1 (edited by infotechaccountant 08/19/2008 05:11:48 am)

Topic: Do we have a scenario of accounting circle ?

actually to evaluate any accounting software we are always recommend to have a clear scenario

this clear scenario will help any accountant intend to use the software to know what will happen behind scenes , so i hope to find any ready scenario with accounting transactions to clear any misunderstandings can happen

if there is no any clear scenario , we (infotechaccountants.com/forums ) will try to put a complete scenario and test it and compare it with international accounting standards (IAS) and international financial reporting standards (IFRS), and generally accepted accounting principles (GAAP) and see what is the week points will be found

Note : when i'm reading some maints i note that there is mistake in some transactions specially for those transactions related to inventory received as i guess , frontaccounting use Perpetual Inventory Method so that i will say that the transaction of receiving goods is

in case of Perpetual Inventory System

By inventory XXXX
To Supplier or Cash or Bank  XXXX

in case of Periodic Inventory System

By Purchases XXXX
To Supplier or Cash or Bank  XXXX

Thank you all

Abdelhamid M. Abdelhamid - Partner & Managing Director
Abdelhamid & Co Certified Public Accountants & Auditors - UAE - Sharjah
(ACPA & IACPA) - (International Arab Certified Public Accountant)- IASCA Fellow Member
Mobile "WhatsApp" : +971 50 7948028