DIGITAL ACCOUNTING (Part 1) - Introduction to SAGE 50 & QUICK BOOKS PROFESSIONAL accounting software

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About The Softwares:

This is an automated accounting software that is being developed to aid the manual accounting class and to reduce the work load and errors that usually occurs in a manual accounting system. In Sage 50 & Quick-books professional accounting system, once a record of transaction is entered into the system, every record of transaction of debiting and crediting is automatically generated by the software wizard. The wizard automatically arrange and extract various information and post them to their respective financial reports such as: General ledger, Profit & Loss, Customer ledger, Vendors ledger, Balanced sheet, Income statement, etc.

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Advantages Of The Software:

• Sage 50 & Quick-books makes accounting work easier.
• ‎Sage 50 has a strong inventory reporting system. Inventory is an important area for a business. Once the inventory is setup properly, one can get several useful inventory reports.
• ‎Sage 50 has a very strong reporting function. It can produce monthly, quarterly, and annual financial reports, such as the balance sheet, the income statement, and the cash flow statement. It can produce comparison financial statements comparing two different time periods, for example two months, two quarters, and two years. One can create custom reports from Sage 50 information using Excel and Crystal Reports.
• ‎Errors made in manual accounting system are reduced when using the professional software.

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Disadvantages Of The Software:

• It is burdensome.
• ‎The job costing feature is too complicated in Sage 50. Between raw materials, work in process, finished goods, job phases, and actual and estimated income and expenses, it is easy to get confused.
• ‎Users that are not accountants tend to have a hard time navigating in the Sage 50 software. Sage 50 training should improve. One should engage an expert to get the most out of Sage 50 for their business or organization.

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Types Of Accounting Software:

-MS- Office accounting.
-Sage 50 formally known as "Peach Tree".
-Quick-books.
-Statutory Accounting Principles (SAP).