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 & Co Certified Public Accountants & Auditors - UAE - Sharjah
(ACPA & IACPA) - (International Arab Certified Public Accountant)- IASCA Fellow Member
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