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C October R Redelinghuys W Roelofse GG van der Westhuizen

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N6

N SERIES

Computerised Financial Systems

Computerised Financial Systems N6

Future Managers 2012 All rights reserved. No part of this book may be reproduced in any form, electronic, mechanical, photocopying, or otherwise, without prior permission of the copyright owner. To copy any part of this publication, you may contact DALRO for information and copyright clearance. Any unauthorised copying could lead to civil liability and/or criminal sanctions.

Telephone: 086 12 DALRO (from within South Africa); +27 (0)11 712-8000 Telefax: +27 (0)11 403-9094 Postal Address: P O Box 31627, Braamfontein, 2017, South Africa www.dalro.co.za ISBN 978-1-920540-99-9 First Published 2012

FutureManagers
Published by Future Managers (Pty) Ltd PO Box 13194, Mowbray, 7705 Tel (021) 462 3572 Fax (021) 462 3681 E-mail: info@futuremanagers.net Website: www.futuremanagers.net
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Contents

Contents
Module 1 Financial statements on an accounting package (report writer) .................................................1 1. Report writer ...............................................................................................................................................................................................2 1.1 Heading..................................................................................................................................................................................................2 1.2 Columns ................................................................................................................................................................................................2 1.3 Report lines .........................................................................................................................................................................................3 1.4 Print a report .....................................................................................................................................................................................4 Module 2 Analysis and interpretation of financial statements............................................................................13 1. Formulae ....................................................................................................................................................................................................... 14 1.1 Gross profit percentage ........................................................................................................................................................... 14 1.2 Net profit percentage ................................................................................................................................................................ 14 1.3 Rate of profitability on capital investment ................................................................................................................ 14 1.4 Working capital ratio ................................................................................................................................................................ 14 1.5 Acid test ratio ................................................................................................................................................................................. 14 1.6 Stock turnover rate ..................................................................................................................................................................... 14 1.7 Average collection period of debtors ............................................................................................................................ 14 1.8 Debtors turnover rate ............................................................................................................................................................... 14 1.9 Average payment of creditors............................................................................................................................................. 14 Module 3 Advanced document project on a computerised accounting package .................................23 Module 4 Advanced spreadsheet...................................................................................................................................................45 Module 5 Cost and management applications on a spreadsheet .......................................................................61 Module 6 Budgets on an accounting package ....................................................................................................................93 Module 7 Handling of budgets spreadsheet .................................................................................................................101

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Computerised Financial Systems N6

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Module 1

Financial statements on an accounting package (report writer)


After completing this module, you will be able to: Create statements by setting up parameters on the report writer of a chosen Accounting package (Pastel). Print the statements at the end of the financial period.

Module 1

1.

Report writer
The report writer is used to create reports such as Financial Statements and Budgets according to your own requirements. The report offers you access to current and last year's values as well as last year, current year and next year budgets. To create a report select View, General ledger, Report writer Select Create a new report from scratch to create the report for the first time. The report consists of three different sections: The HEADING. Here you enter the heading of your report. The COLUMNS. Here you specify the number of columns as well as the type of columns you want to use in the report. You also specify the period range. The LINES. Here you specify the information you want on each line of the report, including underline, blank lines.

1.1

Heading
Remember the following: #E refers to the END DATE of the period #S refers to the START DATE of the period EXAMPLE: INCOME STATEMENT FOR THE YEAR ENDING #E (If you want to print the income statement for March, the heading will read: INCOME STATEMENT FOR THE YEAR ENDING 31MARCH 20..) Make sure you select the correct report type: Multiple columns. You specify per line whether you expect the columns value to be a debit or a credit. Debit/credit. Here you can use only 2 columns. Within each column, values can be printed in one of two sub-columns. Debits print in the left sub-column, and credits in the right e.g. a Trial Balance. User defined. This format allows a maximum of two columns per report. Within each column, values can be printed in one of two sub-columns. You specify for each line whether to print in the left or right column (not necessarily debit or credit) e.g. an Income Statement.

1.2

Columns
The amount column One of the most important parameters here is which set of figures (values) should be printed in the columns of the report. The report writer gives you access to all the general ledger accounts as well as budgets for the current and the previous year (as well as next year's budgets).

Financial statements on an accounting package

The values are as follows: This year actual values Last year actual values This year budget values Last year budget values Next year budget values Column variance The difference between 2 columns Column percentage as a % of the column to the left Skip column gives a blank column

T L B Y F V P S

The type column This column behaves differently, depending on the amount column selected. Fixed period you specify the actual numbers of the periods you want to include in the report. Pastel will use the values of this specific period regardless of the period in which the report is printed. It is normally used for last years figures (e.g. from period1 to 12 or from 12 to 12). Runtime period here you specify periods relative to the current period. Pastels number for the current period is always 0. E.g. if you want to print the last three months figures, enter 2 to 0. To print the figures for the year to the current period, enter 11 to 0. If you use runtime periods, Pastel will not go back into the previous year. If you enter 11 e.g., but you are currently in period 4, Pastel will use values from period 1 (and will not go back into the previous year).

1.3

Report lines
Here you indicate the information you want on each line of the report. Formulae in a report Here you indicate the specific amount you want in the report. You can use the formula assistant in the formula column. Financial category (FT): Report writer category (CT): Sub total (TOT): Account number (ACC): Other commands

Here you print a list of accounts (main-, sub- or main- and sub-accounts) with the name of the account next to each amount. You can insert or delete lines by using the insert line and delete line options. Remember Click on SAVE at the end of the report.

Module 1

1.4

Print a report
You have two options: Click RUN or Click BACK up to the Report Writer Assistant and select print one or more reports. Select the report you want to print as well as the correct period. You have a choice to print lines with zero amounts or not. [Print zero lines]. Exercise 1.1 1. Create a new set of accounts, CERI, on an accounting program on the computer. 2. Insert the following information under SETUP. Company name CERIS CURIO SHOP (also insert your own name) Report Writer categories 1 CAPITAL 2 FIXED ASSETS 3 INVESTMENTS 4 CURRENT ASSETS 5 LONG TERM LIABILITIES 6 CURRENT LIABILITIES Entry types General Journal (D) Financial Period 1 March (last year) to 28/29 February (this year) You do not have to set up any other parameters. Code 5100 5200 5400 6200/010 6200/020 6300/010 6300/020 7100 7700 8000 8400 8410 9000 9200 General Ledger Accounts Capital Retained Income Drawings Vehicles: Cost Price Vehicles: Accumulated Depreciation Equipment: Cost Price Equipment: Accumulated Depreciation Fixed Deposit: MY Bank (16%) Trading Stock Customers Control Bank (D) Petty Cash Suppliers Control Loan: SA Bank (21%) Balance R300 000.00 48 360.00 37 478.00 119 342.00 51 342.00 179 670.00 71 956.00 96 000.00 89 856.00 12 602.00 31 868.00 986.00 19 270.00 76 874.00

3. Create the general ledger accounts and enter the balances period 12 this year. Use the General Ledger. Use JNL12 as reference. Ensure that the journal balances and update to the ledger.

Financial statements on an accounting package

4. Create a report to print the following Balance Sheet. (View, General Ledger, Report Writer) (You have to plan your report and know how the final printout should look before you start with the report) The final printout of the Balance Sheet should appear as follows: CERIS CURIO SHOP BALANCE SHEET FOR THE YEAR ENDING 28/02/this year
Note ASSETS NON-CURRENT ASSETS Equipment, Vehicles Other Fin. Assets CURRENT ASSETS Stock Trade Debtors Cash and equivalents TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL NON-CURRENT LIABILITIES Interest bearing Loans CURRENT LIABILITIES Trade Creditors TOTAL EQUITY + LIABILITIES Current year Rand 271 714.00

1 2 3 4 5

175 714.00 96 000.00 89 856.00 12 602.00 32 854.00

135 312.00

407 026.00

6 7 8 76 874.00 19 270.00

310 882.00 76 874.00 19 270.00 407 026.00

Use the following report format to create the Balance Sheet. Report headings: Index description: Omit standard headings: Report format: Rounding: Note reference: BALANCE SHEET FOR THE YEAR ENDING #E BALANCE SHEET No User Defined (U) No rounding Yes

Module 1

Report columns Col 01 Amount T (This year) Type R From -11 To 0 Heading 1 Current year Heading 2 Rand

Report lines
Skip Print DC Suppress N N N N N N N N N N N N N N N N N N N N N N N Description Formula Sub Total No 1 Sub Total Action Add Note

1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 1 1 1 1 1 1 1

R R L L L R L L L L R R R R R L L R L L R R R

D D D D D D D D D D D D C C C C C C C C C C C

ASSETS NON-CURRENT ASSETS Equipment, Vehicles Other Fin. Assets _SC CURRENT ASSETS Stock Trade Debtors Cash and equivalents _XC TOTAL ASSETS _DC EQUITY AND LIABILITIES CAPITAL NON-CURRENT LIABILITIES Interest bearing Loans _SC CURRENT LIABILITIES Trade Creditors _XC TOTAL EQUITY + LIABILITIES _DC _DL

CT02+CT03 CT02 CT03 CT04 ACC7700000 ACC8000000 ACC8400000+ ACC8410000 TOT1 CT01 CT05 ACC9200000 CT06 ACC9000000 TOT2

1 2 3 4 5

Add

2 2 2

Add Add Add

6 7 8

5. Print the Balance Sheet on 28 February this year. Show zero lines yes.

Financial statements on an accounting package

Exercise 1.2 1. Create a new set of accounts, TAPHENI, on an accounting program on the computer. 2. Set up the following: 2.1 Company detail TAPHENIS SWEETS (Insert your own name & surname) 2.2 Report writer categories 1 Income 5 2 Expenses 6 3 Sales 7 4 Cost of Sales 8 2.3 Entry Types General Journal (D) 2.4 Financial periods 1 January to 31 December Also set up last year period 12 2.5 General Ledger Accounts Link each general ledger account to the correct report writer category 1000 2000 2050 2100 2700 2750 2800 2850 3450 3650 Sales Opening Stock Stock Purchases Closing Stock Discount Received Interest Received Commission Received Rent Received Depreciation Water and Electricity 3850 4200 4300 4400 4600 5100 5200 6300 7700 8400 Insurance Stationery Rent Paid Wages Telephone Capital Retained Income Equipment Trading Stock Bank Capital Current Assets Current Liabilities Fixed Assets

2.6 Use the following format to set up the income statement of TAPHENIS with comparative figures. Use the report writer. Report heading: INCOME STATEMENT FOR THE YEAR ENDING #E Index description: INCOME STATEMENT Omit standard headings: No Report type: User defined (U) Rounding: No rounding Note reference: No Report columns Col 01 02 Amount This year (T) Last year (L) Type R F From -11 1 To 0 12 Heading 1 This year Last year Heading 2 Rand Rand

Module 1

Report lines
Print R R L L L L L R R R L R R R L R R R R DC C D D D D D C C C C C C C D D D C C C Suppress N N N N N N N N N N N N N N N N N N N Description Turnover for the year Less Cost of Sales Opening Stock Add Stock Purchases __SC Less Closing Stock __SC GROSS PROFIT Add OTHER INCOME _SC GROSS INCOME Less EXPENSES _SC NET PROFIT FOR THE YEAR _DC _DL Formula CT03 CT04 ACC2000000 ACC2050000 TOT2 ACC2100000 TOT1 CT01 CM01 TOT3 CT02 CM02 TOT4 3 3 4 4 Add Add Add Add Sub Total No 1 1 2 2 Sub Total Action Add Add Add Add

Skip 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

3. Print the income statement FORMAT. 4. Enter the closing balances for period 12 of the previous year and update to the general ledger. Use the general journal. 5. Enter the closing balances for period 12 this year. Remember that balances of Balance Sheet accounts are carried over to the next year (therefore you have to enter the difference). Balances 1000 2700 2750 2800 2850 2000 2050 2100 3450 3650 3850 4200 4300 4400 4600 5100 5200 6300 7700 8400 Sales Discount Received Interest Received Commission Received Rent Received Opening Stock Stock Purchases Closing Stock Depreciation Water and Electricity Insurance Stationery Rent Paid Wages Telephone Capital Retained Income Equipment Trading Stock Bank 31 Dec Current year 278 200 920 2 400 12 900 24 000 30 400 120 600 35 800 1 500 17 400 6 000 15 900 18 000 72 000 9 400 280 370 350 400 35 800 53 420 31 Dec Last year 262 300 630 1 300 22 100 18 000 19 700 99 700 30 400 1 500 15 900 6 000 11 000 12 000 60 000 12 700 275 370 310 200 30 400 31 000

Financial statements on an accounting package

6. Print the general journal batch listing for period 12 this year. 7. Use the report writer to print the Income Statement for the year ending 31December current year. Compare figures with the previous year. Note Please do not delete this exercise. You are going to use it again in Module 6.

Exercise 1.3 Use the following information to create a new company with the name KARIEM on the Pastel Accounting program. Detail KARIEMS ANTIQUES (Also insert your own name & surname) REPORT WRITER CATEGORIES 01 02 03 04 05 06 INCOME EXPENSES SALES COST OF SALES FIXED ASSETS INVESTMENTS 07 08 09 10 11 12 STOCK CASH ACCOUNTS RECEIVABLE CAPITAL LONG TERM LIABILITIES ACCOUNTS PAYABLE

Financial period 1 March to 28 February this year Also set up period 12 for the previous year Entry types General Journal (D) Stock Journal (D)