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UFASS Accounting module This module is for users to use UFASS for accounting activities. There are some special things that may be new to some users. We have designed to let users adapting the new arrangement with little adjustments. We pick some points here to let future users to know this system in advance. Standard Set There are three sub-system: Executive Sub-system -- for CEOs to get information, check accounts etc. Accounting Sub-system -- for Accountant to control all accounting activities, manage database etc. Bookkeeping Sub-system -- for inputting journal draft only. Account Code It is a must for us to allow users to use their existing accounting codes. We have some arrangement for users to create the account code database with their existing numeric codes. With this, users can maintain their efficiency with journal entries etc. and we can provide the necessary steps to meet the new standards. Account codes for STOCK will be blocked automatically for normal journal entries. Inputting STOCK periodically or annually will be performed by separate procedure. The accounting sub-system has a function to block any account code. This is to avoid the mistake by book-keeping sub-system for some a/c codes. Users can choose whether such blocking will be applied to the accounting sub-system or not. Of course, the accounting sub-system has choices to override the blocking. A/C Period Not all accounts will be started from the first day of a year and for some particular cases, the accounts have to be ended before the last day of a year. Even some may need to close the account with less than twelve months, e.g. after merging; the company needs to keep the same accounting periods with the parent company. Such cases will be difficult for the accountant. UFASS is designed to solve this problem. The accounting month is changed to accounting period. Users can choose the beginning and ending dates of the A/C period. If it is a normal setting, i.e., starting with the first date of a month, the system will automatically mark the ending date the last date of that month and the following periods with similar setting. If users choose something else, then the ending date will be computed with one month's time, e.g. if the starting date is 2007.07.10, then the ending date will be 2007.08.09. Of course, users can change the ending date to any date after the beginning date. Also if there is not journal entries recorded, users can amend the ending date if they need to. Each period, or a/c month, will not be closed until the users choose to close. There is no fixing for a fiscal year too. Users can choose which period will be the last period of the fiscal year. This is also a way for the accountants to control the journal inputting. No journal will be allowed for closed periods and later than the last date of the last period. That means if the accountants do not want to have any journal input, say from 2007.08.01 to 2007.09.30, then they can control by not creating the period for Oct. 2007 and close the period that ended on 2007.07.30. But one thing must be aware of is that any closed period will not be able to open again. There is a freedom for the accountants. They can keep all periods open until the year end. By applying year end to a period, all previous period from the first of that fiscal year to the selected period will be closed automatically with the year end command. Journal Entry The major part of accounting is Journal. The system provides three ways of journal input, viz. JOURNAL-DRAFT, DIRECT JOURNAL and REVERSE JOURNAL. JOURNAL-DRAFT is a draft by name. That means all entries will not be posted to ledger. It may be the usual way for some users: inputting journal entries, print and check or to be approved, before posting. We shall suggest users to maintain this practice if they have book-keeper to perform or just started to use UFASS. In fact, wrong journal entries are very rare. It may be below 0.1%. For avoiding such case and spending twice what you need to perform, it is not an efficient way. Today, accountants need more time for other important tasks. DIRECT JOURNAL is to update ledger accounts immediately for each line of entries. We believe that this is the most efficient way of accounting. Once we get used of the procedure and with experience of the account codes and practice, we shall seldom make any errors. In fact, most accounting errors are related to lack of information or wrong information because accountants have no time to investigate the documents and no other departments will care about documentation. It is the duty of the accountant, most assumed and unfortunately, some CEOs may feel that way too. REVERSE JOURNAL is a tool to deal with errors. Usually, there may be one or two errors and it can be adjusted by inputting with new batch. However, in case of higher counts of errors in a batch or the mistakes related to Trade Receivable or Trade Payable, there is a need to handle the adjustment easier; REVERSE JOURNAL is to have automatically entries to contra the previous debit and credit. REPORTING Besides all account reports, UFASS has a reporting format to meet the requirement of SME-FRS (HK) or GFRS (Macau). This is a separate function for users to choose which periods are required. Users can have this report for all periods if needed. The so called, FINANCIAL REPORT will be automatic function for year end command. In fact, the year end procedure covers a lot of accounting maintenance works from BACK UP to refreshing the ledger etc. To keep a sound accounting management, all reports will be marked with the accounting status. That is, if INCOME STATEMENT is prepared for a period without closing. The report will have the note that period is not closed. This will notify the readers of the report that the result may be subjected to further journal entries. Such way will be applied to FINANCIAL RATIOS too. OTHERS There are many supporting functions for security, database management, journal input etc. Some of them cannot be posted here for the benefit of our customers. According to the IFAC guidelines, SMEs should not believe what suppliers said. These are advertisement mostly. All the information in this page is just for visitors to understand whether UFASS meets their needs only. Every customer must see UFASS demonstration to ensure that the functions and procedures can be applied or not. We shall arrange demonstration events upon request. Just email to us and we shall advise the booking. Enquiry welcome: uscimage@netvigator.com |
