Financial and nonfinancial transaction up to last PDF

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an aide to easier accounting...

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Nonfinancial transaction Non-financial transactions(NFTs) involve no transfer of funds between accounts. Change of user details, balance inquiry, mini statement printing, PIN change and cheque book request are the NFTs at ATM.

of $ 1,000,000. 3) Fed Reserve increased the rates by 50 basis points. Data vs Information Data usually represents unprocessed numbers, pictures

Financial transactions involve transfer of funds between accounts. Cash withdrawl and transfer money to other account are financial transactions at ATM.

or statements; information is typically the result of

The difference is no money will be debited or credited immediately from our account if we do any of the NFTs. In case of financial transaction ATM, money will be debited.

has on Facebook while “information” is represented by

Non financial transactions are those which don't involve money, goods. Occurence of fire accident is a non financial transaction whereas the loss occurred due to fire accident is a financial transaction. Any transactions do not carry monetary value are nonfinancial transactions.

from information: 1. While data does not depend on information, information does depend on data.

In Banking Software terminology, non financial transaction means these: Balance Inquiry Updating a customers details like mobile number, address etc., Account opening Account closing Balance Inquiry Printing an account statement Standing instructions maintenance Sweeping / sweepout instructions maintenance Cheque book issue etc., All these are transactions in the software, but no where funds (money) are involved. The following are financial transactions, where money is involved… Cash withdrawal Cash deposit Funds transfer from one account to another Financial and Nonfinancial transactions

analyzing or processing the data. For example, “data” can be illustrated by the number of likes your company a demographic analysis of the data — which age groups like you and where are they? Here are four additional examples of how data differs

2.

Data is “input” and information is “output”.

3.

Data is raw material and information is the product.

4.

Data is a single unit and information is a grouping of data.

Understanding the Structures of Data and Information Comparing structured data vs unstructured data is a practical way of illustrating the different forms of data. Structured data is ideally represented by a fixed field in a file or record — for example, unit price, date and commission percentage within databases, enterprise systems and data warehouses. Unstructured data doesn’t fit in the “neat little box” or data field — common examples include email messages, word processing files, images and audio or video files. One clear benefit of structured data is that it is more easily searchable — the ability to find data with a simple search operation is always relevant and important. Transforming Data into Information

Financial Transactions Before you can convert data into information, you must Any transactions which can be measurable in terms of money. Any transaction which results in a change of P & L account and Balance Sheet. Examples 1) Mr Jacob deposits $ 10,000 to his Savings Bank account. 2) Goods purchased worth $ 5,000,000 from Fab Furnish Ltd. on credit basis 3) Purchased building for a cash of $. 1,000,000

collect, organize, store, analyze and manage the raw data. In some cases, data will be collected in paper form (job application forms and questionnaires) or physically (discussion groups and job interviews). However, collecting data electronically via computer can reduce subsequent processing. Businesses of all sizes should think carefully about how to store data — for example, electronically, paper-based files or video tapes. The ability to retrieve data later and

Non-financial Transactions Any transactions do not carry monetary value are non-financial transactions. Any transaction which will not result in change

transform it into information will be either helped or hindered by how the data is stored and protected. Data and information management experts such as Research

of P & L account and Balance Sheet Examples Mr. Sebastian requested for change of address to the bank account. 2) Apple Inc. appointed Managing Director for a salary

Optimus should be consulted at an early stage of your efforts to improve how you transform data into information.

Data and Information: What Businesses Need Today

Big data describes voluminous amounts of structured,

Many business owners are rightfully intimidated by the

semi-structured and unstructured data collected by

sheer volume of data — sales, suppliers, customers,

organizations. But because it takes a lot of time and

shipment tracking, social media, emails and web traffic. By one estimate, the quantity of business data doubles every 15 months. In the era of big data, most companies need serious help with data analytics and insights rather

money to load big data into a traditional relational database for analysis, new approaches for collecting and analyzing data have emerged. To gather and then mine

than simply generating more data and information.

big data for information, raw data with

Do you know how your company will successfully

extended metadata is aggregated in a data lake. From

harness the data and information needed to survive and

there, machine learning and artificial intelligence

thrive against your competition? Are your competitors

programs use complex algorithms to look for repeatable

ahead of you or behind you in how they handle data

patterns.

and information? Before it is too late, you should roll up your sleeves and “look under the hood” of your own big data engine.

DATABASE MANAGEMENT

This is also an opportune time to add an experienced and cost-effective data management partner. Your information management services should not be entrusted to amateurs or new employees lacking adequate specialized training. To keep your costs low and get the job done right the first time, you should

Stands for "Database Management System." In short, a DBMS is a database program. Technically speaking, it is a software system that uses a standard method of cataloging, retrieving, and running queries on data. The DBMS manages incoming data, organizes it, and provides ways for the data to be modified or extracted by users or other programs.

plan on working only with a true expert in the field — Research Optimus. Do share your feedback by commenting below and share this article on social media. DATA COLLECTIONS

Accurate data collection is essential to maintaining the integrity of research, making informed business decisions and ensuring quality assurance. For example,

Some DBMS examples include MySQL, PostgreSQL, Microsoft Access, SQL Server, FileMaker, Oracle, RDBMS, dBASE, Clipper, and FoxPro. Since there are so many database management systems available, it is important for there to be a way for them to communicate with each other. For this reason, most database software comes with an Open Database Connectivity (ODBC) driver that allows the database to integrate with other databases. For example, common SQL statements such as SELECT and INSERT are translated from a program's proprietary syntax into a syntax other databases can understand.

in retail sales, data might be collected from mobile applications, website visits, loyalty programs and online surveys to learn more about customers. In a server

1.Data Attributes

consolidation project, data collection would include not just a physical inventory of all servers, but also an exact description of what is installed on each server -- the operating system, middleware and the application or database that the server supports. Data collection methods

Surveys, interviews and focus groups are primary instruments for collecting information. Today, with help from Web and analytics tools, organizations are also able to collect data from mobile devices, website traffic,

2. Record example is the compilation of lots of index card in a small class and for a big corporation it is impractical to stored index of each employees so the make a employee list. 3. File is a set of similar records for an identical class for example is all customer, all invoices all employees 4. Database

server activity and other relevant sources, depending on the project. Big data and data collection

electronic data processing methods and accelerates its speed and effectiveness. Faster, higher-quality data means more data for each organization to utilize and more valuable insights to extract.

Data processing Six stages of data processing 1. Data collection Collecting data is the first step in data processing. Data is pulled from available sources, including data lakes and data warehouses. It is important that the data sources available are trustworthy and well-built so the data collected (and later used as information) is of the highest possible quality. 2. Data preparation Once the data is collected, it then enters the data preparation stage. Data preparation, often referred to as “pre-processing” is the stage at which raw data is cleaned up and organized for the following stage of data processing. During preparation, raw data is diligently checked for any errors. The purpose of this step is to eliminate bad data (redundant, incomplete, or incorrect data) and begin to create high-quality data for the best business intelligence. 3. Data input The clean data is then entered into its destination (perhaps a CRM like Salesforce or a data warehouse like Redshift), and translated into a language that it can understand. Data input is the first stage in which raw data begins to take the form of usable information. 4. Processing During this stage, the data inputted to the computer in the previous stage is actually processed for interpretation. Processing is done using machine learning algorithms, though the process itself may vary slightly depending on the source of data being processed (data lakes, social networks, connected devices etc.) and its intended use (examining advertising patterns, medical diagnosis from connected devices, determining customer needs, etc.). 5. Data output/interpretation The output/interpretation stage is the stage at which data is finally usable to non-data scientists. It is translated, readable, and often in the form of graphs, videos, images, plain text, etc.). Members of the company or institution can now begin to self-serve the data for their own data analytics projects. 6. Data storage The final stage of data processing is storage. After all of the data is processed, it is then stored for future use. While some information may be put to use immediately, much of it will serve a purpose later on. Plus, properly stored data is a necessity for compliance with data

As big data migrates to the cloud, companies are realizing huge benefits. Big data cloud technologies allow for companies to combine all of their platforms into one easily-adaptable system. As software changes and updates (as it does often in the world of big data), cloud technology seamlessly integrates the new with the old. The benefits of cloud data processing are in no way limited to large corporations. In fact, small companies can reap major benefits of their own. Cloud platforms can be inexpensive and offer the flexibility to grow and expand capabilities as the company grows. It gives companies the ability to scale without a hefty price tag. From data processing to analytics Big data is changing how all of us do business. Today, remaining agile and competitive depends on having a clear, effective data processing strategy. While the six steps of data processing won’t change, the cloud has driven huge advances in technology that deliver the most advanced, cost-effective, and fastest data processing methods to date. FEEDBACK

Fig. 1. General Model for Accounting Information Systems - Data Resources: These are data consisting of financial transactions coming into the system from both internal and external resources. These data emerges from economic tradeoffs with the other commercial establishments and the people outside the firm. The transactions such as sales of goods and services, stock, purchasing, and cash receipts can be given as example. Internal financial transactions are the resources consisting of transactional tradeoffs in organization....