Why ROC is required in accounting software? If you want to get to the bottom of all those e-mails, be it new or old, that you receive on a daily basis, then you need to know the answer to this question.
The reason ROC is required in accounting software is that it provides you with a method of defining how accounts are set up. You should know how accounts are setup and if there are discrepancies, you should find it and address it immediately. If you don't have a way of seeing the difference between real and virtual before you buy software, you can't figure out what you have been dealing with.
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Source - Accounting,Finance and Compliance
Of course, most of us would not realize just how important ROC is until we receive a lot of e-mails from clients. They say things like "your program doesn't include ROC". And it's true; most accounting programs do not.
What does ROC do? It identifies what is not accounted for in your accounting records.
If your program includes ROC, the first thing you will notice is that there are no duplicates. Duplicates occur when there are two or more items in the same category. Two CD sets are considered two separate CDs, unless one is a sound CD and the other is a movie CD. In that case, they are considered to be the same item.
If you see two items in the same category and they are of the same value, it is accounted for by ROC. In most cases, if you don't have ROC, the items are added together. In some programs, they are added according to the value. While in others, you can have the ROC with the program that you purchase.
In order to determine whether or not you have ROC on your accounting records, you will use a series of steps. If you get lucky, you may not need to use a magnifying glass!
Once you have determined if you have ROC, you will need to know how to check for it. There are many different ways, depending on the accounting program that you purchase. Most people use a spreadsheet program to check for ROC.
But, if you don't want to use a spreadsheet, there is another way to check for ROC. For each item, you will need to click on the column header and then use the right arrow key to turn the selected column into a drop down menu. Once you have done that, you can go back to the header and start the process all over again.
The advantage of using a spreadsheet to check for ROC is that it will give you the exact figures as you need them, including the totals and the percentage. With the spreadsheet, it will also save you from having to buy a new account.
Having ROC on your accounting records will make it easy to find any discrepancies that you find. If your software has the ROC, you won't have to look all over the place for discrepancies; you can locate them right away.
While ROC is not something that is necessary if you are going to use an accounting program, you should know what it is. This way, you will not have to worry about missing ROC on your records, and you will know how to find it. It is also a good idea to consider buying accounting software that does have ROC on the records, so that you can use a spreadsheet to check for it.
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