MY / OUR LAST POST REGARDING UBS PROJECT FOR NOVEMBER 2012 SESSION

“It's being here now that's important. There's no past and there's no future. Time is a very misleading thing. All there is ever, is the now. We can gain experience from the past, but we can't relive it; and we can hope for the future, but we don't know if there is one.” 
― George Harrison

Finally, this is our last post for the Accounting Information System (DAC2183) Mini Blogging. We will take this opportunity to thanks our UBS lecturer Mr. Noreffendy Mohamed for giving us high support and guidelines regarding UBS Project. Without his guideline and help we might not complete this project. He have been very helpful and provide information that there is non of us have it. 

Therefore, we are very happy that we had successfully completed our UBS Project for the November 2012 session within the time that had be given to us to complete the project. We are also are very thankful to all those who have been directly and indirectly involved in this project. Although we had face so many obstacles and circumstances during our UBS PROJECT for the November 2012 session, we glad that all this obstacles and circumstances will be useful in our working life.

UBS Performance Appraisal Form. What is it all about?

UBS PERFORMANCE APPRAISAL FORM

v  evaluation of the student’s group performance by the Supervisor or the person who is in charge of the company to evaluate the student’s group performances on preparing UBS of their company transactions

v  systematic evaluation of the performance of the student’s group performances and to understand the abilities of a person for further growth and development. It compromise two different section which is Section A where they evaluate the Student’s Group Performance and Section B about the Supervisor’s General Comments on UBS Project.

SECTION A :

STUDENT’S GROUP PEFORMANCE

UBS PROJECT WORK QUALITY

• The reliability, accuracy and neatness of work product

UBS PROJECT WORK QUANTITY

•          The amount or volume of work accomplished.

DECISION MAKING

•         The ability to make well-reasoned sound decisions, which affect work performance

INITIATIVE

•          The combination of job interest, dedication and willingness to extend oneself to complete assigned tasks.

TEAMWORK

•          The working relationship established within group in accomplishing the task

COMMUNICATION

•          Communication between student group and owner of the business.

CREATIVITY

•          The idea generation during for UBS project produced.

 PARTICIPATION

•          The contribution and involvement during the UBS project.

RELIABILITY

•          The work produced based on the raw materials (source documents) and converting it to financial statements using manual and UBS systems

APPLICATION OF THEORY

•          How well the group apply the UBS software knowledge.

SECTION B :

SUPERVISOR’S GENERAL COMMENTS

1. Company’s expectations from the group who had done the MSU-UBS CSR project. (Whether our students meet your expectations).

2. Areas of improvements (i.e. application of UBS software knowledge, communication, quality of group).

3. Have your company used any accounting software such as UBS before this in recording your business transactions?

4. Would you consider to install UBS accounting software to be used by your company in the future after the accomplishment of this UBS CSR project done by MSU students? Please explain why?

INFORMATION THAT ARE NOT CLEAR FOR UBS PROJECT NOV 2012 SESSION

Most of the information was clear for the UBS PROJECT NOV 2012 Session. There was some information that was not clear to us. First is on the documents of BST Trading. This company dont have a proper book keeping and proper information on daily transaction. Although it was not clear, but we still manage to organize the information in a proper way and make it in sequence. 

Beside that, we also have some problem in performing UBS System. But with the guideline and advise from Sir Noreffendy we solve it. Guideline notes and advice of Sir Noreffendy really make a huge effect on UBS. We can practice the information of UBS in our working life in future.

CHALLENGES ENCOUNTERED WHEN FINISHING UBS PROJECT NOVEMBER 2012 SESSION

There are few challenges that we encountered when finishing our UBS Project for November 2012 session. The first challenges that we encountered is we had difficultly in finding a potential company to do our UBS Project work for the subject DAC 2183 Accounting Information System. It is a very hard to find a potential company which use a manual accounting system in their business.

Most of the company told us that their business or companies transaction is Private and Confidential (P&C). We have been rejected more then 3 time and at last one of the Transport Company "BST BALJIT SINGH TRANSPORT" agreed to give his company transaction to do our project. He gave us all the document he have for the month of June 2012 until November 2012 (6 Month Transaction)

Furthermore, there was some problem in performing UBS Accounting System. Although we have key-in all our transactions or data’s into the UBS Accounting System and done the back-up of all the transactions of the company, all the data have been corrupted and cannot be open in the UBS Accounting System. Even, no any transaction can be generated after that because it will show some error code. The dates automatically change to 2007. It suppose to be 2012. After consulting with En. Noreffendy, he advice that we have to do each month a new transaction which means each month are considered as a new company. After doing as explained by Sir Noreffendy, we manage to key in all the transaction for 6 months.

Therefore, although we have face alot of challenges, we never give up and still manage to completed our UBS PROJECT for the November 2012 session. It was a very pleasant moment that we had successfully complete the  UBS Project and submitted on 8/02/2013 same as dateline given by Sir Noreffendy.

ANALYZE UBS TERMS BELOW

      ADD ENTRY VS QUICK ENTRY

Add Entry

• Add Entry is a single transaction entry procedures. When you enter a debit entry, you have to add credit entry or vice-versa to complete the double entry concept.

Quick Entry

• Quick entry is a double transaction entry procedure. When you enter one side of the double entry, the UBS accounting system will generate the other side of the entry automatically. All you need to do is to nominate a master account. Master Account can be any double entry account and it means the account’s entry will be handled by the system.

DELETING ALL TRANSACTION VS DELETING INDIVIDUAL TRANSACTION

Deleting All Transaction

• To delete all transactions, account numbers and batch titles of the data folder will be deleted. The user may partially clear or delete all data or transaction in the system. Go to 7. Housekeeping à 6. Clear Files / Generate Sample Chart. Choose the first option which is Clear both chart of account and transactions and then OK button.

Deleting Individual Transaction

• It is about deleting single or individual transaction only. There are 2 steps to delete transactions :-

                      i.        Step 1

Ø  Go to the batch contains the transaction.

Ø  By using V.EDIT function at 1. Transactions File Maintenance, edit the debit and credit side of the transaction as following :-

a)    Key in all (10) asterisk (**********) in Reference Number Field.

b)    Change the amount to 0.00.

Ø  And then Click SAVE button.

                    ii.        Step 2

Ø  Go to 7. Housekeeping à 4. File Organisation.

Ø  Click Unmark All button, then Mark on Delete Unwanted Transactions and then Click OK button.

Backup

• Backup is compression of multiple data files from the Sage UBS Accounting System into one compressed files and transfer the compressed file to the floppy disk / USB flash drive or hard disk.

Restore 

• Restore is decompress the compressed files from floppy disk / USB flash drive or hard disk in order to recover back the multiple original data files which shall be stared back into the system.

EDIT FUNCTIONS VS V.EDIT FUNCTIONS

Edit 

• Edit is a function that allow the user to edit or modify single transaction in a batch by clicking the EDIT button. Where the user can click the edit button if the user wants to any changing single transaction and must be edit one by one. It is a normal Edit function.

V.Edit

• V. Edit is a function that allows the user to edit multiple transactions in a batch by clicking the V.EDIT button. The transaction will be display and then the user can view the whole batch transactions and then modify the transactions. V.Edit function can help users to modify transactions faster and easier. When users click on V.Edit button, the screen will display the transactions that shown on the transaction viewer (at lower part of the page) to allow users to do modification.

 PERIOD VS ACCOUNTING PERIOD

Period

• Period is the sequence of accounting month. Period 1 refers to first accounting month; period 2 refers to second accounting month and so on. If your current accounting year is from 1 January 2012 to 31 December 2012 period “2” refers to the month of ‘February 2012’. If your current accounting year is from 1 July 2011 to 30 June 2012, period ‘2’ refers to the month of ‘August 2011’.

Accounting Period 

• Accounting period in bookkeeping is the period with reference to which accounting books of any entity are prepared. It is the period for which books are balanced and the financial statements are prepared. Generally, the accounting period consists of 12 months. However the beginning of the accounting period differs according to the jurisdiction. For example one entity may follow the regular calendar year, i.e. January to December as the accounting year, while another entity may follow April to March as the accounting period.

ACCOUNTING ASSUMPTION PAGE. WHAT IS IT ALL ABOUT?

OBJECTIVE: 

Stating the assumptions/reason for any transactions included in the UBS system but 'DOEST NOT HAVE' the supporting of source documents.

Examples : i. All business transactions only have involve 'Cash Transaction' only.

                     ii. Pay wages to workers but not recorded using Payment Voucher.

                    iii. Drawing not recorded

Source of information : 1) Interview with owner

                                             2) Past data

Assumptions in accounting provide a basis in preparing, presenting and interpreting financial statements. These assumptions are held true when accountants prepare the financial statements and when users read them. In effect, accounting assumptions provide a level of foundation to help prevent misunderstandings between and among accountants and users.

The following is a detailed explanation of each of the five basic accounting assumptions namely accrual basis accounting, going concern assumptions, accounting entity principle, time period concept, and the monetary value/unit principle.

1) Accrual Basis Accounting

Under the accrual basis accounting, business transactions specifically those relating to income and expenses are recognized and recorded in the books the moment the substance of the transaction has been perfected.

Generally Accepted Accounting Principles (GAAP) prefers that financial statements are based entirely on the accrual basis accounting instead of the cash basis accounting.

In its simplest terms, the accrual basis accounting assumes that income is recognized when earned regardless of the date of payment. On the other hand, expenses are recorded when incurred regardless of whether it was paid in cash or in credit terms.

2) Going Concern Assumption

Every financial statement reports a business firm’s capacity and performance based on the understanding that the business will continue its operations indefinitely – except if there is evidence that the business firm will close its operations in the near future.

A business firm whose status is going concern reports assets based on their historical value. Similarly, assets carry a book value equivalent to the difference between their historical value and accumulated depreciation.

Under this assumption, market values are ignored as the business firm will continue operating indefinitely.

3) Accounting Entity Assumption

Basically, the accounting entity assumption is the same as the business entity principle. In this system, a business firm is considered a separate and distinct entity from its owner.

The accounting entity assumption calls for the separation of accounting records between a business firm and its owner.

4) Time Period Concept

The time period concept holds the idea that business transactions should be recorded when they occur. Recording of business transactions should be done within the course of the business firm’s operating period – either at a fiscal year or a calendar year.

Financial statements are prepared at regular intervals known as accounting periods in order to enhance the comparability within the entity and the usefulness of the financial information contained in the statements.

5) Monetary Value/Unit Assumption

The monetary value assumption also known as the monetary unit assumption holds that each business transaction is expressed in terms of a common unit of measure – a common currency that has legal tender.

Transactions are expressed in terms of money and it is known to all that an income or expense transaction is to be paid in terms of cash.

Challenges Face To Find Potential Company For UBS – MSU CSR – Project – A True Story

As mention by Sir Affendy, our UBS lecturer, the next task for student is to find a potencial company which currently using manual system for their company accounts and convert it into a computerized accounting system (UBS) .Manual accounting and bookkeeping systems are the traditional form of maintaining a businesses accounts and records. They involve keeping various ledgers and files which typically include a cash book, sales and purchase day books and petty cash sheets.This task is considered as a project of DAC 2183 Accounting Information System with the portion of 15% marks will be carried as project assessment. 

Challenges that we face to find a company for this project was very complicated and challenging. The first company that I and my friend went was to a Stationary Shop. After explaining our project, the owner refuse to co-operate with us although we shown him official letter from MSU to conduct the project . He refuse us because he said the document is confidential. The second company we went is a Grocery Shop. The owner inform us that he will reply whether his answer, but he never turn around back and answer our call. The third company is a Computer Cafe. The owner told us that he don't have a proper record of their company transaction. 

I and my friend never give up and continue to find company for this project. Finally, we succeed to find a Transport Service Company in Petaling Jaya. He owner agreed to co-operate which us and willing to disclose all his transaction, documents and bank statement. 

DONT GIVE UP.. THERE IS ALWAYS A SUCCESS BEHIND EVERY HARD WORK!!!!!