Generation of accounting reports


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Assignment, Financial Information System, BBA-BI 7th semester, Ace Institute of Management

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Generation of accounting reports

  1. 1. A Presentation on: Generations of Accounting Reports By: Alina Dangol Chhitiz Shrestha Leeza Shrestha Financial Information System Instructor Ace Institute of Management Faculty of Management Pokhara University
  2. 2. Accounting reports reflect the performance of an organization The purpose of the financial reports is to show the reader the financial position, financial performance and cash flows of a business Accounting reports are important to: Business Owners Investors Bank Suppliers Government Introduction
  3. 3. One of the leading commercial bank in Nepal Successfully completed 28 years of service since July 12 1984 The bank has expanded its outreach across 72 districts of the country through a network of 48 branches Uses Finacle as its core information management system Introduction to Nabil Bank LTD
  4. 4. Established in 1986 as a joint venture between Nepalese and French partners Also a leading banking venture in Nepal Use of Finacle as its core information management system Introduction to Nepal Investment Bank LTD.
  5. 5. CBS stands for Core Banking Solution or Centralized banking solution CORE stands for "centralized online real-time exchange“ Finacle is designed with service-oriented- architecture(SOA) It is a multi channel, multi currency & multi country enabled technology Finacle
  6. 6. Computerized recording system from Infosys that empowers banks to transform their business leveraging technology Addresses the core banking, e-banking, treasury, and wealth management, CRM, and cash management requirements of retail, corporate and universal banks worldwide Nepalese accounting standard which is simplified version of international accounting standard is used for the computerized accounting package used for Finacle Finacle
  7. 7. To analyze the various types of Financial reports in the context of two Nepalese banks, namely: Nabil Bank LTD Nepal Investment Bank LTD To analyze the impact of Financial Information system software like Finacle on those reports To examine the contribution of MIS softwares in the respective banks on financial reports prepared in the present day. Objectives
  8. 8. On the basis of Frequency Daily Monthly Quarterly Semi Annually Annually Bases of Accounting Reports On the basis of Nature Trial Balance Ledger Income Statement Balance Sheet Cash Flow Statement
  9. 9. Cash Vault Report Cash that a bank keeps in its vault for daily transactions such as check cashing or cash withdrawals. It is considered part of a bank's reserve obligation Finacle is used to calculate how much money remains at the end of the day in the cash vault. Without the help of Information system software like Finacle, It would be a difficult to keep track of inflow and outflow of cash. Types of Report (Daily)
  10. 10. Other daily reports include: CCOD history Limit, Outstanding, Overdraft, Balance Functioning status of ATM ATM switch report Office accounts supplementary Cash summary (teller wise) System Generation Transaction report Day book GL report Types of Report (Daily)
  11. 11. Income Statement It reports its earnings and expenses for a given period of time, typically by the month Finacle is not used to calculate the monthly report like the income statement. It is calculated by collecting information from all the branches of Nabil or Nepal Investment from all over Nepal. After that the information is relayed to the Head Office. Then the head office calculates monthly income statements separately which also helps to calculate the annual report. Types of Report (Monthly)
  12. 12. The quarterly report consists of aspects like: Unaudited Financial Reports Related Party Disclosure Management Analysis Details related to legal proceedings Analysis of bank’s shares transaction Problems and challenges Corporate Governance Types of Report (Quarterly)
  13. 13. Semi-annual Report Documents that cover the financial activity of a business or other entity for a period of less than one calendar year. an interim financial statement is issued to cover a six-month period of activity While the structure of the reports included in a statement of this type will follow generally accepted accounting principles, the information is usually unaudited Types of Report (Semi-annual)
  14. 14. Annual Report An annual report is a comprehensive report on a company's activities throughout the preceding year intended to give shareholders and other interested people information about the company's activities and financial performance. Typical annual reports will include: Accounting policies Balance sheet Cash flow statement Contents: non-audited information Profit and loss account Notes to the financial statements Types of Report (Annual)
  15. 15. Accounting listing that shows the beginning and ending balances for all accounts included in the set of books This worksheet format makes it possible to evaluate whether or not the total debits for the period cited are in balance with the total number of credits generated for the same period When a true trial balance exists, the total credits and total debits will be equal. Types of Report (Trial Balance)
  16. 16. Also commonly referred to as an accounting ledger, it is a primary accounting record used by a business to keep track of all the financial transactions the company makes All financial transactions, debits and credits, are recorded, or "posted," in the general ledger Types of Report (Ledger)
  17. 17. Financial statement that provides an analysis of the influx of revenue from various money making endeavors on the part of the company Includes revenue sources such as billed income from the central operation process, investments made on the part of the corporation, and any financing activity engaged during the period cited The idea is to provide the basis for an overall picture of how cash flow generated by the company is doing with handling the outstanding expenses incurred during operation Types of Report (Cash Flow Statement)
  18. 18. Double Entry Accounting Technique which records each transaction as both a credit and a debit. Credit entries represent the sources of financing, and the debit entries represent the uses of that financing. The process of recording each transaction twice - as an asset and a liability - in order to be able to set out balances showing the financial state of the business at a particular moment in time. Financial Information System with Finacle
  19. 19. The accounts section staff records this entries as follows: Type TM IN MENU OPTION AND PRESS ENTER TYPE A AND PRESS F4 type T/bi and press F4 type the account number(advertisement) and press F4 type the amount (10,000)and press F4 Type D and press F4 Type the narration Why the advertisement account was debited and Press F4. Press down arrow and continue credit transactions as same type the account number(Debtor’s a/c) and press F4 type the amount (10,000)and press F4 Type C and press F4 Type the narration Why the debtor’s account was credited and Press F10. Now DC number is generated which is reference number for this transaction. Financial Information System with Finacle
  20. 20. Transaction Maintenance in Finacle
  21. 21. At the beginning of the day, the head teller distributes certain amount to every cash teller. The inward cash and outward cash are recorded by every cash teller Head teller can access to every transaction that has been recorded by tellers. At the end of the day the head teller counts the cash-in- hand in each teller and matches the amount with the total balance of the teller’s account. Go to Menu and type FTR Type Gen and then User ID Type DATE and TIME Type Print. Transaction list of that day is printed. The total balance in list is matched with Cash-in-hand. Balance Day Adjustments
  22. 22. Process of Generating the Report The reports can be created through ‘REPORT SERVER’. Menu Option - MISREP, Enter Put in ‘Report Class’ - RETAIL. Press F4 Press TAB or enter to go to next field. Put RTLDOC and enter to go to next field Put SCHEME CODE and F4 System will generate report in ‘Background’ Go to main menu and put ‘ PR’ and enter. Then view or take printout accordingly. Note : Ensure ILINK in open status. Process of Report Generation
  23. 23. Process of Report Generation
  24. 24. Process of Report Generation
  25. 25. Office Accounting Professional 2009 SAP ERP Financials Tally 9: Financial Accounting and Inventory Management Software Flexcube – ‘i-flex solutions’ Hyperion Financial Management - System 9 Other Available Alternatives