The implementation of an accounting system within a company is essential, since this is the tool that allows to control the mercantile and financial negotiations and in addition to satisfying the prevailing need for information so that you will obtain greater productivity and use of resources..
Many people still believe that accounting is an information gathering technique and only bases its foundations on a routine process of recording, classifying and summarizing the information of each one of the transactions carried out by the company. But this is not true, accounting is much more than that, it currently constitutes one of the fundamental tools of the development of organizations.
Accounting is in charge of analyzing and evaluating the economic results that the company obtains by grouping and comparing results, it also plans and compiles the procedures to follow based on the control and fulfillment of business objectives, in addition, it registers and classifies the operations of the company, in order to report the economic facts in a pertinent way, allowing tasks to be carried out according to pre-established procedures, all under the control and supervision of the accountant, for all these reasons, the importance of an accounting system.
Company Constitution
Careimy SA
It was born with the initiative of Mr. Roberto Marte to venture into the tourism area, especially in the provision of specifically accommodation services.
Careimy SA is a company that provides tourist services in the hospitality area founded on May 1, 2007, which is governed by statutes and approved by Dominican laws on entities of this nature.
This company located in the tourist project of Playa Dorada Puerto Plata, Dominican Republic, telephone 809-320-2223 fax 809-320-2224, website: careimysa.com.do. It has a physical expansion of buildings of 40,000 mt², divided into three buildings, for a total of 406 rooms in an area of 70,000 mt² of land.
Incorporated for an indefinite time, beginning operations on the aforementioned date. The fiscal years will be annual, beginning on the first day of January and ending on the thirty-first of December of each year, with the exception of the first one that will begin on the day of the constitution ending on the thirty-first of December following.
The share capital is fixed in Dominican pesos, legal tender.
Mr. Mate is the chairman and sole owner of this company, and he will be responsible for decision-making. There is a staff of departmental managers headed by a general manager, who reports directly to Mr. Marte's mandate.
All contracts and negotiation agreements are carried out by management administration, but must be approved and validated by Mr. Marte.
Accounting system
The accounting department is the area of the company where all financial information is classified, recorded and interpreted for decision-making.
Currently accounting is the tool that best shows the economic reality of companies, which is why its correct implementation within organizations is of vital importance for decision-making in everything related to their productive activity.
In this context, the creation of a good accounting system arises from the need for information on the part of all the actors that make up the business whole, since this system must be structured and made to classify all the economic events that occur in the business.
Thus, the implementation of accounting systems is the basis for carrying out the various procedures that will lead to obtaining the maximum economic return that incorporating a company implies.
The accounting system within an organization is constituted as an ordered and coherent structure through which all the necessary information of an entity is collected as a result of its operational activities, using all the resources that the accounting activity provides and that Being presented to managers and shareholders will allow you to make the operational and financial decisions that help you manage the business.
Check list
This time, at the request of the general manager of the company Careimy SA, we attended their facilities to survey the location for the development and implementation of an accounting system.
Through an interview with the personnel who will be responsible for managing the company's financial activities, evaluating all the necessary requirements to facilitate the streamlining of financial information.
On this visit we took the following information about the company.
Company name or company name: Careimy SA
RNC: 105001058
Location: Playa Dorada Tourist Complex, Puerto Plata Dom. Rep.
Telephone: 809-320-2223, fax 809-320-2224
Commercial activity: Service company
Number of employees: 305 employees
Share capital: 200,000,000.00 pesos
General information: Careimy SA is a tourist service provider company in the hospitality area founded on May 1, 2007.
This company located in the tourist project of Playa Dorada Puerto Plata, Dominican Republic, telephone 809-320-2223 fax 809-320-2224, website: careimysa.com.do. It has a physical expansion of buildings of 40,000 mt², divided into three buildings, for a total of 406 rooms in an area of 70,000 mt² of land.
Account Catalog Concept
It is the index or instructions, where, in an orderly and systematic way, all the accounts applicable in the accounting of a trade or company will be detailed, providing the names and, where appropriate, the numbers of the accounts ”.
It is important when establishing a catalog of accounts, for its proper management, to be accompanied by a guide detailing the movements that will affect each of the accounts contained in it.
The elaboration of this catalog can be numerical, decimal numerical, alphabetic, alphabetic or alphanumeric; All this will always depend on the needs of the negotiation or company, and this indicates that the accounts that are managed will be assigned an orderly number for easy management and control.
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Internal control over accounts payable
DEBTS TO PAY
They are payment obligations that must be made in the future and that originate in the purchase of goods and services on credit, obtaining loans, withholdings, etc.
INTERNAL CONTROLS OF ACCOUNTS PAYABLE
1) The requisitions, purchase orders for goods and services that give rise to accounts payable must be approved by the superior hierarchical leader.
2) The requisitions and purchase orders that give rise to it must be pre-numbered from the press and used in a rigorous numerical sequence.
3) The functions of purchasing, receiving and registering accounts payable must be segregated.
4) The merchandise received must be rigorously examined, to determine if there are shortages, and the purchasing department will be informed of such situation.
5) Invoices will be sent directly to the accounting department and accounts payable will be immediately recorded.
6) Internal audit will supervise in all cases, the invoices against purchase orders and the reception reports that give rise to accounts payable are compared.
7) Both the invoice and the purchase order must be canceled at the same time the debt is paid.
8) The supplier's account statements must be reviewed and reconciled with the balances of the accounting department.
Prepared by: Ramón E. Ynfante T. Page 16
9) Checks to settle these accounts will be recorded, with a clear concept that explains the disbursements.
10) All accounts payable must be registered before making the payment.
11) Accounts payable confirmation requests must be met.
12) A monthly list of accounts payable must be prepared with their respective vouchers and reconciled with the control account.
13) It is the responsibility of the highest-ranking incumbent, the person in charge of the financial area, and the internal auditor to ensure compliance with these controls.
Internal control over accounts receivable
ACCOUNTS RECEIVABLE
The accounts receivable originate from the sale of the products of the organization or from the sale of a certain class of service, the establishment of these is focused on the originating element of the gutter receivable and the corresponding support for the shipment of the product or the execution of the service, it is necessary to ensure that the accounts receivable have been duly registered.
INTERNAL CONTROLS ACCOUNTS RECEIVABLE
1) The granting of credit to clients, officials and employees will be carried out on the basis of the policies established by the institution.
2) An auxiliary account must be enabled for each client, officer and employee.
3) Periodic checks must be made of the documents to be collected, to reconcile them with the accounting books.
4) The authorizations to discharge bad accounts must be approved in accordance with the accounting standards and laws that exist for such purposes.
5) Internal audit will send account statements regularly to all debtors and will investigate all reported items with discrepancies.
6) All customer or related checks that are returned due to insufficient funds will be recorded in a special register with the details that identify those who issued them: date, name of the issuer, bank drawn, amount, etc. plus a "remarks" column for any additional details.
7) No personal checks will be received, or from companies that have returned checks on two previous occasions without any valid explanation or justification.
8) The Accounting Department must register the returns of checks with the bank debit notes received, making a debit entry to the account of returned checks for the amount thereof, and must pass the collection department to manage its collection. cash immediately received.
9) Credits will not be granted to employees who have less than three (3) months working in the institution.
10) It is the responsibility of the highest-ranking incumbent, the person in charge of the financial area and the internal auditor to ensure compliance with these controls.
Internal Control over Inventories
Internal control over inventories is important, as inventories are the circulatory system of a marketing company. Successful companies take great care to protect their inventories. Elements of good internal inventory control include.
1) Physical inventory count at least once a year, no matter which system is used.
2) Efficient maintenance of purchases, reception and shipping procedures.
3) Storage of inventory to protect against theft, damage or decomposition.
4) Allow access to inventory only to personnel who do not have access to accounting records.
5) Maintain perpetual inventory records for high unit cost goods.
6) Buy the inventory in cheap quantities.
7) Maintain sufficient inventory on hand to prevent deficit situations, which leads to sales losses.
8) Not keeping inventory stored too long, thereby avoiding the expense of having restricted money on unnecessary items.
conclusion
In this work we learned much more about accounting systems, in addition we also learned how to develop and implement an accounting system in a company, as well as how to prepare all the different types of forms and reports used in financial information. We were able to realize the importance of an accounting system within any entity that keeps financial records, regardless of its nature.
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