Question

1. a) List the three job titles of internal users that receive reports generated by General Ledger and Reporting System. How is the format and content of these reports determined?

b) External users also receive reports generated by General Ledger and Reporting System. List at least three different external users of these reports and give an example of a report other than a financial statement that would be prepared for each different external user. Each report type can only be used once. External User Example of Report

2. Compare and contrast canned software and custom software in a table format. Be specific.

Answer 1

a) There are three job titles of internal users of general ledgers are;

1.Managers

2.Employees

3.Shareholders

Reports received such as general ledgers are

MANAGEMENT REPORTS:

You will be able to dive deeper into the financial standing of your company through management reports which consist of:

•      Profit and Loss by Class  
  • Department
  • Team
  • Job
• Realization Rate   
•      Utilization Rate

EMPLOYEE REPORTS:

Employee GL Accounts Listing

The Employee GL Accounts Listing report shows the GL Account IDs and distribution percentage for each employee and/or independent contractor's wage/service costs and the related employer payroll tax costs. For employee records, this report shows one or more pairs of GL Account IDs for employee earnings and payroll tax. For independent contractors, the report shows one or more pairs of GL Account IDs for the independent contractors’ earnings only. Use this report to review the GL Account IDs assigned to wage/service expense and tax expense of each employee or independent contractor and to verify the percentage of distribution assigned to the GL Account IDs set up for each employee record.

You can choose to generate the report for active, inactive, terminated, or all employees regardless of their status. This report also allows you to suppress information on employees with zero year-to-date earnings and to exclude from the report information on independent contractors.

SHAREHOLDER'S REPORT:

Annual reports are formal financial statements that are published yearly and sent to company stockholders and various other interested parties. The reports assess the year's operations and discuss the companies' view of the upcoming year and the companies' place and prospects. Both for-profit and not-for-profit organizations produce annual reports.

Annual reports have been a Securities and Exchange Commission (SEC) requirement for businesses owned by the public since 1934. Companies meet this requirement in many ways. At its most basic, an annual report includes:

• General description of the industry or industries in which the company is involved.
• Audited statements of income, financial position, cash flow, and notes to the statements providing details for various line items.
• A management's discussion and analysis (MD&A) of the business's financial condition and the results that the company has posted over the previous two years.
• A brief description of the company's business in the most recent year.
• Information related to the company's various business segments.
• Listing of the company's directors and executive officers, as well as their principal occupations, and, if a director, the principal business of the company that employs him or her.
• Market price of the company's stock and dividends paid.

Some companies provide only this minimum amount of information. Annual reports of this type usually are only a few pages in length and produced in an inexpensive fashion. The final product often closely resembles a photocopied document. For these companies, the primary purpose of an annual report is simply to meet legal requirements.

b) There are external users and their reports;

    1.Suppliers

     2.Financial institutons

     3.Investors

    their reports as follows ;

SUPPLIERS REPORT:

You can use these to keep track of your supplier accounts and their associated transactions. The reports are accessed from:

Report	Description
Day Book	This report provides details of supplier transactions posted, for either a single posting date or a range of dates. The posting date is the physical posting date of the transaction; the system date on which the transaction was entered, not the date entered for the transaction itself. Therefore you can report on all entries that were made on a particular day. If you enter supplier transactions from the Cash Book, for example, and they are held in the posting file for update to the ledger, the posting date is the date they were entered into the posting file and not the date they were posted to the supplier's account. You can use this report to identify a group of transactions entered by a particular user.
List of Accounts	This report lists all or a selection of your supplier accounts, depending on the criteria you select when preparing the report. Use this report to identify your suppliers.
Account Details	This lists the main account details for each supplier, for example, contact details, payment terms, turnover and balance. Use the Account Details report to provide full details of your supplier records.
Transaction Listing (Current) Transaction Listing (by Period)	This report lists current transactions on the ledger in the range you specify for the report. You can specify current transactions or transactions by period. Transactions are grouped by supplier and displayed in the order in which they were added. The report also provides values for each net, VAT, discount, allocated and outstanding amounts.
Vatable Transactions	This report lists transactions which involve VAT and have been added during the current period. Specify the number of VAT months over which transactions are to be included. As a result of this only transactions up to 300 days old calculated from the current system date will be included. Use the information in the printed report to reconcile with your VAT Return transactions for the same VAT period.
Trading Report (Detailed) Trading Report (Summary)	Use the Trading Report to determine the level of trading activity between you and your suppliers. From this report you can identify the suppliers you spend most money with. By comparing this report to the List of Accounts report you can identify those suppliers you have not traded with for some time. The Trading Report can be prepared in a detailed or a summarised format. The detailed report displays the turnover for the current year and last year for each supplier on the ledger. It also details the turnover figures for the current month and the last six months of trading for each supplier. Details of future transactions which may have been posted for a supplier are also included. The summarised report displays the turnover for the current year for each supplier together with the supplier's account balance and the date the last transaction was applied to the account.
Mailing Labels	You can produce mailing labels to use when you issue letters to your suppliers. This prints an address label for each supplier account.
Accounts not active	Use this to check which supplier accounts are hidden and who changed their status.
Suppliers with no transactions from Payments Control Report Description Aged Creditor (Detailed) Aged Creditors (Summary) These reports let you determine all outstanding balances on each account. and the age of each debt relative to the ageing periods you specified when setting up suppliers. You can also use the reports to determine when supplier invoices are due for payment. Tip: Ageing periods are specified in Settings > Customers and Suppliers > Supplier Defaults and Settings | Ageing. You can also produce the aged creditors reports for selected dates in the past. To do this, you must select Retrospective on the report criteria. The aged debt report that is produced is for the Base date for ageing date entered. Invoices paid after this date are shown as not paid. Payments allocated after this date are shown in the report as if they have not been allocated. Note: If you are working with foreign currency suppliers, you should run the Foreign Account Revaluation option before preparing the Aged Creditors reports. Due Date (Detailed) Due Date (Summary) This report presents information about the outstanding balances on each supplier account, using the due date of the transactions. The summarised version provides the balance on each account whereas the detailed version provides an outstanding balance on each account, together with the transactions which make up the balance. Valid Discounts This report helps you to decide when to take advantage of settlement discounts. Based on the payment date you specify, the ledger identifies and reports on all qualifying entries. Note: The suggested payments file also incorporates transactions which attract supplier discounts. Time Taken To Pay       This report shows the time taken to pay the sales invoice.	Use this to find supplier accounts that you have not traded with for a long time. This can be useful to find old accounts that you might be able to delete. See Managing your contact information (GDPR).

FINANCIAL INSTITUTIONS REPORTS:

Reporting to financial institutions as credit worthiness to repay loans and advances

Reporting of value and existence of assets etc.

INVESTMENT REPORTS:

Fair market value for investment ,

Type of investment to be invested,

Price of the investment ,

Time of investment etc,