I contributed to the project by segment and structure codes, adding new accounts to the chart of accounts, entering the opening balance into the GL system, setting up of bank services & taxes, entering customers and vendors details (address, telephone number, etc) into the database and lastly most importantly the theory section (Section A).
I learnt that by creating the segment and structure codes for the different accounts and products helps to facilitate easy reference. I also learnt that adding new accounts to the chart of accounts can be very tedious as there are a lot of accounts to be added in before we can start creating the opening balances. Before setting up the AR Setup, there is need to setup the bank and taxes services. By entering customers and vendors details also helps the user when customer transactions come into hands with invoices and it will be easy to trace customers’ history.
Overall, I learnt that the use of accounting system can be very tedious but challenging as we have to be accurate while entering into the database as the input of data is very important due to the fact that it will affect the output when wrong. Small details like date and amount have to be taken into consideration as it may look insignificant but it is still as important as it will still reflect in the output of the system. An example will be if a date in one of the transaction was wrongly entered as a year later, it will not be reflected in the financial statement at the end of the financial year as the date is crucial for the system to be able to recognise.
One of the soft skills I learn is that Communication between group members is really important as group members may not know what you are thinking unless they are aware by your own actions or verbally. It is very important to let your group members know your expectation and not assuming that your group members will know as this academic year we are working with new people that are new to us and them. Assumption can sometimes lead to some misunderstand which may cause more problems like group members may not know that main reason for your action then therefore they might think that you are just not willing to put in effort in the project.
Another soft skill is Time management as there are other projects in hands. We need to plan out our individual schedule in order to be able to meet up to do the project and also distribute work among ourselves as this way things can be done faster.
Lastly, this project does help a little to get to know our classmates better and I believe we can work together without much problem in the near future.
Quek Hui Ling Phoebe
0800606F
T04
