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Samantha’s Magic Thread

Did you understand the case?

There are a few elements, listed as -

Name of the owner is Samantha Kennedy.

She owns a shop Magic Thread.

Magic Thread is a shop that sale craft material.

Samantha also gives craft lessons to six customers at a time.

She has difficulty keeping track of all accounts payable.

Samantha is not a well-organised person.

She faces problem while sending accounts to customers and collect money from them.

Samantha is going to implement a computerised accounting system.

Samantha has also been pursuing a computer course at a local college.

What needs to be done?

What source would documents be required in a manual accounting system in order to record the sales to customers, receipts of cash and to ensure correct payment of money to suppliers?

Every single transaction of an organisation is documented in a source document. The transaction range from buying a chair to selling a pencil. There are business forms as well which includes purchase orders, receipts and invoices.

The actual details of the business forms that the companies use vary to a great extent. There are some organisations still who might need an unnecessary amount of paperwork to look old school, just to document a purchase order. There are organisations that are lenient and give freedom to their managers to order and pay for items. They even allow them to sell items with low accountability and almost no inventory adjustment. Isn’t that great?

It is important for all businesses to have an efficient and accountable system that documents all purchases, sales, and inventory. Doing so requires the use of source documents that record any specific item's financial transaction for processing and bookkeeping.

Dawn Of Computer Age

However, in this computer age, a portion of these concepts now are incorporated into a computer database that we enter data directly into and the database makes all the associations we need automatically, storing everything in one focal, categorised area. It might seem, at first glance, that to learn about all these items is useless because everything is computerised. But that is so not true.

Okay, I agree that even though electronic processes have eliminated a lot of physical paper trails that get lost in misfiling, the concepts driving these computerised accounting systems are all rooted in the accounting structure. That is why you need accounting assignment help, ain’t it?

In general, everything starts from a source document and then moves to a journal. In the accounting world, the journal is a book that contains original entries for financial transactions. Journals store financial transaction information ultimately derived from source documents. Later, these journal entries are summed up and then posted, or transferred, to a ledger.

A journal records all entries chronologically, though in a computerised accounting system you would be able to sort by any parameter. This process is known as journalising. There are several different journal types; many of them are special to a company's needs.

In what ways could a computerised accounting package help Samantha make better decisions and manage her business better?

Computerised accounting involves making use of computers and accounting software to record, store and analyse financial data. A computerised accounting system brings with it many advantages that are unavailable to analogue accounting systems.

The advantages of using a computerised accounting system in making life and decisions better are -

Since all the calculations are handled by the software, computerised accounting eliminates many of the mundane and time-consuming processes associated with manual accounting.

This accounting system is designed to be accurate to the minutest detail. Once the data is entered into the system, all the calculations, including additions and subtractions, are done automatically by software.

Using accounting software it becomes much easier for different individuals to access accounting data outside of the office, securely. This is particularly true if an online accounting solution is being used.

Using accounting software, the entire process of preparing accounts becomes faster. Furthermore, statements and reports can be generated instantly at the click of a button. Managers do not have to wait for hours, even days, to lay their hands on an important report.

Since using computerised accounting is more efficient than paper-based accounting, than naturally, work will be done faster and time will be saved.

When your company grows, the amount of accounting necessary not only increases but becomes more complex. With computerised accounting, everything is kept straightforward because sifting through data using software is easier than a bunch of papers.

Well, I guess that I have given out a lot of advantages in using the computerised accounting system. You can refer to them as much as you like to prepare your TACC401 assessment answers.

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Tacc401 Principles Of Accounting Answers