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.