Qno1 POS= Point of Sale It take place where the transaction occurs. We can also say that it takes place at the check out point. POS system generally includes the hardware and software devices or components ,such as computer ,monitor ,cash drawer ,receipt printer, customer display, barcode scanner and other suitable software. Pos system are generally use for the reporting purposes, sales cost volume profit analysis ,it also give the information regarding the cost of goods purposes and we can use many other purposes for to take future decision in the business.
In the conclusion we can say that are that system or it performs where the product and services are purchased. Benefit of POS System speed ,accuracy due to the high quality software are installed on it POS system are highly show the accurate and reliable result with a great speed. Current POS systems do not differ in term of function The current Pos system is not differ in the terms of function as they such as they use same method and system as they describe in the article.
Current Pos system function operates through cash register ,Quick books ,it also uses point of sale scanner ,inventory management tool like Pos system describe in the article,. Current point of sale system includes like components like hardware and software components such as computers, scanners, cash drawer, receipt printer, weight scale signature capture devices etc. Similar to the hardware and software devices as mentioned in the article . Current Pos generally occurs or operates at the check out point or usually at the counter like it is mentioned at the article.
The other function like “Back office” inventory control, purchasing ,receiving and method of sales of products are also similar to the article. Q no 2 As we know that pos system was introduced by the business sectors to develop and introduce a new facility to its consumers or customers. Technically they have a system which provides a pure form on line pin pad form and a system to combat fraud. Now the system has been modified by the switch system. Before there used to be more of the paper based transmissions of money and t was quite hard to experiment the pos system in many places . So were the people, they were not much familiar with the pos system . now whereas there are now every individual using the pos system in developed countries. Now there are individual banks taking advantages of the developing technology. Now the customers used to look for wants simple, quick and secure payment at the point of sale wants to gain from cashless shopping without paying extra charges. They also want the cashless transactions keep his money in his account longer. Now the system has changed.
It has card verification: that the card is available for the transaction (in particular it must exist, be date-valid, must not be barred, and must be empowered to conduct the particular transaction where as there should be PIN verification: that the PIN is correct for that card and same with the account verification so that the account with which the card is associated is available for the payment or transactions. Reconciliation and dispute-resolution costs are currently higher than before because of the training and recruiting staffs of the complex security system of pos system.
Like most retailers you’re probably struggling to find and choose the “right” software for your business. Whether you’ve wrestled with confusing sales literature, choosing an operating system, or figuring out how to compare software programs with countless features – you’ve probably been confused and discouraged privacy account balance is important, including shielded keying of the PIN, display of account balance on the customer terminal only, and non-retention of personal data. The information should be depicted in a clear and comprehensible manner so that even those with limited computer knowledge can use the program without any difficulty.
Pos fulfils all these requirements. So as the world is living in highly competitive and ever changing world,organizations and business sectors face the new, faster,, and more reliable ways to give and obtain information. Changes now are so constant and frequent that at any given time most business organizations are involved in some system improvement or change. eg organizations now have many serviceable systems that are incompatible which means they were developed over so many years using the same technologies and data formats which makes them hard to communicate. ometimes I pos system the they are often rewritten to remove the compatibilities and consolidate databases. Q. no. 3 “Back Office” Systems are a part of a POS system. Describe their function in relation to the Revenue, Expenditure and Reporting cycles and detail the importance of the functions in relation to the organisation. (25 Marks) Back office is an important part of the an organization where all the work related to running the company takes place. For instance the IT department that handles computers and keeps the phone running is an example of back office.
All the important tasks are supported by the back office. For example, back office keeps the records of an organizations purchase or sales transactions, which is directly related to the use of POS systems. Revenue cycle is a recurring set of business activities and related information processing operations associated with providing goods and services to customers and collecting cash in payment for those sales. The revenue cycle’s primary objective is to provide the right product in the right place at the right time for the right price.
Back office keeps all the record of the transactions that takes place during the operations and helps the organization provide the right product in the right time for the right price. Expenditure cycle is a recurring set of business activities and related information processing operations associated with the purchase and payment for goods and services. The primary objective in the expenditure cycle is to minimize the total cost of acquiring and maintaining inventories, supplies and various services the organization needs to function.
During this cycle, back office activates in ordering goods, supplies and services and helps in receiving, paying and storing goods for supply and services. Reporting cycle is the cycle where the back office prepares all the transactions related to income and expenses of the organization. This includes processing operations in updating the general ledger and preparing report that summarizes the result of an organization’s activities. As a whole Back office is the backbone of an organization and it includes all the functions that would fulfill customers needs.
Q n 4 What controls would be typically in place for a POS system so that data collected by it would be reliable? (10 Marks) How would these controls be employed? As mentioned in the article provided, POS has system has a lot of importance in today’s world. A Retail POS system typically includes hardware and software components for it to work effectively. Components would typically consist of: computer, monitor, cash drawer, receipt printer, customer display (pole), barcode scanner and suitable software.
The objective of control is to prevent securityincidents from happening. There are some major types of preventive controls that are as * Preventive: This includes authentication controls(password, tokens,pins), authorization control, remote access controls, physical access controls(locks, bodyguards) and training, * Detective: This includes log analysis, managerial reports, security testing(scanners, penetration tests) * Corrective: This includes computer emergency response team, chief information security manager.
These controls can be employed by training and educating all the users. There should be restriction to access to rooms housing printers and fax. controls designed to protect confidentially must be continuously reviewed and modified to respond to new threats created by technological advances. Other controls employed are monitoring and enforcement which provides procedures for responding to customers complaints. Q no5. Pos accounting system includes the “feeds” sales and cost of goods information to independent accounting application.
It promotes and supply the information to independent accounting application . Pos system are always related to the sales and cost of goods sold . Pos system desirable for sales and cost of goods sold and it is desireable for other accounting system because they are related operates parallel to each other while performing the transaction . For any business transaction it is compulsory that sales and cost of goods plays a vital role for the determination of selling price . Like pos system feeds the information related to the sales and cost of goods.
Pos system generally perform the function of sales ,it usually operates at the check outpoint or at the counters ,it also record all the sales transaction in relation with the sales, it also provides the information regarding to the sales like customer detail, price ,date of sales and also information about the products. These information are important for decision making purposes in relation to the sales and cost of goods in the coming future . In this way Pos system includes “feeds” sales and cost of goods information to independent Accounting Information.
Qno6 Basically MYOB accounting help to manage or business. The meaning of MYOB is “Manage your own business “It is a kind of accounting software which helps to manage all of our accounts. It also provides the facilities like payroll and retail software, webhosting etc. we can use myob software in the business like to maintain general ledger ,Accounts payable, Inventory control,e-commerce connectivity etc. Accounting Information is an integral part of any business, it provides timely information and aid in the decision making process.
It also helps us to make financial statements ,taxes ,reconcile bank statement and generating reports like MYOB. MYOB accounting system is an Accounting package or software which is also part of AIS. It also meets the requirements of POE. Usually Point of sales operates at check out point or at the counter, POE system includes the hardware and software devices in relationship with accounting information system. POE can record all the transaction like sale of goods and services and sales return, date and time of sale ,stock level it also gives the other information related to sales .
In relation with AIS ,and the software like MYOB it help POE and guides POE by timely information ,easy to use ,Internal controls and decision making . It also gives information for external Financial reporting. In this way AIS and MYOB are related and might be able to satisfy requirements for POE. References Accounting information systems eleventh edition{marshall b Romney and paul john steinbart}page 370-372,660-662 www. retailsystems. com. au www. freshpatents. com. au www. resources. bnet. com/bank/pointofsale. html{page 14-23} www. wikipedia. com www. freedombookkeeping. com www. ehow. com www. familybusiness_experts. com
