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Do More with an Automated Accounting System

Do More with an Automated Accounting System

From “Harness the Power to Do More with Less with an Automated Accounting System”  from Sage.

How automated systems can help.

There are hundreds of transactions that occur in every business day. Without help, you can quickly lose control. You have to manage your finances, but you can’t ignore your customers, your suppliers, or your team. Rather than running yourself ragged, you can rely on an automated system to help you create order from chaos. Here are some ways the right automated system can help:

  • Eliminate duplication
  • Validate transactions
  • Enforce rules
  • Monitor results
  • Identify and correct discrepancies
  • Project future outcomes
  • Be accountable

 

Eliminate duplicate efforts

Manual systems require you to re-enter the same data mulitple times. In an automated system, you can enter data once and then re-use it. You can also set up repeating transactions to handle a number of different scenarios. Because data is reused and centralized, you reduce the likelihood of errors.

Recurring Transactions

Your accountant tells you to record the same adjustment every month. With an automated accounting system, you can create recurring journal entries so that once a month, the journal entry will be recorded in you general ledger, making your finnacial statements accurate on a monthly basis.

More from “Harness the Power to Do More with Less with an Automated Accounting System” by Sage.

 

Suzy Payne Rabb
Sage 50 Peachtree Certified Consultant
Sage 50 Solution Provider
Your Live, Online Guide to Sage Peachtree Success
512.892.8990
 
Send email to suzy@121-business.com
Website: www.121-business.com
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What is the Sage Peachtree Internal Accounting Review?

What is the Sage Peachtree Internal Accounting Review?


From: “What is the Internal Accounting Review?” at Peachtree.com

The Internal Accounting Review is a tool that allows you to run an internal audit on your Sage Peachtree company data. It looks for common transaction mistakes and potentially fraudulent activity by running a series of up to 15 checks against your company data. If transactions are found, they are listed under the appropriate Internal Accounting Review check name for your review. You then have the opportunity to take the appropriate action on each transaction.

These checks represent common transaction mistakes and/or conditions that might be revealed in an external audit. While this review is not exhaustive, it is intended to help you identify, investigate, and if necessary, correct issues that may be problems. Here’s what we look for:

 1. Purchases or bills that don’t credit an accounts payable account
 2. Sales or invoices that don’t debit an accounts receivable account
 3. Payments or checks that don’t credit a cash account
 4. Receipts or money received that doesn’t debit a cash account
 5. Transactions that debit and credit the same general ledger account
 6. Possible duplicate transactions of the same type
 7. Vendor invoices or bills from prior periods that have not been received
 8. Transactions entered in the future
 9. Transactions posted to inactive records
10. Un-reconciled cash accounts
11. Inventory items that default to duplicate general ledger accounts
12. Out of sequence checks
13. Accounts receivable accounts that are out of balance with the aged receivables report
14. Accounts payable accounts that are out of balance with the aged payables report
15. Possible duplicate paychecks for an employee within a pay period

From: “What is the Internal Accounting Review?” at Peachtree.com

Suzy Payne Rabb
Sage Peachtree Certified Consultant
Sage Solution Provider
Passionate about Small Business
 
Send email to suzy@121-business.com
Website: www.121-business.com
Join my professional network at Linkedin and follow me on Twitter.