Accounting For Practitioners is Excel-Based. 4 1/2 Star Rating
4 1/2 Star Rating
By Shelley Newton, CPA
Reprinted by permission © 2003 The CPA Software News:
110 N. Bell, Suite 300, Shawnee, OK 7480 1-800-456-0864:
www.cpasn.com
Accounting for Practitioners Version 4 (AFP) from Pendock Mallorn Ltd.
(800-567-4500; www.pendock.com) is an Excel-based system for preparing
trial balance and lead sheet information quickly and easily. Using the
Excel interface, the workbook provided is a highly customized workbook
that uses Visual Basic to supercharge the normal Excel environment. To
say that this is merely a spreadsheet would greatly understate the
power and flexibility of the system.
This is a truly customized application that provides entry and
validation functions far beyond the spreadsheets created in the normal
office setting. Purchase of the program gives the user a collection of
workbooks in Excel. Worksheets relating to the setup, trial balance,
leadsheets, grouping schedules, ratios, financial statements, and
client letters are included in the main workbook.
To navigate the system, an AFP Menu is added to the normal Excel
drop-down menus along the top of the screen. Excel 97/2000/2002 and a
Windows 95 or higher operating system is required to use the program.
Initial data entry requires the general client information and file
location information to be entered. Data entry begins with the opening
balances of the trial balance. Separate journals are provided to enter
information relating to the checks, deposits, sales, adjusting entries
and tax entries.
Making entries is easily accomplished by selecting the appropriate
journal from the AFP Menu. An intuitive form appears into which data is
entered easily to reflect the journal entry. Information entered into
each form automatically updates the trial balance, leadsheets and
financial statements.
The system does a good job of preventing a preparer from accidentally
entering information into a field that is calculated by a formula. The
system accumulates information entered for deposits and expenditures.
From the information, the trial balance is updated. The ability to
create monthly financial statements is available for monthly
bookkeeping purposes. A bank reconciliation function creates a
professional looking reconciliation.
Depreciation and amortization sheets are available and can be
calculated automatically. Income and expense ratio analysis is also
automatically computed. Information can be imported from an Excel or
text file. The import process is relatively easy. The import file is
opened in Excel and formatted to put each item of information into a
single column. The worksheet is then pasted into the Trial Balance
Import page. Selecting the Import function, each column is assigned and
associated with the account number, description and balance. Grouping
codes must also be re-entered when importing.
AFP Is No Ordinary Spreadsheet
Having a basic understanding of Excel is vital to the successful
operation of this program. For the preparer who is trying to create an
automated, easy-to-use spreadsheet and is frustrated by the setup
involved, this is a good solution.
This is no ordinary spreadsheet, though. It has been customized by
extensively using Visual Basic code. Basic navigation skills and the
ability to follow the meaning of the tickmarks are really the main
skill set required. Investigating issues that arise is simplified by
the ability to view the formulas that provide the ending totals.
Double-clicking on the value highlights the information referred to in
the formula as is common with Excel.
The Gold version of the program includes the ability to automatically
consolidate up to 80 companies and record eliminating entries.
Financial statements can also be created in *.PDF format for access by
Adobe Acrobat Reader in this version. Documents may also be scanned in
and related in the same workbook for supporting documentation. The
program is licensed for up to 10 users per office.
The Light and Standard versions of the program do not facilitate the
consolidation or electronic document functions mentioned above. The
Light version is licensed for a single user and is designed for
accountants preparing tax returns or plain paper statements. The
Standard version is licensed for up to five users and is designed for
the accountant who requires full working papers - lead-sheets, grouping
schedules, ratio analysis, long-term debt amortization schedules and
client data import capability.
For the smaller office that doesn't need an 'all-inclusive suite' and
wants a reasonably priced, well-rounded application for the preparation
of trial balance and the related working papers, this program is very
appropriate. AFP is easy to use and is well suited to fit the needs of
accountants with a client base of smaller companies. The system handles
compilation and review functions well. The product is priced at $399,
$599 or $899 depending on version - Light, Standard or Gold
respectively. The familiarity of the format and the straightforward
design make AFP a realistic solution for the office providing services
to small businesses.
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