Analyze the terms as started below:

WEEK 8

hello all ......how are you?? 
hope you all will be fine during this fasting month...
This week, our task is  we must Analysis the terms in UBS System which is :

(a) Closing Date VS Accounting Period

(b) Add Entry VS Quick Entry

(c) Edit VS V.Edit

(d) Backup VS Restore

(e) Deleting Individual Business Transaction VS Deleting All Business Transaction

CLOSING DATE VS ACCOUNTING PERIOD

Closing Date

-Once an accounting period is closed, no additional accounting transactions may be posted to it. The closing date represents the institution's financial position as of the end of that accounting period. The accounting balances on the closing date represent a period-end measurement that does not change.

-Once an accounting period is closed, it is not reopened. Under extreme circumstances, an institution may request authorization from the Associate Vice Chancellor for Finance & Administration and Controller or his/her designee to reopen a closed accounting period.

-Key in the last day (closing date).

Accounting Period 

- Period means the sequence of accounting month. The 1 period until period 12. Every period refers to different accounting month. It must be based on when is the closing date of that particular business.  If the current accounting year is from 1st January 2011 to 31st December 2011, then period '1' refers to January. If the current accounting year is from 1st June 2011 to 31st May 2011, then period '1' refers to May.

-Accounting period used for which a firm prepares its external or internal accounts. The period covered by financial statements. It usually for internal accounts, it may be a month or a quarter. It used for external accounts normally a period of 12 month.

ADD ENTRY VS QUICK ENTRY

Add Entry 

-method is used to key in double entry is a single transaction entry procedure. When enter debit entry, have to add credit entry (or vice-versa) or in a reserve sequence to complete the double entry concept. This method is very useful when we have more than one debit entry or credit entry. It need to key in both transaction (debit & credit) manually.

Quick Entry 

- is a double transaction entry procedure. When enter one side of double entry, the system will generate the other side of the entry automatically. Then, we just need to nominate a Master Account. Master Account can be any double entry account and it means the account's entry will be handled by the system. It also avoids unbalance debit & credit.

EDIT VS V.EDIT

Edit 

- allow us to edit a transaction at a time. It is slower for transaction editing. It also may edit single transaction only...you need to double click on the transaction when you want to edit then click the button.....

V.Edit 

- It functions allows users to change or edit more than one transaction in a batch at the same window. It is ideal for changing edit multiple transactions in a batch at the same time. It is faster and easier for transactions editing compare to normal 'Edit' function.

BACKUP VS RESTORE

Backup 

-compression of multiple data files from Saga UBS System into one compressed file and transfer the compressed file to floppy or UBS flash drive or hard disk. When doing backup.acc, if we secondary storage device (diskette or UBS flash drive) already have a backup.acc file containing data for another exercise, rename it before run backup. Otherwise the existing backup file will be overwritten by new generated backup file.

Restore 

-Decompress the compressed file from floppy disk or UBS flash drive or hard disk in order to recover back the multiple original data files which shall be stored back into the system. "The function of restore is important when user needs to recover back their information either corrupt or mistake that being done.”

DELITING ALL BUSINESS TRANSACTIONS VS DELETING INDIVIDUAL BUSINESS TRANSACTIONS

Deleting All Business Transactions.

-It also called Clear Files or Generate Sample Chart.  It partially clear or delete all data in the system .

Deleting Individual Business Transactions 

- is clear only transaction and batch titles will be deleted, chart of account, and opening balance shall be remain. delete certain transaction that have been marked (*) ten times.

Accounting assumptions page, what is it all about?

WEEK 7

Hello all!

Welcome back to our blog... 

now we at week 7….

As we all know this blog is for us to 'story and story' about accounting assumptions page, what is it all about???

LACK OF INFORMATION OR DATA.

After we learn about UBS System, there have many cases about transactions that we find incurred by the company. Each company have a different transaction and get from others sources of documents in that company it. As we know, an accountant should have a data or documents about transactions that performed in that company. 

For example balance sheet and financial statement. Some of company have a documents or have a complete documents because that documents mentioned and considers it is a small problem by a company to issue a expenditure such as a washing machine and other product that did not have been recorded a name of document. 

 Source of documents did not complete and not recorded can causes a expenditure of company in that month unbalanced due to the uncompleted documents and not stored properly for the purpose of computation of expenses in that month which is the expenses are increases or decreases.

INFORMATION OR DATA NOT AVAILABLE.

As an accountant, they can get effects instead of source of documents or in a data which is not available in a transaction when performing their duties. 

For example, that Trigger company buy a equipment such as a table and others. It only record in bank of statements and not record in payment voucher. 

in rightly, that transaction must be recorded in financial statements and payment voucher . If information or transaction of data will be uninformed to the an accountant, it can give more effect at financial statement of company. 

Then, it can lead in excessive expenses. It can make an accountant can’t find  a transactions where it is comes from. It is because no documents have been recorded in a expenses of transaction.

NEW INFORMATION THAT NEED TO BE INFORM. 

all companies which was establish  have the same mission which is want to maximization a profit and minimization a cost. As we know, all companies only distinguished between sell a product or in services. For example consultant of company selling us a service while Trigger power selling their product to introduce to the buyer. 

There are also have other company of doing a service of business in the same times selling the product. For example telecommunication devices of company which is selling a service to repair a mobile phone while in the same time that company sell all brand of phone  accessory.

Usually , that company managed a product and services that have a problem. As an accountant must have recorded all transactions when doing a business. It is because want to do a transaction for that company either an accountant should separate a sales or want to combine . If can be them more essay an accountant  put all transaction such as in first key-in a sales for selling a product and second key-in a sales for a services.

                

Assistance information is important to a new an accountant. It is because a new accountant can learn and can refer to financial statement against and more important is an accountant must know which is a sales transaction is coming from that company....

Eighth class..

We still continue a lesson 3… the new skill for this assignment is entering closing stock of value RM 48,218.95…to enter this amount…

Go to G6àmaintain stock valueàclick addàclick B/s accountàclick 10x (**********) the amount can be appear at the box…

Then OS account and Cash Sale Account….do the same way….you must key in at this year opening stock and the amount is RM48,218.95…. of the closing stock value...