My knowledge of automated accounting controls mostly stems from my Principles of Accounting course. It is my understanding that internal controls are needed in order for managers to control and monitor business activities. This includes policies to direct operations, procedures t o ensure reliable financial reports, safeguards to protect assets, and techniques or methods to achieve compliance with regulations and laws. I learned that there has to be a segregation of duties. I became familiar with that aspect when posting journal vouchers in SAP. If debits did not equal credits, there was an error generated while keypunching the information into SAP. There are five accounting system components. Source documents such as bank statements (Mellon Bank), checks received from other credit unions are the beginning component in processing in an accounting system. Input devices such as journal entries whether electronic or hard copy capture the information provided by checks from credit unions or statements from Mellon Bank. I prepared numerous journal vouchers for Mellon wire and lock box (LB AMAC) that were later keypunched into SAP and provided a SAP entry number. Information processors such as ledgers, working papers, and posting procedures assist in transforming raw data into useful information. I posted numerous journal vouchers in SAP ensuring that all information was keypunched correctly. This includes ensuring that all debits (code 40) equaled credits (code 50), account numbers for cash accounts, and text was entered correctly. The information storage component of an accounting system (SAP) keeps the data posted in a form accessible to information processors. The information saved is used in reports and statements. Access to SAP is limited to certain users ensuring the integrity of employees and keeping responsibilities separate. The last component of the accounting system is the output device (printers, monitors, web communications).
