Accounting Software Applications

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Accounting Software Applications
Accounting software applications refer to systems that are dedicated to the management and processing of all financial data (Bodnar and Hopwood 15). Such systems help accounting professionals to effectively perform the task of governing accounts and automating systematic operations (Bodnar and Hopwood 15). There are various types of accounting software applications depending on the uses to which they are put. One type of accounting software application is the checking account accounting software. This software enables the bookkeeping team of an organization to manage the organization’s checking account- a deposit account which the organization holds at a financial institution and allows it to deposit and withdraw money (Bodnar and Hopwood 18).
In case an accounting professional or a member of the bookkeeping team in an organization wishes to keep their organization’s checking account in order using an accounting software application, he will need to key in some information into the application and wait for the system to generate the appropriate reports. The first information that the individual will have to key into the system is the data on deposits. Deposits refer to the funds that the organization transfers into it’s checking account for safekeeping (Bodnar and Hopwood 27). Such transactions increase the amount of funds available in the checking account. The second type of information that the individual will key into the system is the data on withdrawals.

Withdrawals refer to the transactions that remove funds from the organization’s checking account (Bodnar and Hopwood 27). After keying in all this information, one waits for the system to perform the accounting task of balancing the transactions and then generating a report which presents information on the account’s balance.

Work Cited
Bodnar, George H., and William S. Hopwood. Accounting information systems. Upper Saddle River: Pearson, 2012.