Question

These questions have to do with Quickbooks

1.)Discuss how you utilize the software to process the various accounting functions including:

1. Procurement and payable transactions
2. Sales, inventory and receivable transactions
3. Payroll transactions
4. Job order costing transactions
5. Fixed asset transactions
6. Banking and Cash management transactions
7. Accounting cycle
8. Error correction methodology
9. Journal Entries in the software including transactional and adjusting

2.) How does one demonstrate ethical behavior and procedures when utilizing accounting software?

Answer 1

An Accounting software is very useful for all types of businesses but especially helpful for small businesses,

it is exactly how we manually do our works, but it reduces manpower, its workload and provides results quicker than a accountant calculating things or remembering the appointments or registering each inventory daily etc.

we utilize the software to process for various accounting functions which are explained below:

1. Procurement and payable transactions: The inventory details are put into the system through journal entries and the ledger accounts are automatically created and further all th financial statements are auto generated untill we correct them or alter settings, so the items i.e the raw materials are purchased and the past dealers and suppliers are reflected in the system with which it becomes easy to procure the materials and cash and credit are also recoreded in the journal entry and shall be posted in the ledger accounts.

2. Sales, inventory and receivable transactions:

as soon as the sales entry is made in the system the corresponding and related accounts are also simultaneously affected and any addition aur deduction is atomatically made and reflected in the ledger ccounts of parties and inventories.

3. Payroll Transactions: with the employees there are so many things to be adjusted for like their allowances, their bonuses their taxes etc, but with the help of quickbooks these things are done at ease as the accountant puts everthing in one entry of one employee and does same for all employees and the sytem makes a consolidated statement at the end which becomes easier to allocate expenses as a whole.

4.job order costing transactions: there are single jobs going as well which can also be done with ease with quickbooks

5.Fixed asset need specific and perfect accounting of depreciation or amortization, which is easily done here as the percentage of such depreciation needs to be put in correctly and the amount shall appear automatically infact if anything goes wrong it shall indicate or alert the accountant of the same.

6. Banking and cash transactions are the first thing which are put in the system as the bank statements are easily available of the clients. there are not one but many bank accounts of the client hence consolidated amounts are reflected in the system..

whereas cash transactions needs to be identified later

7. the reports by the quickbooks are adjusted and can be adjusted according to the accounting cycle

8. as said earlier, if anything or any amount or any journa entry seems incorrect the system shall indicate the error and shall reflect in the financial statemnets reports

9. there are adjusting journal entries transactions as well for example while calculating the TDS for and employee the tds is only show in the employee's entry whereas actually adjusted when actually deducted and hence when the employee shows correct amount anly when the actual salary after deduction is also reflected in the bank accounts.

2....ethical behaviour is shown through the accounting softwares as

there are no backdated transactions this shows honesty and integrity of the professional.. and many more examples check on like unauthorised transactions or too much of cash from undisclosed sources

if these dont prevail there is enough ethical behaviour followed