DESIGN AND IMPLEMENTATION OF AN AUTOMATED ACCOUNTING SYSTEM A CASE STUDY OF FENWAY

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ABSTRACT

Information technology has done a lot in the field of banking work. A lot of tools have been developed to assist in the banking sector. This project work is concern in the design and implementation of an online forex information system used in first bank of Nigeria Enugu branch. Forex trading involves changing different currency to a particular currency. This has been previously done by manual method. But this project is aimed at automating our forex trading information system to make the work easier. This is possible because of the advance improvement in information technology as pertaining programming language; because this is achieved by the help of visual basic programming language.

ORGANIZATION OF WORK

This project work is primarily designed to give an insight to Automated Forex Trading System

Chapter one talks about introduction to Automated Forex Trading System, study of problem and objectives as well as definition of the scope.

Chapter two comprises the literature review. Chapter three gives the detailed information about the existing (old) system, while chapter four and five deals with the design and implantation of new system.

Chapter six document the project work, while chapter seven summaries,  conclusion and suggestions were made.

CHAPTER ONE

1.0           INTRODUCTION

          The increasing incidence of fraud and misappropriation of public fund and property by the accounting officers and chit executives in the FENWAY posses a question as to whether auditing plays any role towards ensuring proper accountability in the state public service.

          Automated accounting system is meant to control, deter and find out any fraud or misappropriation of public fund or property by officers entrusted with such duties. It is because of this onerous task that the Lafia state audit department was established to appraise the work of those entrusted with the responsibility of accountability.

          Government undertakes various transactions through its representatives or agencies and as such, they are required by law to give account of their stewardship. To achieve these purpose, the constitution of the federal republic of Nigeria provides a law established audit departments both at the federal and state levels section 125(1) of the 1999 constitution provides that there shall be an audit general for each state of the federation who shall be appointed in accordance with the provision of section 126 of this constitution.

Tasks that would require human effort several days can be performed by the computer within a split of second, thus the use of computer has become quite valuable in commerce and industry. Computer is being used in organization to process data and to provide accurate and timely information for the use of management.  This goes a long way facilitating the realization of set goals and objective resource to manager and hence their level of performance since they have access to accurate us-to-data and timely information.

The mentioned facts above motivate “the need for the design and implementation of a automated accounting system for  FENWAY” As part of the effort towards ensuring adequate and regular record on automated accounting system for FENWAY.  Automated accounting system is an activity that implies an indebt examination and evaluation of set of financial statement and their underlying records and document so as to form an objective opinion, which is expressed in the form of an audit report on the truth and fairness of view expressed in the financial statement about personnel in a FENWAY.  Before the advent of computer system, auditing was done manually.  But due to expansion and increase in organization persons, and businesses, it becomes highly difficult and cumbersome to accelerate auditing progressively.  Roles and document containing information about the personnel being auditing increases as the day thereby making it too hard to keep all information about the personnel accurately.  Auditors suffer tremendously as a result of this. This project wills undoubtedly development of the existing system.

1.1           STATEMENT OF PROBLEM

Automated accounting system involves the use of ledger, proof sheets, balance books etc.

One of the biggest difficulties faced by manual automated accounting system is the problem of errors traceable to human mistakes and shortcomings

  1. Handling records beset with problems. The record are not kept well and retrieval as `very difficult
  2. Loss of records is always common to manual auditing as there is no computerized way of storing the information contained in these records
  3. Calculation can sometime be wrong. In most cases, this has through oft many accounts and names which resulted to suspense account being opened and could not be closed unless as a charge or credit to profit and less account.

This research is prompted to these problems because it is the basis of the above problem that are facing manual automated accounting system that promoted the research auditing system that prompted the researcher to look into the subject of curbing and controlling automated accounting system manually.

1.2           AIMS AND OBJECTIVES

The objective of this study is to be able to get a fast and accurate way of auditing personnel records.  Know the number of person’s staff under the FENWAY.  Keep records of what is to be paid who at a particular time, control those errors made by human beings due to his shortcomings.  And also make sure that problem accoutered in recording information is highly minimized.  Another aim is to make sure that no record is lost and also to maintain accuracy.

DESIGN AND IMPLEMENTATION OF AN AUTOMATED ACCOUNTING SYSTEM A CASE STUDY OF FENWAY