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Did you understand the case?
Every single transaction of an organisation is documented in a source document. The transaction range from buying a chair to selling a pencil. There are business forms as well which includes purchase orders, receipts and invoices. The actual details of the business forms that the companies use vary to a great extent. There are some organisations still who might need an unnecessary amount of paperwork to look old school, just to document a purchase order. There are organisations that are lenient and give freedom to their managers to order and pay for items. They even allow them to sell items with low accountability and almost no inventory adjustment. Isn’t that great? It is important for all businesses to have an efficient and accountable system that documents all purchases, sales, and inventory. Doing so requires the use of source documents that record any specific item's financial transaction for processing and bookkeeping.
However, in this computer age, a portion of these concepts now are incorporated into a computer database that we enter data directly into and the database makes all the associations we need automatically, storing everything in one focal, categorised area. It might seem, at first glance, that to learn about all these items is useless because everything is computerised. But that is so not true. Okay, I agree that even though electronic processes have eliminated a lot of physical paper trails that get lost in misfiling, the concepts driving these computerised accounting systems are all rooted in the accounting structure. That is why you need accounting assignment help, ain’t it? In general, everything starts from a source document and then moves to a journal. In the accounting world, the journal is a book that contains original entries for financial transactions. Journals store financial transaction information ultimately derived from source documents. Later, these journal entries are summed up and then posted, or transferred, to a ledger. A journal records all entries chronologically, though in a computerised accounting system you would be able to sort by any parameter. This process is known as journalising. There are several different journal types; many of them are special to a company's needs.
Computerised accounting involves making use of computers and accounting software to record, store and analyse financial data. A computerised accounting system brings with it many advantages that are unavailable to analogue accounting systems. The advantages of using a computerised accounting system in making life and decisions better are -
Well, I guess that I have given out a lot of advantages in using the computerised accounting system. You can refer to them as much as you like to prepare your TACC401 assessment answers. If you want any additional help right from the goblet of accounting excellence, the accounting assignment help at My Assignment Services is just the place for you.
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Julia Martin has been a teacher, private academic expert and has held the position of an accounting manager at a firm in Melbourne. She joined My Assignment Services as an accounting assignment writing expert and have grown since then to become one of the best accounting assignment experts in the assignment help through guided sessions industry. She has worked with students of several universities and has even aided students from Singapore, the United Kingdom, etc. with her expert consultation. She writes blogs for students to help them understand the accounting assignments’ concepts, principles and theories.
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