FNS40615 - Assessment 1: Set up and operate a computerized accounting system

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This assessment explores the fundamental steps involved in implementing, maintaining, and utilizing computerized accounting systems. It delves into the process of data entry, transaction processing, report generation, and ensuring system integrity. The assessment also examines the importance of a chart of accounts, accounting reports, and the principles of double-entry bookkeeping. It further analyzes the application of these concepts within the context of MYOB software, a popular accounting software used in Australia.

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RAJAT VERMA ID: 1458915 25 July 2018
FNS40615 – ASSESSMENT 1
ASSESSMENT
Qualification: FNS40615 Certificate IV in Accounting
Unit of Competency: FNSACC406 Set up and operate a computerised
accounting system
Student Name:
Student ID:
Assessment Due
Date:
FNSACC406 Set up and operate a computerized accounting system Page 1

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RAJAT VERMA ID: 1458915 25 July 2018
Contents
Assessment 1............................................................................................................................................ 3
1. Describe the basic steps that you will take to implement integrated accounting systems.. 3
2. How would you process the transactions within the system...................................................3
3. What steps you would take to maintain computerized accounting systems.........................4
4. Explain the steps needed to produce reports for computerized accounting systems..........4
5. Describe the steps that you would take to ensure computerized accounting systems
integrity................................................................................................................................................... 5
6. What is a chart of accounts......................................................................................................... 5
7. Describe what accounting reports are. Give two examples....................................................6
8. What does the term store means................................................................................................7
9. When designing your Chart of accounts, which one of the following selection of accounts
would all correctly have Cost of Goods Sold as the Account Type................................................7
10. MYOB software produces tax invoices that comply with Australian legislation. Hence, in
order to make sure your invoices meet legal requirements, you need to meet the following:....7
11. Every month the bank debits your bank account for your motor vehicle lease. What’s the
best way to record this transaction in MYOB.................................................................................... 7
12. You’re setting up a customer card in MYOB and know that in the future, you’re going to
use MYOB’s mail-merge features. You have a customer whose name is John Saunders, and
you know this customer personally. What should you enter in the Salutation field for this
customer................................................................................................................................................ 8
13. Discussion Question...................................................................................................................... 9
Introduction............................................................................................................................................ 9
Content................................................................................................................................................... 9
Conclusion............................................................................................................................................. 9
References.............................................................................................................................................. 10
FNSACC406 Set up and operate a computerized accounting system Page 2

RAJAT VERMA ID: 1458915 25 July 2018
Assessment 1
1. Describe the basic steps that you will take to implement integrated
accounting systems.
The implementation of integrated accounting systems involves various steps such as:
 Analyze the plan by reviewing the business requirements and the processes and
then mapping it into the proper business plan (Buckwalter, et. al., 2012).
 The next step is to build the pilot system by the implementation team and then
validating the business plan in detail.
 The training is provided to the staff members for its operations and then testing
the results and accepting it.
 The implementation of the accounting systems is done so that final transition can
be done (Buckwalter, et. al., 2012).
 The ongoing support needs to be provided by the technology partner.
2. How would you process the transactions within the system.
Image: Processing of Data
Source: By Author
FNSACC406 Set up and operate a computerized accounting system Page 3
Data
Entry
Transaction
Processing
Database
Maintenance
Document
and Report
Generation
Inquiry
Processing

RAJAT VERMA ID: 1458915 25 July 2018
 The first step is to enter the business data into the system. At the second stage
the data is processed either through the batch processing or through the real
time processing (Buckwalter, et. al., 2012).
 The third step is to maintain the data so as to ensure that transactions are up to
date and correct. Once the data is maintained the next step is to produce variety
of documents and reports. The last step is to process the inquiry.
3. What steps you would take to maintain computerized accounting systems.
 To maintain the computerized accounting systems it is necessary to store and
record the transactions properly which will enable to keep the transactions safely.
 Another way can be to make the copies so that it can help when one of the
copies is misplaced (Galli, et. al., 2012). The cloud based accounting software’s
should be used so as to ensure that the important financial information is
protected.
 These all will help the organizations to maintain financial information which in
turn will help in avoiding the transactions to get affected through viruses.
4. Explain the steps needed to produce reports for computerized accounting
systems.
 The reports are produced so that the financial position and performance can be
evaluated. The reports include the balance sheets, profit and loss statement and
various other statements.
 The first step involves the proper training is to be provided to the staff members.
Then the allocation of resources is done for each of department (Galli, et. al.,
2012).
 Once this is one then the supervision of the employees functioning is done so
that the proper evaluation can be done and the better results can be produced.
FNSACC406 Set up and operate a computerized accounting system Page 4

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RAJAT VERMA ID: 1458915 25 July 2018
5. Describe the steps that you would take to ensure computerized accounting
systems integrity.
 To ensure the integrity of computerized accounting system it is necessary to
maintain the regular backups so that the corruption of data can be avoided.
 Various issues which are related to it should be considered by the management
such as of organizing the storage space (Kirchmer, 2012).
 All the transactions which are processed needs to be maintained for audit
purposes.
 It is done so that the investigation for the cyber crimes can be done and
validation of invalid entries can easily be done.
6. What is a chart of accounts.
 It is organizational financial tool which shows the list of all the accounts which are
listed in the accounting systems.
 It also consists the information related to each type of liabilities, assets, revenue,
expenses and equities of the business (Double entry Bookkeeping, 2018).
 The chart of accounts serves as the financial record keeping systems of
organization and also provides the logical structure which helps in adding new
accounts and deleting the old ones.
FNSACC406 Set up and operate a computerized accounting system Page 5

RAJAT VERMA ID: 1458915 25 July 2018
Image: Chart of accounts
Source: Double Entry Book Keeping, 2018
The above is the sample of the chart of accounts which shows all the account type
names and their codes so that the information for all the transactions can be gained
easily (Double entry Bookkeeping, 2018).
7. Describe what accounting reports are. Give two examples.
 The accounting reports can be defined as the statements which includes the
financial information derived from the accounting records (Accounting Tools,
2018).
 These reports are prepared for the specific purposes so that the profits earned by
the each product line can be determined. The commonly prepared accounting
reports are:
 Cost accounting reports: The cost accounting reports are prepared which
includes the information regarding the expenses and revenues of business
during accounting period which in turn helps in evaluating cost (Accounting
Tools, 2018).
FNSACC406 Set up and operate a computerized accounting system Page 6

RAJAT VERMA ID: 1458915 25 July 2018
 Inventory Management reports: The inventory management reports helps in
analyzing the level of inventory in the organization. With this it also helps in
analyzing the ordering cost that is required to order the inventory (Accounting
Tools, 2018).
8. What does the term store means.
 The store is the place which is required to keep direct and indirect materials so
that the final products can be produced. The store keeping is the specialized
function of controlling materials which is basically concerned with the physical
storing of goods and materials (Kirchmer, 2012).
 There is the store account in all the firms which helps in ensuring that the
processes of shopping are secure. There are various types of stores such as
warehouse stores, specialty stores and the discount stores (Kirchmer, 2012).
9. When designing your Chart of accounts, which one of the following
selection of accounts would all correctly have Cost of Goods Sold as the
Account Type.
 C. Raw Materials, Factory Consumables, Subcontract labor, purchases
10. MYOB software produces tax invoices that comply with Australian legislation.
Hence, in order to make sure your invoices meet legal requirements, you need to
meet the following:
 That you include the customer’s ABN on every invoice.
11. Every month the bank debits your bank account for your motor vehicle lease.
What’s the best way to record this transaction in MYOB.
 D. Record all transactions by importing your bank statement
FNSACC406 Set up and operate a computerized accounting system Page 7

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RAJAT VERMA ID: 1458915 25 July 2018
12. You’re setting up a customer card in MYOB and know that in the future, you’re
going to use MYOB’s mail-merge features. You have a customer whose name is
John Saunders, and you know this customer personally. What should you enter
in the Salutation field for this customer.
 Mr. Saunders
FNSACC406 Set up and operate a computerized accounting system Page 8

RAJAT VERMA ID: 1458915 25 July 2018
13. Discussion Question
Introduction
The report covers the various organizational policies as well as procedures which are
used by the organizations so as to maintain electronic financial records. With this the
principles which are used in double entry accounting are also highlighted and the
practices of the accrual accounting are also determined.
Content
Organizational policies and procedures relating to maintaing electronic financial
records.
The procedures and the policies that are required so that the financial records can be
maintained which are related to management of quality assurance checks through
proper benchmarks. The policies include the proper planning so that the resources can
easily be utilized and the actual financial information can be revealed.
In computerized accounting the principles of accrual accounting are the revenue which
will help in determining the actual revenues even if the expenses are ignored with this
the matching concept is also used which depicts that the debit accounts balance in data
base should match the credit account balance (Accounting Simplified, 2017).
The principles of the double entry book keeping includes the historical cost that the
transaction should be recorded when it is purchased not when the settlement is made
(Accounting Simplified, 2017). This will help in making financial changes according to
business.
Conclusion
These principles and the policies are explained in all the organizations so that the
proper procedures can be followed and the effectiveness within the organizational
structure can be maintained.
FNSACC406 Set up and operate a computerized accounting system Page 9

RAJAT VERMA ID: 1458915 25 July 2018
References
 Accounting Simplified, 2017. Concept of Double Entry. [Online]. Accounting
Simplified . Available at: http://accounting-simplified.com/double-entry-
accounting.html. [Accessed On 25 July 2018]
 Accounting Tools, 2018. Accounting Reports. [Online]. Accounting Tools.
Available at: https://www.accountingtools.com/articles/what-are-accounting-
reports.html. [Accessed On 25 July 2018]
 Buckwalter, A.M., Goldman Sachs and Co, 2012. Method and apparatus for
processing and routing transactions. U.S. Patent 8,140,420.
 Double entry Bookkeeping, 2018. Chart of Accounts. [Online]. Double entry
Bookkeeping. Available at:
https://www.double-entry-bookkeeping.com/coa/sample-chart-of-accounts-
template/. [Accessed On 25 July 2018]
 Galli, A., Wiedmann, T., Ercin, E., Knoblauch, D., Ewing, B. and Giljum, S., 2012.
Integrating ecological, carbon and water footprint into a “footprint family” of
indicators: definition and role in tracking human pressure on the planet.
Ecological indicators, 16, pp.100-112.
 Kirchmer, M., 2012. Business process oriented implementation of standard
software: how to achieve competitive advantage efficiently and effectively.
Springer Science & Business Media.
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