Computerized Accounting System: is an accounting information system that processes financial transactions to produce reports. In other hand, we can say computerized accounting is a system that records business transactions.
Computerized accounting communicates with the shareholders or the stakeholders of the business by using a computer.
Pillars of computerized accounting
- Procedure
- Data
- People
- Hardware
- Software
Requirement of computerized
- Accounting framework
- Operating procedure
A database-oriented application has four basic requirements
- Front-end interface
- Back-end database
- Data processing
- Reporting system
Advantages of using a computerized accounting system
There are many advantages of using computerized accounting system, and the best advantage is that it is a computerized accounting system can do the same thing as a manual system, but the computerized system does it better with more accuracy and more frequently
Advantages may be summarized as follows.
- Time saving
- Security
- Error detection
- Real-time financial report
- Error detection
There is a limitation to using a computerized accounting system
- Hackers
- Computer fraud
- Viruses
Computerized accounting is no longer just a technological option; it is a strategic necessity for any organization seeking growth and sustainability
QuickBooks 2018: the basics
Start quick book2018
- Click start Button
- Select Programs menu
- Select QuickBooks
- Finally, click QuickBooks Enterprise Solutions 2014. Or you can simply double-click on the QuickBooks Enterprise Solution icon on the desktop.
How to set up a new company in QuickBooks Enterprise Solutions for the first time?
- From the file menu, click New Company. The QuickBooks setup window opens.
- Second step, you see the dashboard with many options. for quick and easy setup, click “express start” however you should know by choosing this option, some features inside of the application will be hidden and you need to go to setting to enable them later such as {id number when you create chart of account, and the inventory type ( inventory part) these options are hidden by default, but you can active them in the settings. We will explain how to do this in the upcoming articles, insha’Allah
- The third step is to enter the company name
- The fourth step is to select the industry of your business, so this step is very important because if you want to create your own chart of account you need to type other /non in the industry field, but if you want a sample chart of accounts, you can select one of the industries after clicking the drop-down arrow
- After filling necessary information of your company, as you like, you click continue
- Also, you enter your business contact information and hit create company file
- Choose where to save your company file and hit save
- After your company file is created, you can immediately add additional information on the setup pages of the QuickBooks Enterprise Solution
QuickBooks Desktop is designed to follow the standard 12-month calendar year, running from January 1 to December 31.
So, how to handle mid-year start?
for example, if your business start using the QuickBooks in March or June—you must manually enter your opening balances. This manual step is essential because, regardless of when you start entering data, QuickBooks will always calculate your final financial reports based on the full 12-month cycle ending on December 31.
How to change a calendar year into a fiscal year?
To do this task, you need to follow these steps:
- Click company menu > my company
- Click the edit icon at top right of the window
- Click report information on the left
- Click the fiscal year or tax year drop down arrows and change the dates you need
- Click ok