Newviews is an accounting software package, suitable for IBM and compatible personal computers, that allows users to customize every aspect of an automated accounting system. The package updates all entered transactions in a real-time mode of operation. Since all affected journals and ledgers are updated when a transaction is entered, the user is able to instantaneously see the effect of a transaction on the financial statements and subsidiary ledgers.
Processing accounting transactions into financial statements and other reports is relatively straightforward, as shown in Exhibit 1, which depicts the Newviews accounting cycle. (Exhibit 1 omitted) As in a manual system, operations begin with a set of blank forms. As shown in Exhibit 1, installing an "empty" set of books and developing or formatting an "empty" set of financial statements are the first steps in the accounting cycle. The remaining steps are analyzing business transactions, recording business transactions, and recording adjusting entries. Closing entries are not needed.
Smaller users can use Newviews as a general ledger system. With this mode of operation, all business transactions are entered into the general journal or special journals. As transactions are entered, they are edited, and all special journals, the general journal, the general ledger account files, the subsidiary ledger account files, and the financial statement files are concurrently updated.
One program manages all the accounting functions, including the general ledger, the accounts receivable and accounts payable subsidiary ledgers, all journals, and all financial statements.
Newviews is very flexible. A user can design financial statements, subsidiary ledgers, reports, accounts, etc., to fit any unique or unusual need. Governmental agencies, manufacturing concerns, and retailers can all use Newviews.
Although Newviews is a fully integrated package which combines features of word processors, spreadsheets, and databases, it is easy to use. A pull down menu allows commands to be issued quickly and efficiently. In addition, the help function facilitates learning and using the package.
There are four primary documents in Newviews:
1. The home document is the starting point for listing the financial statements and other documents that the user intends to develop from the software.
2. The report document is used to define and develop the contents of a particular report or statement identified in the home document. The financial statement contents are listed with the various accounts that comprise the line items of a financial statement.
3. The account document is used to develop and detail what transactional information will flow through each account.
4. The distribution document is used to develop multiple distributions to ledger accounts from transactions.
FORMATTING STATEMENTS AND SUBSIDIARY LEDGERS
The software package utilizes formatted financial statements and subsidiary ledgers to identify and then recognize accounts used in processing accounting transactions. The first step in formatting the necessary financial statements and subsidiary ledgers is to identify each one on the home document.
A name--a unique designation consisting of ten characters or less--is assigned to the statement being designed. An "IS" might be used to uniquely identify the user's income statement or a "BS" to identify the balance sheet, etc. Once all the financial statements and subsidiary ledgers have been identified on the home document, they can be formatted. …