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GENERAL USES OF MIS IN
FINANCE
MONTHLY ACCOUNTS OF TRANASCTIONS
CASH FLOW
SOURCES & USES OF FUNDS
LEDGER & JOURNAL
MONTHLY RETURN AND STATEMENT
PROCESSING
TRIAL BALANCE & BALANNCE SHEET
PAY ROLE ACCOUNTING
FINANCIAL INFORMATION SYSTEMS
(FIS)
Financial information is the lifeblood of a business – Enabling
ensures an appropriate, cost-effective financial management
information system (FMIS) is installed for timely, relevant and
accurate information to support better business decisions.
Benefits of FIS
integrated financial information
Flexibility of reporting and additional control over expenditure
Less administration required within the businessT
ighter views of budgets versus actuals
Databases of Databases of
Financial
internal data external data DSS
Business
transactio
ns
Transactio Databases
n of valid Financial
processing transactio MIS Financial
systems ns applicatio
for each ns
TPS databases
Business
transactio
ns Financial statements
Operationa Financial
l Uses and management ES
of funds
databases
Financial statistics
for control
Custo
Business mers,
transactio Suppl
ns iers
OVERVIEW OF FINANCIAL MIS
Inputs to the Financial
Information System
Strategic plan or corporate policies
Contains major financial objectives and
often projects financial needs.
Transaction processing system (TPS)
Important financial information collected
from almost every TPS - payroll, inventory
control, order processing, accounts
payable, accounts receivable, general
ledger.
External sources
Annual reports and financial statements of
competitors and general news items.
Financial MIS Subsystems
and
Outputs
Financial subsystems
Profit/loss and cost systems
Auditing
Internal auditing
External auditing
Uses and management of funds
Accounting Information
System(AIS)
Subsystem of MIS that processes
financial transactions to provide (1)
internal reporting to managers for use
in planning and controlling current and
future operations and for nonroutine
decision making; (2) external reporting
to outside parties such as to
stockholders, creditors, and government
agencies.
Accounting Information
•
System(AIS)
• Accounting Information System
(AIS) combine the study and
practice of accounting with the
design, implementation, and
monitoring of information
systems. Such systems use
modern information technology
resources together with
traditional accounting controls
and methods to provide users the
financial information necessary to
manage their organizations.
AIS Technology
Input -The input devices commonly associated with
AIS include: standard personal computers or
workstations running applications; scanning
devices for standardized data entry; electronic
communication devices for electronic data
interchange (EDI) and e-commerce. In addition,
many financial systems come "Web-enabled" to
allow devices to connect to the World Wide Web.
Process -Basic processing is achieved through
computer systems ranging from individual personal
computers to large-scale enterprise servers.
However, conceptually, the underlying processing
model is still the "double-entry" accounting system
initially introduced in the fifteenth century.
Output -Output devices used include computer
displays, impact and nonimpact printers, and
electronic communication devices for EDI and e-
commerce. The output content may encompass
almost any type of financial reports from budgets
and tax reports to multinational financial
Softwares used in AIS
•GnuCash · HomeBank · TurboCASH
•Microsoft Office Accounting Express
•Microsoft Dynamics SL
Hardware Resources
HP Printers Currency counter
Dell Mainframes
Coin counters HP Digital Scanners
Networking cards
•
MyAccountsToGO (MATG) - Accounting
and financial information from
the SAP BusinessOne financial
management system are now
directly accessible from Apple
iPhone.
Real time Banking
In many circumstances the primary factor is speed. For example,
when a customer withdraws a sum of money from his or her
account the transactions are processed and the account
balance updated as soon as possible, allowing both the bank
and customer to keep track of funds. The new transaction is
send to LN. The LN enters the HUB where the specified file is
accessed. The updates are made entered there and finally the
update is done.
•
New Transactio, Updated
Updates LN
HUB
Online Complains
Standard Chartered bank allows the customer the option of
online complains. The customer submits the online complain
which is then processed by Customer Service TPS which is
linked by management and after the problem identification it
is send to the concerned department.
Customer Queries Customer Service TPS Identify Problem
A/C Dept.
HUB
Online Activity
Purpose: Transfer funds with the organization.
Input: Concerned Branch code, city name, account
title, amount & the transaction.
Process: The information will send to organization
server (HUB).
Output: Transfer of fund to the concerned branch.
Customer
Customer Service TPS A/C Dept
HUB
ATM Card
Purpose: Easy with draw of cash.
Input: Give bio data, income summary, company name,
NIC.
Process: NIC no. and bio data send to “virses” which
directly linked to NADRA. If information is correct then it
is forward to customer service centre.
Output: Issue of credit card.
Virses