Accounting System Paper
Accounting System Paper
BSA310
Accounting System Paper
The accounting system is a central part of a business. Kudler Fine Foods has an out of date accounting system. This could cause issues for them in the future. The system could crash or loss important data the company might need. Kudler Fine food is upgrading the accounting system to ensure that their data is correct and secure. The new system Retail Enterprise Management System (REMS) will utilize the use of modules. The modules that it will use are general ledger module, accounts payable module, point of sales module, and bank reconciliation module.
The general ledger is the record of all the individual accounts the business has. All the transactions are posted from the point of sales module to the correct accounts in the general ledger. This module does financial reports such as balance Sheet, income statement, cash flow, trend analysis, store comparisons, and department comparisons. These reports are vital to the company. The balance sheet is the statement of financial position. This gives the company a snapshot of their financials. This module reduces the amount of manual data entry.
The accounts payable module tracks vendors and payments. The accounts payable module will have all vendor codes and master files organized and accessible. This module will be used to create checks to make payments to vendors. The module will be able to have multiple bank accounts on file. It will know and calculate tax and freight allocations. Orders to vendors will be able to be made in this module.
The point of sales module is like a general journal, “a financial diary which records the dollar amounts of transactions that affect the financial status of a business” (Wiley, p.37). The module tracks much more than just the dollar amounts; it also tracks item code, cost, price, time, station, clerk, quantity. The tracking of these detail helps with inventory management and the determining of
BSA310
Accounting System Paper
The accounting system is a central part of a business. Kudler Fine Foods has an out of date accounting system. This could cause issues for them in the future. The system could crash or loss important data the company might need. Kudler Fine food is upgrading the accounting system to ensure that their data is correct and secure. The new system Retail Enterprise Management System (REMS) will utilize the use of modules. The modules that it will use are general ledger module, accounts payable module, point of sales module, and bank reconciliation module.
The general ledger is the record of all the individual accounts the business has. All the transactions are posted from the point of sales module to the correct accounts in the general ledger. This module does financial reports such as balance Sheet, income statement, cash flow, trend analysis, store comparisons, and department comparisons. These reports are vital to the company. The balance sheet is the statement of financial position. This gives the company a snapshot of their financials. This module reduces the amount of manual data entry.
The accounts payable module tracks vendors and payments. The accounts payable module will have all vendor codes and master files organized and accessible. This module will be used to create checks to make payments to vendors. The module will be able to have multiple bank accounts on file. It will know and calculate tax and freight allocations. Orders to vendors will be able to be made in this module.
The point of sales module is like a general journal, “a financial diary which records the dollar amounts of transactions that affect the financial status of a business” (Wiley, p.37). The module tracks much more than just the dollar amounts; it also tracks item code, cost, price, time, station, clerk, quantity. The tracking of these detail helps with inventory management and the determining of