Quickbooks Policy

| CHINA TRADE, INC.| Memo To:James Madison and Mae Ling, Directors From:Jose Frausto, Accountant booking:8/31/2011 Subject: Internal Control Policies and Procedures Features of QuickBooks that depart help the society implement sound internal encounter 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 ard monthly, with gross profit percentage and spending percentages, so that management can question apparent mistakes or omissions. * The monthly financial statements should be comparative, i.e. show last divisions figures alongside this years, preferably with percentages as substantially as dollar meats, to make apparent whatever meaning(a) variations in revenue or expense items that should be investigated for potential error or even fraud. * Bud numbers should be prepared, and variances between actual and budgeted figures should be shown on budgetary income statements all(prenominal) 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 trouble is that if you do non 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 pla ce indefinitely. QuickBooks will brook you ! to enter a transaction for any date that you wish. eyepatch this is convenient for purposes of making projections, it can pass water high-risk consequences if you go backwards. QuickBooks retains every transaction you enter from the twenty-four hours you started using it. While this is useful to get historical information, on a practical basis, the file sizes can easily get vast enough to be unmanageable and slow your computer. The other kinds of errors and...If you demand to get a full essay, order it on our website: BestEssayCheap.com

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