Quickbooks Policy

| CHINA TRADE, INC.| Memo To:James Madison and Mae Ling, Directors From:Jose Frausto, Accountant look:8/31/2011 Subject: Internal Control Policies and Procedures Features of QuickBooks that volition help the society implement sound internal construe policies and procedures; * Access to explanation records should be exceptional to designated individuals. * Once a transaction has been entered, the efficacy to change or delete it exclusively should be limited to some new(prenominal) individual, preferably an accounting manager. * pecuniary statements should be prep ared monthly, with gross profit percentage and write off percentages, so that management can question apparent mistakes or omissions. * The monthly financial statements should be comparative, i.e. show last categorys figures alongside this years, preferably with percentages as easily as dollar metres, to make apparent whatever world-shaking variations in revenue or expense items tha t should be investigated for practical error or even fraud. * Bud numbers should be prepared, and variances between actual and budgeted figures should be shown on budgetary income statements from each one month.

The deficiencies with this program for internal control starts when you initially set up your accounts, you enter in your inauguration account balance amounts (unless you are a brand freshly company with no activity). The bother is that if you do not arousal an amount, or input an amount correctly, the difference will go to Opening Balance Equity. If it is not fixed, it will stay at that place ind efinitely. QuickBooks will fall by the ways! ide you to enter a transaction for any date that you wish. magic spell this is convenient for purposes of making projections, it can pass water severeness consequences if you go backwards. QuickBooks retains every transaction you enter from the twenty-four hours you started apply it. While this is useful to get historical information, on a practical basis, the file sizes can easily get monolithic enough to be unmanageable and slow your computer. The other kinds of errors and...If you compulsion to get a full essay, order it on our website: BestEssayCheap.com

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