Charts of accounts

Charts of accounts - employee It's also possible when using...

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Name: Georgia Moore Date: 03/16/2011 Assignment: Chart of Accounts The purpose of the chart of accounts is it is a tool to categorize a company’s financial activities. This is so the company has a better overview of their accounts. It is to secure a fixed structure of the accounts created in the bookkeeping. Most charts of accounts are structured like this; Accounts concerning the day to day running of the business. This is the profits and losses for the day Assets accounts. Shows the value of the business Liabilities accounts. Shows the debt/financing of the business. The internal controls and audit trails are important in a computerized accounting system because it is really easy for a person using a computerized accounting system to embezzle money. They could create a fake employee for example. The check goes out to the non-existent
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Unformatted text preview: employee It's also possible when using a computer accounting system to delete revenue transactions. So without the internal controls and audit trails a company would be out of money and not even know about it. The audit trail tracks record transactions, miscellaneous actions, and system functions. Some of these are voiding checks and paychecks, making payments in Cash manager and Payment Manager, and adding and editing records or transactions. In the miscellaneous actions some area it keeps track of are reconciling accounts, maintained payroll tax tables, and importing data in to the company. Finally in the system functions it keeps track of posting and unposting journals, closing the fiscal year, and closing the payroll tax year....
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Charts of accounts - employee It's also possible when using...

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