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Features of Computerised Accounting System

Accounting software is used to perform the function of accounting. The software functions on the concept of database. As discussed above, accounting software eliminates the process of posting a transaction into the ledger account, that is, when a transaction is entered in the computer system, the posting in the ledger account is automatic. The software is so designed that a transaction, once entered, is automatically transported to the ledger account also. In the present times, a number of accounting packages are available off - the - shelf in the market. They do a variety of jobs listed below for the end - users.
  1. Online input and storage of accounting data
  2. On screen or Physical output generation
  3. Printout of Ledgers and other books of accounts
  4. Updating of customer accounts in sales ledger and supplier accounts in purchase ledgers
  5. Recording of the Suppliers Invoices
  6. Recording of the Bank Receipts
  7. Printout of Vouchers and Invoices
  8. Making payments to supplier and for the expenses
  9. Writing Day books and General Ledger
  10. Maintenance of Stock accounts
  11. Aged Debtor summary (who owes what and since when)
  12. Preparation of Trial Balance, Profit and Loss Accounts and Balance Sheet
  13. Stock Valuations
  14. Payroll Analysis
  15. Statutory Returns such as VAT and Service Tax.

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