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.Friday, July 17, 2009 @ 2:09 AM Y
blogged

MISSION IMPOSSIBLE POSSIBLE!! LOL

Reflection

This project is a tedious, time consuming and a challenging one. Not only must you equip with knowledge on how the Accpac system works, you must also have strong accounting foundation as you are dealing with tons of double entry. If an entry is wrong, it may result in many errors or variance in future.

Luckily, my group were quite cooperative and I enjoyed working together with them. We did face many difficulties such as double entry transaction, disposal, GST etc while doing this project and in the end, we redo twice. There is a night that me and Bellra stayed back till 9pm to figure out the reason behind why our balance sheet failed to balance. It was weird that a BALANCE sheet not BALANCE... ... It really kills brain cells... But I'm glad that by doing more and more times, we are getting more familiar with the accpac system=)


What have I learned?
Firstly, through this project, I learned that teamwork is very important. With teamwork, we were able to finish our project smoothly. When we are doing this project, everyone will have a chance to do the typing. This allowed everyone to have a chance to be familiar with the software. While one person is typing, another 2 persons will take turn to read the transactions to the person typing. The other 2 will ensure that the entries entered are correct. With good teamwork and coordination, we tried to ensure that the project was error free.=)


"Alone we can do so little; together we can do so much" =) Helen Keller

Secondly, I realised that account group is very important. It is the first step to this project and it is relatively simple to create an account but if you identify the wrong account group for the account, there may be many errors in future. The reason behind our “unbalance” sheet is the wrong nature assigned to the account group. Sales return supposed to have a debit nature and we assigned credit nature to it. And we forget to give cash at bank account group, thus cash at bank account was not found in the balance sheet. This resulted in a very large unbalance figure. Thus, I learned that no matter how simple tasks are, we must still be very careful.


Thirdly, I felt that doing this project allows me to understand how the system works better. It was definitely better than doing the manual every week. This is because while we are doing the manual, we are doing for the sake of doing and follow the book blindly. At the same time, since we did the manual weekly, we cannot see the link as in how the whole system actually worked as we might forget what we actually did the previous week. But while we are doing the project, we are required to follow step by step from the beginning by creating account to typing transactions, create recurring entry and finally the printing of financial statement. We can saw the link there.

I also learn to create entries in account payable module which was not taught or practice before.


Lastly, I felt that friends are very very important. Despite in different class in year 2, everyone are helping one another out when they encountered problem while doing the project.


How is it beneficial to me?
Regardless whether the company I will be working with are using this software, at least I have been exposed to accounting software before. Thus, perhaps in future, I may be able to pick up other software faster.

However, if the company is using this system, equip with this knowledge will give me advantages over others who do not know how to use this software.




Typing transaction in the template and answering some theory questions=)

Areas for improvement
I felt that there is too little lab having Accpac system. During our break, the labs are always occupied with lesson. And if the lab is available, it is usually crowded with many people. Thus, perhaps the school can consider having more labs with Accpac system.

I think the school should encourage students from other course to use other labs. This is because sometimes i saw people of different courses using computers at lab 8 and 9 to surf the web or do access project while there are still many space in other labs.


Printing in process... ... Everyone was so happy and excited at this point of time as it marks the end of this project=) But this project definitely kill trees=)

In conclusion,

The difference between the impossible and the possible lies in a person's determination.

Despite the difficulty we faced while doing the project, we share a common goal which is to do well and believe that we should put in 101% effort in all projects we do. Thus, it is our perseverance and determination that keep us going=)

And I still have query on the portion on voiding check=(

Thankz a lot to those who help us along the way =) and of course my cooperative project mates!! (Bellra, Lilin, June, Huiyin)








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