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Re: Accountants' Forum. by D subtle(m): 11:32pm On Dec 28, 2011
Hi Mycvclinic,
You are right sir,Accounting system is nt all about buying software and start to input data.what I meant is that unlike recording of transaction which starts with journals and posting to the Nominal ledger,Pls correct me if I am wrong,Setting up a system start from you understanding the client biz,cash/credit transaction,if there are inventory and opening of necessary accounts under the following classes of accounts (1)ASSETS (2)LIABILITIES (3)REVENUE (4)EXPENSES (5) EQUITY. Once the accounts are opened you integrate it the jounals.If the entity has previous record you bring in the figures as the opening bal. those account it's been transfer to.

Pls kindly send me a template of excel system,email : relianceandsubtle@gmail.com

Thanks

Hi 9jaluv,
Setup of accounting system might be different but still follows the same accounting principal.
Re: Accountants' Forum. by nitrogen(m): 11:54pm On Dec 28, 2011
@all, accounting is just great nd versatile,especialy wit profesional stufs like acca and others, u're good.


By the way,i studied managemt & accounting (lautech) nd am hoping to be chatered during my service yr which is nxt year.


@jarus,odunno,a.j, nd odas, i salute u na o.
ONE LOVE
Re: Accountants' Forum. by Steve0stick: 11:05am On Dec 31, 2011
Fellow accountants.i've heard of quick book,peachtree,spss.i'm going 4 peachtree.pls can anyone tell me of how important peachtree as a prospective accountant.
Re: Accountants' Forum. by jerryben12: 3:58pm On Jan 01, 2012
For software acquisition and implementation, is there a clear line from GAAP on what should be capitalized or expensed? Also, how will you determine the annual depreciation percentage year over year till you completely write off the capital portion of the implementation?
Re: Accountants' Forum. by Jarus(m): 4:37pm On Jan 01, 2012
Steve0stick:

Fellow accountants.i've heard of quick book,peachtree,spss.i'm going 4 peachtree.pls can anyone tell me of how important peachtree as a prospective accountant.

all these peachtree, quickbook etc are outdated.
Re: Accountants' Forum. by Jarus(m): 8:01pm On Jan 01, 2012
jerryben12:

For software acquisition and implementation, is there a clear line from GAAP on what should be capitalized or expensed? Also, how will you determine the annual depreciation percentage year over year till you completely write off the capital portion of the implementation?

Software acquisition and implementation costs are to be treated as Tangibles. They are to be warehoused into an a/c, possibly work-in-progress, and upon completion of the project, amortised over 5 years(i.e 20 percent per annum). i think the SAS on Tangibles, R and D cover it.
Re: Accountants' Forum. by oyb(m): 9:21pm On Jan 01, 2012
Jarus:

all these peachtree, quickbook etc are outdated.

oracle man cheesy cheesy cheesy
Re: Accountants' Forum. by jerryben12: 9:49pm On Jan 01, 2012
Jarus:

Software acquisition and implementation costs are to be treated as Tangibles. They are to be warehoused into an a/c, possibly work-in-progress, and upon completion of the project, amortised over 5 years(i.e 20 percent per annum). i think the SAS on Tangibles, R and D cover it.

Thanks! But is it appropriate to capitalize all implementation activities that has cost component? Things like training and transportation expenses during implementation? These do not directly add value to the software.
Re: Accountants' Forum. by denzel2009: 11:04pm On Jan 01, 2012
Jarus:

all these peachtree, quickbook etc are outdated.

They are not outdated. They still get the job done for start-ups and small businesses that can't afford state-of-the-art ERP software.
Re: Accountants' Forum. by Jarus(m): 11:21pm On Jan 01, 2012
Transport expenses and other indirect costs should be expensed to P&L.
For training costs, it's debatable, but sounder argument to me is that it should also be expensed. Training costs are generally expensed. Consultancy(e.g if you needed to bring in experts) should also be expensed.

My company had a similar exercise few years ago and that was how treated the costs. Software costs running into more than half a billion were capitalized and amortized over 5 years, while far-off expenses like training and consultancy were expensed.

@denzel,
Thanks. I didn't know, not ever had cause to use them anywhere. Thanks
Re: Accountants' Forum. by jerryben12: 1:32am On Jan 02, 2012
Thank you! Also is there any guide on dollar threshold of what should be capitalized? Or this should depend on the materiality level/financial impact of the software to the company? I ask this because a multi billion dollar company may not considered a 100ksoftware to be material but a company with just 100k operating base may consider a 20k software to be material.
Re: Accountants' Forum. by Jarus(m): 10:13am On Jan 02, 2012
Materiality should be the guide. Determine the materiality based on th company's size(turnover, industry, activity level, opex etx). For a 1 billlion dollar company, I will not capitalize any expenses less than 500k or at worst 200k. But the company should have a documented capitalization policy and consistent with it.
Re: Accountants' Forum. by jerryben12: 2:50pm On Jan 02, 2012
Jarus:

Materiality should be the guide. Determine the materiality based on th company's size(turnover, industry, activity level, opex etx). For a 1 billlion dollar company, I will not capitalize any expenses less than 500k or at worst 200k. But the company should have a documented capitalization policy and consistent with it.

Thanks
Re: Accountants' Forum. by monteriza(m): 6:19pm On Jan 03, 2012
Happy New Year My Fellow Accountants.Can someone in the house provide information on a user friendly management accounting software.Your response will be very much appreciated.
Re: Accountants' Forum. by denzel2009: 10:45pm On Jan 03, 2012
monteriza:

Happy New Year My Fellow Accountants.Can someone in the house provide information on a user friendly management accounting software.Your response will be very much appreciated.

http://www.tallysolutions.com/website/html/products.php
Re: Accountants' Forum. by BUSY BRAIN(m): 7:55pm On Jan 11, 2012
Hello @all. Is Accounting a practical Economics? Whats your view on this?
Re: Accountants' Forum. by monteriza(m): 8:26pm On Jan 11, 2012
Accounting is a process of identifying,classifying,measuring,interpreting and communicating the financial information of an entity to enable users make informed economic decision.While economics is concerned with the study of human behavior as a relationship between end and scarce means which have alternative uses.Accounting is not practical economics.It is a means of communicating the economic realities of entities.
Re: Accountants' Forum. by Deep Soul(f): 4:34pm On Jan 20, 2012

Anybody taking any ACCA papers in June?

I'm writing F7 and F8
Re: Accountants' Forum. by Karmanje(m): 9:51am On Jan 21, 2012
Pls, Is anyone having an idea on where to get a Dictionary of Accounting, or Accounting Terns & Glossary
Re: Accountants' Forum. by BUSY BRAIN(m): 12:26am On Jan 27, 2012
What will b ur advise to a 200level Accounting studnt who want's 2 get to the peak of d Accounting profesion: What should I start doing n what shouldn't I?
Re: Accountants' Forum. by worldz(m): 2:19am On Jan 27, 2012
[quote][/quote]
You can start by taking up professional certifications like ICAN(using the ICAN/ATS route), ACCA, CIMA, etc. Take up work study or holiday jobs to build ur accounting/finance skills (look up skills needed in accounting/finance online) or join associations on campus that'll provide you with some similar roles that will prepare u for the future ahead. And in all, pray for God's help at all times and gun for those top grades while you're at all of these.
Re: Accountants' Forum. by BUSY BRAIN(m): 9:11am On Jan 27, 2012
Tanks a milli @Worldz, Am a 4 pointer'GPA', Hw do i stat writin dis profesional exams and wen should I?
Re: Accountants' Forum. by denzel2009: 10:05am On Jan 27, 2012
BUSY BRAIN:

Tanks a milli @Worldz, Am a 4 pointer'GPA', Hw do i stat writin dis profesional exams and wen should I?
Start writing/typing like a professional first.
Re: Accountants' Forum. by worldz(m): 8:20pm On Jan 27, 2012
[/quote][quote author=BUSY BRAIN link=topic=516168.msg10058072#msg10058072 date=1327651874]
Tanks a milli @Worldz, Am a 4 pointer'GPA', Hw do i stat writin dis profesional exams and wen should I?
You can start writing them while still in school, lots of guys these days become chartered before graduating, so dont be left out.
You can always register for ICAN/ATS using your O/L results (check www.ican-ngr.org for more details) and ask around for lecture centres around you or better still prepare to study on your own. Peace!
Re: Accountants' Forum. by blank(f): 9:45am On Jan 28, 2012
@ Jarus, I noticed u are still talking of SAS. Should u not give the IFRS treatment as this is supposed to be the transition year 2 IFRS. All systems should be live on IFRS now.
Re: Accountants' Forum. by Ufeolorun(m): 4:41pm On Jan 28, 2012
k9ine:

Hi folks,

Could someone pls send me a basic format for payroll and pay silp.

agentk9ine@yahoo.co.uk

I appreciate.


Get someone with a job to hand you their payslip,that should help or use google.
The basic stuff nomally are;employees name,tax code,Nic,hourly rate,pay period,gross pay,tax charge,net pay and so on.
You can easily use Ms.excel to come with something appropriate.
D subtle:

Hi Mycvclinic,
You are right sir,Accounting system is nt all about buying software and start to input data.what I meant is that unlike recording of transaction which starts with journals and posting to the Nominal ledger,Pls correct me if I am wrong,Setting up a system start from you understanding the client biz,cash/credit transaction,if there are inventory and opening of necessary accounts under the following classes of accounts (1)ASSETS (2)LIABILITIES (3)REVENUE (4)EXPENSES (5) EQUITY. Once the accounts are opened you integrate it the jounals.If the entity has previous record you bring in the figures as the opening bal. those account it's been transfer to.

Pls kindly send me a template of excel system,email : relianceandsubtle@gmail.com

Thanks

Hi 9jaluv,
Setup of accounting system might be different but still follows the same accounting principal.
Well you maybe right if the system is tailored or your are using a spreadsheet(gives you room to be creative) but standard software like sage financial controller is a one size fit all system.
Jarus:

Software acquisition and implementation costs are to be treated as Tangibles. They are to be warehoused into an a/c, possibly work-in-progress, and upon completion of the project, amortised over 5 years(i.e 20 percent per annum). i think the SAS on Tangibles, R and D cover it.

I think its a 2 step approach:
1.You got to meet the frame work criteria of what an asset is.
2.Separating what qualifies as research (revenue treatment) from what is development (capital treatment),this has got some further annoying criteria as well.
IGAAP.
Re: Accountants' Forum. by jen_ny(f): 8:27pm On Jan 28, 2012
Hi All,

Im an ACCA member qualified early last yr, I want to get ur views on d need for ICAN qualification. The conversion course+induction+TCI is about 230k, my company wont pay and I really need a gd reason to cough out this kind of money and I really cant see any for now. Please advice Thanks,
Re: Accountants' Forum. by mycvclinic: 12:49pm On Jan 30, 2012
Hello Accountants,

This week, we're featuring an Accountant as the "Professional of The Week". It was yet another enlightening interview and I encourage every professional or budding professional out there to read on.

Name: Ijeoma Obi
Location (state): Abuja
Profession: Accountant

1. Why did you choose Accounting as your profession?
I wanted to study Economics but my parents advised me to study Accounting instead because they believed it was a more professional course.

Please continue reading all 8 interview questions using this link http://thekrine.blogspot.com/2012/01/professional-of-week-accountant.html

Please send the link to your friends too, especially students.


Cheers
Re: Accountants' Forum. by ritze(m): 3:10pm On Feb 02, 2012
jen_ny:

Hi All,

Im an ACCA member qualified early last yr, I want to get ur views on d need for ICAN qualification. The conversion course+induction+TCI is about 230k, my company wont pay and I really need a gd reason to cough out this kind of money and I really cant see any for now. Please advice Thanks,

I expect you take your time and pay at will wen you are rily buoyant
Dou u feel cool wn u have the 2 BUT u cld take your time to do that
my TOT dou!
Deep Soul:


Anybody taking any ACCA papers in June?

I'm writing F7 and F8


Writting 7 n 9 in june
Re: Accountants' Forum. by braintrack: 12:11pm On Feb 03, 2012
I love acounting because its speaks language every other profession understand, am who i am still a student looking forward to be chartered but i think i can still answer some questions on accounting related to finance.
Re: Accountants' Forum. by Ufeolorun(m): 9:08pm On Feb 03, 2012
jen_ny:

Hi All,

Im an ACCA member qualified early last yr, I want to get ur views on d need for ICAN qualification. The conversion course+induction+TCI is about 230k, my company wont pay and I really need a gd reason to cough out this kind of money and I really cant see any for now. Please advice Thanks,

Why do you think Ican is necessary . knowledge of local tax laws,audit,gaap. practicing ceritficate  self preservation
Re: Accountants' Forum. by mycvclinic: 10:28pm On Feb 03, 2012
@Ufeolorun,

Your response made me LOL because I plan to gain ICAN qualification after my ACCA (writing my final papers this year).

To be honest I know I will not really learn anything new in the conventional sense. . . but perhaps just to satisfy the nationalist in me.

It's one thing I plan on doing and somehow I can't explain exactly why.

It only makes sense in my head.

Ufeolorun:

Why do you think Ican is necessary . knowledge of local tax laws,audit,gaap. practicing ceritficate  self preservation

jen_ny:

Hi All,

Im an ACCA member qualified early last yr, I want to get ur views on d need for ICAN qualification. The conversion course+induction+TCI is about 230k, my company wont pay and I really need a gd reason to cough out this kind of money and I really cant see any for now. Please advice Thanks,

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