General Ledger, Receivables Management, Payables Management, Sales Order Processing, Purchase Order Processing, and Invoicing
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Functional Area Systems – Accounting Information Systems Lecture Outline 4C Functional Area Information Systems
Instructor: Kevin Robertson Functional Area Systems – Accounting Information Systems Lecture Outline 4C Functional Area Information Systems 2 Functional Area Information Systems 3 Functional Area Information Systems: Accounting Accounting Information System (AIS) integrates, monitors/documents information from different aspects of business operations that have to do with: accountability for the assets/liabilities of the enterprise the determination of the results of operations that ultimately leads to the computation of comprehensive income, the financial reporting aspects of business operations. Evidence of financial transactions must be, in the end, contained in one main accounting system that is capable of producing (at least) two (2) main financial statements that are required for a business: (1) the balance sheet and (2) the income statement. 4 Accounting Information System (AIS) Helps management answer such questions as: How much and what kind of debt is outstanding? Were sales higher this period than last? What assets do we have? What were our cash inflows and outflows? Did we make a profit last period? 5 Types of Information Types of information needed for decisions: Some is financial Some is nonfinancial Some comes from internal sources Some comes from external sources An effective AIS needs to be able to integrate information of different types and from different sources. 6 The Three Basic Functions Performed by an AIS 1. To Collect and store data about the organization’s business activities and transactions efficiently and effectively. 2. To provide management with information useful for decision making. 3. To provide adequate internal controls 7 1. Collect and Store Data To collect and store data about the organization’s business activities and transactions efficiently and effectively: Capture transaction data on source documents Record transaction data in journals, which present a chronological record of what occurred. -
General Ledger Budgeting User Guide
General Ledger Budgeting User Guide Version 9.0 February 2006 Document Number FBUG-90UW-01 Lawson Enterprise Financial Management Legal Notices Lawson® does not warrant the content of this document or the results of its use. Lawson may change this document without notice. Export Notice: Pursuant to your agreement with Lawson, you are required (at your own expense) to comply with all laws, rules, regulations, and lawful orders of any governmental body that apply to you and the products, services or information provided to you by Lawson. This obligation includes, without limitation, compliance with the U.S. Foreign Corrupt Practices Act (which prohibits certain payments to governmental ofÞcials and political parties), U.S. export control regulations, and U.S. regulations of international boycotts. Without limiting the foregoing, you may not use, distribute or export the products, services or information provided to you by Lawson except as permitted by your agreement with Lawson and any applicable laws, rules, regulations or orders. Non-compliance with any such law, rule, regulation or order shall constitute a material breach of your agreement with Lawson. Trademark and Copyright Notices: All brand or product names mentioned herein are trademarks or registered trademarks of Lawson, or the respective trademark owners. Lawson customers or authorized Lawson business partners may copy or transmit this document for their internal use only. Any other use or transmission requires advance written approval of Lawson. © Copyright 2006 Lawson Software, Inc. All rights reserved. Contents List of Figures 7 Chapter 1 Overview of Budgeting 9 Budgeting ProcessFlow...............................................................9 HowBudgeting Integrates WithOtherLawsonApplications..................... 11 What is a Budget?................................................................... -
Cashflow Forecasting Fact Sheet
Cashflow Forecasting Fact Sheet SYSPRO Cashflow Forecasting facilitates the effective projection of currency-based cash flow requirements by providing the capability to create multiple on-line cash flow models from a variety of forward-looking inflow and outflow data, such as future receivables, payables, sales, purchases, demand forecasts, material requirements, budgeted expenses and user-defined projections. SYSPRO Cashflow Forecasting enables managers to view their company's projected cash position in multiple currencies by applying such cash projections to the current bank balances. The cash flow effect of discount maximization can also be determined by comparing different cash flow projections. Multiple cash flow models can be defined to suit your company’s requirements, and the resulting forecasts viewed as graphs and listviews. The models currently enable you to include outstanding payables (cash requirements), receivables (payment projections) and General Ledger movements and add these to the current bank balances. Future releases will enable you to use data from Purchase Order Requisitions, Forecasted Sales and Material Requirements and produce reports using SYSPRO Reporting Services. www.syspro.com © 2011 SYSPRO. All Rights Reserved. All trademarks are recognized. The Facts Fact Sheet The Benefits of Cashflow Forecasting < Movement Collectors can include Cash Book < View your company’s projected cash position into permanent entries, Cash requirements from the future Accounts Payable, Outstanding Purchase Orders, < Personalized -
A73 Cash Basis Accounting
World A73 Cash Basis Accounting Net Change with new Cash Basis Accounting program: The following table lists the enhancements that have been made to the Cash Basis Accounting program as of A7.3 cum 15 and A8.1 cum 6. CHANGE EXPLANATION AND BENEFIT Batch Type Previously cash basis batches were assigned a batch type of ‘G’. Now cash basis batches have a batch type of ‘CB’, making it easier to distinguish cash basis batches from general ledger batches. Batch Creation Previously, if creating cash basis entries for all eligible transactions, all cash basis entries would be created in one batch. Now cash basis entries will be in separate batches based on a one-to-one batch ratio with the originating AA ledger batch. For example, if cash basis entries were created from 5 separate AA ledger batches, there will be 5 resulting AZ ledger batches. This will make it simpler to track posting issues as well as alleviate problems inquiring on cash basis entries where there were potential duplicate document numbers/types within the same batch. Batch Number Previously cash basis batch numbers were unique in relation to the AA ledger batch that corresponded to the cash basis entries. Now the cash basis batch number will match the original AA ledger batch, making it easier to track and audit cash basis entries in relation to the originating transactions. Credit Note Prior to A7.3 cum 14/A8.1 cum 4, the option to assign a document type Reimbursement other than PA to the voucher generated for reimbursement did not exist. -
USDA •M@ �� - Development Exhibit ME-5
USDA •M@ �� - Development Exhibit ME-5 United States Department of Agriculture Rural Development HAR 2 0. 2015 Mr. Michael E. Easley Chief Executive Officer/GeneralManager Powder River Energy Corporation P.O. Box 930 Sundance, Wyoming 82729-0930 Dear Mr. Easley: In response to your letter dated February 25, 2015, we have reviewed the information submitted regarding Powder Rivet Energy Corporation's (Powder River) amended revenue deferral plan. Powder River plans to defer an additional $4,200,000 of 2014 revenue and to adjust its recognition period to 2015-2019. All of the required information was submitted in the letter and enclosure. The Rural Utilities Service's (RUS) approval to amend the plan is, therefore, given. It should be noted, however, that our approval is based upon the understanding that the deferral and amortization of this revenue will be specificallyaddressed in your cooperative's next rate filing with the Wyoming Public Service Commission (Commission). If, as a result of that filing, the Commission does not allow for the inclusion of this revenue in the determination of future rates, any remaining deferred revenue must be taken into income, in its entirety, at that time. RUS requests Powder River provide a copy of the Commission's order when it is issued. Please be advised that you must obtain RUS approval prior to making any additional changes to the amended plan. If you have any questions or if we can be of any further assistance, please contact the Technical Accounting and Auditing Staff at (202)720-5227. Sincerely, VICTOR T. VU Deputy Assistant Administrator Officeof Portfolio Management and Risk Assessment . -
Oracle General Ledger
ORACLE DATA SHEET ORACLE GENERAL LEDGER KEY FEATURES Oracle® General Ledger is a comprehensive financial management • Flexible chart of accounts and reporting structures solution that provides highly automated financial processing, • Centralized setup for fast effective management control, and real-time visibility to financial implementations • Simultaneous accounting for results. It provides everything you need to meet financial multiple reporting requirements compliance and improve your bottom line. Oracle General Ledger • Compliance with multiple is part of the Oracle E-Business Suite, an integrated suite of legislative, industry or geographic requirements applications that drive enterprise profitability, reduce costs, • Spreadsheet integration for improve internal controls and increase efficiency. journals, budgets, reporting, and currency rates • Tight internal controls and Capitalize on Global Opportunities access to legal entity and ledger data Meet Varied Reporting Standards with a Flexible Accounting Model • Multi-ledger financial reporting for real-time, In today’s complex, global, and regulated environment, finance organizations face enterprise-wide visibility challenges in trying to comply with local regulations and multiple reporting • Robust drilldowns to underlying transactions requirements. Oracle General Ledger allows companies to meet these challenges in • Professional quality reporting a very streamlined and automated fashion. Multiple ledgers can be assigned to a • One-touch multi-ledger legal entity to meet statutory, corporate, regulatory, and management reporting. All processing accounting representations can be simultaneously maintained for a single • Automated month-end close processing transaction. For example, a single journal entered in the main, record-keeping • Fastest and most scalable ledger can be automatically represented in multiple ledgers even if each ledger uses general ledger on the market a different chart of accounts, calendar, currency, and accounting principle. -
The Challenge of XBRL: Business Reporting for the Investor
Thechallenge of XBRL: business reportingfor theinvestor Alison Jonesand Mike Willis Abstract The Internet nancialreporting language known asXBRL continues to developand has now reachedthe point wheremuch of its promised benets areavailable. The authors look atthe history of this project, provide acasestudy of how Morgan Stanleyhas madeuse of the system andpredict some developmentsfor the future. Keywords Financial reporting, Financial services,Internet Alison Jones isan Assurance enyears ago, only ahandful of visionaries could haveforeseen the impactof the Internet Partner specializingin on the entire business world andthe information-exchange community. Today, a technology, infocomms and T decadelater, we areon the brinkof anInternet revolution that will redene the ‘‘business entertainment,and media. She reporting’’ paradigm.This revolution will not taketen years to impactbusiness communication. isthe PricewaterhouseCoopers The newInternet technology, eXtensibleBusiness Reporting Language (XBRL), is alreadybeing XBRLServices Leader for the deployedand used across the world. UK, andrepresents the rm on theUK XBRLconsortium. For many companies, the Internet playsa keyrole in communicating business information, MikeWillis, Deputy Chief internally to management andexternally to stakeholders.Company Web sites, extranets and Knowledge Ofcer of intranets enableclients, business partners, employees, nancial marketparticipants and PricewaterhouseCoopers’ other stakeholders to accessbusiness information. Although the needfor standardization of -
Deferred Cash Compensation: Enhancing Stability in the Financial Services Industry
Hamid Mehran and Joseph Tracy Deferred Cash Compensation: Enhancing Stability in the Financial Services Industry 1. Introduction A prosperous and healthy banking sector is essential to the growth of the U.S. economy. The health of the banking sector, Employee compensation packages at large financial firms in turn, rests on a competitive and fluid labor market, espe- have recently been the focus of great concern, in particular cially in the major financial centers. To ensure a competitive because of their possible role in the 2007-09 financial crisis.1 market, banks reward employees for their contribution to Especially worrisome is that, while these pay structures value creation. In banking, value creation entails risk taking. are crafted to create shareholder value by rewarding The costs of poor business decisions in banking are not fully employees for taking risks that increase the value of the internalized by the employee taking the risk, by the employee’s firm, they often (perhaps unintentionally) lack robust risk trading desk, or by the firm and its owners and creditors; poor management features. Consequently, the prevailing pay business decisions also inflict costs on other stakeholders. structure before the financial crisis may have created risks This outcome holds whether decision makers act morally and to financial stability and, in the downturn, imposed costs judiciously or, alternatively, engage in fraud and abuse. The on other stakeholders, including taxpayers and creditors.2 effect, however, is likely to be larger in the latter case, owing As a result, at no time in recent memory has the balance of in part to the obfuscation of critical information that often 3 risk and return in employee decision making been under accompanies fraudulent activities. -
OTHER ASSETS and LIABILITIES Core Analysis Decision Factors
Core Analysis Decision Factors OTHER ASSETS AND LIABILITIES Core Analysis Decision Factors Examiners should evaluate the Core Analysis in this section to determine whether an Expanded Analysis is necessary. Click on the hyperlinks found within each of the Core Analysis Decision Factors to reference the applicable Core Analysis Procedures. Do Core Analysis and Decision Factors indicate that risks are appropriately identified, measured, monitored, and controlled? C.1. Are operating policies, procedures, and risk limits adequate? Refer to Core Analysis Procedures #9- 10, Procedure #14, Procedure #18, Procedure #20, Procedure #22, Procedure #27, & Procedures #34. C.2. Are internal controls adequate? Refer to Core Analysis Procedure #11, Procedure #15, Procedure #23, Procedure #28, & Procedure #35. C.3. Are audit or independent review functions adequate? Refer to Core Analysis Procedures #5-8. C.4. Are information and communication systems adequate and accurate? Refer to Core Analysis Procedure #12, Procedure #16, Procedure #21, Procedure #25, Procedure #29, Procedure #33, & Procedure #36. C.5. Is there adequate information to justify carrying values, and are adjustments made on a timely basis? Refer to Core Analysis Procedure #13, Procedures #17, Procedure #24, & Procedures #37-38. C.6. Do the board and senior management provide effective supervision? Refer to Core Analysis Procedure #6, Procedure #19, Procedure #26, & Procedures #30-32. Bank Name: Page 1 of 9 Other Assets and Liabilities Examination Start Date: Examination Modules (09/18) Core Analysis OTHER ASSETS AND LIABILITIES Core Analysis Procedures Examiners are to consider the following procedures but are not expected to perform every procedure at every bank. Examiners should complete only the procedures relevant for the bank’s activities, business model, risk profile, and complexity. -
XBRL and General Ledger Executive Summary
XBRL General Ledger XBRL.org 1 of 3 Executive Summary Last update: 23-April-2001 Comments? [email protected] XBRL General Ledger EXECUTIVE SUMMARY AND STRATEGIC OVERVIEW Business success requires measurement, analysis and communication of information found scattered throughout an organization and from outside sources. This business intelligence includes both traditional accounting and operational measures and new metrics found in ValueReporting. Until now, the tools to effectively capture, analyze and reuse this information have been limited, expensive, and difficult to implement. Now, there is XBRL GL. The opportunity XBRL GL is a new tool designed to overcome the inefficiencies of disparate, non-integrated and outsourced accounting and financial systems by using the power of XML - the Extensible Markup Language. XBRL GL is an agreement on how to represent accounting and after-the-fact operation information - anything that is found in a chart of accounts, journal entries or historical transactions, financial and non-financial - and transfer it to and from a data hub or communicate it in a data stream. That lets adopters of XBRL GL more easily bridge the gap between operational, off-site or outsourced systems and their back office accounting and reporting systems. XBRL GL is chart of accounts independent. It does not require a standardized chart of accounts to gather information, but it can be used to tie legacy charts of accounts and accounting detail to a standardized chart of accounts to increase communications within a business about what needs to be measured and why. XBRL GL is reporting independent. It collects general ledger and after-the-fact receivables, payables, inventory and other non-financial facts, and then permits the representation of that information using traditional summaries and through flexible links to XBRL for reporting. -
Deferral & Variance Account
Exhibit 9: Deferral & Variance Account EB-2019-0032 Exhibit 9: Deferral & Variance Accounts Filed: April 26, 2019 Page 2 of 41 Table of Contents 9.1 Overview .......................................................................................................................................................... 4 9.2 Account Balances ............................................................................................................................................. 5 9.2.1 Reconciliation of Account Balances ................................................................................................................ 5 9.2.2 Explanation of Variances to 2.1.7 RRR Balances ............................................................................................ 6 9.2.3 Energy Sales and Cost of Power ..................................................................................................................... 7 9.2.4 Carrying Charges ............................................................................................................................................. 8 9.2.5 Account 1575, IFRS-CGAAP Transitional PP&E Amounts ............................................................................... 9 9.2.6 One-Time Incremental IFRS Costs (Account 1508 Other Regulatory Assets – Sub Account Deferred IFRS Transition Costs) .................................................................................................................................................... 10 9.3 Disposition of Deferral and Variance -
Accrual and Deferral Handout
Name Principles of Financial Accounting I Adjusting the Accounts "Cash" Basis vs. "Accrual" Basis: Cash Accrual Revenue Expenses Generally Accepted Accounting Principles (GAAP) require using the basis. Why make Adjusting Journal Entries?____________________________________________________ _________________________________________________________________________________ Recall previous "promises." New Promise: Every adjusting entry will have ______________________ Balance Sheet and one_________________________________________________________ effect. INCOME STATEMENT attempts to accomplish: ____________________________________________ ESSENTIALS OF CONCEPT 1. 2. 3. I. Identifying accounts to be adjusted: Accruals and Deferrals A. Perhaps the best way to distinguish deferrals and accruals is the timing of cash changing hands: CA$H accruals deferrals cash AFTER event cash BEFORE event Deferrals have been recorded; accruals have not. B. Definitions An ACCRUAL is an expense or a revenue . Examples of accruals: Expense: Revenue: Copyright © 1999 by M. Ray Gregg. All Rights reserved. A DEFERRAL is a already paid or of a revenue . Examples of deferrals: Expense: Revenue: II. Accruals A. Expenses 1. Example Salaries increase as employees work each day, yet, for convenience, salaries are recorded when . Since the cash is paid the event, salaries are an example of . The adjusting entry necessary when payday and the end of the fiscal period are on different days would be: 2. Decision tree conclusion If this is the entry required for this , other accrued expense items must follow a similar format: B. Revenue 1. Example Your CPA firm is auditing a client's records; the engagement begins in mid-November and lasts through the end of February. Each day as work is being performed, revenue is earned. Since the cash will not be collected until completion of the engagement (after the event), this is an example of .