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Accounting cycles. Functions of the cycle Departments Involved Basic transactions Control objectives Documents Reports and queries Files Flowcharts. General Ledger Accounting Cycle. Accounting manuals –executive summary Typical entries General journal, adjustments, closing, etc

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accounting cycles
Accounting cycles
  • Functions of the cycle
  • Departments Involved
  • Basic transactions
  • Control objectives
  • Documents
  • Reports and queries
  • Files
  • Flowcharts
general ledger accounting cycle
General Ledger Accounting Cycle
  • Accounting manuals –executive summary
    • Typical entries
      • General journal, adjustments, closing, etc
      • Correcting and reversing if needed
    • Chart of accounts
      • Coding scheme
    • Journals and Ledgers
    • Documents
documentation of systems
Documentation of Systems
  • Documentation is a vital part of any AIS.
  • Accountants use many different types of diagrams to trace the flow of accounting data through an AIS.
why documentation is important
Why Documentation Is Important
  • Depicting how the system works
  • Training users
  • Designing new systems
  • Controlling system development and maintenance costs
  • Standardizing communications with others
  • Auditing AISs
  • Documenting business processes
types of documentation
Types of Documentation
  • Document Flowcharts
  • Systems Flowcharts
  • Data Flow Diagrams-acct322
document flowcharts
Document Flowcharts
  • A document flowchart traces the physical flow of documents through an organization.
  • Constructing a document flowchart begins by identifying the different departments or groups that handle the documents of a particular system.
  • Auditors and accountants may use document flowcharts when analyzing a current system for weaknesses in controls and reports.
slide7

Common Document Flowcharting Symbols

Keying operation

Manual Operation

Document

Connector between

two points on a flowchart

Multiple copies of

a specific document

Journal or ledger

slide8

Common Document Flowcharting Symbols

Permanent file of

documents

Envelope

for mailing

or distributing

bills or checks, etc.

Information flow

Document flow

Adding machine

tape used for

batch control

Annotation for

additional

explanation

slide9

A Sample Document Flowchart

Requesting Department

Central Supplies Department

A

2

1

PRF

1

PRF

A

File

system flowcharts
System Flowcharts
  • System flowchartsdepict the logical flows of data and processing steps in an AIS.
  • They use symbols that are industry conventions standardized by the National Bureau of Standards.
  • Each processing phase of a system flowchart usually involves preparing one or more control reports.
  • These flowcharts depict an electronic job stream of data through processing phases of an AIS, and therefore illustrate audit trails.
slide11

Common System Flowchart Symbols

Computer Processing

Input/Output

On-line keying

Document

Communication

Link

Screen

Display

Magnetic

Disk

On-line

Storage

systems flowcharting guidelines
Systems Flowcharting Guidelines
  • Should read from top to bottom and left to right.
  • Use appropriate symbols.
  • A process symbol should always be found between an input and an output symbol. This is called the sandwich rule.
  • Use connectors to avoid crossed lines and cluttered flowcharts.
systems flowcharting guidelines13
Systems Flowcharting Guidelines
  • Sketch a flowchart before designing the final draft.
  • Use annotated descriptions and comments in flowcharts for clarification.
slide14

A Sample Systems Flowchart

Remittance

Advices

Online Terminal

AR

Master

File

Update AR

Cash Receipts

Listing

Processing of

Cash Remittances

to Update AR