Challanges Encountered When Doing UBS-MSU CSR Project for May 2012 Session

The UBS-MSU CSR Project has been a really tough challenge. However, I feel that the challenges endured towards the completion of the project was not a waste. I have learned many things regarding the UBS Accounting System, and i hope the knowledge earned will help me in the future.

To find a potential company for this project, I have went to 3 places in total before I went to Bonda Kasmah (the company that I have chosen for my UBS project). Bonda Kasmah is situated in Gemas, Negeri Sembilan. The journey there took me 2 hours. Luckily it wasn't hard to find, but it was really tiring. When I reached there, I was welcomed warmly by the owner of Bonda Kasmah, Mr Yussman Yahaya. I really had a good time there. The interview went really well, and we had a good chat as well.

Analyzing the source documents of the business, determining which accounts to be used, and also inserting data into the UBS system was really tough. I went through all transactions of Bonda Kasmah for a period of 6 months. After organizing all the documents, I manually created journals and ledgers. I then entered all the transactions into the UBS system. (I have inserted examples of source documents, manual journals and ledgers, and also relevant pictures in the appendices of the printed copy of the project).

Alhamdulillah, I have already submitted my UBS project. I am very happy to be able to complete the project, and thankful as well because everything went good. The long days and hours used to complete the project was not a waste, because the knowledge earned from it is for a lifetime :)

 Me with the owner of Bonda Kasmah, Mr Yussman Yahaya

Charts produced from journals and ledgers using Microsoft Excel

Analyze the Terms Stated Below

Closing Date and Accounting Period

Closing date is the date a business closes all it's accounts. In the UBS system, the closing date of a business may be set in the program, and can also be edited by going to Housekeeping > General Setup. The closing date will automatically effect the accounting period.

Accounting period is the period for which a firm prepares its internal or external accounts; the period covered by the financial statements. For internal accounts, it may be a month or a quarter; for external accounts it is normally a period of 12 months.

Add Entry and Quick Entry

Add entry is a single transaction entry procedure. When a user enters a transaction, he has to make another transacation to balance it. For example, a user purchases RM100 of goods by cash. You have to enter a debit entry for purchase and secondly a credit entry for cash.

Quick entry is a double transaction entry procedure. It is a function in the UBS system, where when a user enters a transaction, the UBS system will automatically balance it to the desired account. A master account must be set in order to use this function.

Edit and V.Edit

Edit is a function to change existing transactions. It can be used to change incorrectly entered amounts into the system. To edit, go to General Ledger Account Maintenance and choose the desired transaction.

V.Edit function can help users to modify transactions faster and easier. When users click on V.Edit button, the screen will display the transactions that shown on the transaction viewer (at lower part of the page) to allow users to do modification.

Backup and Restore

Backup is a function to compress data files from the UBS system into one compressed file and stored into any type of memory device. Backup is basically saving the UBS file into a hard drive and also used to recover any lost data in cases of errors from the UBS system.

Restore is decompressing/recovering the compressed file from a hard disk into the UBS system. After creating a backup file, users can restore the backup file by going using the restore function inside the UBS system.

Delete Individual Business Transaction and Deleting All Business Transaction

Delete individual business transaction is deleting a transaction from the UBS system. In order to delete a transaction, go to V.edit and perform the following steps on the transactions to be deleted:
         1) Key in all 10 asterisk (**********) in ref. No. Field,
         2) Change the amount to 0.00 (both debit and credit side).
         3) Go to Housekeeping >File Organization>Tick 'Delete unwanted transaction'.

Deleting all business transaction is partially clearing or deleting all data from the system. To delete all transactions, go to Housekeeping>Clear File/Generate Sample Chart>Choose the desired method of deleting.

Accounting Assumptions Page. What is it all about?

Accounting assumptions page is about the assumptions made towards the accounts/transactions of a certain accounting system. It is where the accountant states all information about the accounts, in case if there are certain things that a person needs to know. For example, if there are no creditors in the business, the accountant should state it in the accounting assumptions page in order to ease the users of the accounts to understand and analyze the data.

in the UBS project given to me, I faced a few problems while making accounts and calculating amounts for the accounts. Therefore, I have wrote a few accounting assumptions regarding my project.

For the company I have chosen, which is Bonda Kasmah, the accounting assumptions are :

1. There are no debtors for Bonda Kasmah because all sales are made by cash.
2. All sales amount were recorded during the interview, as he could not give us a copy of the cash book.
3. I could not obtain full information about the creditors of Bonda Kasmah. The names of the creditors were obtained from the cheque book.
4. There is no Accounts Payable account and list of debtors, since there are no debtors.
5. Transaction documents were not sufficient as there was a loss of documents by the owner. For purchases without documents, purchases were assumed to be equivalent to the amount stated in the cheque book. 

Mid Semester Examination is Just Around the Corner

MSU students will be sitting for their Mid Semester Examination from 30th July to 4th August. I am in Semester 5 right now and I will be taking 6 exams this mid semester. The subjects are :

• Advanced Accounting I
• Cost Accounting II
• Taxation II
• Audit II
• Accounting Information System
• Public Sector Accounting

I must prepare early this semester because luck is not on my side this time. I have exams on Monday, Tuesday, Thursday, Friday. On Thursday and Friday, I will be sitting for 4 papers!

So far, preparation is going very well. I have made mini notes for all the subjects and have had several study groups with classmates. The bad part is that I have not been feeling well lately and it's really hard to study with a flu.

This is what happened to my room :

My biggest thanks goes to all my lecturers and friends, especially Santhara Segaran, Rose Syahira Rosli, Shafiqah Nadhira and a few others who have sacrificed their time to teach me on subjects and topics that I had problems with.

Good luck to everyone! Wish me luck! :)

Progress of UBS CSR Project May 2012 until 24 july 2012

Firstly, I would like to apologize for posting this late.

The progress of the project is I'm still in the process of obtaining source documents from the company. I have tried several companies, and I will choose whichever company that responds to me first.

The good news is that I have got responds from 2 companies and I will be seeing them right before Hari Raya holidays. The company I am looking forward to is a consultation company based in Petaling Jaya. Unlucky for me, I'll be busy looking over documents and probably translating document information into ledgers to make transactions this Hari Raya.

I have been following up with all the companies very frequently. However, I am really scared that I might get the documents very late and that I would not have enough time to complete the project. Time is running out. I'll try my best!

Wish me luck! :)

Experiences in Searching Potential Companies for UBS MSU CSR Project.

To do this project on my own is a very difficult task, but I believe I can do it. I chose to do this project alone because it will be easier for me to manage my time and have my own opinions regarding the project. Also, I wish to master this UBS system as a preparation for my practical and also work in the future.

So far, I have tried to approach a few companies, but the companies refuse to give out information because it is private and confidential. They are afraid that by exposing their information to public, competitors will have an advantage against them.

Although the task to search for a company is very difficult, it is actually good for students. It requires students to communicate with people outside of campus. Students' knowledge and communication will automatically improve through this project.

I will be visiting a few other companies next week. I hope to get a potential company as soon as possible, so that i can start on the project.

UBS Skills That I Have Learned Until Now (10/7/2012)

Until now, I have learned various skills on how to use UBS system. In class, we have learned a lot of skills, and I am eager to learn more about the UBS system.

To summarize what I have learned in class, I now know how to create new company data, update information of the company, add new chart of accounts, and enter new batches, insert transactions (using quick entry and add entry), edit transactions (using variance edit), add debtors and creditors, backup and restore company file, and view various types of reports. These were the basic skills that we learned up until now.

In the UBS Work Book, we have already covered Lesson 1, and also its experiments. Lesson 1 did not cover all of the skills mentioned above. We are currently covering Lesson 2, which requires us to insert debtors and creditors into the UBS system.

Due to technical difficulties, I could not upload print screen photos of the UBS accounting system. I will upload them very soon.

My 1st Blog Post Regarding Accounting Information System (DAC2104) Mini Blogging Project

For my 1st post, I would like to talk about Accounting Information System (AIS) generally and what I have learned in class and lab for the first few weeks. AIS is a system of records a business keeps to maintain its accounting system. A system is a set of interrelated functions in order to achieve a specific objective. A combination of subsystems which are put together create a system.

There are many roles of accountants in AIS; as a user of the system, as a designer for the program, as the implementor of the system, as auditors, and also as owners of the program.

In the lab class, I am learning how to use the UBS accounting software. In the first 2 weeks, i have learned how to create new company data, update company profile, add charts of accounts, enter batches, record transactions and edit transactions using the software.

I am looking forward to learn more about the UBS software, as I find it interesting. Although it is difficult to use, it eases the accountants' work to record transactions. One must have knowledge about the software in order to use it.

I think this mini blogging project is a good idea. It requires students to recall what they have learnt in class, and have them explain it in their own words. In a way, it helps students to remember what they have been taught in class.

The Accounting Information System (DAC2104) Disclaimer

This blogging mini project is part of creative and innovative teaching under Accounting & information System (DAC2104).

All posts made by the owner of this blog is solely for the purpose of discussion and academic learning only and to fulfill the requirement of mini project Accounting & Information System (DAC2104).

This is a pioneer mini project for Accounting & Information System (DAC2104) and any advantages or disadvantages occurred will be taken into consideration for improvement in the future.