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5N1354 Bookkeeping Manual And Computerised Assignment Sample Ireland

The 5N1354 Bookkeeping Manual and Computerised Course is designed for individuals who are new to bookkeeping and wish to acquire the necessary knowledge and skills for effectively managing bookkeeping records. This course provides comprehensive training on both manual and computerised systems, equipping learners with the expertise to produce and maintain accurate financial records.

Throughout the course, participants will gain a solid understanding of fundamental bookkeeping principles, including recording transactions, maintaining ledgers, and reconciling accounts. They will also learn how to apply these principles to both manual and computerised bookkeeping systems.

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By the end of the course, learners will have developed proficiency in using bookkeeping software, allowing them to efficiently manage financial records, generate reports, and ensure compliance with relevant regulations. This course serves as a valuable foundation for individuals seeking a career in bookkeeping or those looking to enhance their existing skills in this field.

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Assignment Activity 1: Explain the key terminology associated with the recording and maintenance of bookkeeping records, using manual and computerised systems

  1. Bookkeeping: The process of recording, organizing, and maintaining financial transactions of a business.
  2. Records: The documents or information that provide evidence of financial transactions, such as invoices, receipts, bank statements, and vouchers.
  3. Manual System: The traditional method of bookkeeping that involves handwritten records and manual calculations.
  4. Computerized System: The use of computer software or accounting packages to record and process financial transactions.
  5. Source Documents: The original documents that provide evidence of a financial transaction, such as sales invoices, purchase invoices, credit notes, and bank statements.
  6. Daybooks: Books of original entry where transactions are recorded in chronological order, such as sales daybook, purchase daybook, and cash book.
  7. Ledger: A book or computer file that contains separate accounts for each financial element, such as sales ledger, purchase ledger, and general ledger.
  8. Double-entry Bookkeeping: A method of bookkeeping that records each transaction with equal debits and credits, ensuring the accounting equation (assets = liabilities + equity) is maintained.
  9. Chart of Accounts: A list of all the accounts used in a company’s bookkeeping system, usually organized in a numerical or alphabetical order.
  10. Trial Balance: A list of all the balances in the ledger accounts to check the equality of debits and credits.

Assignment Activity 2: Outline the advantages and disadvantages of a computerised system over a manual one for record keeping purposes

Advantages of Computerized System:

  • Increased Efficiency: Computerized systems automate repetitive tasks, reducing the time and effort required for bookkeeping.
  • Accuracy: Computerized systems minimize human errors in calculations and data entry.
  • Quick Reporting: Reports can be generated instantly, providing real-time financial information for decision-making.
  • Data Storage and Retrieval: Electronic storage allows easy access to past records and quick retrieval of information.
  • Integration: Computerized systems can integrate with other software or systems, such as inventory management or payroll, streamlining processes.

Disadvantages of Computerized System:

  • Initial Cost: Setting up a computerized system requires purchasing hardware, software, and training, which can be expensive for small businesses.
  • Technical Issues: Computer systems may encounter technical problems, such as software glitches, hardware failures, or data corruption.
  • Security Risks: Computerized systems are vulnerable to hacking, data breaches, or unauthorized access if proper security measures are not in place.
  • Dependency: Businesses become reliant on the computerized system, and if it fails, it can disrupt operations until the issue is resolved.
  • Training and Skill Requirements: Employees need training to effectively use the computerized system, which may require additional time and resources.

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Assignment Activity 3: Complete the books of first entry with appropriate VAT and departmental analysis from the information contained in a range of source documents to include; invoices, credit notes, bank records, petty cash vouchers

To complete the books of first entry with VAT and departmental analysis, you will need to use the information contained in various source documents, such as invoices, credit notes, bank records, and petty cash vouchers. Here’s how you can approach this task:

  1. Identify the relevant source documents: Gather the invoices, credit notes, bank records, and petty cash vouchers that contain the financial transactions you need to record.
  2. Analyze the transactions: Review each source document and identify the appropriate VAT rates and departments or cost centers associated with the transactions.
  3. Prepare the sales daybook: Record the sales transactions from the invoices in the sales daybook. Include the VAT amount for each transaction and allocate it to the appropriate VAT rate column. Additionally, allocate the transaction to the relevant department or cost center column, if applicable.
  4. Prepare the purchase daybook: Record the purchase transactions from the invoices in the purchase daybook. Include the VAT amount for each transaction and allocate it to the appropriate VAT rate column. Assign the transaction to the relevant department or cost center column, if required.
  5. Include credit notes: If there are any credit notes, record them in the appropriate daybook, either sales or purchase, depending on the type of credit note. Adjust the VAT and departmental analysis accordingly.
  6. Record bank transactions: Enter the bank transactions from the bank records into the cash book. Separate the transactions based on their nature, such as receipts or payments. Allocate the VAT and departmental analysis as applicable.
  7. Record petty cash transactions: Enter the petty cash transactions from the vouchers into the petty cash book. Categorize the transactions based on their nature, and allocate the VAT and departmental analysis accordingly.

Assignment Activity 4: Post the information from the daybooks to the appropriate accounts in the ledgers

After completing the books of first entry, the next step is to post the information from the daybooks to the appropriate accounts in the ledgers. Here’s how you can proceed:

  1. Identify the ledger accounts: Review the transactions recorded in the daybooks and determine the ledger accounts that need to be updated for each transaction.
  2. Open the relevant ledger accounts: If the ledger accounts for the transactions do not already exist, create them by opening new accounts in the respective ledgers.
  3. Post the sales transactions: Transfer the details of sales transactions from the sales daybook to the sales ledger. Record the date, transaction amount, VAT amount, and any relevant departmental analysis. Calculate the updated balance for each account.
  4. Post the purchase transactions: Transfer the details of purchase transactions from the purchase daybook to the purchase ledger. Record the date, transaction amount, VAT amount, and any relevant departmental analysis. Calculate the updated balance for each account.
  5. Post bank transactions: Record the bank transactions from the cash book to the appropriate bank accounts in the general ledger. Include the date, transaction amount, and any relevant departmental analysis. Calculate the updated balance for each account.
  6. Post petty cash transactions: Record the petty cash transactions from the petty cash book to the appropriate expense or asset accounts in the general ledger. Include the date, transaction amount, and any relevant departmental analysis. Calculate the updated balance for each account.

Assignment Activity 5: Extract a trial balance at the end of an accounting period

To extract a trial balance at the end of an accounting period, follow these steps:

  1. Review the ledger accounts: Ensure that all transactions have been properly posted to the ledger accounts.
  2. Prepare a trial balance worksheet: Create a worksheet with three columns: Account Title, Debit Balance, and Credit Balance.
  3. List the accounts: Write down the titles of all the ledger accounts in the Account Title column of the trial balance worksheet.
  4. Determine the balances: For each account, identify whether it has a debit or credit balance.
  5. Enter the balances: Enter the balance of each account in the appropriate column of the trial balance worksheet. Debit balances go in the Debit Balance column, and credit balances go in the Credit Balance column.
  6. Total the columns: Calculate the total of the Debit Balance column and the total of the Credit Balance column.
  7. Check for equality: Compare the total of the Debit Balance column with the total of the Credit Balance column. They should be equal if the books are balanced.
  8. Make adjustments if necessary: If the totals are unequal, review the ledger accounts and make sure all entries have been properly recorded. Look for any errors or omissions that may be causing the imbalance.
  9. Prepare the final trial balance: Once the totals are equal, prepare the final trial balance by listing the account titles and their respective debit or credit balances in a formal trial balance format.

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Assignment Activity 6: Prepare a Bank Reconciliation Statement from data supplied

To prepare a bank reconciliation statement, follow these steps:

  1. Obtain bank statements: Collect the bank statement for the relevant period.
  2. Compare transactions: Compare the transactions recorded in the cash book with those listed in the bank statement. Look for any discrepancies, such as missing transactions or differences in amounts.
  3. Note outstanding checks: Identify any checks that have been issued but have not yet cleared the bank. These are called outstanding checks.
  4. Account for deposits in transit: Identify any deposits made by the company that have not yet been recorded by the bank. These are referred to as deposits in transit.
  5. Adjust for bank charges and interest: Account for any bank charges or fees deducted by the bank and any interest earned on the account. These items may not be recorded in the cash book.
  6. Reconcile the balances: Adjust the cash book balance by adding or subtracting the outstanding checks, deposits in transit, bank charges, and interest. This adjusted cash book balance should match the balance shown on the bank statement.
  7. Prepare the bank reconciliation statement: Present the reconciliation of the adjusted cash book balance and the bank statement balance in a formal bank reconciliation statement format. This statement highlights the reasons for any differences between the two balances.

Assignment Activity 7: Prepare the end-of-period VAT Return in accordance with the requirements of the Revenue Commissioners

To prepare a bank reconciliation statement, follow these steps:

  1. Obtain bank statements: Collect the bank statement for the relevant period.
  2. Compare transactions: Compare the transactions recorded in the cash book with those listed in the bank statement. Look for any discrepancies, such as missing transactions or differences in amounts.
  3. Note outstanding checks: Identify any checks that have been issued but have not yet cleared the bank. These are called outstanding checks.
  4. Account for deposits in transit: Identify any deposits made by the company that have not yet been recorded by the bank. These are referred to as deposits in transit.
  5. Adjust for bank charges and interest: Account for any bank charges or fees deducted by the bank and any interest earned on the account. These items may not be recorded in the cash book.
  6. Reconcile the balances: Adjust the cash book balance by adding or subtracting the outstanding checks, deposits in transit, bank charges, and interest. This adjusted cash book balance should match the balance shown on the bank statement.
  7. Prepare the bank reconciliation statement: Present the reconciliation of the adjusted cash book balance and the bank statement balance in a formal bank reconciliation statement format. This statement highlights the reasons for any differences between the two balances.

Assignment Activity 8: Process all tasks as per the manual ones using an accounts package, comparing manual and computerised results

To process the tasks using an accounts package and compare the manual and computerized results, follow these steps:

  1. Set up the accounts package: Install and configure the chosen accounts package on the computer system.
  2. Enter the data: Input the relevant financial data into the accounts package, including transactions, VAT information, departmental analysis, and any other required details.
  3. Process the daybooks: Use the accounts package to process the sales daybook, purchase daybook, cash book, and petty cash book. Ensure that the VAT and departmental analysis are accurately recorded.
  4. Post to ledgers: Use the accounts package to post the information from the daybooks to the appropriate ledger accounts. Verify that the postings are correct and consistent with the manual entries.
  5. Extract a trial balance: Generate a trial balance using the accounts package and compare it with the trial balance obtained manually. Check for any discrepancies or differences.
  6. Prepare a bank reconciliation statement: Utilize the accounts package to reconcile the bank transactions and generate a bank reconciliation statement. Compare the results with the manual bank reconciliation statement.
  7. Prepare the VAT Return: Use the accounts package to process and generate the end-of-period VAT Return. Compare the figures and information with the manual preparation.
  8. Review and compare results: Analyze the outputs from the accounts package and compare them to the manual results. Identify any discrepancies, errors, or differences between the two approaches.
  9. Make corrections and adjustments: If discrepancies or errors are found, make the necessary corrections in the accounts package. Ensure that the data and calculations are accurate and aligned with the manual approach.
  10. Document findings: Record the observations, discrepancies, and differences between the manual and computerized processes. Provide explanations for any variations and document any necessary adjustments made.

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Assignment Activity 9: Analyse tasks completed making appropriate corrections to any errors and editing of data as directed

After completing the tasks and reviewing the results, analyze the completed tasks and make appropriate corrections as directed. Follow these steps:

  1. Review the completed tasks: Go through each task, including the recording of bookkeeping records, posting to ledgers, trial balance extraction, bank reconciliation, VAT Return preparation, and any other relevant activities.
  2. Identify errors and discrepancies: Analyze the data, calculations, and results to identify any errors, discrepancies, or inconsistencies that require correction.
  3. Determine the nature of corrections: Classify the corrections needed as data entry errors, calculation errors, posting errors, or any other specific type of mistake.
  4. Make corrections: Rectify the identified errors by making the necessary adjustments, amendments, or edits in the records, ledgers, trial balance, bank reconciliation, VAT Return, or any other affected areas.
  5. Validate the corrections: Double-check the corrections to ensure accuracy and consistency with the original source documents and accounting principles.
  6. Document the corrections: Maintain a record of the corrections made, including the nature of the error, the corrective action taken, and the date of correction.

Assignment Activity 10: Print a selection of reports after backing up computerised data on a suitable medium.

To complete this task, follow these steps:

  1. Select the reports: Choose the desired reports to be printed from the accounts package. Examples may include financial statements, trial balance, VAT reports, or any other relevant reports.
  2. Configure the report settings: Adjust the report settings, such as formatting options, date ranges, or specific filters, as required.
  3. Print the reports: Use the printing functionality of the accounts package to generate and print the selected reports on appropriate media.
  4. Verify the printed reports: Review the printed reports to ensure they accurately represent the financial information and meet the required formatting and presentation standards.
  5. Back up the computerized data: Perform a data backup of the computerized records using a suitable medium, such as an external hard drive, cloud storage, or other reliable backup solutions. Follow the designated backup procedures recommended by the accounts package.

Ensure to adhere to any additional instructions or guidelines provided for each specific activity in your assignment.

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