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ACCT 326 WRITING ASSIGNMENT #2 OVERVIEW OF PROJECT

ACCT 326 WRITING ASSIGNMENT #2 OVERVIEW OF PROJECT

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ACCT 326 Writing Assignment #2OVERVIEW OF PROJECTThis project requires you to evaluate a PC-based accounting system to see how the system handlesrecording transactions, collecting data, and generating reports and information. The accountingsystem you use is up to you. Several suggestions are given below.STEP 1. SELECT A SOFTWARE PACKAGEYou may do this one of several ways.1. Use Sage 50. You can download the software from the following link(http://na.sage.com/us/about-us/education#student)2. Use QuickBooks. You can download a trial version of the software from the following link(http://support.quickbooks.intuit.com/support/ProductUpdates.aspx)3. Select some other accounting software to use for the project.If you choose to use a product besides Sage or QuickBooks, it is recommended that you visit theproduct’s web site and download a trial version or request that a trial version be sent to you via email.STEP 2. EXPLORE THE SOFTWARECheck to see if the application has a tutorial that demonstrates some of the features of theapplication, and if so, review the tutorial.Review any online documentation regarding how to use the application.STEP 3. TRY OUT THE SOFTWARE USING A SAMPLE COMPANY1. The application you select should have a sample company that you can play around with. If itdoes not, you may need to set up a sample company, but this would be very unusual.2. Once you are in your sample company, you must explore the sample company to determinehow you can do the following.1. Revenue Cycle (e.g. sales, collections, billing)How can you create and maintain customers?How can you create customer invoices?How can you apply customer payments?What reports can you run in order to provide you with information regarding keyrevenue cycle information - sales, accounts receivable, cash?2. Expenditure Cycle (e.g. purchasing, invoicing / payments)How can you create and maintain vendors?How can you create and maintain purchases?How can you generate payments to vendors?What reports can you run in order to provide you with information regarding keyexpenditure cycle information - purchases, inventory, cash?STEP 4. DOCUMENT YOUR RESULTSOnce you have completed your evaluation, you will need to develop a report using the followinglayout. The details of the report are outlined below. Make sure that you label your sections as notedbelow:Section I: OverviewProvide a general overview of the accounting system that you are evaluating. Make sure the overviewprovides the reader with a general understanding of the application, including the projected purchaseprice and any special hardware and/or software requirements. This section should not exceed 2pages double-spaced or 1 page single-spaced.Section II: Transactional ProcessingDescribe how the system selected handles processing the accounting transactions and recordingbusiness activities for the revenue & expenditure transaction cycles. You should provide at least onedetailed example of how one would record a specific accounting transaction/ business activity foreach of the transaction cycles below. Address the following questions in this section of the report. Incompleting this section, you should not exceed 2 pages double-spaced or 1 page singlespaced for each transaction cycle (e.g., Revenue, Expenditure) .Section III: Your Final ThoughtsIn this section, you will summarize your final thoughts on the application you chose. You shouldinclude why you selected the application and how it easy or hard it will be for accountants to use it.This section should not exceed 2 pages double-spaced or 1 page single-spaced.Section IV : Appendix (no minimum page limit; appendix can be provided as an attachment toyour paper)

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