Specifications

Computer Tutorial 3 Appendix B  5
2. Accpac places few restrictions on the structure of the chart of accounts. It is possible
to set up the chart of accounts as described in the question. Indeed, you can even
alternate accounts between the various account types or randomly assign account
numbers. The problem, however, is that such a chart of accounts will be very
difficult to work with and prone to errors during transaction entry. It also makes
producing financial statements more difficult.
3. The posted journals form part of the official audit trail. An audit trail enables the
accountant or auditor to trace the transactions, and determines that an account is
correct as shown. This audit trail also facilitates the location and correction of errors.
It can be mandatory to keep this report for several years, depending on income tax
regulations.
4. Accpac does not require that the transactions listing be printed. It is possible to close
the general ledger without printing it. However, it is good practice to print the
transactions listing either on a month-by-month basis or for the entire year before
closing. Transaction details can only be purged after they are printed. Consolidating
the details can save disk space and speed up processing time. The transactions listing
is the best tool to verify or explain the balance of a particular account.
5. For many businesses, the general ledger provides all the financial information
necessary for its competitors to figure out the state-of-affairs of the business. The
general ledger data are usually kept confidential.
6. It is good advice to store at least one backup copy of the general ledger off-site.
However, it is not wise to store it in Mary-Ann’s basement, which may not be
suitable for long-term storage of computer media. Bob should consider the possibility
of any future conflict with Mary-Ann over her employment, and the impact of such
conflict on access to company data in Mary-Ann’s possession.
7. Accpac has a password security function that provides access control to the general
ledger data. Once this security system is set up, a correct password must be provided
in order to load the general ledger data. Only the authorized individual should know
the password. Although Windows has some security features, they are easily
bypassed and should not be counted on to provide a high degree of privacy.
8. While Torban’s concern about the environment is commendable, the paper recycling
program exposes potentially confidential printouts to unauthorized access. Torban
should install paper shredders to destroy the confidential general ledger printouts
before they are discarded in the recycling boxes.