ANALYZE THE TERMS ARE STATED BELOW

Closing Date VS Accounting Period

Closing date

The date on which the seller of a property delivers the deed and the buyer pays for it. The date by which you must apply for, ask for, or provide something closing date for: The closing date for applications is March 17. The closing part of an activity or period of time is the final part of it. A closing date is a term used in real estate sales to denote the time at which the sale becomes final. It is not the same as the day on which the contract is signed for the sale but, rather, usually follows several weeks after the contract signing, and is when the buyer will receive the keys to the property. There are several processes that must be completed before the closing date arrives.

Accounting Period

In general, the time period reflected by a set of financial statements. In terms of taxation, it is the 12-month period a taxpayer uses to determine his or her income tax. The accounting period is usually the calendar year. Period for which a firm prepares its internal or external accounts; the period covered by the financial statements. For internal accounts, it may be a month or a quarter; for external accounts it is normally a period of 12 months.

Add Entry VS Quick Entry

Add Entry

Add entry is a single transaction entry procedure. When you enter a debit entry, you have to add credit entry (or vice-versa) to complete the double entry concept. In add entry, if we did not click on accept button, the system will not save the entire transaction. This method is very useful when we have more than one debit entry or credit entry.

Quick Entry

Quick entry is a double transaction entry procedure. When you enter one side of double entry, the system will generate the other side of the entry automatically. All you need to do is 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.

Edit VS V.Edit

Edit

First of all we must search for the account that you want to change. To edit we must go to 1) general then have to choose 3) print chart of accounts to list the chart of accounts, then double click on specific account to retrieve it. After, we have to change and have to click the save button. The same methods we will use for edit chart of account and edit transaction.

V.Edit

You may edit mutiple transactions in a batch by clicking the button v.edit button. V.edit function allows users to change/edit more than 1 transaction in a batch as the same window. It is ideal for changing multiple transactions at the same time. It is faster and easier for transactions editing compared with the normal edit function. Before you start to use v.edit function to edit transaction, 1st of all, you must go to the correct batch, whereby the batch shall contain transaction that you need to edit. As we know that, all transactions are being stored at batch no.5 cash book (bank)-jan08. In order to go to batch no.5 to do v.edit, you shall click on button to look for batch no.5.

Backup VS Restore

Backup

Compression of multiple data files from UBS accounting system into one compressed file and transfer the compressed file to floppy disk/UBS flash drive or hard disk.

Restore

Decompress the compressed file from floppy disk/USB flash drive or hard disk in order to recover back the multiple original data files which shall be stored back into the system.

Delete Individual Business Transaction VS Deleting All Business Transaction

Delete Individual Business Transaction

Deleting individual transaction is clear only batch titles and transaction will be deleted, opening balance and chart of account shall be remain. We can choose clear only transaction-chart & b/f remain at clear files/ generate sample chart in sage UBS accounting system, which is option no.2.

Deleting All Business Transaction

Deleting all business transaction is alll batch titles, transaction and account numbers of the date will be deleted when we choose option no.1 which is clear both chart of accounts & transaction in sage UBS accounting system. It also called clear files or generate sample chart. It partially clear or delete all data in the system.