Thursday, 23 August 2012

List a range of Integrated Accounts Packages currently available

SAGE 50 Accounts:
This type of accounting software is used for small to medium sized companies. It can control cash flow, budgets and manage share information.
Check out this link to learn more about the features of the accounts package:

Shafer's Integrated Accounting Software:
This can be used by large to mid-sized companies. Check out this link to know what this accounting package does:

Here is an accounts package that is done over the internet. Check out this link to see what they have to offer:

Pegasus Opera II:
One of the leading suppliers of accounting software. Click on this link to see why it is a popular accounting package:

Finding the right accounting package for your small business

Uploaded by  on 25 Oct 2011

Wednesday, 22 August 2012

Explain the Importance of anti-virus protection software

If you don't get the pun the character's name is Link...

Computer Virus

How to Avoid Computer Viruses

Uploaded by  on 22 Dec 2008

A computer virus is a program that spreads from one computer to another by replicating himself. Viruses are also known as malware which means malicious software.

How are they spread?
They are sent by a number of ways without the host knowing about it. These include email attachments, downloading from the internet and memory sticks.

What damage can a computer virus do?
They can cause computers to crash, reboot and cause millions if not billions of euro’s worth of damage to companies infected by a virus.

What can anti-virus software do to stop this from happening?
Anti- virus can perform automatic or manual scans of a computer to search for computer viruses. If it finds a virus the software it depends on the provider of how it deals with a particular virus. They software may remove it without the host knowing or alert the host and ask to clean the computer to get rid of the virus.

Can anti virus software do anything else?
Yes it can. Some pieces of software can prevent click fraud. This is where a malicious piece of software records credit card numbers or other personal information. Anti virus software will increase security for your computer to stop this fraud from happening. 

Here is a well known example of a computer virus:

Click on this video to see an animation of how anti virus software deals with a virus:

Computer Virus

Uploaded by  on 8 Oct 2007

Produce a Profit and Loss Account for the following: A Sole Trader, Partnership, A Limited Company

Remember an income statement is also the same as a profit and loss account. The profit and loss account is the old name for an income statement.

A Sole Trader Profit and Loss Account
There is no law to say that a sole trader needs to have a profit or loss account. However it will help if the sole trader wants to expand their business they might need to show a profit and loss account to a bank if they wish to borrow money.

Income statement of Jose Mckenny for the year ended 31st December 2011

Sales                                                                                                      250,000
Opening stock                        50,000
Purchases                              100,000
Closing stock                        (30,000)                                                (120,000)
Cost of Sales                                                                                      
Gross Profit                                                                      130,000

Wages                                      25,000
Rent                                           5,000
Light and Power                     15,000
General expenses                    2,000
Interest paid                             1,000                                                   48,000
Net profit                                                                          82000

A Partnership Profit and Loss Account

There is not much of a difference between a sole trader's profit and loss account and a partnership profit and loss account. The only difference is that a sole trader gets to keep all the profits, while a partnership has to share the profits.

Let us see an example of a profit and loss account.
Tom, Dick and Harry are in a partnership together. They share if any the profits together by 40% for Tom, 30% for Dick and 30% for Harry.

Income statement of Tom, Dick and Harry for the year 31/12/2011

                                                            €                                  €

Sales                                                                                       500,000
Less: Cost of Goods Sold
Purchases                                         100,000
Less Closing Stock                           50,000                          150,000
Gross Profit                                                                        350,000

Less: General Expenses                                                          40,000
          Administration Expenses                                             40,000
Net Profit                                                                           270,000

Profit or Loss Appropriation:

Tom (40%)                                                                            108 ,000
Dick (30%)                                                                                81,000
Harry (30%)                                                                              81,000

A Limited Company Profit and Loss Account

A limited company by law must produce a profit and loss statement.

Here is an examples of a profit and loss statement of a Limited Company:

Income statement of Big Bucks Ltd. for the year ended 31st December 2011

Sales                                                                                                      250,000
Opening stock                        50,000
Purchases                              100,000
Closing stock                        (30,000)                                                 (120,000)
Cost of Sales                                                                                      
Gross Profit                                                                      130,000

Wages                                      25,000
Rent                                           5,000
Light and Power                     15,000
General expenses                    2,000                                                    (47,000)

Operating Profit

Profit before interest and tax
Interest paid                             (1,000)                                                   83,000         

Profit before tax
Corporation Tax                      (50,000)                                                                                            

Net Profit                                                                            23,000

With this income statement you will see corporation tax. Since this is a registered company they must ay tax towards the government and must be in the income statement. Corporation tax is a tax or levy that is placed on a firm's profit. Ireland has a low corporation tax of 12.5%

Extract a Balance Sheet for a Limited Company including notes to the accounts

This is what goes into a balance sheet 

Notes in financial statements

Notes are to inform readers of these financial statements of such things as accounting policies, possible liabilities and comments made by the company.

Here us an example of a balance sheet with notes:

If you are unsure of what goes into a balance sheet check out this link to find out more about it:

To see another example of a  balance sheet from with notes included check this link out:

Restore Data Files

If your files are all deleted it can have dire consequences. However they can be recovered in some circumstances, much to your relief.
Remember there is a multitude of options in terms of software for recovering data files. Below is just a few good examples of restoring data files.

Click on this video to find out how to recover data. This is a great video to learn how to recover data.

Recover Deleted Files

Uploaded by  on 15 Feb 2011

Here is another video where you can download software to recover your files:

Data Recovery Software. Recover Deleted Files. Free Download Remo Recover Pro .wmv

Published on 27 Apr 2012 by  

Identify the main parts that make up a typical computer system in an accounts environment e.g. CPU, Monitor, Keyboard, Disks, Printer

The Mona Lisa is hardware form

Click on this link to learn about the main parts of a computer:


A monitor displays videos, text and images through electronic visual display. Their appearance is very much similar to a TV screen however there is a much more higher resolution than a TV.


A keyboard is a input device based on a typewriter style keyboard.

Click on the video below to learn more about keyboards:

Learn Basic Computer Skills : Windows Keyboard Shortcuts

Uploaded by  on 8 Oct 2007


A printer is used to produce graphics text or both from documents on a computer device. 

Learn About Computer Printers

Uploaded by  on 15 Sep 2009


This carries out all the instructions of a program. 

Check out this video to learn more about CPU:

What Is A CPU?

Published on 15 May 2012 by 

Hard drive (disk)

This is a device that is used to store and retrieve information digitally. It is also known as a hard drive.

That size does not even exist any more.

Computer Hard-Drive - How It Works

Uploaded by  on 31 Aug 2009

Distinguish between different operating systems e.g. DOS, Windows, Mac OS X

Here is a link of 10 main differences between Windows and Linux:

Here is a video of Windows OS and Mac OS X and their differences:

TechTalk-Differences Between Mac OS X & Win OS

Uploaded by  on 11 Mar 2010

Here is a link to a video and an article as to why people prefer Linux to Windows:

Here is a link to a video and an article as to why people prefer Windows to Linux:

Here is a link to a video and an article as to why people prefer Windows to Linux:

Also here is another video below:

Why Microsoft Windows is Better than Mac OS X

Uploaded by  on 20 Dec 2011

Here is a link to a video and an article as to why people prefer Mac OS X to Windows:

Here is another video which is related to the article above:

Why Mac OS X is Better than Microsoft Windows

Uploaded by  on 20 Dec 2011

Distinguish between Hardware and Software

What is hardware?

A different form of hardware for a computer

This is the physical objects of a computer that a person can touch. These include keyboards, mouse, printer, monitor and disk drives.
A computer would not work if there was no hardware for the software to run on. For instance how would you input data into a computer if there is no keyboard or mouse?

Also remember that if you get confused with hardware and software. Hardware is hard i.e. physical you can touch it.

Can I see pictures of hardware?
Of course check out this picture

Click on these videos to learn more about computer hardware:

Lesson 1 Computer Hardware Basics

Uploaded by  on 11 Feb 2009

1/9 Computer hardware basics

Uploaded by  on 15 Apr 2011

Basic Computer Hardware

Uploaded by  on 19 Jul 2010

What is Software?

This is the set of instructions or code that tells the hardware how to work or operate. For instance if you click on a programme such as Microsoft Word the software will be executed and it will display the programme on the monitor.
Software is not physical and cannot be touched.

Hmm can I see any visual of software?
Yes check out this picture to see different types of software.

Click on this link to learn more about computer software:

Complete the following Budgets and Forecasts: Capital Budget, Forecasted Profit and Loss Account and Cash Flow Forecast, to include variations in Cash Flow Timings

Capital Budget

A Capital Budget is a plan that is used to determine whether or not a business should invest in new assets such as machinery, land, new facilities or invest in research and development ideas. This budget will have long term consequences good or bad for the company. This means the business must try and get it right the first time or end up damaging the firm.

An example of a capital budget

Check out this link to learn more about developing a Capital Budget:

Forecasted Profit and Loss Account

A forecasted profit and loss statement is an estimate of the business’s future operating activities results.

Check out this link to learn more about how to forecast a profit and loss account:

Check out this video to learn more about the income statement i.e. profit and loss account, to learn more about forecasting a profit and loss statement.

Forecasting Your Profits & Losses: The Income Statement

Uploaded by  on 22 Feb 2012

To learn more about financial forecast check out this video:

Small Business Finance. 6- Financial Forecasts

Uploaded by  on 31 Oct 2011

Cash Flow Forecast to include variations in Cash Flow Timings

A cash flow forecast is a elimination of what cash is expected to go in and go out of the business. Usually these forecasts last for a year. It is also used to find out when loan will be needed or how when will the business repay debts.
With regards to timing difference with cash flow when the business sells an item and  at what time the firm receives the cash.

Check out these links to learn more about this topic:

Click on this link to learn more about a cash flow forecast:

Saturday, 11 August 2012

Prepare the following: A Debtors Control Account, A Creditors Control Account, A Bank Reconciliation

Debtors Control Account

What is a debtors control account?
A debtors control account is also known as a receivables control account. This is the total amount of money that is owed to the business.

Check out these links to learn more and to see another example on how to use a debtors control account:

Also check out this video for a tutorial of debtors or receivables control accounts

Accounting - Unit 5 - Part 1 - Accounts Receivable Introduction

Uploaded by  on 26 Feb 2012

Here is an example of how a debtors control works. First we get the figures from the individual debtors’ accounts and then move them to the control account.

Rooney Inc. is a small company with debtors (below). This shows how the company records their debtors in their books.  

The figures put into the debtors (receivables) control account are obtained from the debtors accounts.

As you see they all balance below. The individual accounts balance with the figures in the receivables (debtors) accounts.

Bank Reconciliation

Working together to make it balance

A bank sends out statements of customers’ accounts at certain times of the year frequently. The balance of this statement informs them of the amount that they have in their account at the date shown.
Should the bank figure be the same as the customers own books of accounts?
They should be but they hardly balance the same as you will see why.

The reason as to why they are not the same balance is due to errors or mainly due to timing differences. With timing differences this would mean that if a customer writes a cheque the bank will not notice it for maybe a week.
Even thought the customer has acknowledged this in their books, it has not being told to the bank yet.
This is also the same from the bank side. They will add items such as interest or fees that the customer will not know of until they have the bank statement.

So then whose balance is correct, the bank or the customer?
The answer simply is none of them. Adjustments will have to make in order for the figures to balance. If there are receipts, payments or both that are mentioned in the bank statement, the customer will but these into his accounts. #

Check out this video to see an example of bank reconciliation:

Cash and Receivables-2 Bank Reconciliation

Uploaded by  on Sep 19, 2007

Here are some more videos on how to prepare a bank reconciliation statement: 

Accounting - Bank Reconciliation Part I

Uploaded by  on 4 Oct 2010

Accounting - Bank Reconciliation Part II

Uploaded by  on 4 Oct 2010

Creditors Control Account

What is a Creditors Control Account?

Also known as a payable controls account.This is the total amount of money that the business owes to the individual creditors. The balance of this account must be equal to all the individual creditor accounts in the business. These figures are obtained from the individual ledger accounts. This is also known as the payables control account.

Here is another example of a creditors control account. Here is Ronney Inc. individual creditors accounts and its Payables (creditors) control account.

As with the same with the debtors account we send the figures to the creditors control account.

The figure of 6100 is obtained from the purchases day book of the company.

Check out this video to get more insight in producing a simple creditors control account:

Creditors control account

Uploaded by  on 16 Jan 2012