Details of the remaining setup tasks
a. Customers and sales details
Use the appropriate windows in the Sales Easy Setup Assistant to set up the default information for The Digital Village' customers. Do not change other information in that setup assistant.
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Window or Field
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Details
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Layout - Choose sale layout
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Choose Your Default Sales Layout:
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Item
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Selling Details - Decide on selling details
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Income Account:
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4-1100 (Sales Revenue)
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Credit limit:
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$60,000
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Tax Codes - Assign tax codes to your customers
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Tax Code:
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GST (Goods & Services Tax)
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Payment Information - Set up payment information
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Payment Method:
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Cheque
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Payment is Due:
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In a Given # of Days
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Discount Days:
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0
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Balance Due Days:
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0
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% Discount for Early Payment:
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0%
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% Monthly Charge for Late Payment:
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0%
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Linked Accounts - Select the accounts to track customer receipts
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Account for Customer Receipts:
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1-1110 (Cheque Account)
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Account for Undeposited Funds:
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1-1180 (Undeposited Funds)
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From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build your customer list' window. Next, use that window to set up the customers of The Digital Village as listed below:
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Tab or Field
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Details
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Profile tab
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Card Type
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Customer
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Customer
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Customer
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Designation
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Company
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Company
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Company
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Name:
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Handys Electronics
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Hypertronics
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Pikea
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Card ID:
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HAND
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HYPE
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PIKE
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Address:
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565 Neiwand Boulevard
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396 Wenden Street
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148 Rowley Boulevard
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City,
State, Postcode:
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Brisbane,
QLD, 4058
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Brisbane,
QLD, 4067
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Brisbane,
QLD, 4072
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Country:
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Australia
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Australia
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Australia
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Phone#1:
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2219 5874
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4365 1707
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7554 9895
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Contact:
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Sebastian Reed
|
Jessica Steinberger
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Adriano Davisson
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Selling Details Tab
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A.B.N.:
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50 108 223 794
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54 387 554 582
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33 789 566 581
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Next, in the Sales Easy Setup Assistant, click Historical Sales from the list of options provided on the left side of the Setup Assistant to open the 'Enter historical sales for your customer' window. Then, click the Add Sale button to open the Historical Sale window where you are asked to record details of the outstanding sales that have not been paid in full as of the first day of the conversion month (1 January 2015):
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Customer Name
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Invoice #
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Date
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Total Including Tax
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Handys Electronics
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3162
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13 December 2014
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$11,000
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Hypertronics
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3163
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20 December 2014
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$8,998
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Pikea
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3164
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25 December 2014
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$18,733
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b. Suppliers and purchases details
Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for The Digital Village' suppliers. Do not change other information in that setup assistant.
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Window or Field
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Details
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Layout - Choose purchase layout
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Choose Your Default Purchase Layout:
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Item
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Buying Details- Decide on buying details
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Expense account:
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Leave this blank
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Credit Limit:
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$60,000
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Tax Codes - Assign tax codes to your suppliers
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Tax Code:
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GST (Goods & Services Tax)
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Payment Information - Set up payment information
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Payment Method:
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Cheque
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Payment is Due:
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In a Given # of Days
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Discount Days:
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0
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Balance Due Days:
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0
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Discount for Early Payment:
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0%
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Linked Accounts - Select the account to pay your supplier bills
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Account for Paying Bills:
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1-1110 (Cheque Account)
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Alonso Mather has decided not to create supplier cards for all of his suppliers in MYOB. Instead, he has asked you to create a supplier card for each of the inventory suppliers only. Alonso tells you that these suppliers allow the business to purchase items on account. Over the month of January, you will need to record transactions with these inventory suppliers as well as with other suppliers that The Digital Village transacts with less often.
In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup Assistant to open the 'Build your supplier list' window. Then, use that window to set up the three inventory suppliers to The Digital Village as shown below:
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Tab or Field
|
Details
|
|
Profile Tab
|
|
Card Type:
|
Supplier
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Supplier
|
Supplier
|
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Designation:
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Company
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Company
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Company
|
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Name:
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Big Telco
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Mega Tech
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Moon Megasystems
|
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Card ID:
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BIG
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MEGA
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MOON
|
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Address:
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648 Landy Drive
|
382 Riley Road
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122 McClements Street
|
|
City,
State, Postcode:
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Brisbane
QLD, 4064
|
Brisbane
QLD, 4036
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Brisbane
QLD, 4089
|
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Country:
|
Australia
|
Australia
|
Australia
|
|
Phone#1:
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9246 3700
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3033 9538
|
7601 1484
|
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Contact:
|
Phebe Chamberlain
|
Bianca Lamb
|
Bertram Lederman
|
|
Buying Details Tab
|
|
A.B.N:
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73 580 954 231
|
46 585 600 269
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90 787 899 593
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From the list of options that are available on the left side of the Purchases Easy Setup Assistant, click Historical Purchases to view the 'Enter historical purchases for your suppliers' window. Then, click the Add Purchase button to open the Historical Purchase window where you are asked to enter details of the outstanding purchases that have not been paid in full as of the first day of the conversion month (1 January 2015):
|
Supplier Name
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PO #
|
Date
|
Total Including Tax
|
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Big Telco
|
343
|
8 December 2014
|
$9,735
|
|
Mega Tech
|
344
|
15 December 2014
|
$11,000
|
|
Moon Megasystems
|
345
|
24 December 2014
|
$17,523
|
c. Payroll details
The table below shows the information that you must enter into various windows in the Payroll Easy Setup Assistant. Do not change other information in that setup assistant.
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Window or Field
|
Details
|
|
Tax Tables: Load payroll tax tables into your company file
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|
Load Tax Tables:
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Click the Load Tax Tables button
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|
Payroll Year: Enter your payroll year
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Current Payroll Year:
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2015
|
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Payroll Information - Set up your general payroll information
|
|
Full Work Week Hours:
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40
|
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Linked Accounts - Assign linked accounts for your payroll transactions
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Account for Cash Payments:
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1-1180 (Undeposited Funds)
|
|
Account for Cheque Payments:
|
1-1110 (Cheque Account)
|
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Account for Electronic Payments:
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1-1190 (Electronic Clearing Account)
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Account for Employer Expenses:
|
6-1930 (Salaries Expense)
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Account for Wages Paid:
|
6-1930 (Salaries Expense)
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Account for Deductions & Expenses:
|
2-1420 (PAYG Withholding Payable)
|
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Payroll Categories - Review your payroll categories
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Select Category Type:
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Taxes
|
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PAYG Withholding:
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Click the zoom arrow icon next to PAYG Withholding to display the Tax Table Information window where you can enter the following information.
|
|
Tax Table Information
|
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Linked Payables Account:
|
2-1420 (PAYG Withholding Payable)
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Next, use the Payroll Easy Setup Assistant to set up the employees of The Digital Village as shown below. To do this, click Employee Cards from the list of options provided on the left side of the Payroll Easy Setup Assistant. This opens 'Build your employee list' window where information about the company's employees are recorded. Note that you, the student, are actually the accountant of The Digital Village and must be set up to be paid your salary at the end of the month. Do this by using your own personal name when instructed to do so below.
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Tab or Field
|
Details
|
|
Profile Tab
|
|
Card Type:
|
Employee
|
Employee
|
|
Designation:
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Individual
|
Individual
|
|
Last Name:
|
Powell
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Insert your last name
|
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First Name:
|
Peter
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Insert your first name
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Card ID:
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POWE
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Enter the first four digits of
your surname in uppercase
|
|
Address:
|
107 Perkins Boulevard
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756 Davies Lane
|
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City, State, Postcode:
|
Brisbane,
QLD, 4054
|
Brisbane,
QLD, 4085
|
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Country:
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Australia
|
Australia
|
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Phone#1:
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7425 7591
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8971-9072
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Payroll Details Tab
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|
Personal Details
|
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Start Date:
|
16 May 2015
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2 January 2015
|
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Employment Basis:
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Individual
|
Individual
|
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Employment Category:
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Permanent
|
Permanent
|
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Employment Status:
|
Full Time
|
Full Time
|
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Wages
|
|
Pay Basis
|
Salary
|
Salary
|
|
Annual Salary:
|
$37,200
|
$43,200
|
|
Pay Frequency:
|
Monthly
|
Monthly
|
|
Wages Expense Account:
|
6-1930 (Salaries Expense)
|
6-1930 (Salaries Expense)
|
|
Taxes
|
|
Tax File Number
|
124 134 523
|
599 675 406
|
|
Payment Details Tab
|
|
Payment Method:
|
Cheque
|
Cheque
|
d. Inventory details
Use the Items List functionality provided in the Inventory Command Centre to set up the inventory items of The Digital Village:
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Tab or Field
|
Details
|
|
Profile Tab
|
|
Item Number:
|
BLUEB
|
MX620
|
MIECA
|
SWISH
|
|
Name:
|
BlueBerry phones
|
MX620 notebook computers
|
Mieca camera lenses
|
Swish Phones
|
|
I Buy This Item
|
Tick
|
Tick
|
Tick
|
Tick
|
|
I Sell This Item
|
Tick
|
Tick
|
Tick
|
Tick
|
|
I Inventory This Item
|
Tick
|
Tick
|
Tick
|
Tick
|
|
Cost of Sales Account:
|
5-1100
(Cost of Sales)
|
5-1100
(Cost of Sales)
|
5-1100
(Cost of Sales)
|
5-1100
(Cost of Sales)
|
|
Income Account for Tracking Sales:
|
4-1100
(Sales Revenue)
|
4-1100
(Sales Revenue)
|
4-1100
(Sales Revenue)
|
4-1100
(Sales Revenue)
|
|
Asset Account for Item Inventory:
|
1-1300
(Inventory)
|
1-1300
(Inventory)
|
1-1300
(Inventory)
|
1-1300
(Inventory)
|
|
Buying Details Tab
|
|
Standard Cost:
|
$950
|
$1,030
|
$820
|
$990
|
|
Buying Unit of Measure
|
Each
|
Each
|
Each
|
Each
|
|
Number of Items per Buying Unit
|
1
|
1
|
1
|
1
|
|
Tax Code When Bought:
|
GST
|
GST
|
GST
|
GST
|
|
Selling Details Tab
|
|
Base Selling Price:
|
$1,650
|
$1,738
|
$1,430
|
$1,617
|
|
Selling Unit of Measure
|
Each
|
Each
|
Each
|
Each
|
|
Number of Items per Selling Unit
|
1
|
1
|
1
|
1
|
|
Tax Code When Sold:
|
GST
|
GST
|
GST
|
GST
|
|
Inclusive/Exclusive:
|
Tick
Prices are tax inclusive
|
Tick
Prices are tax inclusive
|
Tick
Prices are tax inclusive
|
Tick
Prices are tax inclusive
|
|
Calculate Sales Tax on:
|
Actual Selling Price
|
Actual Selling Price
|
Actual Selling Price
|
Actual Selling Price
|
Next, use the Count Inventory functionality in the Inventory Command Centre to enter the quantity of each inventory item and its unit cost as at 1 January 2015:
|
Window or Field
|
Details
|
|
Count Inventory
|
|
Item Number:
|
BLUEB
|
MX620
|
MIECA
|
SWISH
|
|
Counted:
|
10
|
22
|
31
|
20
|
|
Adjustment Information
|
|
Default Adjustment Account: Leave this field blank and then click the Continue button.
|
|
Next, click the Opening Balances button to open the Adjust Inventory window.
|
|
Adjust Inventory
|
|
Inventory Journal Number: IJ000001
|
|
Date: 1/1/2015
|
|
Unit Cost:
|
$950
|
$1,030
|
$820
|
$990
|
Question on setting up customer records
After you have finished setting up customer records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then indicate the name of the window that appears after those steps have been completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Sales icon to open the Sales Easy Setup Assistant.
From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards.
In the 'Build your customer list' window that appears within the Sales Easy Setup Assistant, click the New button.
The name of the window that appears after the above steps are performed is:
Customer Information
New Customer Card
Card Information
Add Customer Card
Question on setting up supplier records
After you have finished setting up the supplier records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Purchases icon to open the Purchases Easy Setup Assistant.
From the list of options provided on the left side of the Purchases Easy Setup Assistant, click Supplier Cards.
In the 'Build your supplier list' window that appears within the Purchases Easy Setup Assistant, click the New button.
Select the tab that is part of the window that appears after the above steps are performed:
Card ID
Selling Details
Buying Details
Bank Account Number
Question on setting up employee records
After you have finished setting up employee records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Payroll icon to open the Payroll Easy Setup Assistant.
From the list of options provided on the left side of the Payroll Easy Setup Assistant, click Employee Cards.
In the 'Build your employee list' window that appears within the Payroll Easy Setup Assistant, click the New button.
Select the tab that is part of the window that appears after the above steps are performed:
Employee Log
Payroll Category
Timesheet
History
Question on setting up item records
After you have finished setting up inventory item records for The Digital Village, Alonso asks which of the following shows the correct series of actions to open an MYOB window that must be used to create a new item record.
Command centre icon Right arrow Flowchart task icon Right arrow Other icon
Card File Right arrow Cards List Right arrow New
Inventory Right arrow Items List Right arrow New
Purchases Right arrow Purchases Register Right arrow New Item
Inventory Right arrow Inventory Register Right arrow Item Card