Task 6

Software packages in the financial and accounting workplace are used to transfer data from transactions such as sales and purchases, receipts from customer and payments to supplier accounts. These transfers of data will be used to update records such as inventory, asset records, customer accounts and the like. From these records financial reports and financial statements will be prepared. Software used in the financial sector include Excel spreadsheets with advanced functions and MYOB integrated accounting software.

Conduct some research on computerised accounting systems and answer the following questions:

Name one of the computerised accounting system you researched?

Your answer should be a minimum of 2 words but no longer than 5 words

For the accounting system you identified in a, explain how accounting data is entered into the system from source documents and transactions.

Your answer should be a minimum of 30 words but no longer than 50 words

Explain how direct feeds of data from other computerized systems can be used improve the speed and accuracy of the data input process.

Your answer should be a minimum of 30 words but no longer than 50 words

Research the relationship between a modern cash register system and data input into a retailers accounting system. Explain this relationship

Your answer should be a minimum of 20 words but no longer than 40 words

Contingency Questions

You have prepared a trail balance that does not balance. Outline the steps you would take to identify the error/s in the trail balance.

Your answer should be a minimum of 30 words but no longer than 50 words

When a new computerised accounting system is introduced, explain the steps that should be taken to migrate the accounting data from the old system to the new system.

Your answer should be a minimum of 60 words but no longer than 80 words