Credit Note:

6:58 PM imran ali

A credit note is sent to customer who returns the goods. It is prepared by seller which contains details regarding the name of the customer and the details of the goods received back from the customer the main object of sending note is to inform the customer that he has been credited in the seller's books. It is a basis for preparing sales return book. It is usually printed in red i...


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Debit Note:

6:55 PM imran ali

Debit note is a document for recording purchase return. It is prepared by buyer and sent to the suppliers for their information of debiting their account equal to the amount of goods return. It also includes the reasons of goods returned. It is important document to prepare purchase return bo...


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FACT ERP.X

8:15 PM imran ali

A comprehensive realtime solution featuring General Ledger (GL), Accounts Receivable (AR), Accounts Payable (AP), Inventory Control (IC), Manufacturing Management, Payroll... all integrated into one single solution. Work in Progress (WIP) including ...


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Peachtree Premium Accounting

8:07 PM imran ali

Peachtree by Sage Premium Accounting 2010 is a comprehensive solution that provides premium features like multi-company consolidations, advanced budgeting, serialized inventory, and Crystal Reports® 2008. It provides a multi-user option for improved productivity with screen-level access control, plus analysis tools, and 140+ customizable reports and financial statements.Features:Accurate and Efficient AccountingControl Your Business DataManage for Better ResultsData SecurityFinancial Analysis Tools Peachtree Business AnalyticsCustomizable ReportsSwitch from QuickBooksSave Time on Routine TransactionsGet a Snapshot of Your BusinessBusiness ManagementManage Cash Flow learn more........


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Traverse

8:06 PM imran ali

Offering a complete suite of accounting applications and distribution submissions, this among the real estate brokerage accounting software distributed by Open Systems Inc. Very flexible with customization and productivity, its source code is available in order to meet with whatever needs there are. The enterprise edition is equipped with mid- market ERP solution that has windows 2000 ready, accommodate middle to large market solution, SQL server database, Visual Basic, Microsoft Access Client, multilingual capabilities, stored procedures, transaction processing, oped database and data application, among the others. Traverse has applications on accounts payable, accounts receivable, advanced financial analyst, bank reconciliation, bill of materials, fixed assets, general ledger, inventory,...


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Sun Systems 5

8:05 PM imran ali

Enabling managers to organize their structure by delivering fiscal information that can be easily interpreted, this is among the real estate brokerage accounting software by Systems Unions Inc. Its greatest features are that the different dimensions of executive activity can be mirrored sans the need to prescribe a data association ahead. Sun Systems 5 has applications on accounts payable, accounts receivable, inventory management, professional services automation, collect, connect, financials, analytics, multi- currency, purchase requisitioning, purchase management and sales order manageme...


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Microsoft FRx

8:05 PM imran ali

Giving mid- market segment and business control of the whole pecuniary reporting method, this is among the real estate brokerage accounting software distributed by Frx Corporation. This needs no guidance from information technology specialists as it has a user- friendly environment. It has help a lot of accountants, controllers and executives to perform their work in a more efficient manner. Allowing to immediately create valuable financial documents, it has a built- in accounting intelligence that links to an organization’s current records. Microsoft FRx has applications on FRx desktop, FRx enterprise and FRx profession...


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Sage MAS 500 ERP

8:04 PM imran ali

Best suited for companies that have more than a thousand employees, this is among the real estate brokerage accounting software distributed by Sage. It is highly- reliable with strong series of applications that includes the entire fields of enterprise management. It also covers the areas of accounting, budgeting, distribution and payroll, among the others. This product is compatible with Microsoft tools, equipment and architecture that will grant a scalable, full- featured and flexible solution. Sage MAS 500 ERP has applications on advanced manufacturing, general ledger, inventory replenishment, product configurator and many mo...


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Peachtree Complete Accounting

7:59 PM imran ali

Peachtree by Sage Complete Accounting 2010 combines robust core accounting with features like job costing, time and billing, in-depth inventory capabilities, and analysis tools. Its multi-user option1 helps improve productivity while providing control over who accesses data. Peachtree Complete Accounting 2010 provides 125+ customizable business reports and financial statements.Peachtree is based on real, double-entry accounting principles with screen-level security, audit trails, and automatic accounting checks. You get the accuracy and control you need to improve results—and truly understand how your business is performing.Accurate and Efficient...


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Peachtree Pro Accounting

7:54 PM imran ali

Peachtree by Sage Pro Accounting 2010 helps improve your productivity with standard accounting features that can automate invoices, checks, and track employee payroll. You can record customer payments, create budgets, and track sales, inventory, and expenses. It provides 100+ reports and financial statements. All first-time Peachtree customers receive 30 days of free support. Upgrading customers receive one free support call within 30 days of registration.learn more...


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docdata e•success

7:46 PM imran ali

offers total innovative solutions for online sales has a lot of expertise servicing the e-commerce market has A-brand clients who trust us for taking care of their e-business manages more than 50,000 transactions each day docdata. Taking care of e-business docdata is powered by passionate peopledocdata is pioneering through inspiring individualsdocdata is expanding through excellent entrepreneursdocdata is driven by outgoing characters...


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DacEasy : An Accounting Software

6:42 PM imran ali

DacEasy by Sage is a powerful, easy-to-use, complete accounting solution. At the core of DacEasy is a series of fully integrated modules that give you vital information that's key to your successfully operating your business. You can select the module combination needed to meet the needs of your business and achieve optimal results. With DacEasy, you get fast access to your data, extensive functionality, powerful reporting, and more. This comprehensive software solution can help you save time and grow your business. The standard DacEasy Accounting comes with core modules for keeping a general ledger, tracking fixed assets, banking, billing, purchasing, and inventory management. DacEasy Accounting & Payroll has a built-in payroll module. In addition...


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Decision for choosing Good Accounting Software

8:06 PM imran ali

At this time, you should be in a good position to select an accounting software package. If you have more than one package left on your list, make a decision based on guts or instincts. If you still can’t decide, choose the product that is easiest to use on a day-to-day basis, the product that is built on top of the most promising technology, or the product that offers the strongest reporting. Otherwise, flip a coin. We believe that the actual price of the software is not really relevant (within 200% or so). The real cost of accounting software is the time required to get it up and going and the time required each day to implement manual work-around...


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Choosing the Right Accounting Software Package

8:03 PM imran ali

1. Become Knowledgeable – To get started, it is always helpful to educate yourself about the accounting software packages that are out there. (We know that the reality is that nobody has enough time to fully do this.) The Internet can help by making it faster and easier to locate information. But you may also choose to attend independent seminars, vendor sponsored seminars, and trade show exhibition booths, and read newspaper and magazine articles. 2. Make a List of Potential Solutions - Make a list of all of the products that might meet your needs. Include...


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10 - Step Blueprint for Selecting the Right Accounting Software

7:59 PM imran ali

Selecting the wrong accounting software can be a complete disaster. You could even lose your job or your business by making a poor choice – it has certainly happened many times before. Exactly where can you go to get the information you need to make the right decision? There are trade shows, seminars, and magazine articles on selecting accounting software, but they typically just tell you the good stuff. The accounting software publishers at conferences and other similar shows will provide you with a fancy brochure and show you what they have to offer, but the truth is that it is almost impossible to tell what’s missing or what’s...


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Top Ten in the Beginning ERP Market

7:57 PM imran ali

Companies with $25 Million to $500 Million in Revenue 1. ACCPAC Advantage Series Enterprise Edition (Best Software) 2. ACCPAC ProSeries (Best Software) 3. Axapta (Microsoft Software) 4. Epicor (Epicor Software) 5. e-Business Suite (Oracle) 6. Great...


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Top 10 Accounting Software Market

7:53 PM imran ali

The following are the top ten Middle-Market Accounting Software Market companies having $2 Million to $50 Million in revenue. 1. ACCPAC Advantage Series Corporate Edition (Best Software) 2. ACCPAC ProSeries (Best Software) 3. Accountmate (Best Software) 4. BusinessVision 32 (Best Software) 5. Great Plains (Microsoft) 6. MAS 90 & MAS...


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Top Accounting Software Products

7:50 PM imran ali

The following are the top accounting software products that are used in those companies having up to $5 million revenue.1. BusinessVision 32 (Best Software) 2. Small Business Manager (Microsoft) 3. M.Y.O.B (M.Y.O.B. Software) 4. Peachtree Complete Accounting 2004 (Best Software) 5. QuickBooks Pro 2003 (Intuit) 6. ...


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Softrax Revenue Manager: Revenue Recognition for ERP

10:05 PM imran ali

MIRROR YOUR REVENUE RECOGNITION PROCESSES IN AN ENTERPRISE APPLICATIONSoftrax Revenue Manager is the first and only software application that enables companies to manage revenue compliance, reporting, and forecasting in a single system—in concert with existing ERP, Business Intelligence and Compliance infrastructures. It enables companies to fully implement, monitor, and manage their revenue recognition policy on an enterprise-wide basis. It mirrors the corporate revenue policy in a single system, and controls all critical revenue processes, including: allocation, scheduling, recognition, compliance, reporting, and forecasting.continue...........


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NetSuite

9:56 PM imran ali

Founded in 1998, NetSuite Inc. is the leading provider of web-based accounting / enterprise resource planning (ERP) with over 6,000 global customers. Specifically created for the needs of growing and midsize customers, NetSuite provides businesses with one complete system to run their entire company, including accounting / ERP, Inventory, CRM, and E-commerce. NetSuite helps companies automate processes, streamline operations, make faster better decisions, grow and scale faster, and eliminate IT hassles and costs. Delivered via the Internet, NetSuite can be implemented all at once or modularly, depending on your needs. Run your business better today with NetSuite. IntelligentYou have real-time access to all the information you need to make better, faster business decisions. Role-based...


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Acumatica Distribution Management Suite

9:46 PM imran ali

The Distribution Management Suite is an add-on module to the Financial Management Suite for managing the complexities of distribution such as purchasing, ordering, tracking inventory, filling orders, and delivering customer support.The distribution suite is integrated with our core financial modules to deliver real-time measurements of profitability by warehouse, product line, location, and business unit. Integration with CRM ensures that your entire organization, from sales to support, has visibility into your distribution processes. The product is integrated with the other Acumatica suites to provide all business management functions in a single, integrated system. This allows sales teams to make a quote based on current inventory and sign a contract which creates the appropriate...


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Restaurant Accounting Software | Ctuit Radar

9:28 PM imran ali

Accounting software for Restaurants from Ctuit. Radar provides polling of your point of sale data to reduce data entry. Accounting functions such as posting, accrual setup, and adjustments are included. Report off of the accounting data by generating daily P&L statements per location. Exports to leading traditional Accounting Software packages are supported....


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QuickBooks 2010

9:10 PM imran ali

QuickBooks Pro and Premier 2010 feature the all-new Intuit App Center, providing users access to scalable, Software-as-a-Service business applications directly from within QuickBooks. Currently more than 25 applications are available, including a service that helps track and manage marketing campaigns and sales leads to maximize profits. All applications offer free trials, and many work directly with QuickBooks data, extending the value of the information and eliminating the need for double data entry.Other new features in QuickBooks 2010 include an improved Company Snapshot, giving the small business owner a tailored visual overview of how business is performing, and Intuit Check Solutions, which allows small business owners to scan or key in checks for immediate deposit.In a recent...


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Sage 200

7:47 PM imran ali

Several of the deals have come from Sage 200 customers, he says. “We see Sage as a donor of business.The installed base of Sage low-end to mid-end customers is phenomenally large, but we find that businesses looking to control complexity often find a home in the Dynamics product set,” he says.He says customers like the Dynamics Dashboard because accounts clerks, accounts managers and financial directors can be given different views of the same accounting information.Sage remains the company to beat in the UK accounts market. Cynthia Alers, Sage Group director of investor relations, says that the company has 772,000 Sage accounts users in the UK, and continues to add 30,000 new customers each ye...


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CODA 2go

7:46 PM imran ali

CODA – a once traditional accounting software house – has demonstrated a top ten aged debtor list on a Blackberry, using its CODA 2go SAAS product offering, which it launched six months ago.CODA 2go is targeting the Saleforce customer base of 1.2 million users.“We began looking at the cloud market two years ago as we saw a delivery method that was on the uptake and one that could give us inroads into markets that traditionally couldn’t afford CODA’s high-end solutions,” says Jeremy Roche, chief executive of CODA Group.“When we looked at building our own SAAS platform, the investment we would have had to make to scale and provide security and up-time and everything else, would have been enormous.“By going with Force.com, we were taking advantage of the investment that Salesforce.com...


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Credit Hound

7:44 PM imran ali

Richard Reavely, director of Draycir, says that sales of its Credit Hound package have picked up in the last two months.Credit Hound takes creditor information from Sage and Microsoft Dynamics accounting software and automatically emails creditors when invoices are due, or schedules telephone appointments if an invoice are late.“Resellers are joining up because they are looking for new products to sell to their existing Sage customers," he says. However, the biggest technology change by far is undoubtedly Software as a Service (SAAS) offerings from new and established suppliers, even though the majority of traditional accounting software suppliers and resellers continue to insist that SAAS is not happening on their patch.They give two reasons: their accounting customers see no need...


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Outlook to Exchequor

7:43 PM imran ali

Users can also enter data into Exchequor from Outlook, blurring the distinction between accounting software and a user’s everyday mail and calendar package.Both Access Technology Group and Microsoft have launched a carbon emission dashboard, allowing companies to track carbon emissions using data held within the accounts software they already use.“We think companies are beginning to take their environmental reporting seriously. We were the first to bring out a carbon emissions tracking system from within an accounts package, and have made the package free,” says Alistair O’Reilly, group managing director for Access Technology Group.“While new business licence sales have slowed (although bread and butter deals continue to be signed worth £30,000 to £60,000) the demand for consultancy...


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Objective or Importance or Advantages of Ledger:

6:14 AM imran ali

A ledger is a principal book so that it has a great importance of achieving the goal of accounting and book-keeping. Some objectives may be as follows:Knowledge of debtor: A ledger gives the information to the proprietor about his debtor to whom he has sold goods on credit and amount due from him to be received.Knowledge of creditor: A ledger also discloses the amount to be paid to creditor from whom the business has purchased goods on credit.Knowledge of total sale and purchase: It helps to know total sales or purchases of a certain period through sales account and purchase account.Knowledge of expenses: For each head of expenditure, a separate account is opened. It helps to know the amount spent on different heads of expenditures.Knowledge of income: Like the expenses, ledger accounts also...


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Ledger Account

6:00 AM imran ali

Meaning of Ledger:Journal as we have discussed in previous chapter, is a chronological record of business transactions which does not record relating to a particular subject, thing or person at a place if they occur on different dates. To avoid such limitation of journal, a statement is prepared to collect all the transactions of same nature at one place which is called 'ledger'. In other words, a ledger is a book of recording transactions in a classified way according to their nature and type.According to Mukharji and Hanif "The ledger is the principal books of accounts where similar transactions relating to a particular person or thing are recorded." From this definition, we know that a ledger is a principal book of account. All similar transactions are collected at a place. For example,...


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5:52 AM imran ali

TrusteesThe Foundation’s Board of Trustees is an independent body of leaders in their professions with diverse backgrounds and expertise in areas of business, finance, investment, accounting, government, investor advocacy, education, and other professions involved in the activities of the financial and capital markets. The Board is currently comprised of 16 members and, other than the chairman, Trustees serve a single five-year term and until their successors are elected and qualified. To provide for appropriate continuity of leadership, the Trustee serving in the capacity as chair may be re-elected to successive terms without limitations on the number of terms he or she may serve. The Trustees, in their capacity as the members of the Foundation, have sole authority to elect all Trustees....


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AN INDEPENDENT STRUCTURE

5:46 AM imran ali

Financial Accounting Standards Board (FASB)The FASB is part of a structure that is independent of all other business and professional organizations. Before the present structure was created, financial accounting and reporting standards were established first by the Committee on Accounting Procedure of the American Institute of Certified Public Accountants (AICPA) (1936–1959) and then by the ,Accounting Principles Board, also a part of the AICPA (1959–1973). Pronouncements of those predecessor bodies remain in force unless amended or superseded by the FASB.Financial Accounting Standards Advisory Council (FASAC)The FASAC has responsibility for advising the FASB on technical issues on the Board’s agenda, project priorities, matters likely to require the attention of the FASB, and such other matters...


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Certain precepts in the conduct of its activities

5:40 AM imran ali

To be objective in its decision making and to ensure,insofar as possible, the neutrality of information resulting from its standards. To be neutral, information must report economic activity as faithfully as possible without coloring the image it communicates for the purpose of influencing behavior in any particular direction.To weigh carefully the views of its constituents in developing concepts and standards. However, the ultimate determinant of concepts and standards must be the Board’s judgment, based on research, public input, and careful deliberation about the usefulness of the resulting information.To promulgate standards only when the expected benefits exceed the perceived costs. While reliable, quantitative cost-benefi t calculations are seldom possible, the Board strives to determine...


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THE MISSION OF THE FINANCIAL ACCOUNTING STANDARDS BOARD

3:43 AM imran ali

The mission of the FASB is to establish and improve standards of financial accounting and reporting for the guidance and education of public, including issuers, auditors, and users of financial information.Our financial reporting system is essential to the efficient functioning of the economy, That is because it is the means by which investors, creditors, and others receive the credible, transparent, and comparable financial information they rely on to make sound investment and credit decisions. Accounting standards are an important element of the financial reporting system because they govern the minimum required content of financial statements of U.S. public companies.To accomplish its mission, the FASB acts to:Improve the usefulness of financial reporting by focusing on the primary characteristics...


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International Accounting Standards Boards (FASB)

3:31 AM imran ali

Since 1973, the Financial Accounting Standards Board(FASB) has been the designated organization in the private sector for establishing standards of financial accounting. Those standards govern the preparation of financial statements. They are officially recognized as authoritative by the Securities and Exchange Commission (SEC) (Financial Reporting Release NO.1, Section 101, and reaffirmed in its April 2003 Policy Statement) and the American Institute of Certified Public Accountants (Rule 203, Rules of Professional Conduct, as amended May 1973 and 1979). Such standards are important to the efficient functioning of the economy because investors, creditors, auditors and other rely on credible, transparent and comparable financial information.The SEC has statutory authority to establish financial...


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Rules of Debit and Credit:

10:44 PM imran ali

Ruels of debit and credit denote to the rules of debiting an account and crediting another of a transaction under double entry book-keeping system. There are following approaches for the rules of debit and credit.Rules of Debit and Credit on the Basis of Nature of Account:This approach is known as English or Dual Aspect Approach.a) Personal Account: Personal accounts are related to any person or organization. Mukesh Account, Bill Account, John Account, Swiss Bank Limited Account etc. are some examples of personal accounts. According to this account, the rules of debit and credit is: Debit the receiver Credit the gi...


Rules of Journalizing:

10:35 PM imran ali

We have already discussed that journalizing is a task of recording transactions in a journal. Before journalizing a transaction, following three steps must be minded.Firstly, we need to find out the two aspects or two fold effect of a transaction.Secondly, we need to identify the accounts whether they are personal, real or nominal accounts.Finally, we need to use the golden rules of debit and cred...


Objectives or Advantages of Journal:

6:52 AM imran ali

The following are some objectives of journal.It provides date-wise (chronological) records of all business transactions.It helps to prepare ledger account.It helps to understand the principles of double entry book-keeping system through the accounts to be debited and credited.It gives complete information at one place about each business transaction with narration.Ruling or Format of a Journal:A general format of the journal is as given below which has five columns.Each Column is discussed in detail as follows:Date: This is the first column of a journal which is meant for recording the date of transaction. All the transactions should be recorded...


Journal

6:39 AM imran ali

When any transaction takes place, it may be immediately noted down in a book which is known as memorandum book so that the transaction may not be forgotten. It is a just rough book and after it, a journal is prepared. A journal is also known as book of original entry which is a chronological record (in order of occurrence) of transactions according to double entry book-keeping system. In other words, it is subsidiary book meant for recording the day-t0-day transactions of a business in the order in which they take place.The word 'Journal' has come from a French word 'Jour' which denotes a 'day book'. Therefore, it also may be known as day book. The act of recording transactions in journal is called 'journalizing' and the record of a transaction in journal is called 'journal entr...


Continue......Terms of Doub........

5:49 AM imran ali

12. Profit:Profit is an economic gain arises from the sale of goods. When the goods is sold at higher price than its cost the difference is profit. In case of running business, the profit for the year is the excess of income over expenditures. Mathematically, it can expressed as: Profit = Incomes - Expenses13. Loss:The word refers to the excess amount of expenditures over incomes. When goods of $10,000 has been sold for $8,000 the difference $2,000 ($10,000 - $8,000) is a loss. Goods lost by fire, theft, accidents etc also included in it.14. Financial Transactions:Any exchange of goods or services for cash or credit by one person to another is a transaction. Those transactions that are related with money are financial transactio...


Continue...........Some Basic.........

6:37 AM imran ali

9. Purchase:Purchase of raw material either on cash or credit by a manufacturing concern for production and then sale is termed as purchase. In case of trading concern, goods purchased for resale purpose is known as purchase. If a bookshop purchases books and stationery, they are termed as purchases but if it acquires furniture, then that is not treated as a purchase because the furniture is non-trading goods for a bookshop.10. Sale:The word 'sale' denotes the exchange of goods or services for money either on cash or credit. However, it does not include the sale of assets like sales of old machinery and furniture.11. Stock:The term stock denotes to unsold goods lying in business. It also includes the unused raw material in production. Opening stock is the amount of goods in hand at the beginning...


Some Basic Terms of Double Entry System:

6:25 AM imran ali

4. Drawings:Money or value of goods belonging to business withdrawn by proprietor for his personal and domestic use is called drawing. It reduces the capital of the business.5. Revenue:Revenue is the sum of money received or to be received from the customers or clients of a business as a result of sale of them of goods or both. Income generated from the sale of goods, rent received, commission received etc. are some items of revenue. They are regular in nature.6. Expenses:Expenses include the cost of goods sold, amount paid for salary, rent, advertisement, insurance, wage etc. They are spent for generating future revenue. Expenses is the amount spent to produce and sell goods or services.7. Debtors:A person or an organization that owes money to the business mainly on account of credit sale...


Some Basic Terms of Double Entry System:

6:15 AM imran ali

1. Capital:The amount that is invested in the business by the propreitor is called capital. In other words, capital is the excess of assets over external liablilities. For example, if the total assets of business is $120,000 and the liabilities is $80,000, then the capital on that date would be Rs. 40,000 ($120,000-80,000). Sometimes, it is also called as net worth or owner's equity.2. Assets:Any property or possession of the business is known as assets. It also refers to the amount due on debtors. Plant, machinery, land, building, cash in hand, cash at bank, bills receivable, debtors, prepaid expenses, accrued income etc. are some of example of assets. The following are further classifications of assets:Current AssetsFixed AssetsTangible Fixed AssetsIntangible Fixed Assets3. Liabilities:Liabilities...


Inventory

6:06 AM imran ali

Assets whose purpose is for sale to customers are inventory. In a grocery store, food is inventory. Books and magazines are inventory. Cash registers are not inventory. Example A developer builds a tract of homes and puts them up for sale. Are those buildings fixed assets or inventory? Answer: inventory because their purpose is for sale to customers. For people live in those homes, they are fixed assets. Even though a homeowner may hope to sell it sometime down the road, he’s using the asset, not just holding it for sale. Inventory accounting shows up in two places in the financial statements. It is a current asset in the Balance Sheet. It is also a part ...


QuickBooks 2010................

5:53 AM imran ali

continue from QuickBooks 2010.........QuickBooks 2010 also helps small business owners gain valuable insights into how their business is performing so that they can make better decisions and increase profitability. New features to help customers improve their bottom line include:Company Snapshot: QuickBooks users can now create a customized report to display on their computer screen, getting an immediate view of their company’s bottom line. Previously, the Company Snapshot was a static view that could not be personalized. Users can choose from several reports, including new ones for yearly expenses and income comparisons, detailed expense and income breakdowns, and a top customer list. Plus, the reports can be changed instantly.Report Center: This radically re-designed report center...


5:53 AM imran ali

You know that when you take a brand new computer out of its box it is no longer as valuable as the price you paid for it. Fixed assets depreciate in value. The difference between what you bought an asset for and what is it now worth is depreciation.Depreciation is an expense. It is also a contra-account against fixed assets.ExampleThis is what the Fixed Assets section of a Balance Sheet might look like: The journal entry for this might have beenMachinery and Equipment $ 50,000Buildings 100,000Less: Accum. Dep. (20,000) =======Total Fixes Assets $130,000Depreciation Expense (debit) 5,000Accumulated Depreciation (credit) 5,000Tip - Jack’sMake only one journal entry for all your assets. Use only...


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