Canberra Institute of Technology

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1 Canberra Institute of Technology Accounting and Law Centre for Business Student s Name & CIT # Tutor s Name: Place a cross (X) if student s Card NOT sighted Subject: COMP 337 Setup and operate a computerised accounting system Assignment: MYOB Processing Task Due Date: Instructions: 6pm, Monday 9 May 2016, uploaded into the elearn assignment box. Create a new company file (Northside Computers Your name) and create your User ID Complete MYOB transactions Save reports (as PDF files) Upload your data file, PDF reports and backups to the assignment drop box Please indicate the version of MYOB in the file name if not using Version 19.7 (preference is that you use MYOB Version 19.7) Note the processing dates to Remember to include your user ID before you start processing your work. No user ID on your assessments = no marks and you will be required to resubmit your assessment FOR ASSESSORS USE ONLY Element number Learning Outcome Result 1 Implement an integrated accounting system 2 Process transactions within the system 3 Maintain the system Page 1 of 10

2 On 31 May 2015, Northside Computers decided to convert their present manual system of bookkeeping to MYOB Accounting Plus. Create your company file 1. Using AccountRight Plus V19.7, create a new company file as follows: No serial number required Northside Computers Your Name ABN: (makeup the address, etc.), Next> Year 2015, Last month of Year June, Conversion month May, Number of accounting periods 13, Next> Confirm your accounting information (check your details), Next> Build your accounts list, select I would like to start with one of the lists provided, Next> Select your accounts list: Retail > Computer dealer, Next> Consider where you will save your MYOB file, click on Change and change the location of the file to where you want to save it and add your name to the filename, Next> Proceed to Command Centre Enter opening account balances 2. Enter the opening account balances for Canberra Computers from the Trial Balance as at 31 May 2015 below. You may need to create new accounts. Acc t No Account Name Balance $ Debit $ Credit Cheque Account 43, Trade Debtors 2, Computers Inventory (101) 32, Printers Inventory (102) 9, Modems Inventory (103) 3, Other Hardware Inventory (104) 2, Software Inventory (105) 9, Store Equipment at Cost 32, Store Equipment Accum Dep n 1, Office Equipment at Cost 15, Office Equipment Accum Dep n 2, Furniture Equipment at Cost 12, Furniture Equipment Accum Dep n 1, Motor Vehicles at Cost 43, Motor Vehicles Accum Dep n 1, Bankcard 3, Visa 2, Trade creditors 2, GST Collected 1, GST Paid Bank Loans 73, Capital 106, Drawings 2, Hardware Sales 34, Software - Sales 11, Continued next page Page 2 of 10

3 Acc t No Account Name Balance Hardware Purchase 16, Software - Purchase 8, Accounting Fees Legal Fees 1, Depreciation 3, Council Rates 2, Postage Water 1, , , After recording the account balances, the amount left to be allocated should be - $56, When the opening stocktake entries are processed this will be adjusted by MYOB. Refer to the inventory chapter of the textbook. 3. After you have entered the relevant opening balances, click on OK to return to the Command Centre window. 4. Create your User ID, log out. Re-open your MYOB file again using your User ID. Verify the data file when requested. Check the MYOB data file is named Northside Computers Your Name.MYO Recording the inventory opening balances stocktake. You are now ready to enter the actual stock quantities and unit costs (shown in the table below). 5. Record the opening stocktake on 1 June, using the details provided in the table. Item # Quantity on Hand Unit Cost ($) 1, Leave the Default Adjustment Account blank for now Note you will need to create the inventory items first 6. Run a Balance Sheet as at 1 June 2015 and ensure that your inventory is showing the correct amount and your historical balance is zero (ie you will not see the account Historical Balances reported on your balance sheet). You will need to start the assignment again if these are not correct (you do not need to submit this balance sheet for marking). 7. Enter the Opening Balances for Trade Debtors and Trade Creditors (disregard warnings). 1 June - Intelligent PC customer Invoice #1 $2, (including GST), dated 28 May 1 June - Packard Computing supplier Invoice # 653 $2, (including GST), dated 27 May Note you will need to create cards files and make up ABNs, etc 8. Backup your file and name the file Northside Computers Setup - Your Name. DO NOT submit this file for marking Page 3 of 10

4 Prepare an initial bank reconciliation Northside Computer s opening balance in the General Cheque Account (1-1110) on 1 June is $43, The bank statement received on 31 May shows a closing balance of $46, CR. 9. Record the following (outstanding) items in the Cheque Account of Northside Computers on 1 June. Cheque No. = 721 (already printed); Date = 31 May; Payee = Bankcard; Amount = $3,600.00; Memo = Outstanding Cheque Bankcard paid 27 May; Allocation Account = Cheque Account; Tax Code = N-T. Cheque No. = 723 (already printed); Date = 31 May; Payee = Visa; Amount = $2,400.00; Memo = Outstanding Cheque Visa paid 30 May; Allocation Account = Cheque Account; Tax Code = N-T. Deposit = CR000001; Date = 31 May; Amount =$2,500.00; Payment Method = Cheque; Memo = Outstanding Deposit Owner contribution 30 May; Allocation Account = Cheque Account; Tax Code = N-T. 10. Complete the initial reconciliation of the General Cheque Account using the information supplied below. Bank Statement Date 31 May Bank Statement balance - $46, The following items have not appeared in the bank statement dated 31 May: Cheque No. 721 $3, Cheque No. 723 $2, CR $2, When the reconciliation of the Cheque Account is complete, return to the Command Centre window. 12. Backup your file and name the file Northside Computers Bank Reconciliation - Your Name. DO NOT submit this file for marking. Record transactions for the month of June Record the following transactions using the details supplied. Note: Purchase # and Supplier Inv# will be the same as each other for purchase transactions Create cards as necessary (make up 11 digit ABN number) Customer PO# are not used here Assume all prices shown are correct Date Transaction 1 June Paid Rent for the storage shed $2, Cheque No. 724 Payee = King Storage; Acct # , $2,750.00, GST inclusive, save as recurring. 15 June Paid Net GST $ by EFT (use cheque no. EFT001) Payee = Australian Taxation Office; Allocate appropriately, save as Recurring Page 4 of 10

5 25 June Purchase from Packard Computing on invoice # x item # $1,250.00, GST inclusive 2 x item # $475.00, GST inclusive 2 x item # $95.00, GST inclusive 3 x item # $55.00, GST inclusive 3 x item # $350.00, GST inclusive 30 June Sale to Intelligent PC on invoice #2 5 x item # $2,000.00, GST inclusive 2 x item # $1,000.00, GST inclusive 4 x item # $250.00, GST inclusive 5 x item # $95.00, GST inclusive 1 x item # $800.00, GST inclusive 30 June Sale to Intelligent PC on invoice #3 3 x item # $2,000.00, GST inclusive 2 x item # $1,000.00, GST inclusive 2 x item # $250.00, GST inclusive 3 x item # $95.00, GST inclusive 3 x item # $800.00, GST inclusive 30 June Purchase from Packard Computing on invoice # x item # $1,250.00, GST inclusive 3 x item # $475.00, GST inclusive 2 x item # $95.00, GST inclusive 5 x item # $55.00, GST inclusive 2 x item # $350.00, GST inclusive 30 June Purchase return to Packard Computing on invoice # x item # $350.00, GST inclusive 30 June Sales return for Intelligent PC from invoice # 2 1 x item # $2,000.00, GST inclusive Reconcile the Cheque Account (end of month) and record service charges It is now time to carry out the monthly reconciliation of the Cheque Account. 14. Commence the reconciliation procedure by entering the following information Account Bank Statement Date 30 June New Statement Balance $42, Record the bank charges using the following details (use Bank Entry): Service Charge $25.00 ID # SC Date 30 June Expense Account Bank Charges Memo Bank Charges Tax Code FRE Page 5 of 10

6 16. Mark all items as cleared except for the outstanding items listed below. Outstanding Payments Cheque No 724 $2, EFT to ATO $ When the reconciliation of the Cheque Account is complete, return to the Command Centre window. Record end of period stocktake. Northside Computers arranged for a physical stocktake on 30 June. The managers determined the following stock on hand for each item: 18. Record the result of the stocktake on 30 June, using the following information. Item # Quantity counted The Default Adjustment Account is Shrinkage/Spoilage. Record balance-day adjustment journal entries 19. Record the following balance-day adjustments on *30 June. General Journal # = GJ *30 June Water $ FRE Accrued Expenses Memo: expected water rates $ FRE General Journal # = GJ *30 June Depreciation $ N-T Store Equip Accum Depn Memo: Depreciation of Store Equipment for June $ N-T General Journal # = GJ *30 June Depreciation $ N-T Office Equip Accum Depn Memo - Depreciation of Office Equipment for June $ N-T General Journal # = GJ *30 June Depreciation $ N-T Furn & Fittings Accum Depn Memo: Depreciation of Furniture & Fittings for June $ N-T Page 6 of 10

7 General Journal # = GJ *30 June Depreciation $ N-T Motor Vehicle Accum Depn Memo: Depreciation of Motor Vehicles for June $ N-T 20. Run a transaction journal report (General) for the period *30/6/2015 to the current date and check your journal entries have the correct dates, accounts and amounts. Complete the BAS using MYOB BASlink Using the information below, complete the BASlink for Northside Computers for the month of June Northside Computers uses the Accrual method of accounting for GST and submits a BAS on a Monthly basis. 21. From the Accounts Command Centre, click on the BASlink button. 22. Ensure that screen contains the following : This Year [FY 15] the LAST MONTH of the reporting period is June The option Include 13 th Period Transactions is not selected 23. Click on the BAS Info icon and complete the BAS Info using the following information: Goods and Services Tax GST reporting frequency - Monthly Calculation Method Calculation worksheet GST accounting basis Non-Cash (Accruals) I Use the Simplified Accounting Method is not selected Claim Fuel Tax Credits is not selected PAYG Instalments Instalment reporting frequency Not registered PAYG Withholdings Withholding reporting frequency Not registered WET/LCT/FBT - I have FBT, WET or LCT obligations is not selected 24. Click on OK to return to the BASlink window. 25. Click on Prepare Statement to start BASlink. 26. If the warning message appears use your judgement to respond to the messages GST Worksheet for BAS 27. Complete the setup process using the following information: BAS Field Tax Codes Selected G1 GST and FRE G3 FRE G11 GST and FRE G14 FRE Page 7 of 10

8 Note: you are not required to check for errors in this exercise 28. Print the GST Transaction report for June and save this report as a PDF in your folder. Name the report BAS Transaction Report 30 June Your name ( ignore the warning message about errors) 29. Click on the Save Setup & Exit button when you have the saved the documents necessary to complete the BAS form (do not backup your activity statement click on the No button). 30. Print the Transaction Journal Report (General Journal) for the period 31 May 2015 to *30 June 2015: Go to Reports > Index to reports > Accounts > Transactional journal > General journal Customise the report Advanced Filters: Dates are 31 May 2015 to *30 June 2015 and Source Journal should be All Report Fields: Untick job number and tick User ID Save this report as a PDF in your folder. Name the report Transaction Journals to 30 June Your Name 31. Print the Profit &Loss [Accrual] report for the period 31 May 2015 to *30 June 2015: Go to Reports > Index to reports > Profit & Loss > Profit & Loss [Accrual] Customise the report Advanced Filters: Dates are 31 May 2015 to *30 June 2015 Finishing: Tick Round to Whole Numbers and Tick Include Account Numbers Save this report as a PDF in your folder. Name the report P&L to 30 June Your Name 32. Backup your file and name the file 30 June Your name Start a new financial year WARNING: Once you have rolled over your file you cannot change your transactions prior to 30 June. 33. Complete the steps required to start a new financial year. Prepare reversing entries 34. Complete the reversing journal entry using the information below. General Journal # = GJ July Accrued Expenses $ FRE Water Memo: Reverse accrued water rates $ FRE Page 8 of 10

9 Record transactions for the month of July Record the transactions in the table below. Purchase # and Supplier Inv # will be the same as each other for purchase transactions Customer PO #s are not used here Date Transaction 1 July Paid Rent for the storage shed $2, Cheque No. 725 Payee = King Storage; Acct # , $2,750.00, GST inclusive (remember to use recurring) 5 July Paid Water $350.00, Cheque No. 726 Payee = Water Rates Acct # , $350.00, FRE 21 July Use the details from the June BAS calculation to write a cheque (no 727) to pay ATO for GST. Memo: BAS June (Refer to PDF of BAS Transaction report) 31 July Intelligent PC paid $14, ID # CR Payment Method = Cheque Allocate to the following: Invoice #1 and #2 (including return) $14,925 no discount 31 July Paid Packard Computing $7, Cheque No. 728 Allocate to the following: Purchase # 654 & # 655 (including return) $7, no discount 36. Run the Transaction Journal Report (General Journal) for the period 1 July 2015 to 31 July 2015: Go to Reports > Index to reports > Accounts > Transactional journal > General journal Customise the report Advanced Filters: Dates are 1 July 2015 to 31 July 2015 and Source Journal should be All Report Fields: Untick job number and tick User ID Save this report as a PDF in your folder. Name the report Transaction Journals to 31 July Your Name 37. Run the Profit &Loss [Accrual] report for the period 1 July to 31 July 2015: Go to Reports > Index to reports > Profit & Loss > Profit & Loss [Accrual] Customise the report Advanced Filters: Dates are 1 July to 31 July 2015 Finishing: Tick Round to Whole Numbers and Tick Include Account Numbers Save this report as a PDF in your folder. Name the report P&L July Your Name 38. Run a Balance Sheet as at 31 July 2015 and save this report as a PDF in your folder. Name the report Balance Sheet as at 31 July Your Name 39. Save a backup of your MYOB data file named Backup 31 July Your Name Please turnover to next page Page 9 of 10

10 40. Upload the following files into the assignment drop box. If you did not use MYOB Version19.7 for the assignment, please indicate what version of MYOB you used for this assignment. 1. MYOB company data file 2. MYOB Backup file 30 June BAS Transaction Report 30 June 4. Transaction Journals to 30 June 5. Transaction Journals to 31 July 6. Profit & Loss [Accrual] 31 May to 30 June 7. Profit & Loss [Accrual] 1 July 31 July 8. Balance Sheet as at 31 July This material is sourced and amended from: Flanders, D & Gourlay, D 2013, MYOBAccountng Plus, 19.7 th edn, Cengage Learning Australia, South Melbourne Page 10 of 10