The distinction between traditional and innovative accounting practices is illustrated with the visual timeline (see sidebar) of managerial costing approaches presented at the Institute of Management Accountants 2011 Annual Conference. Traditional standard costing (TSC), used in cost accounting, dates back to the 1920s and is a central method in management accounting practiced today because it is used for financial statement reporting for the valuation of income statement and balance sheet line items such as cost of goods sold (COGS) and inventory valuation. Traditional standard costing must comply with generally accepted accounting principles (GAAP US) and actually aligns itself more with answering financial accounting requirements rather than providing solutions for management accountants. Traditional approaches limit themselves by defining cost behavior only in terms of production or sales volume. In the late 1980s, accounting practitioners and educators were heavily criticized on the grounds that management accounting practices (and, even more so, the curriculum taught to accounting students) had changed little over the preceding 60 years, despite radical changes in the business environment. In 1993, the Accounting Education Change Commission Statement Number 4 calls for faculty members to expand their knowledge about the actual practice of accounting in the workplace. Professional accounting institutes, perhaps fearing that management accountants would increasingly be seen as superfluous in business organizations, subsequently devoted considerable resources to the development of a more innovative skills set for management accountants.
Another accounting practice available today is resource consumption accounting (RCA). RCA has been recognized by the International Federation of Accountants (IFAC) as a “sophisticated approach at the upper levels of the continuum of costing techniques”The approach provides the ability to derive costs directly from operational resource data or to isolate and measure unused capacity costs. RCA was derived by taking costing characteristics of GPK, and combining the use of activity-based drivers when needed, such as those used in activity-based costing.
A modern approach to close accounting is continuous accounting, which focuses on achieving a point-in-time close, where accounting processes typically performed at period-end are distributed evenly throughout the period.
The User Administration tool allows Nexis®UK customers to manage their own user accounts without assistance from customer support. … Manage limited subscriptions by suspending, reactivating, and permanently deactivating user IDs. Change the way users interact with the product by assigning users to preference group Oracle User Management. User Management. Everything in oracle requires privileges which can be granted, oracle is based on giving the least amount of privilege. The main aspects of Oracle security management are. Controlling access to data (authorization)
Receipts and proof of purchase. A receipt or proof of purchase is a document that you provide to your customers as record of their purchase of your goods or services. A receipt can be in the form of a tax invoice, or a printed cash register or hand written receipt. Yes and no. You usually only need proof of purchase when goods are faulty; so abank statement or other proof can take the place of a receipt. If it’s not faulty, you have no rights, therefore if store policy says a receipt’s needed, it’s needed.
E–Way Bill is the short form of Electronic Way Bill. … When e–Way Bill is generated, a unique e–Way Bill Number (EBN) is made available to the supplier, recipient and the transporter. The e–Way Bill replaces the Way Bill, which was a physical document and existed during the VAT regime for the movement of goods. It was used to monitor movement of goods to/ from a state in order to check tax evasion. A way bill is typically required to accompany goods on their movement from consignor to consignee. … It is generated electronically on the e–way billportal. Since imports and exports have been considered as inter-state supplies under the GST act, the e–way bill is required to be issued for these transactions as well. For imports, the e–way bill will be generated by the importer. The exporter is liable to generate the e–way bill for export supplies. Cases When E–way Bill is Not Required. E–way Bill or Electronic Way Bill is a document or bill that can be generated electronically on E–way Bill portal by a consignor for movement of his goods from one place to another place; it can be within the state or outside. The E–way bill, an electronic system, has to be generated by traders when they have to move their goods within the state or outside. … The intra-state transport E–way bill limit will be revised (from the current Rs 50,000) to Rs 1 lakh,” he told the gathering. E–Way Bill is the short form of Electronic Way Bill. It is a unique document/bill, which is electronically generated for the specific consignment/movement of goods from one place to another, either inter-state or intra-state and of value more than INR 50,000, required under the current GST regime
Inventory management software is a software system for tracking inventorylevels, orders, sales and deliveries. It can also be used in the manufacturing industry to create a work order, bill of materials and other production-related documents. 4 types of inventory Generally, inventory types can be grouped into four classifications: raw material, work-in-process, finished goods, and MRO good
inventory management systems
Perpetual Inventory System. … Periodic Inventory System. … Barcode Inventory Systems. … Radio Frequency Identification (RFID) Inventory Systems.
inventory value. Determination of the cost of unsold inventory at the end of an accounting period. Inventory is valued usually at cost or at the market value, whichever is lower. The four common valuation methods are first-in, first-out (FIFO), last-in, first-out (LIFO), average cost (AVCO), and specific identification …
Eliminate bottlenecks and streamline your process from sales quotes to approved orders, successful orders to order fulfillment, and timely invoicing to payment. enterprise resource planning systems Create Cash Sales Create cash sales receipts in multiple currencies to give to your customers as a payment record. Also compatible with POS printers.
enterprise resource planning
Create Sales Order
Easily create sales orders for your customer, including payment terms and complete sales information, as in customer quotation and purchase orders.
create Invoice Generate automated sales invoices including calculating sales tax, finance charges and discounts based on payment terms-either on a one-time or on a recurring basis.
create credit note
Generate a “Credit Note” for customers to use against sales invoices, if you need to refund your customers on a credit basis in order to get a refund in purchases.
enterprise resource planning
Sales and Billing Management incorporates the records of all products and services supplied to customers and maintains the history of all past transactions associated with them. To make things trouble free, Deskera Sales & Billing Management organizes these by grouping various products in a single invoice for customers.
Deskera Sales & Billing Management/Financials comprehensively covers the entire Sales/Billing management cycle by allowing you to place a sales order, generate an invoice, and receive a payment. The linking of an invoice and a sales order gives you an insight into the sales process. It also provides a refund facility for customers on a credit basis through the ‘Credit Note’ function. Deskera ERP System can seamlessly handle ‘blanket sales’ orders for products that are purchased in installments and delivered over time.
Working in a big industry is a cumbersome task itself. The hierarchies you follow differ, so does the processes. Two enterprises might be working on similar product lines, but the way they carry out their business activities may vary.
In-house functioning of an enterprise is unique to its environment and asking for solutions that cater your unique problems is not a crime. Shying away or adjusting to solutions lead to degrading results.
You must be wondering these are our words. But to your very surprise, it is not us who are saying this but one of our reputed clients from India explained during our one on one sessions.
Well, as we have said already, your wish is our command. Our one-on-one sessions were quite extensive and helped us learn our client’s problems elaborately.
Invoices that could be used as gate pass within the three branch factories. An invoice template that was as short as a postcard. Printing bulk invoices at the same time. Creating invoices in more than one languages. Need for dynamic numbers for invoices. Need for dynamic reports for analysis.
With all the needs in our list, we went forward in our labs of invoicing software to creating a perfect self-hosted solution of online invoice software. With days of mapping the perfect solutions, we finally started on our journey of codings and creating the live invoice software.
Goods and service tax or GST will have a tax to reduce all taxes. It will bring in “one nation one tax” rule.
Although there will be some initial transition challenges, GST will bring very clarity in many areas of business. One of the areas is accounting and bookkeeping. Read on to learn about accounting entries under the GST.
There will be separate accounts for excise, VAT, CST and service tax. Here is a list of some of the accounts that currently maintain any business (except for accounts like Purchase, Sale, Stock) –
Excise dues payable to producers (C)
Cenvat Credit A / C (for manufacturers)
Output VAT A / C
Input VAT a / c
Input service tax A / C
Output Service Tax A / C
For example, a merchant Mr. X should maintain minimum basic accounts –
Output VAT A / C
Input VAT a / c
CST A / C (For Inter-State Sale and Purchase)
Service tax a / c [He will not be able to claim any service tax input credit because he is a trader with output VAT. Service tax can not be set against VAT / CST]
Under GST all these taxes (excise duties, VAT, service tax) will be credited to one account.
The same trader X will then have to maintain the following a / cs (in addition to accounts such as purchase, sale, stock) –
Input CGST A / C
Output CGST A / C
Input SGST A / C
Output SGST A / C
Input IGST A / C
Output IGST A / C
Electronic Cash Ledger (GST should be maintained on government GST portal to pay)
For a list of accounts to maintain, please read here.
While the number of accounts is more clearly, once you go through accounting, you will find that this record is very easy to keep. One of the biggest advantages of X will be that it can set its input tax on sale with its output tax.
Accounting information systems typically comprise five elements: inputs, processes, outputs, storage and internal controls. The elements work together to provide reliable information effectively and efficiently. An accounting information system (AIS) is a structure that a business uses to collect, store, manage, process, retrieve and report its financial data so that it can be used by accountants, consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and tax agencies.
An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources. The resulting financial reports can be used internally by management or externally by other interested parties including investors, creditors and tax authorities.
There are five fundamental principles behind every information system. The first is the control principle. Simply stated, all accounting information systems must have proper internal controls. Internal controls are procedures and practices controlling and monitoring business activities.
Accounting information systems typically include the general journal and four types of special journals. These are the sales, cash receipts, cash disbursements, and purchases journals. Information systems also commonly include accounts receivable and accounts payable subsidiary ledgers.
The main advantages of an accounting information system are the increased speed of processing the numbers, efficient organization, and classification and safety of inputted data. This contrasts the manual evaluation of information, which involves writing out the data by hand and doing time consuming calculations.
The purpose of an accounting information system (AIS) is to collect, store, and process financial and accounting data and produce informational reports that managers or other interested parties can use to make business decisions.
The general ledger functions as a collection of all balance sheet, income and expense accounts used to keep a business’s accounting records. At the end of an accounting period, all journal entries are summarized and transferred to the general ledger accounts. This procedure is called “posting.”