Reference no: EM132526307

Question - In a manual accounting system, all purchases on account are recorded in a multi-column purchases journal. At the same time these transactions are recorded in the journal, the liability will have to be recorded in the vendor's accounts payable subsidiary ledger. This process is done on a daily basis. All payments for open accounts payable and cash purchases are recorded in a multi-column cash payments journal. Similarly, any transactions affecting vendor balances will have to be posted to the vendor's Accounts Payable subsidiary ledger. At the conclusion of the month, totals are posted from the journals to the general ledger control accounts (Cash, Accounts Payable, and so on). The Accounts Payable control account is then reconciled to the Accounts Payable subsidiary ledger. How has the QuickBooks Software improved upon the manual system?