Hello: everyone welcome to accounting information structure online lecture To simplify statement information systems are the systems which change data into information. The datum is used by various internal and external useds. The running of accounting systems has three basic periods: input, process and output; A structure treats, source data as an input and generates useful information. As an output To understand statement information systems, we should be able to identify and understand the business process. Business organizations use business process to achieve their specific goals. The spring of information for many business activities involves business process or event cycles/seconds. There are five main transaction rounds: income cycles/second spending, cycles/second, make hertz, payroll round and funding or general record repetition. Each hertz involves a give and take exchange between two or more entities: Enterprise, Resource Planning systems, ERP, integrate those activities and provide enterprise, wide single consider of an organization’s; data which flows. Intelligence MYOB is one of the general ledger, integrated accounting software’s. The MYOB system follows such structures of a manual accounting system very closely. In countless respects, Transactions are classified into functional pleasures such as cash receipts, remittances, auctions and acquisitions, which are very similar to the manual organizations, use of special gazettes. The use of a general record with verify histories for subsidiary record, considering accounts, receivable accounts payable and armory, is common to both the manual and MYOB systems. One difference is MYOB announces to ledger accounts immediately from the entryway screens , not from the gazettes, as in the manual arrangements, Sounds complicated, but we experience business process and use the accounting system everyday. Everyone knows what to do. In a eatery We as patrons view the menu place, an guild receive meat and compensate legislations From the marketer ,’ s surface, restaurant faculty give menu, take orders serve the food and rally pay. If you’ve never been to a restaurant, you can’t understand this process. But if you know what is going on in a eatery, you already know revenue round and expending hertz which are the most routine business rounds To record business transactions. Accountants, unionize data exerting a map of histories and apply double record systems of accounting, The double entry system of accounting or bookkeeping means for every business. Transaction sums must be recorded in a minimum of two reports. The double entry system also requires all business, and the amount participated as debits must be equal to the amount enrolled as approvals Without auditors. Transactions can’t record any deals. This implies simply accountants can save the world. Am i right? Regrettably, it is not When we are recording day to epoch business transactions in the business world. We use a special journal using accounting software. I’ll reveal you how sales and acquires are recorded and processed in MYOB. When you open the software, “youre seeing” eight require centres on screen, accounts, bank, marketings age, billing purchase, armory, payroll and placard enter. Even if you are new to MYOB, you can guess. We needs to have sales dominate middle to record sales and purchase dominate midst to record buys. Let’s go back to the restaurant example. Wait staff give the menu to customers then take orders from patrons then enter auctions for a product on their POS machine. In shared sense, we can identify three auctions forms repeat, which is the menu order and recognition marketings To record excerpts, orderings and statements in MYOB go to sales command middle and sound register sales In this space, pick the sales nature mention, line-up or debit then select a Date, client and parts sold, The patron enters are managed in a placard file, mastery middle and components are administered by an record authority center. On this screen we are recording marketings with MYOB, which is an accounting software, but we can’t find debits and recognitions. If a sales person person simply records auctions income, then the accounting equation is not balanced and it can’t generate the invoice. So what happened? You precisely recorded auctions on a sales special periodical. This mean we recorded a approval, auction and sales journal enters posted to the accounts. Receivable affiliate ledger details so that customer balance remains current When we record special journal enterings, MYOB records associated histories. At the same time, The basic joined chronicle of sales is details. Receivable, The transactions are organized with a plot of notes. A plot of reports is called account list In MYOB. Account list is set up in notes require middle. There are eight types of notes in MYOB I’ll be explaining about the accounts category in the future videos. Let’s go back to the sales window When we recap this event, the both accountings, receivable and sales revenue are recorded behind the system and debits and credits equal, Let’s move on to purchase. In a eatery, for example, a customer goes to a eatery. To prepare acquisition To buy food, we need to see the menu place, an say to restaurant staff and we receive food after the meal we asking questions legislations. We can easily identify the four acquisition types, the quote: ordering receive items and proposal. The statute is exactly same as invoice, but to avoid confusion with the sales invoice, we can say invoice When we receive invoice from suppliers. We say bill To record the paraphrases, dictate, receive items and statement in MYOB go to purchase command core and sound recruit obtain On this screen. We are recording acquires Again, we can’t find debits and ascribes. If we simply record acquires, then accounting equation is not poised. We can’t record an increase in liability Like a sales special gazette. We exactly recorded credit buy on buy special publication MYOB records, the linked notes and obtain journal entries are likely to be affixed to the accounts payable. Subsidiary ledger reports so that supplier symmetries remain current. The basic associated account to purchase is payable When we recap both obtain and accounts payable, are recorded and debit and credits equal. In this short lesson, we understood the five command midsts in MYOB reports sales obtains stock-take and card folder. In the next video I will expand on this, Have a short break and see you soon . .
