MYOB Bookkeeping Practice Assessment B: Computerised (MYOB) Bookkeeping

Transcription

1 1B MYOB Bookkeeping Assessment About the practice assessment MYOB Bookkeeping Practice Assessment B: Computerised (MYOB) Bookkeeping About the practice assessment What you will need Current version of MYOB accounting software (Accounting/Accounting Plus v15, Premier v9, AccountEdge v5) Test Drive If you don t have a current licenced version, you should download a Test Drive version of MYOB Premier v9 from the following web site: To find the test drive, go to the Products + Services area and follow the quick link to download the Test Drive. Note: It is important that you do not change your system date if you are using a test drive. How long the practice assessment should take Approximately 2-3 hours in total (you can complete the practice assessment in smaller sections if you wish, but ensure that you know exactly where you are up to if you decide to come back to it at a later time) Important: Activation issue If you are using your own version, or a test drive version of an MYOB accounting software then you will only have 90 days to complete this practice assessment. If you close and then re-open this new file you will see an Activate your company file message, choose I want to activate my company file later message and continue. After 90 days this company file will become inactive. If you are using the Student Edition of MYOB accounting software then you will not see this message as the student edition is transaction limited. You will be able to complete this practice assessment without reaching the limit. 1

2 1B MYOB Bookkeeping Assessment Assessment Instructions Assessment Instructions The assessment is broken up into the following sections. Each of these sections are required to be completed in the order presented. A: Creating and Setting up the company file B: Processing Accounts Receivable Transactions C: Processing Accounts Payable Transactions D: Performing Banking Procedures E: End of Period Procedures & Preparing Reports F: Print Reports and Check your Work General tips for entering transactions Dates You will be instructed to enter transactions, and print reports as at a certain date. Do not change your system date to these dates, simply type in the required date in the date fields. It is very important that you enter the transactions with the correct date. Therefore, double check that the dates are correct before recording transactions or reporting information. Important: The exercises in this assessment cover the period from 1/6/2007 to 30/6/2007. DO NOT change your system date! Just ensure you enter the correct dates when recording transactions. 2

3 1B MYOB Bookkeeping Assessment A: Create and Set Up the Company File A: Create and Set Up the Company File Case Study: Curled Up and Dyed Hairdressing Iva Grey runs a hairdressing business called Curled Up and Dyed. They provide hairdressing services, they also sell hairdressing supplies to their customers. Curled Up and Dyed has been using a manual accounting system, they want to implement a computerised accounting system using MYOB accounting software, beginning 1 st June, You are employed by Iva Grey, as a bookkeeper and you need to set up the MYOB company file for this business. Create a new company file for Curled Up and Dyed 1. Using your copy of MYOB Accounting or Accounting Plus v15, MYOB AccountEdge v5, or MYOB Premier v9 create a new company file for the case study company using the following details: Company Name Curled Up and Dyed Current Financial Year 2007 Conversion Month Number of Accounting Periods Start with one of the lists provided by MYOB June Thirteen Service - Hairdresser Set up the company file for Using the information provided on the next page, perform the following tasks and set up the company file for Curled Up and Dyed Hairdressing 1. Customise the Accounts List (chart of accounts) to meet the reporting requirements for Curled Up and Dyed Hairdressing 2. Ensure the correct Tax Codes have been assigned for all the accounts referred to in this exercise. 3. Set up account opening balances for all accounts listed with an existing balance. 4. Set up card files for the company s customers, with the details provided. 5. Enter outstanding historical sales for your customers. 6. Set up card files for the company s suppliers, with the details provided. 7. Enter outstanding historical purchases/bills for your suppliers. 8. Set up the company s inventory items. 9. Enter the current stock item quantities and their individual unit cost as provided at 1/6/07. 3

4 1B MYOB Bookkeeping Assessment A: Create and Set Up the Company File Information provided by Iva Grey of Curled Up and Dyed Hairdressing for setting up the company file Accounts Tip: Naming: When customising the accounts list for the following bank accounts, it is expected that you will just rename existing accounts, rather than creating new ones. Tax codes: purchases made and sales and services provided by a computer services and sales business are subject to GST. Bank Accounts Curled Up and Dyed Hairdressing has the following bank accounts. Rename the most suitable existing accounts to reflect reference to the following banking information. Bank account current balance as at 1/6/2007 Cheque account with FirstBank $12,250 Bank loan with FirstBank $12,000 Other Accounts You will also need to set up the following information. Ensure the accounts referred to are assigned the correct tax code and opening balances are entered where applicable. Petty Cash account with $75 Rename the header account for Sales, to be Sales Services Rename the detail account Shampoos, to Wash and Shampoo Create a new header account Sales Items Delete accounts novelty items, and Shrinkage & Spoilage Re-number the accounts to be to move it under the header account Inventory with opening balance of $7,125 Owner s Capital $4,970 Trade debtors of $2,420 Trade creditors of $4,900 Create another account Insurance (ensure it appears under Operating Expenses header account) Create a Bad Debt expense account Bad Debts (ensure it appears under Operating Expenses header account) Ensure the correct tax code is also set up for the following accounts: Supplies - Purchase Hair Cuts Wash & Shampoo Shaves Perms 4

5 1B MYOB Bookkeeping Assessment A: Create and Set Up the Company File Customers All of the following customers are individuals and not companies. The numbering sequence (Card ID) for customer card files should start with CUS001. When setting up the historical sales for these customers, use the invoice number provided. Customer Payment method BSB Account No Account Name Inv # Date Outstanding Historical Sales Tax Code Brian Aldy 53 1/2/07 $220 GST Moe Hawk Cheque Moe Hawk 76 1/3/07 $900 GST Danielle Druff Cheque D. Druff /5/07 $1,300 GST Suppliers The numbering sequence (Card ID) for supplier card files should start with SUP001. When setting up the outstanding historical purchases for these suppliers, use the default purchase order number. Supplier Purchase Layout ABN Date Outstanding Historical Purchases Tax Code Shave and Save Hairdressing Supplies Item /4/2007 $3,500 GST A Cut Above Item /4/2007 $1,400 GST Items Set up the following items: All items are bought, sold, and inventoried (ensure appropriate linked accounts are allocated) All items selling prices are inclusive of GST, and the GST tax code is used when bought and sold The numbering sequence for creating these items should start with 001 Tip: Make sure you set up all of the items first, then use the count inventory function to enter the stock on hand amounts as at 1/6/07 Item Tax code when bought and sold Stock on hand Unit Cost Selling price Shampoo GST 100 $11.75 $22.50 Conditioner GST 100 $12.00 $22.50 Last Chance Hair Restorer GST 50 $95.00 $

6 1B MYOB Bookkeeping Assessment B: Process Accounts Receivable Transactions B: Process Accounts Receivable Transactions Step 1 Process accounts receivable 1. Process the following accounts receivable transactions in the order they are listed for June Tips for recording transactions: Ensure you select the correct accounts to allocate the new invoices to. Ensure you use the correct tax codes. Ensure you enter the correct date for the transaction (not your system date) Allocate all payments received to the undeposited funds account. Check your transactions before recording, to ensure you have entered the details correctly. Begin processing with invoice number 101 Ensure you use the item or service layout where applicable. No other items need to be added to the item list. Other services provided need to be entered using a service layout June /6/2007 One hair cut & style performed for Danielle Druff $190 (GST Inc). Paid in full by cheque (number ). 4/6/2007 Sale of 1 Bottle of Last Chance Hair Restorer to Moe Hawk. Cash payment in full. 7/6/2007 Moe Hawk returned 1 Bottle of Last Chance Hair Restorer. A refund cheque was drawn and given to him for the $180 refund amount (cheque number 24566) 10/6/2007 Cheque (number ) received from Moe Hawk for $200 as part payment for historical sale.(use default ID #) 15/6/2007 Service and sale to Danielle Druff (GST-inc): 1 hair cut $150 1 wash & shampoo $50 1 perm $200 No payment received. 20/6/2007 Shave sides of head $149 (GST-inc), customer Moe Hawk. Paid in full by cheque (number ). 25/6/2007 Received cheque (number ) from Danielle Druff for $1000 (apply to oldest invoice). 28/6/2007 Cash payment received from Moe Hawk for $700 for historical sale (use default ID #). 6

7 1B MYOB Bookkeeping Assessment B: Process Accounts Receivable Transactions Step 2 Analyse your accounts receivables 1. View your ageing receivables as at 30 st June Tip if you use the Analysis tool click the Filter button to change the Receivables As Of date to 30/6/ Identify the overdue debtor. Step 4 Write-off bad debt 1. The owner has determined that Brian Aldy has been declared bankrupt and his account should be written off as a bad debt. Write Brian Aldy s account off as a bad debt on 30th June 2007 and place the customer on credit hold. 7

8 1B MYOB Bookkeeping Assessment C: Process Accounts Payable Transactions C: Process Accounts Payable Transactions Step 1 Process accounts payable Process the following accounts payable transactions for June 2007 in the order they appear. There is a mix of supplier invoices and purchase orders and all amounts listed are GST inclusive. You need to identify the correct area in MYOB to process these transactions and the correct accounts to use. Tips for recording transactions: Ensure you select the correct accounts to allocate the new invoices to. Ensure you use the correct tax codes. Ensure you enter the correct date for the transaction (not your system date) Check your transactions before recording, to ensure you have entered the details correctly. Accept the default purchase order number for each of the transactions. Use default Purchase # June /6/2007 Create purchase order for Shave and Save Hairdressing Supplies for purchase of 30 x Conditioner at $11 each 9/6/2007 Received supplier invoice (number 433) from A Cut Above for purchase of 10 x Last Chance Hair Restore at $80 each (Iva Grey has confirmed that these supplies were ordered prior to conversion, but a purchase order has not been created in the MYOB company file) 10/6/2007 Received goods and supplier invoice (number 876) from Shave and Save Hairdressing Supplies for purchase of 30 x Conditioners at $11 each. (purchase order created on 5/6/2007) 25/6/2007 Running low on shampoo, went down to Shave and Save Hairdressing Supplies and picked up 50 x Shampoo (price $11 each) (Tax Invoice number 987). This purchase was added to Curled Up & Dyed s account. Enter this transaction as a bill. Step 2 Process payment to suppliers in MYOB Iva Grey has authorised you to pay overdue accounts that fall due and payable in the day ageing period, at the end of the month: 1. View your ageing payables as at 30 st June Tip if you use the Analysis tool click the Filter button to change the Payables As Of date to 30/6/ Identify the accounts that need to be paid. 3. Pay all supplier bills that meet this criteria at 30/6/2007 Tip: Draw all payments from the First Bank cheque account. Pay bills by cheque using the FirstBank cheque account with the cheque number starting

9 1B MYOB Bookkeeping Assessment D: Perform Banking Procedures D: Perform Banking Procedures Step 1 Process the payments that relate to the following expenses in the order they are listed. Tips for recording additional expenses: No bill has been recorded on the system so we only require a record of the payment made Record the transactions using the FirstBank cheque account taking note of the payment method used Ensure you record each of the transactions against the correct accounts and use the appropriate tax codes a) Yearly insurance payment of $198 (GST-inc) directly debited from the bank account on 1/6/2007 Ensure you write Insurance in the Memo field b) Paid telephone $99 (GST-inc) by cheque (using cheque number 24569) on 20/6/2007 Ensure you write Phone bill in the Memo field. Step 2 Process petty cash receipts Curled Up and Dyed has a set of guidelines for what petty cash can be used for: All claims must be work-related No staff meals may be claimed No claims over $50 are allowed All claims must be backed up by a receipt All rejected claims must be forwarded to the manager a) Using these guidelines go through the following petty cash claims put forward by employees and determine which are valid and should be reimbursed from petty cash. All rejected claims are disregarded for this exercise. Claims (Note: all these claims have a receipt) 5/6/2007 Milk $1.20 8/6/2007 Stationery Supplies $4.50 (inc GST) 11/6/2007 Electrical service (inc GST) $ /6/2007 International Postage $ /6/2007 lunch $14.30 (inc GST) b) Total the valid petty cash claims for the month of June. c) Record the valid petty cash claims as one transaction, dated 30 th June, 2007, splitting the details of each claim on separate lines. Note: Ensure you record this transaction against the correct accounts and use the appropriate tax codes. Use the default cheque number and enter an appropriate notation in the memo field. d) Reimburse the petty cash tin to bring the float back up to $75 (using cheque number from the FirstBank cheque account) on the 30 th June,

10 1B MYOB Bookkeeping Assessment D: Perform Banking Procedures Step 3 Prepare Bank Deposits a) Group the undeposited funds made up of cash and cheques by preparing and recording the deposits to the FirstBank cheque account which were made on each of the following dates: 28/6 Tip: Ensure you add a notation of Bank Deposit - Cash/Cheque to the Memo field Step 4 Reconcile the bank account a) Using the following bank statement details (See table below) perform a bank reconciliation of the FirstBank cheque account in your MYOB company file as at 30/6/07. Bank Statement 30/6/07 Date Details DR CR Balance 1/6/07 12,250 CR 1/6/07 DD ,052 CR 9/6/07 Chq ,872 CR 24/6/07 Chq ,773 CR 25/6/07 Acc Keep Fee 35 11,738 CR 28/6/07 Cash/Cheques 2,419 14,157.CR Totals 512 2,419 14,157 CR Tip: Ensure all transactions on the bank statement are matched or added where appropriate. 10

11 1B MYOB Bookkeeping Assessment E: End of Financial Year Processes and Preparing Reports E: End of Financial Year Processes and Preparing Reports Step 1 Enter a balance day adjustment for prepayments The insurance payment of $198 made as a direct debit on 1 st June 2007 was a yearly payment for the period 1/6/07 31/5/08. As part of the end of financial year procedures you have identified that only $15 of the exclusive amount relates to this financial year. Enter the prepayment adjustment of $165 as a general journal dated in the 13 th period. Ensure the journal is allocated to the correct accounts and the correct tax code is assigned Ensure a notation is entered in the memo which identifies the reason and period of the prepayment. F: Print Reports and Check your Work 1. Prepare and print the following reports as at 1/6/ *30/6/2007 (* indicates to include 13 th period). On the Finishing tab of the Report Customisation window, ensure the Include $0.00 balance checkbox is not marked. Profit & Loss [Accrual] report Standard Balance Sheet report GST Summary [Accrual]. Receivables - Reconciliation Summary Payables Reconciliation Summary 2. Compare them against the reports contained in the PracticeB_Solutions.pdf document. 3. If you have identified any discrepancies between these reports and your own work, go through the following reports to identify the incorrect transaction(s). General Ledger [Detail] Report (ensure you clear the Include Accounts with No Activity checkbox in the Finishing tab) Important In the solutions document, accounts with no activity aren t shown. It is important for you to include those that have no activity however to check that you have allocated the correct accounts to transactions. 11