L10+-+Simply+Basics+_+Setting+Up+a+New+Company

L10+-+Simply+Basics+_+Setting+Up+a+New+Company - Premium...

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Premium 2009 Premium 2009 To start, click the Slideshow button or press F5. Click to go to the next screen, then click as directed. Simply Accounting  Basics Slideshow 1A    
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Two types of accounting software Simply Accounting Basics The Simply HOME Window The Calendar Transaction Date The Calculator The FIND Button  Entering Transactions  Viewing the Journal Entry Entering Data: TABBED Windows Using HELP Drilldown Graphs Contents
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General Ledger Accounts Receivable Accounts Payable Payroll Inventory Order Entry There are two types of computerized accounting systems: modular and integrated . Modular System Modular System In the modular system, each component of the accounting software works independent of the General Ledger and of each other. This is commonly used in large companies, especially when company operations are conducted in separate departments. Study the illustration at right. Click to continue.
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General Ledger Accounts Receivable Accounts Payable Payroll Inventory Order Entry Financial Stateme nts Modular System Modular System (continued) At the end of an accounting period, or whenever financial statements are required, the data from the various modules are consolidated with the General Ledger. Click. It is only when the data from the subledgers have been consolidated with the General Ledger that accurate financial statements may be produced. Examples of this type of system are ACCPAC ERP series , Great Plains , Solomon , etc. Click to continue.
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Integrated System Integrated System An integrated accounting system works very differently. Although there are different modules, they are connected as one united system, with the GENERAL LEDGER as the hub.    Simply Accounting is a good example of an integrated system Study the basic structure of Simply Accounting at the right. Click to continue. General  Ledger Accounts  Receivable Accounts  Payable Payroll Inventory &  Services Projects
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General  Ledger Payroll Inventory &  Services Projects Receivables Client  Sub- Ledgers Payables Vendor Sub- Ledgers Integrated System  Integrated System  (continued) (continued) When a transaction is entered in one module, all other related modules are updated. For example, if you enter a sale of merchandise on credit in the Sales Journal of the RECEIVABLES module, Click. …the ACCOUNTS RECEIVABLE account in the General Ledger is increased, Click. …and the corresponding client’s record is updated. Click to continue.
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General  Ledger Payroll Inventory &  Services Projects Receivables Client  Sub- Ledgers Payables Vendor Sub- Ledgers Integrated System  Integrated System  (continued) (continued) Similarly, when the company pays for a purchase on credit, you would enter the payment in the Payments Journal of the PAYABLES module.
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L10+-+Simply+Basics+_+Setting+Up+a+New+Company - Premium...

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