Accounting Paper

This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and information. The accounting system you use is up to you. Several suggestions are given below.

STEP 1. SELECT A SOFTWARE PACKAGE

• Sage 50 (http://na.sage.com/us/about-us/education#student)

• QuickBooks (http://support.quickbooks.intuit.com/support/ProductUpdates.aspx)

• Sage or QuickBooks, it is recommended that you visit the product’s website and download a trial version.

STEP 2. EXPLORE THE SOFTWARE

Check to see if the application has a tutorial that demonstrates some of the features of the application, and if so, review the tutorial. Review any online documentation regarding how to use the application.

STEP 3. TRY OUT THE SOFTWARE USING A SAMPLE COMPANY

• The application you select should have a sample company that you can use to evaluate the system. If it does not, you may need to set up a sample company, but this would be very unusual. Once you are in your sample company, you must explore the sample company to determine how you can do the following.

Revenue Activities (e.g. sales, collections, billing)

• How can you create and maintain customers?

• How can you create customer invoices/bills?

• How can you process customer payments?

• What are the reports available to support your revenue activities?

Expenditure Activities (e.g. purchasing, invoicing / payments)

• How can you create and maintain vendors?

• How can you create and maintain purchases?

• How can you generate payments to vendors? • What are the reports available to support your expenditure activities?

Reporting Activities

• How can you create and maintain your chart of accounts?

• How can you generate financial statements?

Other Activities (e.g. payroll)

• How can you create and maintain employees?

• How can you process payroll transactions for your employees?

STEP 4. DOCUMENT YOUR RESULTS (YOUR PAPER)

Once you have completed your evaluation, you will need to develop a report using the following layout.

Section I (Overview of the Accounting System) 250-300 words: Provide a general overview of the accounting system that you are evaluating. Make sure the overview provides the reader with a general understanding of the application, including the projected purchase price and any special hardware and software requirements. Finally discuss the ease of use of this system for accountants and non-accountants. You should include why you selected the application.

Section II (Review of Revenue Activities) 250-300 words: Describe how the system selected handles processing & recording accounting transactions related to revenue-related activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section III (Review of Expenditure Activities) 250-300 words: Describe how the system selected handles processing & recording accounting transactions related to expenditure-related activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section IV (Review of Reporting Activities) 250-300 words: Describe how the system selected handles financial reporting activities such as financial statements and posting journal entries.  Your summary should be in general terms and not in “how one does this in the system.”

Section V (Review of Other Accounting Activities) 250-300 words: Describe how the system selected handles processing & recording accounting transactions related to other activities. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity. Your summary should be in general terms and not in “how one does this in the system.”

Section VI (Accounting System’s Strengths & Weaknesses) 250-300 words: In this section, you will identify and discuss at least two strengths and two weaknesses with the system. Also, you will identify at least one technology advancement that this system lacks. Examples of technology advances includes but not limited to (a) digital signatures; (b) single sign-on and bio-metrics; (c) bloc chain; and (d) data analytics.

Paper Guidelines

• Page Length: Your response should not exceed eight pages (double-spaced). No separate Cover Page or Title Page is needed; however, you must include the title of your assignment as a heading on the first page. Note that the reference page and appendix, if provided are excluded from the page count. • References: You will need to include at least four literary references and at least four in-text citations to support your paper. These references must be related directly to the topics covered in the paper. References & citations must be properly formatted as noted below. • Headings: You will need to use headings (short, brief, and centered) to separate each area of your paper. Your headings should have an appropriate title, not something like Section IV. • Margins & Font Sizes: Use standard margins (minimum .5″; maximum 1.5″) and standard font size (minimum 10 point; maximum 12 point) in your paper.

• Writing Style: APA7 is the preferred writing style.