FEEDBACK & RECOMMENDATION REGARDING MINI BLOGGING PROJECT DAC2183 MAY 2013 SESSION

        Alhamdulillah after so many months of hard work and time and energy we put  in completing this UBS project,we finally completed it and this would be our last post in our mini blogging for DAC2183 Accounting Information System.  Now, all of this could not happened without the help and support from a number of people that had helped us throughout this entire process. 

So, first and foremost, we would like to take this opportunity to extend our highest appreciation and gratitude to our lecturer, Sir Noreffendy Mohamed who has inspired us and guided us in the achievement of this project. We would also like to say our deepest appreciation to the owner of Al Azhar Infinity Trading House, Mr Azree Azhar Awi who is willing to cooperate with us and giving us the information we needed for our project. Not to be forgotten, we also want to give our thanks to our parents for their moral support and ideas given to us.

Lastly, for our feedback of this mini blogging, we would say that there are a lot of things that we have learned from this mini blogging project. Mini blogging gives us the experience to explore and be creative by choosing our own background layout, fonts, and adding music and pictures to our blog.  Both of us are not really familiar with using blog because we have not done it before. But, i can say through this process, we learned and became really good at it. 

We use this blog basically to update our progress of the UBS project and some topics of the Sage UBS accounting system. It was really simple,fast and efficient way to update those information and was really fun too. Besides that, by having this blog, we are able to express what we have learned in class by writing and posting it in the blog and this help us to understand the topic more. Posting in blogs also improves our writing in english. So now, we can conclude that mini blogging gives many advantages and we would definitely recommend this method to be used again. 

Two thumbs up! :)

     

Identify and Elaborate Differences of the UBS terms.

(a)  Deleting Individual data VS Deleting all data in the UBS system

Deleting All Transaction – It is to delete all transactions, account numbers and batch titles of the data folder will be deleted. The user may partially clear or delete all data or transaction in the system. Go to 7. Housekeeping à 6. Clear Files / Generate Sample Chart. Choose the first option which is Clear both chart of account and transactions and then OK button.

Deleting Individual Transaction – It is to delete single or individual transaction only. There are 2 steps to delete transactions :-

i. Step 1

Ø  Go to the batch contains the transaction.

Ø  By using V.EDIT function at 1. Transactions File Maintenance, edit the debit and 

credit side of the transaction as following :-

a) Key in all (10) asterisk (**********) in Reference Number Field

b)Change the amount to 0.00

Ø And then Click SAVE button.

 ii.Step 2

Ø  Go to 7. Housekeeping à 4. File Organisation.

Ø  Click Unmark All button, then Mark on Delete Unwanted Transactions and then 
Click OK button.

(b)Backup VS Restore 

BACKUP

 Compression of multiple data files from sage UBS Accounting System into 

one  compressed file and transfer the compressed file to disk / USB flash drive or 

hard disk. Go to file and select backup and restore click backup.Click on backup 

button then click on ok button to start on compressing data files into a compressed 

file,named as backup.acc. the compressed file then shall be  transferred   

and stored in the floppy  disk.After completed, click on ok button to go back to main 

menu.

RESTORE

Decompress the compressed files from floppy disk / USB flash drive or hard disk in

order to recover back the multiple original data files which shall be stared back into

the system.

(c) Add entry VS Quick entry

ADD ENTRY

Is a single transaction entry procedures. When you enter a debit 

entry, you have to add credit entry or vice-versa to complete the double entry 

concept.

QUICK ENTRY 

- Is a double transaction entry procedure. When you enter one side 

of the double entry, the UBS accounting system will generate the other side of the 

entry automatically. All you need to do is to nominate a MASTER ACCOUNT. Master 

Account can be any double entry account and it means the account’s entry will be 

handled by the system

(d) Lock VS Unlock Batches

Lock Batch 
Lock batches is a step that to prevent the batches loss and when it comes 
to deleted the transaction. You can choose any batches to lock by click to 
'Transaction--> Organize batches'. High light the batches that you are want 
to lock and after that click 'Lock'. There will be sign of letter 'L' at the side of batches which means that it is already be lock.

Unlock Batch

To unlock the batches, we need to go to administrative tools at 7.Houskeeping. Enter the UBS password, click on tools tab and then, click on number 6 item and click apply. After that, highlight at the batches, erase at L.Transaction column and L.Status column than exit. When check back, we can edit the transaction on that batches.

(e) Special account VS Non-special account

SPECIAL ACCOUNT

As signed when that account requires certain function or effects in the reports. Account no. description special account : 

3010/000 Bank PV 

3030/000 stock BS

6020/000 closing stock

6010/000 opening stock

7000/000 Manufacturing Account

NON-SPECIAL ACCOUNT

Non-special account is an account that not required certain function or certain specification. Is is the account that not giving any effect when printing report

Experience in converting our UBS project from source document to journal and ledger

Hello guys! Here we are going to tell about our experience relating source documents of the company for our UBS project.

Firstly, we obtain the source documents from the company Al Azhar Infinity Trading House. The owner was very helpful and cooperative by giving their full information and we are really thankful that everything turned out smoothly. After obtaining the source documents, it was unsort and not in an according manner, which means we have to sort it ourselves. We sorted the source documents according to months so that our work will be much easier and able to finish our work faster and more effeciently.

Next, we decided to divide the work, we seperate half of the months to be done by each of us to convert the source documents into journal. But before that, we recognize, analyze and classify first what type of journal the source documents categorize into. When he journal is done, we move to the next step which is to prepare the ledger entries. There are a lot of transactions to be recorded and that is one of the challenging tasks we have to deal with. But with the help and guidance from our lecturer, Sir Noreffendy, we finally able to complete all the process.

Thats all for today, thank you! :)

What do you understand about the function of "Accounting Assumption Page " for your UBS project ?

Assumptions are traditions and customs which have been developed over a period of time and well-accepted by the profession. Accounting assumptions provide a foundation for recording the transactions and preparing the financial statements. These assumptions are held true when accountants prepare the financial statements and when users read them. In effect, accounting assumptions provide a level of foundation to help prevent misunderstandings between and among accountants and users. There are four BASIC assumptions that are considered as cornerstones of the foundation of accounting :

• Accounting entity assumption
• Money measurement assumption
• Going concern assumption
• Accounting period assumption

1) Accounting entity

Accounting entity assumption states that the activities of a business entity are kept seperate from its owners and all other entities. In order words, according to this assumption business unit is considered a distinct entity from its owners and all other entities having transactions with it. For example, if the owner brings in cash or any other asset, it will result in increase in assets of the business and capital of the firm. This capital represents firm's liability to the owner. The expenses of the owner paid by the firm assets are recorded as withdrawals from the business. This means the profit and loss accont will show the revenues and expenses related to the business entity only. Thus, balance sheet will show the assets and liabilities of the business entity only. This assumption is followed in all organizations irrespective of their form. exmple partnership, cooperative,company or sole proprietorship.

2) Money measurement

This assumption requires use of monetary unit as a basis of measurement, i.e, the currency of the country where the organization is to report its operations. This implies that those transactions which cannot be measured by monetary unit will not be recorded in the books of accounts. Monetary unit is supposed to provide a common yardstick to measure the assets, liabilities and equity of the business. It also indicates that certain information, howsever important it may be to state the true and fair picture of the entity will not be recorded in financial accounting books if it cannot be expressed in terms of money. Examples of monetary units are the Ringgit Malaysia, pound sterling in the United Kingdom, Peso in Mexico.

3)Going concern assumption 

The financial statements are prepared assuming that the business will have an indefinite life unless there is evidence to the contrary. The business is called ' going concern ' thereby implying that it will remain in operation in the forseeable future unless it is to be liquidated in the near future. These assumptions :
Assumes that a business will continue to operate for the foreseeable future
Allows cost and revenues to be allocated to future accounting period
Provide more realistic value of business assets.

4)  Accounting period assumption 

This assumption permits the accountant to divide the lifespan of the business enterprise into different time periods known as ' accounting period ' ( quarterly, half-yearly, annually) for the purpose fo preparing financial statements. Hence, financial statements are prepared for an accounting period and results thereof are reported on periodic basis.