ACCOUNTING PROCEDURE MANUAL KEMI-ROTIMI ENIAYEWU.

TABLE OF CONTENTS General Overview---------------1 Purpose----------------------4 Petty Cash------------------------------------------4 Internal Control--------------------------------Vouchers& Receipts-------------------------------5 Fixed Assets-------------------------------------------6 Bank Reconciliation---------------------------------7 Computerization of Account----------------------GENERAL OVERVIEW
An accounting system is comprised of accounting records (cheque books, journals, ledgers, etc.) and a series of processes and procedures assigned to staff, volunteers, and/or outside professionals. The goals of the accounting system are to ensure that financial data and economic transactions are properly entered into the accounting records and that financial reports necessary for management are prepared accurately and in a timely fashion. Components of an Accounting System Traditionally, the accounting system includes the following components: Chart of Accounts The chart of accounts is a list of each item which the accounting system tracks. It can also be defined as a detailed listing of all accounts used by an organization, showing classifications and sub classifications. Accounts are divided into five categories: Assets, Liabilities, Net Assets or Fund Balances, Revenues, and Expenses. Each

account is assigned an identifying number for use within the accounting system. General Ledger The general ledger organizes information by account. The chart of accounts acts as the table of contents to the general ledger. In a manual system, summary totals from all of the journals are entered into the general ledger each month, which maintains a year-to-date balance for each account. In a computerized system, data is typically entered into the system only once. Once the entry has been approved by the user, the software includes the information in all reports in which the relevant account number appears. Many software packages allow the user to produce a general ledger which shows each transaction included in the balance of each account. Journals and Subsidiary Journals Journals, also called books of original entry, are used to systematically record all accounting transactions before they are entered into the general ledger. Journals organize information chronologically and by transaction type (receipts, disbursements, other). There are three primary journals:
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The Cash Disbursement Journal is a chronological record of checks that are written, categorized using the chart of accounts. The Cash Receipts Journal is a chronological record of all deposits that are made, categorized using the chart of accounts. The General Journal is a record of all transactions which do not pass through the chequebook, including non-cash transactions (such as accrual entries and depreciation) and corrections to previous journal entries.

As organizations mature, and handle greater numbers of financial transactions, they may develop subsidiary journals to break out certain kinds of activity from the primary journals noted above. The most common examples of subsidiary journals include:
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The Payroll Journal, which records all payroll-related transactions. This may be useful as the number of payroll transaction s grows and becomes too large to handle reasonably within the cash disbursements journal. The Accounts Payable Journal and Accounts Receivable Journal track income and expense accruals. These are useful for grouping income and/or expense accruals which are too numerous to track effectively through the general journal. Some accounting packages require you to set up all bills as accounts payable and all revenue as accounts receivable, eliminating the cash

disbursements and receipts journals altogether. The process of transferring information from the journals to the general ledger is called posting. Computerized accounting systems often require users to post all income and expense transactions through the accounts receivable and payable journals. Other automated systems allow users to post to cash disbursements or receipts journals, but cannot produce detailed financial information from these journals. Cheque book In very small organizations, the chequebook may serve as a combined ledger and journal. Most financial transactions will pass through the chequebook, where receipts are deposited and from which disbursements are made. Smaller organizations receiving few or no restricted contributions find it easier to keep track of financial activity by running all of their financial transactions through a single checking account. Very small organizations, with few deposits and disbursements, may prepare reports directly from the chequebook after the balance has been reconciled with the bank balance. Accounting Procedures Manual The accounting procedures manual is a record of the policies and procedures for handling financial transactions. The manual can be a simple description of how financial functions are handled (e.g., paying bills, depositing cash and transferring money between funds) and who is responsible for what. The accounting procedures manual is also useful when there is a changeover in financial management staff an accounting procedures manual. The Accounting Cycle The accounting cycle may be represented schematically as follows: financial transactions -> analyze transaction -> record transaction in journals -> post journal information to general ledger -> analyze general ledger account and make corrections -> prepare financial statements from general ledger information The routine aspects of the accounting cycle (recording transactions, posting, etc.) are generally done by bookkeepers or data entry clerks. Accountants focus on the more analytical aspects of the accounting cycle (analyzing transactions, preparing financial statements.) Many small organizations rely on a single individual to perform all of these functions.

Maintaining the Integrity of an Accounting System The key tasks for maintaining the integrity of an accounting system include the following: Trial Balance In a manual system all balances from the general ledger are tallied on a monthly basis to make sure that debit balances equal credit balances. Once debits equal credits, financial statements can be prepared using trial balance amounts. Computerized accounting systems almost always produce a trial balance as a builtin report. Many software packages will not allow you to post an entry to the general ledger until the debit and credit balances are equal. Bank Reconciliation Each month you will need to reconcile the balance in your cheque book with the balance in your account according to your bank. This process has three basic steps: Compare deposits and cheques as they are recorded in the cheque book with those reflected in the bank statement. Adjust any discrepancies. Adjust for bank charges or interest earned into the cheque book balance. Subtract uncashed cheques from the banks balance and add in checks you have deposited which are not yet reflected in the bank's balance. Stages in the Development of an Accounting System Your accounting system will change as your organization's needs and resources change. A new, small organization may only need to keep an accurate record of activity in its chequebook. As the number of transactions grows, that organization will add manual cash disbursements and receipts journals, but may still prepare monthly reports using a summary sheet of income and expense items. Finally, as the organization acquires assets other than cash, accruals are added, and transactions become more complex, a full general ledger system will need to be incorporated. As their volume and complexity grow, the financial management activities will also require increasingly sophisticated staffing, whether by paid or volunteer staff or a combination of staff and outside service providers. An accounting system is only as good as the staff's ability to put it into practice, and should be designed with its users in mind.

Purpose
The Accounting Procedures Manual documents the Internal Control adopted by an organization or a company to safeguard assets, secure the accuracy and reliability of accounting data and financial reporting and promote operational efficiency.

To maximize the accuracy reliability of company s records, internal control procedures will support controls which emphasize the following: 1. Separation of roles and functions performed by staff 2. Review and reconciliation of financial records 3. Detecting and correcting irregularities. 4 .Access to and security of computer programs 5. Access to and security of cash assets and other Company s resources 6. Sound Budget Management including Organization s board review 7. Ensuring adherence to policies and procedures

Petty cash is an imprest fund that is used only for expenditure of an incidental nature. An imprest fund is a fund established for a fixed amount that is replenished in the exact amount expended from it. Petty cash should be used for minor ad hoc expenditure only, supplier accounts should be arranged whenever possible. The size of a petty cash fund varies depending on the needs of the business. A petty cash fund should be small enough so that it does not unnecessarily tie up company assets or become a target for theft, but it should be large enough to lessen the inconvenience associated with frequently replenishing the fund. For this reason, companies typically establish a petty cash fund that needs to be replenished every two to four weeks. Petty cash vouchers presented for reimbursement should all have valid receipts attached and state the following: a) Date b) Brief description c) General ledger code d) Authorised signature for cost centre e) Signature of cash recipient PETTY CASH RULES - Under no circumstances will the petty cash float be used to fund personal expenditure, loans or advances apart from advance funding for travel expenses, which must be authorised by a line manager or authorised signatory. Advances must be accounted for within 5 working days. -The central petty cash is held in a petty cash box (keys held by the Finance Assistant) The Petty cash box is checked and reimbursed on a fortnightly basis. Cash is counted, checked and listed and the totals entered on the reconciliation schedule along with the un-posted petty cash vouchers, and outstanding IOU . Once agreed, cash listings and reconciliation schedule is signed off by the team members and kept in the safe. -A cheque requisition is completed for the total reimbursement which should reconcile to total of petty cash vouchers and. This is authorised and given to the Finance manager for a cheque to be raised. - The petty cash vouchers are then posted as a general ledger journal. - On the last working day of each month, the petty cash box is checked with the Finance Assistant along with the finance manager and reconciled back to the

PETTY CASH

general ledger. Companies assign responsibility for the petty cash fund to a person called the petty cash custodian or petty cashier. To establish a petty cash fund, someone must write a cheque to the petty cash custodian, who cashes the cheque and keeps the money in a locked file or cash box. The journal entry to record the creation of a petty cash fund appears below.

Most companies would record this entry or any other entry that credits cash disbursements special journal.

in the cash

Whenever someone in the company requests petty cash, the petty cash custodian prepares a voucher that identifies the date, amount, recipient, and reason for the cash disbursement. For control purposes, vouchers are sequentially prenumbered and signed by both the person requesting the cash and the custodian. After the cash is spent, receipts or other relevant documents should be returned to the petty cash custodian, who attaches them to the voucher. All vouchers are kept with the petty cash fund until the fund is replenished, so the total amount of the vouchers and the remaining cash in the fund should always equal the amount assigned to the fund. When the fund requires more cash or at the end of an accounting period, the petty cash custodian requests a cheque for the difference between the cash on hand and the total assigned to the fund. At this time, the person who provides cash to the custodian should examine the vouchers to verify their legitimacy. The transaction that replenishes the petty cash fund is recorded with a compound entry that debits all relevant asset or expense accounts and credits cash. Consider the journal entry below, which is made after the custodian requests N130 to replenish the petty cash fund and submits vouchers that fall into one of three categories.

Notice that the petty cash account is debited or credited only when the fund is established or when the size of the fund is increased or decreased, not when the fund is replenished. If the voucher amounts do not equal the cash needed to replenish the fund, the difference is recorded in an account named cash over and short. This account is debited when there is a cash shortage and credited when there is a cash overage. Cash over and short appears on the income statement as a miscellaneous expense if the account has a debit balance or as a miscellaneous revenue if the account has a credit balance. In the journal entry below, the vouchers total N130 but the fund needs N135, so the entry includes a N5 debit to the cash over and short account.

If the vouchers total N130 but the fund needs only N125, the journal entry includes a N5 credit to the cash over and short account.

INTERNAL CONTROLS
Internal controls are methods or procedures adopted in a business to: Safeguard its assets Ensure financial information is accurate and reliable Ensure compliance with all financial and operational requirements And generally assist in achieving the business objectives.

The business culture Your overall attitude to internal controls and their importance in the business create an environment or culture within your business. People are made aware of the environment through words and actions. This often starts with the vision and values of the business and actions of the owners. Some business environments discourage poor reporting, carelessness and fraud while others are ripe for mistake and dishonesty. Lack of attention to internal matters, no code of ethics, little respect or concern for staff welfare, few audit trails, inefficient accounting system, lavish expenditure and general sloppiness in a business are all likely to create an environment that can easily be manipulated for gain. Internal controls are a process, a means to an end not an end in itself. Internal controls filter through the whole business to: Help align objectives of the business To ensure thorough reporting procedures and that the activities carried out by the business are in line with the business's objectives Safeguard assets Ensuring the business's physical and monetary assets are protected from fraud, theft and errors Prevent and detect fraud and error Ensuring the systems quickly identify errors and fraud if and when they occur Encourage good management Allowing the manager to receive timely and relevant information on performance against targets Allow action to be taken against undesirable performance Authorising a formal method of dealing with fraud or dishonesty if detected Reduce exposure to risks Minimising the chance of unexpected events Ensuring proper financial reporting Maintaining accurate and complete reports required by legislation and management and minimising time lost correcting errors and ensuring resources are correctly and efficiently allocated. Each internal control procedure is designed to fulfil at least one of these eight criteria: Completeness- that all records and transactions are included in the reports of business Accuracy- the right amounts are recorded in correct accounts Authorisation- the correct levels of authorisation, which cover such things as approval, payments, entry, computer access Validity- that the invoice is for work performed and the business has properly incurred the liability. Existenceof assets and liabilities. Has a purchase been recorded for goods or services that have not been yet received? Error handling- that errors in the system have been identified and processed Segregation of duties- to ensure certain functions are kept separate. For example the person taking cash receipts does not also do the banking

Presentation and disclosure - timely preparation of financial reports in conformity with generally accepted accounting principles. All internal controls, whether administrative or accounting, are linked to a financial consequence. For example, keeping records for long service leave entitlements is an administrative control but it does ultimately have a financial consequence.

SETTING UP INTERNAL CONTROLS

The types of controls you need will vary with the different flows of goods and funds within your business. Some areas of the business are more at risk of loss or fraud and require more stringent controls. Go through each aspect of your business and review whether you have control. The following checklists will help you to identify what controls you should have in place. Accurate sales figures are important to correctly estimate stock and revenue. You also want quick and reliable feedback of sales trends so you can take action quickly to changing circumstances for example you may need to purchase additional stock or discount old stock that is not selling. Ensure you have written procedures for cash, cheque and credit sales. Never ship goods out of your business without an accompanying invoice. Make sure your staff know how to handle returns and deal with customer complaints. Check sales figures from their individual source such as invoices If sales staff work on commission ensure that their sales figures are valid and commissions are not paid until funds are received Reconcile sales register with takings and credit sales

Accounts receivable are an important asset of the business. Delays or failure to collect due accounts can result in cash flow shortages and profit erosion. Ensure credit and collection policies are in writing Conduct credit checks on new credit customers Ascertain your aged receivables per time and have an independent review of the report Ensure credit purchases are recorded as soon as the transaction occurs Separate the accounts receivable function and cash receipting Have transactions such as non-cash credits and write-off of bad debts cross-checked Have a well documented and strict policy for the follow up of overdue accounts Review credit balances on a regular basis Have numerical or batch-processing controls over billing Ensure cross checking of early payment discounts and penalties on overdue accounts Ensure mailing of accounts cannot be tampered with Prepare trial balance of individual accounts receivable regularly Reconcile trial balances with general ledger control accounts.

Heavy cash businesses often fall victim to fraud or loss since cash is easy to misappropriate, especially in a small business because controls are often weak. Never leave cheque books or blank cheques lying around Owners should review the cheques, cheque register, cash register totals and bank statements regularly but not at predictable intervals (for example not every Monday morning) Keep a tight rein on all cash, and balance tills daily or more regularly in businesses handling lots of cash (such as clubs, news agencies or hotels) Have employees balance cash at the end of each shift if they are handing over to another employee Reconcile bank accounts regularly Where possible, separate mail-opening from the writing of deposit slips, and banking from bank statement reconciliation Separate responsibility for cash disbursement and purchases from the approval process Ensure the accountant does not forewarn staff before coming on the premises to conduct an audit Don't reimburse petty cash until the previous reimbursement is accounted for with supporting vouchers. Internal Controls for Small Business Many small businesses have found mistakes made in their purchasing and accounts payable can be very costly to the business. This is an area that deserves careful attention. There should be many internal controls within the billing and invoice payments. Make sure that you have a clear and simple list of written procedures for purchases and accounts payable to ensure all staff know the process they are expected to follow. Some important but simple checks to consider when reviewing payments are: Document purchasing and accounts payable procedures Ensure payments are on original invoices only not copies or faxes otherwise they may be paid more than once After payment is made, stamp or perforate the original invoice to prevent reuse Develop an exception report so payables over a certain amount are bought to your attention, and where practical set authorisation levels where the owner is the only one who can sign or commit the firm to huge amounts of money Put in place controls to check for identical payments Ensure refund cheques from suppliers are handled by someone other than the person processing the invoices Check invoices with only a post-office box address Check invoices with company names consisting only of initials Ensure the person who approves new vendors is different from the person responsible for the payment process Check rapidly increasing purchases from one vendor Check vendors billings more than once a month

Check vendor address that match employee addresses Look out for large billings broken into multiple smaller invoices each of which is for an amount that would not attract attention Once a month select a type of vendor (such as all tradespersons) and review each line total and number of invoices for each vendor Check out the competitors' prices if you rely heavily on one supplier Investigate invoices for poorly defined services

FIXED ASSETS
Fixed Assets are assets such as land, machines, office equipments, buildings, patents, trademarks, copyrights, etc. held for the purpose of production of goods or rendering of services and are not held for the purpose of sale in the ordinary course of business. It is important for every organization to maintain a fixed assets register.

(FAR)

A FAR must be kept in order to be in compliance with legislation governing corporations, companies, etc. It allows a company to keep track of details of each fixed asset, ensuring control and preventing misappropriation of assets. It also keeps track of the correct value of assets, which allows for computation of depreciation and for tax and insurance purposes. The FAR generates accurate, complete, and customized reports that suits the needs of management A FAR also allows a company to keep track of fixed assets that are not under simple, direct control of the company. This means owned and leased assets, assets under construction, and imported assets. The format / details to be provided in a FAR generally depends upon the following factors:

Nature of assets. o i. If moveable assets constitute a significant portion of total fixed assets, details will be necessary on their movement from one department / cost center / people to another. o ii. Cost of assets. Greater control and security is required for costly equipment. Customized Reports on fixed assets required by management. Disclosure norms / regulatory compliances as per statutory laws applicable to the entity. Extent of owned, and assets taken on lease / hire purchase. Requirements of insurance company. Location of fixed assets. If fixed assets are located at numerous locations, greater details will have to be given. In the case of a construction company, the assets are located at different work sites. These work sites maybe in different cities / countries / continents.

Maintenance costs. Some fixed assets require regular servicing to keep them running in an efficient and satisfactory manner. It would be necessary to keep a tab on the maintenance costs, dates of servicing etc. during a stated period.

ASSET CLASS Vehicles Office Equipment and Computers/Software Furniture and Machinery Leasehold Improvements Buildings

USEFUL LIFE 3-5years 3-5years

METHOD OF DEPRECIATION Straight Line Straight Line

7years Remaining life of lease term including option renewals 30years

Straight Line Straight Line Straight Line

STORES
Objective To maintain a system of control over receipt, custody, issue and security of stocks. Functions Store keeping functions include: a. Maintaining the stores in a tidy manner. b. Accepting goods and raising Stores Receipt Advice (SRA), Goods Receipt Notes. c. Correct positioning of stocks and issue of bin or tally cards. d. Checking that bin card quantities agree with physical quantities all the time. e. Issuing goods out on proper authority on receipt of approved requisitions and issuing stores Voucher. f. Advising on obsolete, damaged and slow-moving stocks, and g. Raising requests for stock replenishment for common user items.

BANK RECONCILIATION
One of the most common cash control procedures, and one which you may already be performing on your own bank account, is the bank reconciliation. In business, every bank statement should be promptly reconciled by a person not otherwise involved in the cash receipts and disbursements functions. The reconciliation is needed to identify errors, irregularities, and adjustments for the Cash account. Having an independent person prepare the reconciliation helps establish separation of duties and deters fraud by requiring collusion for unauthorized actions. There are many different formats for the reconciliation process, but they all accomplish the same objective. The reconciliation compares the amount of cash shown on the monthly bank statement (the document received from a bank which summarizes deposits and other credits, and cheques and other debits) with the amount of cash reported in the general ledger. These two balances will frequently differ. Differences are caused by items reflected on company records but not yet recorded by the bank; examples include deposits in transit (a receipt entered on company records but not processed by the bank) and outstanding cheques (cheques written which have not cleared the bank). Other differences relate to items noted on the bank statement but not recorded by the company; examples include nonsufficient funds (NSF) cheques ("hot" cheques previously deposited but which have been returned for nonpayment), bank service charges, notes receivable (like an account receivable, but more "formalized") collected by the bank on behalf of a company, and interest earnings. lSince there are timing differences between when data is entered in the bank systems and when data is entered in the individual's system, there is sometimes a normal discrepancy between account balances. The goal of reconciliation is to determine if the discrepancy is due to error rather than timing. Bank reconciliation process to follow

Adjusting the Balance per Bank Adjusting the Balance per Books Comparing the Adjusted Balances Preparing Journal Entries As may be the case with any other business process, there are several best practices for preparing account reconciliations:

First, it is important to prepare reconciliations on a timely basis at the end of a period (each month, quarter or year). The frequency of preparing reconciliations depends on the level of activity and risk of error associated with particular accounts. For example, high-activity accounts (accounts receivable, accounts payable, cash, possibly fixed assets, etc.) should be reconciled on a monthly basis

because activity within these accounts is high and inherent risk of errors is therefore high as well. Such errors should be identified and corrected timely. Moderate-activity accounts (notes receivable, notes payable, long-term debt, possibly fixed assets, etc.) may be reconciled once a quarter because there is a certain (but not necessarily high) amount of transactions recorded in such accounts and risk of errors is somewhat lower. Low-activity accounts (trademarks, owners capital, etc.) may be reconciled on an annual basis because such accounts have very limited (if any) activity and therefore, much lower risk of errors.

Second, reconciliations may result in reconciling items. Reconciling items may be small or large. If there are significant reconciling items, they should be investigated and necessary adjustments should be made in the accounting records to ensure there are no material errors in the financial statements. Note that we mentioned material errors which in simple terms means errors that would affect a decisionmaking process of a business owner, creditor or investor. Third, it is necessary to maintain segregation of duties in the accounting reconciliation process. There should be different reconciliation preparer and reviewer/approver. For example, bank account reconciliations should not be completed by the employee responsible for disbursing cheques or depositing cash. When such segregation of job duties is not maintained, if an employee embezzles cash by writing cheques to him- or herself, he or she would be able to hide that when preparing reconciliations. On the other hand, if there is a separate reviewer/approver of the reconciliation, then the employee wouldn t be able to hide any wrongdoings. Another example of segregation of duties is as follows: a person who handles payables and writes cheques should not reconcile and review/approve the reconciliations for such accounts (but can prepare them for somebody else s review/approval). Finally, reconciliations should be filed and available in case one needs to go back to review what happened in the past. The most convenient way is to keep supporting documentation attached to reconciliations.

VOUCHERS AND RECEIPTS A voucher is an accounting document representing an internal intent to make payment to an external entity, such as a vendor or a service provider. A voucher is produced usually after receiving a vendor invoice, after the invoice has been successfully matched to a purchase order. A voucher will contain detailed information regarding the payee, the monetary amount of the payment, a description of the transaction, etc. In Accounts Payable systems, a process called a payment run is executed to generate payments corresponding to the unpaid vouchers. These payments can then be released or held at the discretion of an Accounts payable supervisor or the company controller. The term can also be used with reference to Accounts Receivable, where it is also a document representing the intent to make an adjustment to an account , and for the general ledger

where there is need to adjust accounts within that ledger, in that case its referred to as a journal voucher.

COMPUTERIZATION OF ACCOUNT The introduction of computerized accounting systems provide major advantages such as speed and accuracy of operation, and, perhaps most importantly, the ability to see the real-time state of the company s financial position. In my experience I have never seen a business that has upgraded to a computerized accounting system return to paper based accounting systems. A typical computerized accounting package will offer a number of different facilities. These include: 1. On-screen input and printout of sales invoices 2. Automatic updating of customer accounts in the sales ledger 3. Recording of suppliers invoices 4. Automatic updating of suppliers' accounts in the purchases ledger 5. Recording of bank receipts 6.Making payments to suppliers and for expenses 7.Automatic updating of the general ledger 8. Automatic adjustment of stock records 9. Integration of a business database with the accounting program 10. Automatic calculation of payroll and associated entries Computerised accounting provides instant reports for management, for example: Aged debtors summary a summary of customer accounts showing overdue amounts Trial balance, trading and profit and loss account and balance sheet Stock valuation Sales analysis Budget analysis and variance analysis VAT returns Payroll analysis When using a computerized accounting system the on computer, input screens have been designed for ease of use. The main advantage is that each transaction needs only to be inputed once, unlike a manual double entry system where two or three entries are required. The computerized ledger system is fully integrated. This means that when a business transaction is inputed on the computer it is recorded in a number of different accounting records at the same time. The main advantages of a computerized accounting system are listed below:

Speed data entry onto the computer with its formatted screens and built-in databases of customers and supplier details and stock records can be carried out far more quickly than any manual processing. Automatic document production fast and accurate invoices, credit notes, purchase orders, printing statements and payroll documents are all done automatically. Accuracy there is less room for errors as only one accounting entry is needed for each transaction rather than two (or three) for a manual system. Up-to-date information the accounting records are automatically updated and so account balances (e.g. customer accounts) will always be up-to-date. Availability of information the data is instantly available and can be made available to different users in different locations at the same time. Management information reports can be produced which will help management monitor and control the business, for example the aged debtors analysis will show which customer accounts are overdue, trial balance, trading and profit and loss account and balance sheet. VAT return the automatic creation of figures for the regular VAT returns. Legibility the onscreen and printed data should always be legible and so will avoid errors caused by poor figures. Efficiency better use is made of resources and time; cash flow should improve through better debt collection and inventory control. Staff motivation the system will require staff to be trained to use new skills, which can make them feel more motivated. Cost savings computerized accounting programs reduce staff time doing accounts and reduce audit expenses as records are neat, up-to-date and accurate. Reduce frustration management can be on top of their accounts and thus reduce stress levels associated with what is not known. The ability to deal in multiple currencies easily many computerized accounting packages now allow a business to trade in multiple currencies with ease. Problems associated with exchange rate changes are minimized. In summary if you have not computerized your accounting you should seriously consider doing so. Various accounting packages includes Peachtree, Sage, Quickbooks, Daceasy, etc. While choosing an accounting package you must choose the one that meets the needs of your organization.