Financial Accounting PrimerIn this web
based course we will discuss the following topics:
In a very short span of time,
computer has grown from a scientific curiosity to an indispensable tool of modem
society. There is hardly any scientific/technical or business activity which is
not in one way or the other, affected by modern data processing techniques.
The human mind can handle only a
limited number of things at a time. The digital computer, on the other hand, can
be programmed to compare, measure, calculate and evaluate thousands of readings
in an extremely short period of time.
The computer industry has become
the fastest growing industry these days. The sale of mainframe computers is
increasing day by day. The computer industry has been further pushed up by the
introduction of mini computer and micro computers which are small, cheap,
reliable and very light. These are being routinely used for process control,
production testing, scientific instrument recording, in store check out systems,
in automobile test and evaluating systems, and medical monitoring etc.
Computers are now being used
extensively in office administration to perform the routine clerical work.
Today, most large and medium sized organizations are almost totally dependent on
their computers. Routine uses of computers are given below:
(i) Accounting, Billing, Inventory Control Software with MIS, CRMComputers are extensively used in
accounting and there are multitude of computer software for Accounting, MIS,
CRM. HiTech Financial Accounting is one such software which has been customized
for users in many segments in business and services.
(ii) Payroll and personnel records.Payroll accounting was the first
commercial area to become widely computerized. The calculation of wages or
salaries involves a number of variables which relate to the personal details of
each employee, such as gross pay or rate for the job, individual deductions, tax
liabilities of the employees and so on. These facts can be retained in the
computers and processed every month of produce pay slips for the
employees.
(iii) Stock controlThe computer helps to exercise the
type of stock control needed by the organization. It upto dates the sales and
purchases records, determines optimum re-order levels for different items and
prints out the stock lists when desired. The system can be so designed that it
triggers orders when stock level reaches order point for various material items;
tests those item which are slow moving or gives list for over stock
items.
(iv) Sale accounts recordsProgramming can be done for any
sales accounting system. The computer will pin point defaulting debtors,
determine the right limit for credit for each debtor and maintain stores
ledger.
(v) Costing and budgetary controlCosting and budgetary control can
be affected through the computer, the computer will point out the variations
from the planned performance.
(v) Production controlThe computer also helps greatly in
production planning and control. It is possible that scheduling of the work may
become necessary due to break downs etc. A new critical path may have to be
worked out. A critical path is the shortest path to be followed in production to
achieve production objectives. The computer helps the management lay down this
new critical path.
Advantages and disadvantages of a computerA computer is surely
advantageous because of the high speed of operation and greater accuracy it
provides, savings effected by better managerial control, savings in labor
because it is fully automatic and finally because of its flexibility in use.
However, there is a considerable capital outlay with difficulty of obtaining
experienced analysts and programmers, break down and maintenance troubles and
finally fear of obsolescence due to rapid development of
computers.
Type of other applications in relation to accounting systemSPREAD SHEETIt is one of the software programs
which have increased the utility of computer for accounting purposes. Spread
sheet programs help you to draw vertical as well as horizontal columns on a
large sized paper. Each .column's length and breadth can be adjusted according
to suitability. Even when columns are once drawn subsequently these can be
altered, increased or decreased additional columns can be inserted, existing
columns can be deleted. It is very useful for businessmen and professionals. It
enables us to study multidimensional data at one sheet and helps in arriving at
logical decisions. For example, if profit and loss account has been prepared for
the year1989 and you want a comparison with 1987 figures and 1990 forecast then
spread sheet shall enable you to provide two additional columns on each side for
inserting 1987 actual figures and 1990 forecast estimates.
HiTech Financial Accounting software can export its report data to Microsoft Excel Worksheet which is an advanced spreadsheet application. DATA BASEIt is simple collections of
information (data) on a particular subject. Data base file allows you to
manipulate the data in desired form. So, data base allows us to work on facts
and figures to store and manipulate that data in any desired way. For example,
from the same basic information trial balance is prepared; trading and profit
and loss account may be prepared; list of debtors and creditors may be prepared;
purchases and sales forecast may be made and so on. So, an efficient data-base
management is needed to provide flexibility in uses of information.
HiTech Financial Accounting uses MS Access and MS SQL server databases for robust database connectivity. WORD PROCESSORIt is a software package to help in
text processing. Words are processed. Processing includes insertion, deletion
changing, moving words, paragraphs etc. Word processing is the preparation of
type scripts, using computing facilities for the storage and manipulation of
text. For example, word processor has ability to merge name and addresses with
standard text so as to give impression that the latter is personalized even in
case of circular letter.
HiTech Financial Accounting has got features so that you can export its reports to Microsoft Word, a word processing and Mail Merge Program. You can also write letters to various parties and store the details in the program database. |
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Note for International VAT USers and GST Users in India
Many business use services of Tax Consultants and Chartered Accountants for filing the Tax Return and the tax return of the software is not used. To assist such activity you can export all reports from the software to MS Excel or MS Word and submit it to your tax adviser for financial figures for the business . The software will perform all Inventory Control, Vouchers, Nominal Ledger Accounts along with Working/Trading and Profit & Loss account that will give you all figures ready for export for filing Tax Return. As soon as you are sure about the changes you want in the visual interface and printing regarding your GST requirements we will modify the software software as per your GST requirements. To get any of the off-the-shelf software modified for visual interface and printing please Contact Us Now. We will carry out all required customization for GST as per your requirements in the existing software in professional and timely manner . For any required customization as per GST in any of the off-the-shelf software, please contact us now. We will carry out required customization for GST as per your requirements in the existing software at nominal additional charges. Give us details of required customization for a man-hour or work estimate. For official reference to GST refer to following links:GST (Goods and Service Tax) Circular by Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance, Government of India. Finance Act 2016 of Government of India HSN codes for Goods and Service Tax (GST) in India Central Board of Excise and Customs - HSN Codes Circular by CBEC, Government of India - About HSN Codes.
Central Goods and Services Tax (CGST) Rules, 2017 Draft government Approved Format Under Goods and Services Tax - Invoice Rules What is GST Compliant Business? What are the specific mandatory fields in an GST compliant invoice? Why the invoice an important financial instrument? What are Registered and Un-Registered Dealers? There is a lot for your business to catch up on those links along with online tax filing and registration for trading. Give us the details of required work you want in the off-the-shelf VAT accounting system and we shall make it GST compliant invoicing and accounting for your business at nominal additional charges. Cheers. Happy Accounting. If you want to know the details of for making VAT/CST system compliant to GST system: Standard rate of $15 per man hour shall be applicable for making any of off-the-shelf VAT based accounting software systems into CGST/SGST Compliant Accounting. Give the details of customization required in any of our off-the-shelf VAT accounting systems made for various business to get a quote of additional charges. See demo of software on website. See official Indian Government CGST/SGST Specification on the panel above here. Click for more information on Value Added Tax (VAT). Free Download of Full Featured Software - Try Full Featured Software Before Order - Time Limited 30 days Full Featured Version of these software are available for download from our website www.freeaccounting.in. HiTech Billing, Accounting Software Off-the-Shelf versions are available for Business, Traders, Industry, Hospital, Hotel, Petrol Pump, Medical Store & Distributor, Automobile or Motorcycle Dealers, Newspaper or Magazine Publishers, VAT Accounting & Billing and Commodity Brokers. | ||||||
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