| Country : | Australia |
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Assignment Task
Introduction
In this assignment students are required to use the:
• General Ledger
• Banking
• Sales - Accounts Receivable
• Purchases - Accounts payable
• Inventory
Modules of the MYOB computer accounting program to process transactions and to produce a set of accounting reports relating to business operations.
Input
Business data
The business is a book retailer named, “Student Name Pty Ltd” (students are to insert their own name) and is located at Your Address - Sydney NSW 2000.The firm’s sales are both over-the-counter cash and credit to well known customers.
Chart of Accounts
You are to create your own chart of accounts by using one of the default charts provided by MYOB which most closely resembles the business or you can choose the ‘Build your own’ option. If you are using one of the default charts, you may be required to modify/delete accounts to suit the nature of the transactions as given in the question.
Transaction Source
Cash registers – for cash sales
Invoices – for credit sales
Cheque book – for cash payments
Deposit books – for cash receipts
Bank statements – for direct charges and direct deposits
Supplier invoices – for goods and services
Working papers – for adjusting and miscellaneous entries
GST
Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines – you can check with your lecturer for others.
Transaction Period
New financial year starting 1st July 2019, and the processing period is July 2019, the current financial year is 2020, conversion month being July and there are 12 periods.
Customers
1. Students are required to make up their own unique customer names and addresses.
2. Only credit sales are recorded, cash sales are put through the cash book.
3. The firm’ credit policy is 30 days.
4. Information provided for customers and their balance as at 1 July is as follows:
Suppliers
1. Students are required to make up their own unique supplier names and address.
2. Accounts Payable ledger has suppliers entered for trading stock as well as other
goods and services acquired on credit.
3. Cash purchases, are processed directly through the cash book.
4. All suppliers extend the normal 30 day terms, with no discount for promptpayment.
5. Information provided for suppliers and their balance as at 1 July is as follows:
Inventory
1. Students are required to make up their own unique product names.
2. Inventory unit measure is per book item
3. The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added (debited) to ‘Inventory ‘account and when it is sold, the cost is debited against ‘Cost of sales’ and credited againstInventory).
4. Information provided for inventory and their balance as at 1 July is as follows:
Transactions for July 2019
Data source: Suppliers’ Invoices. Dates shown are invoice dates, amounts include
GST.
Transaction not shown on the Bank Statement are either UNPRESENTED CHEQUES or OUTSTANDING DEPOSITS.
Required:
1. Set-up the business in MYOB – Remember to incorporate YOUR NAME as part of the company name.
2. Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly.
3. Enter the Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory.
4. Process transactions for July, including the completion of the Bank Reconciliation.
5. Print reports for the month of July to be submitted, are as follows:
• Accounts (General Ledger)
Accounts List – Summary
Trial Balance
Transaction Journals = General Journal
Profit & Loss Accrual
Standard Balance Sheet
• Sales (Accounts Receivable)
Receivables – Reconciliation Summary
Item – Sales Summary
• Purchases (Accounts Payable)
Payables – ReconciliationSummary
Item -Purchase Summary
• Banking
Transaction Journals
Cash Disbursements Journal
Cash Receipts Journal
Cheques and Deposits
Reconciliation Report
• GST / Sales Tax Reports
GST Reports GST [Detail – Accrual]
• Inventory
Items
Items List Summary
Inventory Value Reconciliation
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