Set up Company Parameters eg. Default Accounts, VAT rates

What is a default account?

A default account is an a account that the company uses as its first account. For instance the company selects the default payments account to make payments.

https://www.easternbank.com/hcdemo/help/WebHelp/Definition_default_payment_account.htm

What are VAT rates?

This is a tax that is on good and services. The traders in the supply chain can reduce that VAT paid on purchases. Traders are that are included would be the manufacturer to the retailer. They generally add vat onto the goods/services.

To learn more about VAT and VAT rates check this link out.

http://www.revenue.ie/en/tax/vat/full-intro.html

Perform the Following File Management Functions: Disk Formatting, Copying, backing up Files in a Directory/Folder, Creating a Director/folder, Deleting Files, Copying an External Hardrive or USB,

Disk Formatting

This is a process that prepares a hard drive to be used for data storage.

Click on this link to see how to format a hard disk on Windows XP:
http://www.ehow.com/how_6026_format-hard-drive.html

Here is an example of how to format a hard drive:

How To Format An External Hard Drive For Use With Mac And PC

Uploaded by almostrocketscience on 9 Nov 2010

Backing up files in a directory/folder

How to Back Up Your Files For Dummies

Uploaded by fordummies on 2 Mar 2009

Copying Files

Click on this video to learn how to copy files:

Learn Basic Computer Skills : Copying Files in Microsoft Windows

Uploaded by expertvillage on 27 Apr 2007

Deleting Files

Here is a video on how to delete files on a hard disk:

how to delete files permanently from hard disk

Uploaded by tutorguyz on 11 Jan 2012

Creating a directory/folder

Check out this video on how to create a folder:

Microsoft Windows : How to Create a Folder

Uploaded by expertvillage on 29 Dec 2008

Copying a USB

Here is a video on how to copy files from a computer to a USB:

Copy Files To USB

Uploaded by PricelessVP on 11 Jul 2009

Reconcile Bank Account with Bank Statement

The title above describes how a company balances its account with their bank statement produced by the bank. They rarely balance however to get them to balance is very simple.

Click on this link to learn more about bank reconciliation:

http://irish21stcenturystudents.blogspot.ie/2012/08/prepare-following-debtors-control.html 

Click on this link to have a more detailed explanation of a bank reconciliation:
http://blog.accountingcoach.com/bank-reconciliation/

Click on this video to learn how to reconcile bank account with bank statement:

Become an Accountant : How to Reconcile a Bank Balance

Uploaded by expertvillage on 21 Oct 2008

Complete the Following VAT Returns: Bi-monthly i.e. VAT 3, Annual

What is a VAT return?

A VAT return is where the business records all the total value of the transactions over a two month tax period. In Ireland this form is called VAT 3 return.

What companies use bi monthly and annual vat returns?

It depends on the value of the vat you are returning. For example a company who makes Bi-annual returns whose total VAT payments for the year are less than €3,000.

To make four-monthly returns this is available to companies whose yearly VAT payments are between the figures of  €3,000 and €14,000.

To make annual vat returns it must be of concession of the revenue commission. This however is only allowed for smaller traders.

Check out this link to learn more about VAT and VAT returns from the Irish Tax and Customs website:

http://www.revenue.ie/en/tax/vat/full-intro.html

Explain the Importance of Data Security and Confidentiality in Relation to Computerised Accounts Data

Data Security and Confidentially

Data security is protecting a database such as a set of accounts from non members of a firm or hackers. Data confidentially is information of a client accounts are kept secret and are only to a select few.

Why is it important?

It is important because it can do an awful lot of damage to a firm of any size if they accounts of the company were in the wrong hands.

First, a customer of an account business expects that all the information of their finances will be stored and not known to anyone else apart from the business. If a hacker tired to obtain information of a customer’s accounts and was successful, it could have dire consequences for both client and firm. The client might leave the firm and possibly sue to company, while the company unfortunately earn a bad reputation for not having adequate data security.  


Hers is an article detailing the worst data security breeches:
http://www.csoonline.com/article/700263/the-15-worst-data-security-breaches-of-the-21st-century

Click on this link to learn about the Playstation Network being hacked into:
http://www.bbc.com/news/technology-13169518

Here is an example of data confidentially problems with Facebook:
http://www.pcworld.com/businesscenter/article/261549/facebook_gets_privacy_ultimatum_from_german_consumer_groups.html

Enter Opening Balances

How do I enter opening balances?
Very simply. By bringing a balance from the previous accounting period to the new accounting period.

Is there an example I can see?
Here check out this example on how to enter opening balance in a T account:

From the example above this is how to enter opening balance. A company has a rent account. The rent is €5,000 a month. The company pay only €2,500 for the month and bring the other €2,500 to the next month. So the opening balance is €2,500 for June and the company must also pay the €5,000 for June as well which in total they pay €7,500 for the month.

Check out this video on how to enter opening balances on a computer:

02-Entering Open Balance

Uploaded by nadicomp on 7 Jan 2010

Process the Following: Correction of Errors, Contra Entries

Explain what are correction of errors.
Correction of errors are when figures are entered incorrectly either manually or automatically. To fix these errors they are set of by other entries.

Click on this link to learn more about correction of erros:
http://principlesofaccounts.weebly.com/correction-of-errors.html

What is a contra entry?

A contra entry is entered on the opposite of  a previous entry and is put there to eliminate its effect on the balance.

Click on this video to learn more about contra entries:

Contra Entry

Uploaded by rohanhadgal on 12 May 2010

Click on this link to learn more about contra entries:

http://toolboxes.flexiblelearning.net.au/demosites/series11/11_06/toolbox11_06/resources/html/ffact_contraentries.htm