Instructions ACCT 326 Writing Assignment #2 This project requires you to evaluate an online, cloud-based or PC-based accounting system to see how the system handles recording transactions, collecting...

1 answer below »
see attached


Instructions ACCT 326 Writing Assignment #2 This project requires you to evaluate an online, cloud-based or 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) -  Wave Accounting (www.waveapps.com/accounting) • Select some other accounting software to use for the project, such as an accounting software product from your job. If you choose to use a product besides Sage or QuickBooks, it is recommended that you visit the product’s website and download a trial version or request that a trial version is sent to you via email. 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): 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): 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): 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): 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): 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): 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) or four pages (single-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. Please consult the UMGC Effective Writing Center
Answered 1 days AfterJun 05, 2021

Answer To: Instructions ACCT 326 Writing Assignment #2 This project requires you to evaluate an online,...

Sumit answered on Jun 07 2021
137 Votes
ACCT 326 Writing Assignment #2
Section I (Overview of the Accounting System): Quick books is one of the most popular accounting software used by small businesses for management of income and expen
ses and keeping track of the financial performance of the company (Yoder, 2020). The software can be used to generate invoices, payment of bills, generating financial statements and for the payment of the taxes. The software can be used as an onsite accounting solution or a cloud-based version which can be used from any place using internet. The Quick Books can be integrated with third party applications such as bank accounts and credit cards to automatically identify the transactions. The prices of the different types of the software are as under:
    Quick Books Products
    Price Range
    Quick Books Online
    $25-$150 per month
    Quick Books Desktop
    $399.99-$1200 One Time Fee
    Quick Books Self-Employed
    $15 per month
    Quick Books for Mac
    $399.99 One Time Fee
Section II (Review of Revenue Activities): In Quick Books the revenue can be traced by creating specific types of revenue accounts which then the user can use to book revenue in the respective ledger accounts. Example: If the user wants to record license income in Quick Books, then the user will select the customers option and then go to the create invoice option. In the invoice option the user has to enter all the details like type of revenue, amount of revenue and the description of the transaction. Quick Book allows the user to customize the invoice format so that the user can enter the details he wants in regard to the revenue activities (Martin, 2020). Once all the required details have been entered in the format, the user can then use the print option to print the invoice which can then be send to the customer.
Section III (Review of Expenditure Activities): In Quick Books to record an expense the user first needs to select the payee from the database of the payee. If the...
SOLUTION.PDF

Answer To This Question Is Available To Download

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here