After conducting a formal and organized users' needs assessment survey, that included interviewing key users and process owners and studying the business processes, the analyst team has identified the major requirements of the proposed accounting information system (Accounting Software Research, 2002).
The software should include ABC's chart of accounts. If this is not set up properly so that revenues and costs are captured and segregated into the best suited categories, the financial reports will be useless and misleading.
All transactions need to be recorded by AIS. No transaction, once entered, will be allowed to be deleted. Transactions may, however, be reversed if incorrectly recorded in the AIS. The AIS should provide facility for transaction processing and activities like real time transactions entries, validation and verification checks, posting and reconciling, balancing totals etc.
The AIS should maintain and produce financial statements for the company based on the transactions that are entered into the software. The system should be able to group various items as per the rules already provided in the system and should be able to develop all relevant financial statements of the company like Balance Sheet, Income Statement, Cash Flow Statement ...