HA2042-Accounting Information Systems T2 Assessment-Holmes Institute Australia

Assignment Specifications

Background

You are recently employed as a business analyst at Adam & Co, a Perth-based wholesaler of industrial supplies. Adam & Co sources its inventories from manufacturers in China, Thailand and Vietnam. The company has a centralized accounting system with networked terminals at different locations. Adam & Co’s expenditure cycle procedures are described as follow:

Purchases System

The process begins when the purchasing clerk checks the inventory subsidiary ledger at his/her computer terminal each morning. When the quantity of an item is deemed to be too low, the clerk selects a vendor from the valid vendor file and prepares a digital purchase order. The clerk prints two hard copies: one copy is sent to the vendor, and the other is filed in the purchasing department. A digital purchase order record is added to the purchase order file.

When the goods arrive in the receiving department, the receiving clerk inspects them and reconciles the items against the information in the digital purchase order and the packing slip. The clerk then manually prepares two hard copies of the receiving reports. One of these accompanies the goods to the inventory warehouse, where the clerks shelve the goods and updates the inventory subsidiary ledger from his/her computer terminal. The clerk then files the receiving report in the department. The other copy of the receiving report is sent to the accounts payable department, where the accounts payable clerk files it until the supplier’s invoice arrives. When the accounts payable clerk receives the invoice he pulls the receiving report from the temporary file, prints a hard copy of the digital purchase order, and reconciles the three documents. At this time, the clerk updates the digital accounts payable subsidiary ledger, the accounts payable control account, and the inventory control account in the general ledger from his terminal. The clerk then sends the invoice, receiving the report, and the purchase order copy to the cash disbursement department.

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Cash Disbursements System

Upon the receipt of the documents from the accounts payable department, the cash disbursements clerk files the documents until their payment due date. On the due date, the clerk prepares a cheque for the invoiced account, when is sent to the treasurer who signs it and mails the cheque to the vendor.

The cash disbursements clerk then updates the cheque register, accounts payable subsidiary ledger, and the accounts payable control account from his/her computer terminal. Finally, the receiving clerk files the invoice, purchase order copy, receiving the report, and cheque copy in the department.

Payroll System

Adam & Co’s employees record their hours worked on time cards every day. Their supervisors review the time cards for the correctness and submit them to the payroll department at the end of each week. Using a computer terminal connected to the central payroll system, which is located in the data processing department, the payroll clerk inputs the time card data, prints hard copies of the paycheques, prints two copies of the payroll register, and posts them to digital employee records. The payroll clerk files the time cards in the payroll department and sends the employee paycheques to the various supervisors for review and distribution to their respective department employees. The payroll clerk then sends one copy of the payroll register to the accounts payable department and files the other with the time cards in the payroll department.

The accounts payable clerk reviews the payroll register and manually prepares a disbursement voucher. The clerk sends the voucher and the payroll register to the general ledger department. The accounts payable clerk then writes a cheque for the entire payroll and deposits it in the imprest account at the bank. Finally, the clerk files a copy of the cheque in the accounts payable department.

Once the general ledger clerk receives the voucher and payroll register, the clerk posts to the general ledger from the department computer terminal and files the voucher and payroll register in the department.

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