What I done?
- setting up schedules, banks , tax, interest, terms & AR customer groups
- recurring entries and adjusting entries
- typing some of the transactions
- checking for errors e.g. omission of transaction
- edit theory
Wednesday, July 15, 2009
July 6 -10
Manyi and me discover that the balance sheet figure does not balance ( A is not equal to L + OE).
so we decided to redo it on Tue.
On tue, Manyi and me discovered the following errors
- omission of 1 AR transaction (metering pump SD 53)
- for sales return, we put the nature as credit
- forgot to add account group for cash at bank (hence it does not appear on balance sheet)
On wed, our group redo the projects again, starting from transaction entry.
On sat, we print some of the document.
There was 1 problem when it came to the printing of AR customer transaction report.
Then I discovered that we did not tick the box for 'print statement', therefore the customer transaction does not appear when we click 'print'.
After this, we had only a few more statements to print and we will be able to complete the projects.
tue 16th june, wed 17 june & 19 june
On the second week, I discovered that before we enter the transactions, we haven't changed the date from 1 jun 04 to 30 jun 04. So we had to delete 2 batches in AR & GL as some of the transactions had already been entered.
And we continued by creating a new batch, but after that I find that it was abit messy with the deleted batch in the batch list, so i suggested we start afresh. However, we continued on until we had entered some transactions wrongly again which after we delete, the entry no. was gone. It was at that time, that we decided to redo the transaction, but we only had the save data after the opening balances.
This time, we learnt our lessons. Before doing the transactions, June and Hui yin do the manual way of recording the transactions with the appendix provided while Manyi and me redo the terms and details of the AP and AR accounts. And to be honest, the whole thing was really tedious and we had a lot of questions while working on the projects.
After the AR and AP accounts are done, they continued by entering the GL transactions of the manual transactions they have done. While the rest of us tried to discuss on some of the transactions which we had a bit of problems with such as the purchase return which we will wondering where to enter. But we managed to find out that there’s a credit note choice that we could choose to use in AP.
I think it’s the next day already (not sure – memory quite bad)
While the rest of them continued with the entries, June and me discuss about the entry for the recurring entries and adjusting entries.
During the discussion, we had some problems with the GST part and one accrued Question, and we decided to ask the teacher first.
After lunch break, we went to ask the teacher regarding the GST which actually need not be included in the adjusting entries and also the accrued question, while the rest of them ask about whether a disposal account needs to be add or not as there wasn’t any disposal account in the chart except for ‘gain/loss from sale of fixed assets’.
In the end, we decided to just enter the entry in ‘gain/loss from sale of fixed assets’ instead of using the disposal account.
In the end, when we try to post the transactions, there’s a problem again.
Then i discover that for AR, in the chart of account for subsidiary ledger, we use an AP subsidiary account for it. Hence, the 1st few times when we try to post transactions, there was errors.
Then came the payment cheque part, which was the weirdest part of the whole project. A whole bunch of list came out which we had to fill in before posting the cheques.
After that, the rest of the process is quite smooth.
Except for the fact that we had to print out a bunch of hard copy which uses up a lot of time and paper and it was super tedious.
After the AR and AP accounts are done, they continued by entering the GL transactions of the manual transactions they have done. While the rest of us tried to discuss on some of the transactions which we had a bit of problems with such as the purchase return which we will wondering where to enter. But we managed to find out that there’s a credit note choice that we could choose to use in AP.
I think it’s the next day already (not sure – memory quite bad)
While the rest of them continued with the entries, June and me discuss about the entry for the recurring entries and adjusting entries.
During the discussion, we had some problems with the GST part and one accrued Question, and we decided to ask the teacher first.
After lunch break, we went to ask the teacher regarding the GST which actually need not be included in the adjusting entries and also the accrued question, while the rest of them ask about whether a disposal account needs to be add or not as there wasn’t any disposal account in the chart except for ‘gain/loss from sale of fixed assets’.
In the end, we decided to just enter the entry in ‘gain/loss from sale of fixed assets’ instead of using the disposal account.
In the end, when we try to post the transactions, there’s a problem again.
Then i discover that for AR, in the chart of account for subsidiary ledger, we use an AP subsidiary account for it. Hence, the 1st few times when we try to post transactions, there was errors.
Then came the payment cheque part, which was the weirdest part of the whole project. A whole bunch of list came out which we had to fill in before posting the cheques.
After that, the rest of the process is quite smooth.
Except for the fact that we had to print out a bunch of hard copy which uses up a lot of time and paper and it was super tedious.
9th june & 12th june
On the 1st day, it was our 1st meeting and there was a little confusion on where and how we should start. After discussing and asking around, we started on the chart of accounts and the opening balances. Afterwhich, we also opened the AR and AP accounts and entered the neccessary details. Before entering the details, we discussed on the tax and credit terms to be entered and also whether the Pinetree provides any cash discount or not.
Then we started on some the transactions until SD7 when we had a bit trouble on figuring out where to enter the transactions, but we managed to figure out after discussion and asking around.
Subscribe to:
Posts (Atom)