Kudler Accunting System

Topics: Accounts receivable, Inventory, Balance sheet Pages: 2 (414 words) Published: February 13, 2013
Kudler Accounting System

Kudler Accounting System

* Kudler Fine Foods is an upscale specialty food store with three locations in the San Diego Metropolitan area. This initial business plan includes funds to acquire a comprehensive Retail Enterprise Management System (REMS). An analysis was completed and a modular and scalable RMS selected. This report will provide an overview of Key features, core technology, benefits and cost of the new Retail Enterprise Management System. The REMS has consists of six modules: General Ledger Module; Accounts Payable, POS Module, Bank Reconciliation, Asset Management and Accounting, and Security Core Technology

Point of Service Procedures (POS) captures and reports all retail sales in detail. Each cash register entry results in data transmitting to the General Ledger (GL) Electronic Payment Clearing House, and purchasing functions. Data transmitted to the GK automatically include: * Debits Cash and credits Sales.

* Calculates the Cost of Goods Sold.
* Calculates the Merchandise Inventory based of FIFO.
* Debits Cost of Goods Sold and credits Merchandise Inventory. * Reports net profit per sale daily. (Organization)

Kudler’s initial Business Plan allocated over $50,000 to hire consultants to assist with the selection process to find the best REMS for the companies needs. The Smith Consulting firm was responsible for installation and yearly maintenance of the REMS. Security

The power problems plaguing California had a definite financial impact thus all stores and company headquarters have installed auxiliary generators enabling the finance and accounting systems to be supported 7 times 24. The REMS has imbedded security features, passwords, dollar limits, limited access features. Either the CFO or President must approve authorization for disbursements (checks or cash) over $1,000. Disbursements over $5,000 by both the CFO and President. (Organization) Benefits

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