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Definition, Elements, and Examples of Accounting Systems
Definition of Accounting Systems
Warren, Reeve, Fees (2005: 234)
An accounting system is a method and procedure for collecting, clarifying, summarizing, and reporting information on a company's business (operational) and financial activities.
Baridwan (2000; 6)
An accounting system is a form, record, and report that is coordinated in such a way that it can be used to provide information needed by management.
Niswonger et al (1999; 182)
A method and procedure for collecting, classifying, summarizing and reporting information about the company's finances and operations.
Elements of the Accounting System
In general, an accounting system has 5 (five) main elements, namely.
1. Form
Form is a document used to record / record transactions. In the form there are transaction data that can be used as a basis for recording.
2. Journal
Journal is an accounting system that is carried out to record, classify similar transactions, and summarize other financial data. The results of the data summarization are then posted to the account in question in the ledger. The commonly used Journal Forms are as follows:
Cash Receipts Journal, a journal specifically provided for recording cash receipt transactions.
Cash Expenditure Journal, a special journal is provided to record all types of cash disbursements.
Purchasing Journal, a journal used to record purchases on credit. Cash purchases are included in the cash disbursement journal.
Sales Journal, a journal specifically provided to record sales transactions on credit. Cash sales are included in the cash receipt journal.
General journals are provided specifically to record bookkeeping adjustments, correction of transactions and other things that cannot be recorded in a special journal.
3. General Ledger
Ledgers consist of a collection of accounts that function to summarize financial data that was previously recorded in the journal. Ledger accounts are also considered as a place to classify financial data for the presentation of financial statements.
4. Ledger (Subsidiary Ledger)
A subsidiary book contains auxiliary accounts in detailing financial data, for example, such as classifying the types of transactions that occur in one company with each other.
5. Report
Reports are the final results of the accounting process, in the form of balance sheets, income statements, changes in capital reports, marketing costs reports, cost of goods manufactured reports, cost of goods sold, debt lists, inventory balance lists.
Examples of Accounting Systems
Management accounting
The purpose of management accounting is to provide accounting information to managers for the purposes of planning, controlling, and managing business operations.
Inventory Accounting
The inventory accounting system is used to plan and track inventory levels, as well as related inventory activities. One common inventory system is a tracking bar code, where each inventory item is marked with a bar code.
Non-profit accounting
An accounting system for non-profit organizations that has specific characteristics of reporting requirements. For example, about a fund tracking system, so that donations given for certain purposes can be known to have been channeled correctly. This software must also be able to produce reports of total donations that have been donated by individual donors.
In an accounting system, the existence of accounting software as a support for a reporting system is very important. The journal is an online accounting software that provides a variety of important features of inventory tracking, asset management, and cost reporting, can be the right choice that provides many conveniences for a variety of business needs. Journals can be accessed anytime and anywhere in realtime, so you don't have to worry about losing valuable information that happens all the time in your business. For more complete information about the Journal, you can get it here.
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