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Financial Accounting - Information Technology

   

Added on  2021-06-17

17 Pages1380 Words61 Views
Running head: IT FINANCIAL ACCOUNTING IT Financial AccountingName of the Student:Name of the University:Author’s Note
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IT FINANCIAL ACCOUNTING1Table of ContentsIntroduction......................................................................................................................................2Discussions......................................................................................................................................3Setting up a New Company in Sage 50.......................................................................................3Entering the Details of the Customer...........................................................................................3Entering the Vendor Details........................................................................................................4Entering Inventory Details...........................................................................................................4Entering Payroll Details...............................................................................................................4Postings of Credit Sales...............................................................................................................5Posting of Credit Purchases.........................................................................................................5Financial Statement Analysis..........................................................................................................6Risks of using Electronic Accounting System.................................................................................8Conclusion.......................................................................................................................................8Reference.......................................................................................................................................10Appendix........................................................................................................................................11
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IT FINANCIAL ACCOUNTING2IntroductionThe main purpose of this report is to analyze the financial statement of HSC tradingGroup ltd which operates in UK. The financial statements will be including periodic trialbalance, statement of profit and loss account and Balance sheet of the company. A periodic trialbalance is prepared to check whether the total of debit and credit side of the trial balance matchesor not. It is prepared for general mathematical accuracy of the same. The statement of profit andloss contains all the expenses and losses which the business incurs during the year and alsocontains all income and gains from that particular year. Balance sheet of the company shows thefinancial position of the company at the end of financial year. it contains all the assets andliabilities of the business.HSC Trading Group Ltd is engaged as a hire supply tool company which provide hiretools to other business. At present it is one of the largest hire supply tool company which isoperating in UK. The purpose of the assignment is to record the name of the company inSoftware application Sage 50 which will then be used to generate reports on financial statementsof the company (Schneider & Bussmann, 2013).
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IT FINANCIAL ACCOUNTING3DiscussionsSetting up a New Company in Sage 50Entering the Details of the Customer
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