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The general ledger system has the objectives of recording accounting transactions accurately and promptly, posting transactions to the proper accounts, and maintaining balanced debit and credit totals. It functions by collecting transaction data, classifying and coding the data, validating transactions, updating ledger accounts, recording adjustments, and preparing financial reports. The system has a chart of accounts that categorizes accounts into assets, liabilities, equity, revenue, and expenses. It records adjusting, reversing, and closing entries from different transaction cycles. The course covers principles of systems analysis and design, accounting information systems, and auditing information systems.
The general ledger system has the objectives of recording accounting transactions accurately and promptly, posting transactions to the proper accounts, and maintaining balanced debit and credit totals. It functions by collecting transaction data, classifying and coding the data, validating transactions, updating ledger accounts, recording adjustments, and preparing financial reports. The system has a chart of accounts that categorizes accounts into assets, liabilities, equity, revenue, and expenses. It records adjusting, reversing, and closing entries from different transaction cycles. The course covers principles of systems analysis and design, accounting information systems, and auditing information systems.
The general ledger system has the objectives of recording accounting transactions accurately and promptly, posting transactions to the proper accounts, and maintaining balanced debit and credit totals. It functions by collecting transaction data, classifying and coding the data, validating transactions, updating ledger accounts, recording adjustments, and preparing financial reports. The system has a chart of accounts that categorizes accounts into assets, liabilities, equity, revenue, and expenses. It records adjusting, reversing, and closing entries from different transaction cycles. The course covers principles of systems analysis and design, accounting information systems, and auditing information systems.
Objectives of the General Ledger System Infotech 2
1. To record all accounting transactions Accounting information systems and
promptly and accurately. application of the principles of systems analysis and 2. To post these transactions to the proper design. account. Infotech 3 3. To maintain an equality of debit and Auditing accounting information systems. credit balances among the accounts. System Analysis 4. To accommodate needed adjusting The detailed investigation of entries. business or information system. 5. To generate reliable and timely financial It is the scientific study of the reports pertaining to each accounting systems process, including period. investigation of inputs and outputs Functions of the General Ledger System in order to find better, economical 1. Collect transaction data. and more efficient means of 2. Classify and code transaction data and processing. accounts. The System Development Life Cycle 3. Validate collected transactions. 4. Update general ledger transaction Planning Phase accounts and transaction files. The analyst recognize, diagnose and 5. Record adjustment to accounts. define the problem. 6. Prepare financial reports. Analysis Phase General Ledger System Architecture The analyst reviews the in-place Chart of accounts system. a coded listing of the accounts. Design Phase o Assets The analyst puts down on paper the o Liabilities elements of a new or improved o Equity system. o Revenue Development Phase o Expenses The new system is actually built. Types of Transactions posted to the General Implementation Phase Ledger Changeover to the newer improved 1. Adjusting Entries system. o Accruals For each phase of the SDLC, there is one or more o Deferrals deliverable called work product or work output. o Revaluation Work Product or Work Output o Correction (see #4) It is a finite, measurable amount of 2. Reversing Entries work also known as milestone that 3. Closing Entries mark a completion of a phase. 4. Entries recorded at source. (from Design Guidelines different transaction cycles) Modular structure following the top-down approach: Develop system in segment, Structure of the Course dividing the tasks into smaller more Infotech 1 manageable parts. Principles of systems analysis and design For example, the AIS can be 4. Financial Scope developed in modules based on the Cost benefit analysis. transaction processing cycles. i. Cost pertain to all Modular Structure Accounting Information System the expenses Expenditure Cycle incurred during the Revenue Cycle SDLC e.g salaries Conversion Cycle of project team, General Ledger Cycle installation of Sales Cycle equipment, etc., this A/R Cycle should be These self-contained modules should call in others quantified. to eliminate redundant efforts. Planning Recommendation Modular Approach Temporal Scope Transaction Processing Cycles Time is of the essence. Expenditure Cycle Financial Scope Revenue Cycle Excessive cost to implement Conversion Cycle Degree of Importance General Ledger and Financial Business planning Reporting Cycle Nice to have PLANNING PHASE Final Recommendation Preliminary Planning and Investigation Proceed immediately Deliverable Defer implementation until The project plan or the project charter. assertions and other factors change. o Problem Definition Summary of Deliverables Statement of the problem or 1. Planning Phase objectives, general and specific. a. Statement of the Objective Scope i. Specific Objective Recommendation to: ii. Specific Objective Proceed, defer, discontinue. b. Scope Scope i. Logical Scope 1. Logical Scope ii. Temporal Scope Defines what is included in iii. Organizational Scope the project. Where it starts iv. Financial Scope and where it ends. 2. Analysis Phase a. Systems requirement 2. Temporal Scope i. Hardware / Software Time line, when it starts and ii. End user requirements when it ends. DELIVERABLE SPECIFIC TO THE PROJECT Gantt chart is used. A. INPUT 3. Organizational Scope Name of Input The structure of the project Source team. o Who prepares? The structure of the end o Where prepared? users. What is the input medium? Input – what is needed to produce the output. OUTPUT Name of output Purpose User Output media (softcopy or hardcopy) Frequency of output Output - should contribute to the achievement of the objectives. B. Master Files (Transaction Files – Database) i. Name of file ii. Used for? iii. Content 1. Columns Analysis Phase Review and detailed investigation of the system to understand what is needed and what needs to be improved. Assess information and data requirements. Conducting work samples, time studies and interviews. Analyzing documents.