from company and confirm voucher of recipients.
8. Deliver receipt – basis of company to bill the customer through Sales Invoice
9. Receiving report – document made by the receiving confirming the items

Charts of Accounts (reviewer in the FABM2)

Journal – all transaction is given in this book for the first time. (original entry)

Two kinds of Journal

1. General Journal – uses one journal to record w/o properly segregating diff. activities.
2. Special Journal – segregates daily activities according to the nature of recognition usually if the
business is quite large such as
a. Purchase Journal – all purchases of merchandise
b. Sales Journal – sales of merchandise
c. Cash Disbursement Journal – all cash payments
d. Cash Receipts Journals – for all received payments

Parts of Journal

Date Particulars F (Posting Debit Credit


Reference)
2012
December 1 Accounts Payable 302 4,940.00
Notes Payable 303 4,940.00
30-day, 12%
note to Paras.

Date Used when First money Second


Column Shows the entries are column money
accounts posted column
and brief
explanation
Rules of Debit and Credit

Debit Credit

Assets Increase decrease

Expenses Increase Decrease

Liability Decrease Increase

Capital Decrease Increase


Revenue/Income decrease Increase

For example:

Bought office supplies by issuing notes

Bought supplies – increase in assets (debit)

Issuing notes – increase in liability (credit)

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