Practical application of accounting software - class-XI

Accounting packages are categorized into ready-to-use, customised, and tailored software. Therefore, all of these are valid types of accounting packages.

Customised accounting packages are built to specific user requirements, which makes their development, installation, and ongoing maintenance significantly more expensive than off-the-shelf software.

Accounting packages are classified into three main categories: ready-to-use, customised, and tailored. Thus, all listed options are correct.

SPSS, as the name suggests, is software for performing statistical procedures in the social sciences field. The major limitation of SPSS is that it cannot be used to analyze a very large data set.

Wings 2013 ERP is a complete enterprise software for small and medium businesses. Wings ERP is a completely web-based software.

Ready-to-use accounting software is suited to organisations running small/conventional business where the frequency or volume of accounting transactions is very low. This is because the cost of installation is generally low and number of users is limited.

The accounting packages are classified into the following categories:
1. Ready-to-use
2. Customised
3. Tailored
Each of these categories offers distinctive features.

Secrecy of data and software can be better maintained in customized and tailored software as compared to ready-to-use software.

The frequency or volume of accounting transactions in ready-to-use is very low. This is because the cost of installation is low and number of users is limited in ready-to-use.

The Secrecy and authenticity checks are robust in such tailored software and they offer high flexibility in terms of number of users.

The cost of installation and maintenance is relatively high because the high cost is to be paid to the vendor for customisation. the customisation includes modification and addition to the software content provisions for the specified number of users and their authentication, etc.

Some accounting software is user friendly requiring a simple training to the users. Some other complex software packages linked to other information systems requiring intensive training on a continuous basis.

Flexibility, Cost of Installation and Maintenance; Size of Organisation; Ease of Adoption and Training needs; Utilities/MIS Reports; Expected level of Secrecy (Software and Data); Exporting/Importing Data Facility; Vendors Reputation and Capability are the factors usually taken in consideration before sourcing accounting software.

An important consideration before sourcing an accounting software is flexibility, viz. data entry and the availability and design of various reports expected from it.

The tailored software is designed to meet the specific requirement of the users and form an important part of the organisational MIS (Management Information System). Tailored software can interact and share information with the various sub components of the organisational MIS.

Ready-to-use software offers little scope of linking to other information systems.

The size of the organisation and the volume of business transactions do affect the software choices. Small organisations, e.g. in non-profit organisations, where the number of accounting transactions is not so large, many opt for simple, single user operated software.

• Tally is one of the best business accounting software for accounting, inventory, payroll. 
• Miracle is general purpose accounting software with features as par current industry standards. Main strength of Miracle is easy to use, scalability and flexibility. Miracle is available in different variants like Premium Copy, Standard Copy, Super Account Copy, Account Copy & Billing Copy.
  
• SPSS (Statistical Package for the Social Sciences), also known as IBM SPSS Statistics, is a software package used for the analysis of statistical data. Although the name of SPSS reflects its original use in the field of social sciences, its use has since expanded into other data markets.
  
• Profit is not an Accounting software.It is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Ease of adaptation and training needs is one of the factor which required for taken in consideration before sourcing an accounting software. Some accounting software is user friendly requiring a simple training to the users. The software must be capable of attracting users and if its requiring simple training should be able to motivate its potential users.  

In Tally, F9 is the standard shortcut key used to access the Purchase Voucher entry screen.

In Tally, the calculator is typically activated using the shortcut Ctrl + N, not Ctrl + B.

Alt + F1 is the standard shortcut key in Tally to access the Company Information menu, which allows for selecting, shutting, or creating companies.

In Tally, F5 is the shortcut key for the Payment Voucher, while F6 is used for the Receipt Voucher.

The accounting software is generally tailored in large business organisations with multi users and geographically scattered locations. The secrecy and authenticity checks are robust in such softwares. They are designed to meet the specific requirements of the users and form an important part of an organisational MIS. 

An important consideration before sourcing an accounting software is flexibility, viz. data entry and the availability and design of various reports expected from it. Flexibility is one of the factor which is taken into consideration before sourcing an accounting software.

Tally Accounting is a software used for accounting purposes. It is provided by Tally Solutions and is a standard business accounting software. Tally ERP is a very robust ERP product and is a complete business management solution. Tally is defined as record, count or a record of debit and credit or an account.

ALT+D is the shortcut key used in Tally to delete a voucher or yo delete a master.

Ready-to-use accounting software is designed for small businesses with low transaction volumes and standard accounting requirements, as it is cost-effective and simple to deploy.

GAAP (Generally Accepted Accounting Principles) provides the framework for both accounting policies and the specific procedures used to record and report financial information.

Tally Accounting is a software used for accounting purposes. It is provided by Tally Solutions and is a standard business accounting software. Tally ERP is a very robust ERP product and is a complete business management solution. Tally is defined as record, count or a record of debit and credit or an account.

In Tally, the F6 key is designated for the Receipt Voucher, which is used to record money received by the business.

The matching of shortcut keys in Tally is as follows: P (To remove a line) matches 3 (ALT + I), Q (To abandon the form) matches 5 (ALT + Q), R (To import statutory master) matches 1 (CTRL + ALT + I), and S (Rewrite data) matches 2 (ALT + R).

In Tally, the Alt + E shortcut is used to export reports into various formats, including ASCII, HTML, and XML.