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SOFT6009 Accounting Software Assignment Sample Ireland

SOFT6009 Accounting Software is a comprehensive solution for accounting and financial management. It offers a wide range of features to help businesses manage their finances more effectively. Some of the key features include invoicing, receivables management, payables management, budgeting and forecasting, and financial reporting.

The software is designed to be easy to use, so it can be quickly deployed and configured with little or no training required. It also integrates with popular ERP systems such as Oracle E-Business Suite and SAP ERP, making it ideal for businesses that want a single solution for all their accounting needs.

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In this section, we are describing some assigned briefs. These are:

Assignment Brief 1: Describe the features of an Integrated Accounting Software System.

An integrated accounting software system offers a variety of features that streamline the accounting process. Typically, these systems include general ledger, accounts receivable, accounts payable, and payroll functions. Some systems also offer features for project management and time tracking. Advanced systems may also include inventory management and order processing capabilities. 

An integrated accounting software system offers many benefits over a manual accounting system or a collection of individual software programs. First, an integrated system provides a single source of truth for your financial data. This eliminates the need to reconcile data between different software programs and ensures that everyone in your organization is working with the same information.

Second, an integrated system makes it easy to generate financial reports. All of the data you need is stored in one place, so you can generate reports with just a few clicks. This saves time and ensures that your reports are accurate.

Third, an integrated system can save you money. When you purchase multiple software programs separately, you typically have to pay for each program individually. With an integrated system, you only pay for the features you need, so you can save money on unnecessary features.

Fourth, an integrated system is typically easier to use than a collection of individual software programs. When all of the features are accessed from one interface, you don’t have to waste time learning how to use multiple software programs. This can save you both time and money in training costs.

Finally, an integrated system offers scalability. As your business grows, you can add users and modules to meet your changing needs. This allows you to grow your accounting system at your own pace, without having to replace it entirely every time your business expands.

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Assignment Brief 2: Create accounts and enter opening balances in Sage 50 Accounts Professional.

To create a new company in Sage 50 Accounts Professional, open the software and click on the “New” option in the top left corner of the screen.

On the next screen, you will be asked to enter some basic information about your company. This includes the company name, address, and postcode. You will also need to enter the date of incorporation and the company type (private or public limited company).

Once you have entered all of this information, click on the “Create” button and Sage 50 Accounts Professional will create your new company file.

You will then be prompted to enter opening balances for various accounts in your company file. This includes bank accounts, credit cards, sales accounts, and expenses accounts. You can either enter the balances manually or import them from a CSV file.

Once you have entered all of the opening balances, click on the “Save” button and your new company file will be created.

Assignment Brief 3: Record transactions for sales, purchases, other expenses, assets, and liabilities using Sage 50 Accounts Professional.

The following is a guide on how to record transactions for sales, purchases, other expenses, assets, and liabilities in Sage 50 Accounts Professional.

To record a sale:

  • Debit the Sales ledger account
  • Credit the Debtors (customers) ledger account

To record a purchase:

  • Debit the Purchases ledger account
  • Credit the Creditors (suppliers) ledger account

To record another expense:

  • Debit the Expenses ledger account
  • Credit any relevant nominal accounts (e.g. telephone expenses, postage expenses, etc.) 

To record an asset acquisition:

  • Debit the Asset acquisition account 
  • Credit the relevant nominal accounts (e.g. bank overdraft, loans, etc.)

To record a liability:

  • Debit the relevant nominal accounts (e.g. bank overdraft, loans, etc.) 
  • Credit the Liabilities ledger account

Once you have recorded all of the transactions, click on the “Save” button and your company file will be updated.

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Assignment Brief 4: Produce reports from the Customers, Suppliers, Nominal Ledger, Financials, and Bank Modules in Sage 50 Accounts Professional.

The report from the Bank Module in Sage 50 Accounts Professional will show all transactions that have been processed through the bank account. This report can be filtered by date, supplier, customer, or type of transaction (e.g. payments, receipts, etc.).

The report from the Customers Module in Sage 50 Accounts Professional will show all customers who have been invoiced and all invoices that have been raised for those customers. The report can be filtered by date, supplier, or customer. 

The report from the Suppliers Module in Sage 50 Accounts Professional will show all suppliers who have been paid and all payments that have been made to those suppliers. The report can be filtered by date, customer, or type of payment (e.g. cheque, BACS, etc.).

The report from the Nominal Ledger in Sage 50 Accounts Professional will show all transactions that have been processed through the ledger accounts. This report can be filtered by date, type of account (e.g. bank, credit card, etc.), or type of transaction (e.g. payments, receipts, etc.).

The report from the Financials Module in Sage 50 Accounts Professional will show all income and expenditures for the current financial year. This report can be filtered by date or type of transaction (e.g. sales, purchases, expenses).

To produce a report:

Click on the “Reports” tab at the top of the screen

Click on the “Customers” module

Click on the “Suppliers” module

Click on the “Nominal Ledger” module

Click on the “Financials” module

Click on the “Bank” module

Select the type of report you want to produce from the drop-down menu

Click on the “Generate Report” button

The report will be generated and displayed on the screen. You can then print or export the report as required.

Assignment Brief 5: Describe how Sage 50 Accounts Professional uses the double-entry system.

The double entry system is a bookkeeping system that ensures the accuracy of financial records. In Sage 50 Accounts Professional, every transaction is recorded twice – as a debit and as a credit. This system helps businesses keep track of their income and expenses, and ensures that their accounts are always in balance.

The double entry system was first devised by Italian mathematician Luca Pacioli in the 15th century. It has been used ever since to keep track of business finances and is still the most reliable method for doing so. Thanks to this method, businesses can have confidence in the accuracy of their financial records and can make sound decisions based on accurate data.

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