a) Closing
Date vs Accounting Period
Closing date in UBS system is normally a day before a new starting period
starts.
accounting books of any entity are prepared.
It is the period for which books are balanced and the financial statements
are prepared. Generally, the accounting period consists of 12 months.
However the beginning of the accounting period differs according to the
jurisdiction. For example one entity may follow the regular calendar year,
January to December as the accounting year, while another entity may
follow April to March as the accounting period.
Accounting period in UBS system is based on numbers. January will be ‘1’ and
February will be ‘2’.
B) Add Entry vs Quick Entry
Add Entry is used to enter a transaction debit and credit manually. Both debit and credit side have to enter separately.
Quick entry is more simple compared to Add Entry method. When we are using quick entry, we only have to enter debit or credit account. There are Master Account in Quick entry. The Master account normally we choose the account that appear many times in the transaction. When we use Quick entry, if the Master Account we choose is credit account, we only need to key in d transaction for the credit side. The debit side account will be entered automatically.
C) Edit vs V.Edit
Edit and V.Edit is used to correct the mistakes that we entered wrongly.
However, Edit can be used to
correct the mistake of a single transaction by debit or credit side only.
V. Edit can be used to
correct the mistake of all the transaction entered in to the system.
D) Backup
vs Restore
Backup is a step to do after we have finished all the
transaction. We need to have backup to avoid our data lost.
Restore is when we need to used the document again. The document
can be restored if we got do the backup for the documents.
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