PROJECT ORIENTED ORGANIZATIONS / INSTITUTIONS

IMPORTANCE OF ACCOUNTING SOFTWARE(PEACHTREE)

Course Coordinator

DR. ANSAR ALI NOOR

Non Profit AccountingYou run a nonprofit, which means you spend a lot of time worring.

Is your mission reaching as far as possible?

Is your staff well-trained and happy?

Are you doing enough to find and secure new donors, patrons, or students?

One thing you can’t afford to worry about: whether your finances are being properly managed. There’s just too much at stake. Above anything else, your future depends on the financial decisions you make today.

NEED OF ACCOUNTING SYSTEMS

Project oriented accounting software; based on different fundingrevenue sources, Govt., Donors, Own resources (from Hostels, Academic Fees, Shuttle Service, Residences etc.)

Four Level of Chart of Account Sample: Account Type: Control Account: Main Account: Sub- Account (X-XXX-XX-XXX)

Follow-up of approved financial rules

Reporting Requirement:1. Income and Expenditure Account, Balance Sheet and

Cash Flow Statement.

2. Project Wise, Income and Expenditure Account, Balance

Sheet and Cash Flow Statement.

3. Summary Income and Expenditure Account, Balance

Sheet and Cash Flow Statement.

4. Ledger Accounts (Date wise, Period wise, Year wise)

5. Project Wise Trial Balance.

6. Summary Trial Balance.

IT Software which can support Accounting system

Peachtree by Sage Pro Accounting 2010 helps improve your productivity with standard core accounting features that can automate invoices, checks, and track employee payroll1. You can record customer payments, create budgets, and track sales, inventory, and expenses. It provides 100+ reports and financial statements.

Features of Peachtree Accounting System

Unified Chart of AccountsUnited Way-based Chart of AccountsWelcome Letter and Fundraising Letter

TemplatesTrack Donation ReceiptsTrack Member and Pledges Fees OutstandingNonprofit-Specific Operational Reports

Multi-User

Multi-user environments are supported in Peachtree Premium Accounting.

Multi-user mode is optimized for Windows Server 2003 or Windows Server 2008 client-server networks, and Windows XP/Vista peer-to-peer networks.

Supporting Features Automatic Backup

With Peachtree Automatic Backup, you set up backups once and Peachtree does the rest. You can easily arrange for backups to occur regularly; Peachtree doesn't even have to be running to back up safely and securely.

Password SecurityIncrease the security of your Organization's data with new customizable password options and let your admin see who is logged in at any time. For example, you may choose to set automatic password expirations or block repeat passwords. Customizing your options and letting users change their own passwords helps save time and money.

Supporting Features (Cont.)

Transaction HistoryLink to the entire chain of events for customer and vendor transactions at any point of Accounting transaction process.

Multi-user Management

Now there's a better way to manage users in Peachtree! Send notifications to other users that they need to log out, or if necessary, an admin can manually log them out of the company.

Multi-Year Reporting

New General Ledger reports and Financial Statements functionality allows you to report on data outside of two open years, while retaining the control to lock down prior years and purged data. This access will allow you to compare budgets and financial results across multiple years, and drill down to the details. Use this new functionality with existing capabilities on transaction reports, to get improved trending analysis, better research, and more accurate forecasts.

Cash Flow Management

Now you can view your current cash status easier than ever before. With an improved cash management tool, you can easily see how much money is coming in and going out, so you always know how your business is performing. In addition, with an improved forecasting tool, you will be able to quickly create forecast scenarios, and export them to Microsoft Excel, to better track how your business might perform down the road.

Comprehensive Payroll Management

Access to a full payroll management tool for your business is available, with set-up improvements and expanded offerings for benefits and deductions. These expanded feature improvements offer you a better way to account for items that you need to effectively manage your business.

THANK YOU!