Differentiate The UBS Terms

Differentiate the UBS terms below :

1. Period versus Accounting Period
2. Add Entry versus Quick Entry
3. Clear Files / Generate Sample Chart versus Delete Unwanted Transactions
4. Edit versus V.Edit

PERIOD VS ACCOUNTING PERIOD

Period 

- It means the sequence of accounting month . Period 1 until period 12 . Every period refers to different accounting month . It must be based on when is the closing date of that particular business .

- If the current accounting year is from 1st January 2011 to 31st December 2011 , then period '1' refers to January .

- If the current accounting year is from 1st June 2011 to 31st May 2011 , then period '1' refers to May .

Accounting Period

- period for which a firm prepares its external or internal accounts .

- the period covered by financial statements .

- usually for internal accounts , it may be a month or a quarter .

- for external accounts normally a period of 12 month .

ADD ENTRY VS QUICK ENTRY

Add Entry

- is a single transaction entry procedure . 

- when enter debit entry , have to add credit entry (or vice-versa) to complete the double entry concept .

Quick Entry

- is a double transaction entry procedure .

- when enter one side of double entry , the system will generate the other side of the entry automatically .

- just need to nominate a Master Account 

- Master Account can be any double entry account and it means the account's entry will be handled by the system .

CLEAR FILES / GENERATE SAMPLE CHART VS DELETE UNWANTED TRANSACTIONS

Clear Files / Generate Sample Chart

- partially clear or delete all data in the system .

Delete Unwanted Transactions

- delete certain transaction that have been marked (*) ten times .

EDIT VS V.EDIT

Edit

- allow us to edit a transaction at a time .

- slower

V.Edit

- allow us to edit multiple transactions in a batch at a time .

- faster and easier compare to 'Edit' .