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QUICK GUIDE TO FUNDAMENTALS OF ACCOUNTING using SAP Business One TABLE OF CONTENTS Chapter 1 Introduction to Fundamentals of Accounting Chapter 2 Chart of Accounts Chapter 3 Subsidiary L
    QUICK GUIDE TO FUNDAMENTALS OF ACCOUNTING using SAP Business One         Q   U   I   C   K   G   U   I   D   E   T   O   F   U   N   D   A   M   E   N   T   A   L   S   O   F   A   C   C   O   U   N   T   I   N   G   u   s   i   n   g   S   A   P   B   u   s   i   n   e   s   s   O   n   e  2 TABLE OF CONTENTS Chapter 1 Introduction to Fundamentals of Accounting Chapter 2 Chart of Accounts Chapter 3 Subsidiary Ledgers Chapter 4 Stock Cards Chapter 5 The Accounting Cycle Chapter 6 Journalizing Chapter 7 Special Journal –  Sales Chapter 8 Special Journal –  Purchases Chapter 9 Special Journal –  Receipts Chapter 10 Special Journal –  Disbursements Chapter 11 Ledgers Chapter 12 Trial Balance Chapter 13 Adjustments Chapter 14 Financial Statements Chapter 15 Closing Entries Chapter 16 Post-Closing Trial Balance       Q   U   I   C   K   G   U   I   D   E   T   O   F   U   N   D   A   M   E   N   T   A   L   S   O   F   A   C   C   O   U   N   T   I   N   G   u   s   i   n   g   S   A   P   B   u   s   i   n   e   s   s   O   n   e  3 CHAPTER ONE: INTRODUCTION TO FUNDAMENTALS OF ACCOUNTING Accounting is the method in which financial information is gathered,processed, and summarized into financial statements and reports. The purpose of accounting is to provide information used in decision making. Accounting may be viewed as a system (a process) that converts data into useful information. Every business has numerous processes. Some simple, others are complex and cumbersome. But as the business grows, acquires new customers, enters new markets and keeps pace with constant changes in statutory regulations... the company will need to maintain highly accurate and up-to-date accounting, inventory and statutory records. This is where a computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily. Salient Features of Computerized accounting 1. Fast, Powerful, Simple and Integrated Computerized accounting is designed to automate and integrate all the business operations, such as sales, finance, purchase, inventory and manufacturing. With Computerized accounting, accurate, up-to-date business information is literally at the fingertips. The Computerized accounting combine with enhanced MIS, Multi-lingual and Data organization capabilities to help the company simplify all the business processes easily and cost-effectively. 2. Complete Visibility Computerized accountings giving the company sufficient time to plan, increase the customer base, and enhance customer satisfaction. With Computerized accounting the company will have greater visibility into the day-to-day business operations and access to vital information. 3. Enhanced User Experience Computerized accounting allows the company to enter data in a variety of ways which makes work a pleasure. Adapting to the specific business needs is possible.       Q   U   I   C   K   G   U   I   D   E   T   O   F   U   N   D   A   M   E   N   T   A   L   S   O   F   A   C   C   O   U   N   T   I   N   G   u   s   i   n   g   S   A   P   B   u   s   i   n   e   s   s   O   n   e  4 4. Accuracy, Speed Computerized accounting has User-definable templates which provides fast, accurate data entry of the transactions; thereafter all documents and reports can be generated automatically, at the press of a button. 5. Scalability Computerized accounting adapts to the current and future needs of the business, irrespective of its size or style. 6. Power Computerized accounting has the ability to handle huge volumes of transactions without compromising on speed or efficiency. 7. For Improved Business Performance Computerized accounting is a highly integrated application that transforms the business processes with its performance enhancing features which encompass accounting, inventory, reporting and statutory processes. This helps the company access information faster, and takes quicker decisions. Computerized accounting also guarantees real-time optimization of operations and enhanced communication. 8. Quick Decision Making Generates real-time, comprehensive MIS reports and ensures access to complete and critical information, instantly. 9. Complete Reliability Computerized accounting makes sure that the critical financial information is accurate, controlled and safe from data corruption. Advantages of Computerized accounting Automation of tedious clerical jobs Speed and accuracy Low cost of packages Automatic generation of standard reports Redundant data storage permits efficient generations of some reports Increase revenue while lowering operating costs and enhancing competitive advantage of the company.
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