Assignment objective and overall requirements
To perform a variety of activities and transactions in MYOB, particularly:
o Add or modify general ledger accounts
o Set up or modify linked accounts and preferences
o Add or modify customer or supplier cards
o Add or modify GST tax codes
o Record purchases and sales of items on credit or for cash
o Record credit notes for items returned from customers or to suppliers (debit notes)
o Record money received from customers and payments to suppliers
o Record other cash receipts and payments
o Process fortnightly employees payroll using Spend Money option from the Banking command centre
o Using ‘Undeposited Fund' account to group daily multiple receipts as a single deposit
o General journal entries to:
- Enter monthly adjustments
- Reversals
- Provide for doubtful debts
- Make the necessary correction of errors
o Record petty cash transactions using Petty Cash account (as a bank account type)
o Reimbursing Petty Cash
o Record credit card transactions using the Visa account (as a bank account type)
o Do a ‘Bank Reconciliation'
o Print various reports and forms including: Balance Sheet, Profit & Loss statement, transaction journals, reconciliation reports and GST reports.
This assignment relates to Week 6 lecture topic - MYOB. Please be reminded that there are two parts of lecture resources that you need to refer to before attempting the assignment:
Part 1 - Usual face-to-face lecture held in Week 6 (as usual, the Thursday 10- 11.30am lecture is recorded and available on iLearn)
Part 2 - MYOB videos provided on iLearn under Week 6
It is expected that each student will reasonably spend 13-18 hours on this assignment.
Access assignment data file:
Program: You must use MYOB AccountRight Plus education (student) edition version 19 for this assignment (available on iLab or in computer labs on campus). Please refer to the file named "How to access MYOB software" for information.
Instructions:
1. Enter Company Information (Select Setup/Company Information) In the Company Name enter your full name in the following format:
SURNAME, Given name;
2. Complete the following set up and modifications:
Create the following new cards:
"Cash" as a supplier card - no other details necessary
This card is to be used to record cash transactions other than to suppliers or from customers.
"Cash Sales" as a customer card -
In the ‘Selling Details' set the ‘Sale Layout' as "Item". No other details are necessary.
This card is to be used to record cash sales of inventory items.
Add a new tax code:
Tax code: "CAP"
Description: "Capital
Acquisitions" Tax type: Goods
& Service Tax Rate: 10%
Link account for tax collected: GST Collected (2-1310)
Link account for tax paid: GST Paid (2-1330)
Add Detail expense account 6-3300 "Doubtful Debts".
Add a new Header asset account: 1-1200 "Accounts Receivable"
Make sure to select the option under the ‘Details' tab for generating subtotals. Group the existing accounts 1-1210 and 1-1220 under the above new header.
Modify the liability account 2-1140 ‘Visa Credit card' by changing its ‘Account Type' to "Credit Card" so it can be used in the Spend Money option to record payments.
Delete the existing account 1-1140 ‘Cash Drawer' account. Rename the Header account 1-2000 as ‘Non-Current Assets'.
As some customers are charged for freight (delivery) and some suppliers also charge for delivery, it will be necessary to modify the sales and purchases link accounts as follows:
o Modify the setting of the sales link accounts to the general ledger (Setup/Linked Accounts/Sales Accounts) and tick the link for charging freight on sales and nominate 4-5000 "Freight Revenue" as the link account.
o Modify the setting of the purchases link accounts to the general ledger (Setup/Linked Accounts/Purchases Accounts) and tick the link for paying freight on purchases and nominate 5-2000 "Freight Inwards" as the link account.
3. Enter transactions for January 2015:
PLEASE read the following notes VERY carefully - failure to do so may result in loss of marks:
a) The amounts and prices for all taxable items should be shown as ‘Tax inclusive'
b) Unless otherwise stated, the tax code for taxable items is "GST"
c) Use Item Invoices and Item Purchases (Bills) to record sales and purchases
d) Use negative item Invoices and negative item Purchases to record returns of inventory items (credit notes - issued or received)
e) Use a negative ‘Miscellaneous' layout invoice (credit note) to write off a bad debt
f) All credit notes (issued or received) must be applied to the relative invoice/bill on the same date as the credit note.
VERY IMPORTANT: Do NOT use the ‘Record Journal Entry' option in the ‘Accounts' command centre to record receipts and payments. Payments to others must be performed exactly as follows:
- All payments to suppliers must be recorded using ‘Pay Bills' option from the
Purchases command centre and applied to the original purchase #;
- Process all payments to employees using the ‘Spend Money' option from the
Banking command centre;
- For all other payments use ‘Spend Money' option from the Banking command centre.
Receipts from others must be performed exactly as follows:
- Receipts from customers must be recorded using ‘Receive Payments' option from the Sales command centre and applied to the original invoice #;
- For all other receipts use ‘Receive Money' option from the Banking command centre.
If there are more than one receipt on a given day from all sources (except receipts paid directly to the bank account e.g. EFT ‘Direct Deposits'), they must be grouped first using the ‘Undeposited Funds' account so as to be deposited together as a single deposit on the same day of the receipts using ‘Prepare Bank Deposit' option from the Banking command centre.
As mentioned above, all EFT (Direct Deposits) must not be grouped with any other receipt of the same date (i.e., deposited directly to the bank separately).
A single receipt on a given day may be deposited directly to the bank account (no need to group it first - however, no marks will be deducted if these single receipts are recorded using Undeposited Funds first then deposited);
All receipts are to be deposited to the National Bank on the same day of the receipts.
All cheques are issued from the National Bank (first cheque # 411):
Prepare a bank reconciliation at 31 January 2015
Use the bank statement attached (next page) to this assignment and carry out a bank reconciliation at 31 January 2015. Print and submit the final complete detailed reconciliation statement showing all the cleared cheques and deposits.
You need to record the following bank entries from the bank statement:
the Bank Charges use account 6-3200 (Tax code FRE) and
the Interest Expense use account 6-3400 (Tax code FRE)
Follow the instructions on the next page to record these bank entries.
4. Print and submit the following reports:
Reminder: All reports must comply with the Australian Accounting standards, especially in regards to the date and currency formats. Please see page 13 for mark allocation.
(a) Print the General Journal report for the period 1/01/2015 to 31/01/2015
(b) A Profit & Loss [Accrual] Statement for the period 1/07/2014 to 31/01/2015
(c) A standard Balance Sheet at 31/01/2015
(d) A GST Summary Accrual report for the period 1/01/2015 to 31/01/2015
(e) Include the Bank Reconciliation report as at 31/01/2015 printed earlier.
Attachment:- Individual-Component.rar