The first meeting we had was before our school holidays break. Before we started doing anything to the computerised accounting system, my team mates and I have discussed on the most suitable double entries to record in the system. After finalising the entries, we did the chart of accounts. We encountered some problems when creating the chart of accounts as the trial balance in the pinetree book and in the appendix D were a bit different. We then decided to follow the pinetree book and whatever accounts in appendix D that the pinetree book does not have, we would record it too. I did not help much in the chart of accounts as being quite weak in my accounting subject, I was not able to identify which category it falls under.
Thus, at the end of it, it helps me to recap what I have learnt and forgotten from Financial Accounting module. I have also learnt to create sales, sales returns and cost of sales by product in which the ACCPAC tutorial manual only teaches to do by segment. We then proceeded to do the opening balances that is to be entered into the GL system.
Following on, we did the transactions for the month of June in a new GL batch list. It runs quite well as we already knew what are the double entries to be recorded. I helped by reading out the transactions while my other team mates either double confirm with me or type the entries into the system. After which, we went on to do the balance day adjustment and recurring entries. This is one of the most difficult problems we encountered as we must ensure that there is no double counting. For example, depreciation is incurred every month, thus it should be recorded as recurring entries. If it is recorded in balance day adjustment, then we have to incur the next month’s(july) depreciation expense in the recurring entries till the end of their estimated life. Another problem was that we initially heard that there was a need to do GST for balance day adjustment and recurring entries. However, we have already post it and we had to redo it. But now, we are told not to and it was too late for us to redo again.
Thus, from here, I have learnt how to identify which entries should be recorded in ACCPAC( recurring or balance day adjustment) so as to prevent double counting and affect the company’s accounts. I have also learnt that it would be much easier and faster to create recurring entries then to account for it every single month in the normal transactions.
Next, we created the unique transaction. We wanted to have a transaction that would not affect any of the accounts. Thus, we have come out with a 1-for-2 bonus issue. This is done in a new GL batch list. We also created a void check to account that the check could not be used. This is something new that I have learnt as ACCPAC tutorial did not show us how to do that. At first, we thought that it would be in the AP system, however, we were unable to post it. We seek some help from our tutor and realised that it should be done in the GL system. It was not wrong to the void check in the AP system , just that we need to generate and print the check. Thus, I have learnt two ways of doing a void check.
Moving on to the next part was the creation of accounts receivable system. We followed closely to the steps of the ACCPAC tutorial. Thus, it was not much of a problem for us to do it. However, there is bound to be some things that we struggle at. We did not know whether to create the discount expense and interest revenue account. We sought our tutor for help and realise that we should create it and the account code must be somewhat near the same category (e.g if it is an asset, it must fall within the assets account codes which ranged from 1100 to 1800). This was something that I did not take note of and I thought we could just randomly choose a code to create the accounts.
Next was the creation of accounts payable system. I have learnt how to set up the accounts payable system, invoice/credit note/debit note entry into accounts payable system and payment entry in accounts payable system as ACCPAC tutorial does not teach us and we need to read up the resource notes. It is almost similar to the AR system.
After which, we posted all the batches in the AR, AP and GL system and print the required reports.
Last but not least, we did the financial year end closing.
As for the theory question, we split the question into two parts and two of my teammates and I identify what are the good internal control procedures that pinetree is currently practicing while the other two did the second part of the question.
In conclusion, my contributions were keying in the transactions into the system and ensuring that it is correct, solving the problems with my teammates that we have encountered during the process, and writing down the GL data entry form. Through this project, I have learnt that computerized accounting system has really help us to speed up our progression and saves a lot of time and trouble as compared to the manual accounting system where mistakes can arise without us knowing about it. This project has indeed helped me to experience how companies have used the accounting software to do its work.
Stephenie Low
Friday, July 17, 2009
CAS Project Reflection
CAS individual reflection last post
Ever since we started on our project, we’ve been meeting up every week so as to complete our project on time. As mentioned, we firstly did the double entries. We ensured that we all agreed with the transactions before proceeding on to input the data into the ACCPAC system.
At start, we were all clueless as to how to begin to key in the data as there was not much information given to us. But after consulting our teacher, we knew the direction we were heading. Firstly was to key in the opening balances in the GL system and so on, followed by keying in transactions linked with the AR and AP system. As there were lots of data to be keyed into the system, we even stayed in the school lab till about 7-8pm just to complete certain parts of the project. Also, we came back almost every day during the holidays to carry on doing the project! Though it was tiring but it was all fun and educational at the same time. Because of the fear of having to redo our entire project, we dared not post any of the batches that we have created. We even saved almost every step we did! haha.
Of cause not to mention that there were also disagreements within to team about what was the appropriate data to be inserted into the system. For example, we were discussing whether or not to include GST into our balance day adjustments and also which system should the void check be in. Sometimes, we even have to redo certain parts of our project because the errors were irreversible. For example, after a batch is being posted, no changes can be made to the batch. Because we have found out some error that was being made in the posted batch, we had to re-download from our previously saved file.
However after one a half months of sweat and blood for the project, we finally completed it! It was a total sense of relieve because the project was really tedious but we managed to overcome it! It was a sense of great achievement!
Also, I must compliment all my team members for all their hard work and time they have put in for this project. It was great being able to work with such a great team. Everyone has done their fair share of the project. For this project, I have contributed suggestions on issues that have slowed down my group’s progression. In addition I also helped to key in transactions into the systems, find the logo for the company, double-checking of some of the batch to ensure that the amount balances out etc.
From this project, I have learned how much help an accounting system can provide for a company. I’ve learned how to use its systems and functions to help a company runs its daily transactions in an error and fraud-free environment. Most importantly, I have learned how to work closely with my teammates and to truly understand the phrase “two heads are better than one”.
Hui-Shan
Ever since we started on our project, we’ve been meeting up every week so as to complete our project on time. As mentioned, we firstly did the double entries. We ensured that we all agreed with the transactions before proceeding on to input the data into the ACCPAC system.
At start, we were all clueless as to how to begin to key in the data as there was not much information given to us. But after consulting our teacher, we knew the direction we were heading. Firstly was to key in the opening balances in the GL system and so on, followed by keying in transactions linked with the AR and AP system. As there were lots of data to be keyed into the system, we even stayed in the school lab till about 7-8pm just to complete certain parts of the project. Also, we came back almost every day during the holidays to carry on doing the project! Though it was tiring but it was all fun and educational at the same time. Because of the fear of having to redo our entire project, we dared not post any of the batches that we have created. We even saved almost every step we did! haha.
Of cause not to mention that there were also disagreements within to team about what was the appropriate data to be inserted into the system. For example, we were discussing whether or not to include GST into our balance day adjustments and also which system should the void check be in. Sometimes, we even have to redo certain parts of our project because the errors were irreversible. For example, after a batch is being posted, no changes can be made to the batch. Because we have found out some error that was being made in the posted batch, we had to re-download from our previously saved file.
However after one a half months of sweat and blood for the project, we finally completed it! It was a total sense of relieve because the project was really tedious but we managed to overcome it! It was a sense of great achievement!
Also, I must compliment all my team members for all their hard work and time they have put in for this project. It was great being able to work with such a great team. Everyone has done their fair share of the project. For this project, I have contributed suggestions on issues that have slowed down my group’s progression. In addition I also helped to key in transactions into the systems, find the logo for the company, double-checking of some of the batch to ensure that the amount balances out etc.
From this project, I have learned how much help an accounting system can provide for a company. I’ve learned how to use its systems and functions to help a company runs its daily transactions in an error and fraud-free environment. Most importantly, I have learned how to work closely with my teammates and to truly understand the phrase “two heads are better than one”.
Hui-Shan
Thursday, July 16, 2009
CAS Project reflection.
We started this project as early as we could, knowing that this project would take up lots of our time. From the start, my project group mates have scheduled out the time, divide the project into a few stages (go through Pinetree, setup, GL, A/P, AR, theory) and set at dateline to it. Out of so many project groups I have been in, this is one of the neatest and well organized project groups.
During the holidays, we went to school at least 3 times per week. Those are the time when we had most of our parts completed. Being one of the “faster” team in this accpac project, some of the problems that we met had to be solved within ourselves as there are not many other project groups that we could consult with. This was when arguments about the project comes in. However we could always solve those problems by consulting our teacher, Ms June Yeo, or do more research to convince the other parties. This is our teamwork, we worked together, faced problems together, argued with each other, solved the problems together and laughed at our own silly mistake together.
We finish our ACCPAC part of the project earlier than expected, and found out that we had at $13k plus of loss in our company. As weeks goes by, more and more groups had finish up their project, and we found out that our figure of loss is way to far from others. Hence, we consulted friends and check through our project only then to realise that there were mistakes in our recurring entries and gst. Having a group of cautious team mates, every parts of the accpac we did have backups. Thus, going back to where we have done wrong did not post much problems.
As for the theory part, we spilt up the work so that we could have more focus on each part of the question.In conclusion, this project group is make up of wonderful team mates. Everyone contributed whatever they could and did their best for every part of the project. Not forgetting our teacher, Ms June Yeo, who guide this group along the way.
YiYing <3
We started this project as early as we could, knowing that this project would take up lots of our time. From the start, my project group mates have scheduled out the time, divide the project into a few stages (go through Pinetree, setup, GL, A/P, AR, theory) and set at dateline to it. Out of so many project groups I have been in, this is one of the neatest and well organized project groups.
During the holidays, we went to school at least 3 times per week. Those are the time when we had most of our parts completed. Being one of the “faster” team in this accpac project, some of the problems that we met had to be solved within ourselves as there are not many other project groups that we could consult with. This was when arguments about the project comes in. However we could always solve those problems by consulting our teacher, Ms June Yeo, or do more research to convince the other parties. This is our teamwork, we worked together, faced problems together, argued with each other, solved the problems together and laughed at our own silly mistake together.
We finish our ACCPAC part of the project earlier than expected, and found out that we had at $13k plus of loss in our company. As weeks goes by, more and more groups had finish up their project, and we found out that our figure of loss is way to far from others. Hence, we consulted friends and check through our project only then to realise that there were mistakes in our recurring entries and gst. Having a group of cautious team mates, every parts of the accpac we did have backups. Thus, going back to where we have done wrong did not post much problems.
As for the theory part, we spilt up the work so that we could have more focus on each part of the question.In conclusion, this project group is make up of wonderful team mates. Everyone contributed whatever they could and did their best for every part of the project. Not forgetting our teacher, Ms June Yeo, who guide this group along the way.
YiYing <3
CAS Project Reflection
CAS Reflection by Chua Zong You
1st July to 14th July – Throughout this month, we worked on the taxing CAS ACCPAC project. We encountered many problems, with AR and AP especially. Also we had to re-do some of the entries like the recurring entries and the GST portion. Personally, I felt that re-doing the journal entries was the most frustrating part, as we invested many precious hours on it. Moreover, it didn’t help that the labs were not available for use all the time. All the boring hours of waiting just to get a small portion of our project done really irked us, but nevertheless we persisted. Thank god for the cheerful course mates in lab 8 and 9 and of course my lovely team mates that kept our team going. I think I am very fortunate to have them because Even though I couldn’t make it for some of the meetings, they understood and continued on with the project.
15th July – Today basically all we did was the ever-taxing theory portion of our project! We splitted the work. Yi ying and I tackled the 2nd part of the theory questions while Hui Shan, Stephanie and jasmine took the 1st. After many hours of research and hardwork, we finally completed it! All it needs now is a little bit of touch up, which hopefully can be done tomorrow =) I think it was a productive day for our team and I think they have done an awesome job! Go go go ! We’re almost reaching the end!
16th July – The last day before submission! This is the day where the entire cohort starts running around frantically and printing all their journal entries. It never pays to be last minute, but hey, we’re all human and it’s in our perfect nature to procrastinate. Last minute phone calls were made amongst course mates regarding the final value of their balance sheet, and desperate ones even resorted to rushing through their final bit of their project just to get it over and done with.
As for my team, I think overall this project has been an eye-opening experience. Never have we put in so much blood, tears and sweat into a single solitary project ever. I can vividly recall the moments where we had to re-do our recurring entries, adjust the GST, and were even shown the blue screen! Boy are we elated that it’s all over now, and all that’s left to do is wait for the verdict – our project results. It’s vital that we get as high marks as possible to pull our overall CAS grade. Not to mention, there’s a killer CAS ACCPAC practical test coming this 25th July.
I would like to thank my team members for everything they have done for the team. We all knew it was a job that no one can accomplish alone, but thanks to all our hard work and effort, we overcame the project. This project has brought our team closer and it has taught us how to accommodate to each other’s needs. I would also like to thank Ms June Yeo for all your guidance along the way, not to mention all the patience you have given to us. Thank you!
cas project reflection (:
We started this project quite early because we knew that it will took quite long for us to finish. We started in early june. We discussed the double entries for all the source documents together in the 1st meetings. We compared all our double entries and decided which one to use as we came from different class last year. After that, we started using accpac in the school lab. We went back to school during the holidays too. We started with the chart of accounts, followed by all the opening balances and june transactions. After that, we continued with all the AR and Ap setups. We did the transactions for AR and AP as well. We included one more batch which is the unique transaction, bonus issue. We discussed together with all the group members about the recurring entries and balance day adjustment. After agreed on it, we started to typed in and processed it. We did back ups everytime we finished a small part just in case we did any mistakes. We did void cheques in our GL system too. After we confirmed everything, we started to post all the batches in AR, AP and GL. We printed out all the batches and documents we needed. We separated the duties and wrote out GL data entry forms manually. Lastly, we create a new financial year to do our year end closing, and printed out our opening balance of the financial staements.
For the theory part, we stared discussing last week. We read the accounting practice set and identified out all the internal control they used. We refered back to our lecture notes and did some reseach about the computer based internal control.
For this project, everyone in my group have did a great job. We always did this project together and everyone did their own part too. I contributed some such as key in the june transactions, recurring entries, edit the balance day adjustment, did some part of the AP system, write out the GL data entry on opening balances, find a logo for our company with huishan, check our report/statements to ensure it is balance, identified the internal control the company used, etc.
I have learnt about the AP systems, to do year end closing and how to do corrections on the errors which i cant find this in my accpac manual. Besides this, i also learnt how to work with my groupmates, comprise with each other. We need to make use of our time as the lab is not 24 hours available for us to do projects and hence it improve on our time management. Although we faced alot of problems and did alot of mistakes when we're doing this projects, we learnt alot through this projects. Not only the one i studied from the book, but also the team work among my members.
Thanks Mrs. June Yeo for all the help.
After one and a half month, we're finally done! Thanks groupmates! Good job people! (:
-jasmine-
For the theory part, we stared discussing last week. We read the accounting practice set and identified out all the internal control they used. We refered back to our lecture notes and did some reseach about the computer based internal control.
For this project, everyone in my group have did a great job. We always did this project together and everyone did their own part too. I contributed some such as key in the june transactions, recurring entries, edit the balance day adjustment, did some part of the AP system, write out the GL data entry on opening balances, find a logo for our company with huishan, check our report/statements to ensure it is balance, identified the internal control the company used, etc.
I have learnt about the AP systems, to do year end closing and how to do corrections on the errors which i cant find this in my accpac manual. Besides this, i also learnt how to work with my groupmates, comprise with each other. We need to make use of our time as the lab is not 24 hours available for us to do projects and hence it improve on our time management. Although we faced alot of problems and did alot of mistakes when we're doing this projects, we learnt alot through this projects. Not only the one i studied from the book, but also the team work among my members.
Thanks Mrs. June Yeo for all the help.
After one and a half month, we're finally done! Thanks groupmates! Good job people! (:
-jasmine-
Wednesday, July 15, 2009
Start of the CAS Project!
As we knew the project was tedious, we knew we had to start early. So we started off our project as early as we could to even out the time needed to do project. We started off doin the double entries for accounts. There were of cause lots of disagreements and discussions but we managed to pull it off. I've learned that as a team i can learn and understand things better as there is always someone there to explain things to me when i don't understand.
Hui-Shan
Hui-Shan
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