• 6 Marks

MI – Mar-Jul 2020 – L1 – SB – Q6c – Information Systems

List six modules that can be linked to form an integrated finance system.

An integrated IT system describes the scenario where all modules of the system are linked and function together as a system in a coordinated fashion.

Required:

List SIX modules that can be linked to form an integrated finance system.

  1. Accounts Payable Control:
    • This module handles the management of payments and obligations to suppliers and creditors.
  2. Accounts Receivable Control:
    • Manages customer invoices, receipts, and tracks money owed by clients.
  3. Accruals:
    • Keeps track of expenses that have been incurred but not yet paid, aiding in financial reporting.
  4. Prepayments:
    • Manages payments made in advance for goods and services, ensuring proper allocation over time.
  5. Bank and Cash Management:
    • Manages all bank accounts and cash flows, including reconciliations, deposits, and withdrawals.
  6. Inventory Control:
    • Tracks inventory levels, orders, sales, and deliveries, ensuring accurate stock management.
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