Concepts in Computerized Accounting System
A computerised accounting system is an accounting information system that processes the financial transactions and events as per Generally Accepted Accounting Principles to produce reports as per user requirements. In present article, you will be learning about the computerized accounting system, types of data and their example.
Some key concepts are;
Types of Data Every accounting system store data in 2 ways;
- Master Data is relatively permanent data not expected to change frequently.
- Non-Master Data is non-permanent data and expected to change frequently.
- Master data is relatively permanent data that is not expected to change again and again.
- It may change, but not again and again.
- In accounting systems, there may be following four types of master data;
Types of Master Data in Accounting Systems;
👉 NOTE: All business process modules must use common master data.
It is a data which is expected to change frequently, again and again and not a permanent data.
Example: Amounts recorded in each transaction shall be different every time and expected to change again and again.
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Posted on Accounting system data, Master data example, Master data types, Type of master data
Originally published at http://waytopinnacle1.wordpress.com on May 12, 2021.
