Opening a QuickStart data file

Transcription

1 6.112 MYOB AccountRight Plus v19.7 Revision Exercise 3 Lemon Motors is a vehicle sales yard that operates in suburban Perth, Western Australia. They specialise in the sale of new and second-hand Holdons, Fards, and Suparoos. Lemon Motors is a small dealership, employing a manager, two sales staff, and an office assistant. While the business has been established for several years, it has only just recently decided to maintain its accounting records using MYOB AccountRight Plus software. Opening a QuickStart data file 1 Copy the QuickStart data file named Lemon.MYO to your MYOB Data folder, and then rename it as Lemon - Your Name.MYO. 2 Start MYOB AccountRight Plus, and then open the Lemon - Your Name.MYO data file. Editing Company Information 1 Change the Company Name to Lemon Motors - Your Name. Using the Payroll assistant 1 Choose Setup from the menu bar, and then Easy Setup Assistant. 2 Next, click on the Payroll button in the Easy Setup Assistant window, and then click on Tax Tables to open the Tax Tables window. 3 From the Tax Tables window, load your payroll tax tables. 4 Make sure the current payroll year is shown as Use the Payroll Information window to enter the Full Week Work Hours, Withholding Payer Number, and Round Net Pay Down information as specified below: Full Work Week Hours 38 Withholding Payer Number Round Net Pay Down to a Multiple of 10 6 Change the Account for Cash Payments to Cheque Account. Wages category No wages items need to be added, edited or deleted. Entitlements category The Entitlements category currently contains only two items: Holiday Leave Accrual and Sick Leave Accrual. Since all employees of Lemon Motors are salary earners, the titles for these items need to be edited so that they are clearly for salary earners only, and the means of calculating these entitlements will also have to be tailored to suit salary earners. Editing an existing entitlements category item As mentioned in the previous section, the titles and rates of existing entitlements require editing. 7 Edit Holiday Leave Accrual by changing its name to Holiday Leave (S) Accrual, change the Equals (Hours per Pay Period) to 5.846, and then click on OK.

2 Chapter 6: Payroll Next, change the name of the Sick Leave Accrual item to Sick Leave (S) Accrual, change the Equals (Hours per Pay Period) to 2.923, select the option to Print on Pay Advice, and then click on OK. Adding a new entitlements category item All employees are entitled to Long Service Leave. You will need to create a new item called Long Service Leave (S) Accrual, where this entitlement is accrued at the rate of Hours per Pay Period. 9 Create a new item Long Service Leave (S) Accrual, select the option to Print on Pay Advice, select Long Service Leave as the Linked Wages Category, and then click on OK. Deductions category Deleting an existing deductions category item The Union Fee item is not required here and is to be deleted. 10 Delete the Union Fee item. Adding a new deductions category item Some employees require Hospital & Medical insurance premiums to be withheld from their pay. You will need to create the new item, Hospital & Medical. 11 Create a new item Hospital & Medical, leaving the Type of Deduction as User-Entered Amount per Pay Period, and then click on OK. Superannuation category By default Superannuation Guarantee will include any Commissions earned in its calculation. You will now exempt Commission from any such calculation. 12 Use the Exempt button for Superannuation Guarantee to mark Commission as exempt. needs to be edited to allow each individual s standard pay to show voluntary superannuation deductions. 13 Change to a User-Entered Amount per Pay Period. You are now ready to create cards for your employees. Creating Employee Cards Card Information window 14 Create employee cards for all employees using information supplied in the tables following. Profile page Last Name Fatwallet Dodgy First Name Fred Derek Address 9 Rich Road 4 Broken Promise Close City Subiaco Inglewood State WA WA Postcode Country Australia Australia Phone # Payroll Details page Start Date 15/08/ /12/2010 Continued over page

3 6.114 MYOB AccountRight Plus v19.7 Profile page Last Name Slippery Dullard First Name Sonia Denise Address 57 Conartist Court 13 Derr Drive City Kallaroo East Perth State WA WA Postcode Country Australia Australia Phone # Payroll Details page Start Date 21/03/ /06/ When you have completed the details for the last employee (Denise Dullard), click on OK to return to the Employee Cards window. Employee Payroll Information (and Entitlement Balances) Having created cards for the four employees, you now need to enter their payroll details. 16 Use the tables below and over page to enter employee payroll information, select payroll categories, and enter carry-over entitlement balances for all four employees. Employee Name Fred Fatwallet Derek Dodgy Employee Payroll Information Pay Basis Salary Salary Annual Salary $100,000 $40,000 Pay Frequency Fortnightly Fortnightly Select Payroll Categories Wages Base Salary Bonus Commission Holiday Leave Loading Holiday Pay Long Service Leave Overtime (1.5x) Overtime (2x) Sick Pay Superannuation Superannuation Guarantee Entitlements Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Entitlement Balances Carry-Over Hours Hours Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Deductions Hospital & Medical Taxes Tax File Number Tax Table Tax Free Threshold Tax Free Threshold Total Rebates $ $0.00 Continued over page

4 Chapter 6: Payroll Employee Name Sonia Slippery Denise Dullard Employee Payroll Information Pay Basis Salary Salary Annual Salary $40,000 $29,500 Pay Frequency Fortnightly Fortnightly Select Payroll Categories Wages Base Salary Bonus Commission Holiday Leave Loading Holiday Pay Long Service Leave Overtime (1.5x) Overtime (2x) Sick Pay Superannuation Superannuation Guarantee Entitlements Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Entitlement Balances Carry-Over Hours Hours Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Deductions Hospital & Medical Taxes Tax File Number Tax Table Tax Free Threshold Tax Free Threshold Total Rebates $1, $ When the above details have been completed for all employees, return to the Employee Cards window. Pay History window Employee Name Fred Fatwallet Derek Dodgy Pay History Wages, Deductions and Taxes Holiday Leave Loading $0.00 $0.00 Holiday Pay $0.00 $0.00 Long Service Leave $0.00 $0.00 Overtime (1.5x) Overtime (2x) Sick Pay $0.00 $ Base Salary $15, $6, Bonus $0.00 $ Commission $2, Hospital & Medical $ $ $ PAYG Withholding $5, $2, Entitlement Balances Hours Hours Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Employer Expenses $ $ Superannuation Guarantee $ $711.20

5 6.116 MYOB AccountRight Plus v19.7 Employee Name Sonia Slippery Denise Dullard Pay History Wages, Deductions and Taxes Holiday Leave Loading $0.00 $0.00 Holiday Pay $0.00 $0.00 Long Service Leave $0.00 $0.00 Overtime (1.5x) $ Overtime (2x) $0.00 Sick Pay $0.00 $ Base Salary $6, $4, Bonus $0.00 $0.00 Commission $1, Hospital & Medical $ $ $ PAYG Withholding $1, $ Entitlement Balances Hours Hours Holiday Leave (S) Accrual Long Service Leave (S) Accrual Sick Leave (S) Accrual Employer Expenses $ $ Superannuation Guarantee $ $ The pay history figures for Fred Fatwallet (and all other employees) are year-to-date figures as of September 1, 2012 (the equivalent of opening balances on conversion). You will need to change Show Pay History for to 1st Quarter. 18 Use the tables above (and on the previous page) to enter pay histories for all four employees. 19 When the above details have been completed for all employees, return to the Command Centre window. Having entered all of the information from the above tables, the setting up of employee records is almost complete. However, since all employees are paid electronically, their cards need to be amended in respect of their bank information so as to allow electronic payments of their salaries to be made on a fortnightly basis. Entering an employee s bank information 20 Click on the Card File icon to open the Card File Command Centre, and then click on the Cards List button in the flowchart area. 21 From the Cards List window, click on the zoom arrow beside Fred Fatwallet to open the Card Information window, Profile page. 22 Next click on the Payment Details page tab, and then on the drop-down menu in the Payment Method box. 23 Select Electronic, since Fred Fatwallet (like all employees) uses only one bank account to receive his earnings. 24 Enter the information listed below for Fred Fatwallet, and then click on OK to return to the Cards List window. BSB Number Bank Account Number Bank Acct Name FREDERICO FATWALLET 25 Next, enter bank information for the other employees, and then return to the Command Centre window. Derek Dodgy BSB Number Bank Account Number Bank Acct Name DEREK S DODGY

6 Chapter 6: Payroll Sonia Slippery BSB Number Bank Account Number Bank Acct Name SJN SLIPPERY Denise Dullard BSB Number Bank Account Number Bank Acct Name DENISE DULLARD Changing a linked payables account (or linked expense account) The default linked account used by MYOB AccountRight Plus for deductions (including tax withheld) is Payroll Accruals Payable. The linked account for tax withheld really should be the dedicated tax payable account, PAYG Withholding Payable. You will now change the default Linked Payables Account as in previous exercises. 1 From the Payroll Command Centre, click on the Payroll Categories button. 2 When the Payroll Category List window opens, select the Taxes page tab, and then click on the zoom arrow beside PAYG Withholding. 3 Click on the search icon beside the Linked Payables Account number currently displayed to open the Select from List. 4 Select the account PAYG Withholding Payable, and then click on Use Account. The correct linked payables account is now returned to the Tax Table Information window. 5 Click on OK to return to the Payroll Category List window. Again, like in previous payroll exercises, the Linked Expense Account needs to be changed for Superannuation Guarantee, from Other Employer Expenses to Superannuation. 6 Alter the Linked Expense Account for Superannuation Guarantee (Superannuation tab) as described above, and then return to the Command Centre window. You will now commence the processing of employee pays. Pays for the fortnight ending September 14, 2012 The following tables show pay details for the fortnight ending September 14, 2012: Fortnight ending September 14, 2012 Employee Name Fred Fatwallet Derek Dodgy Hours Holiday Leave Loading 0 0 Holiday Pay 0 0 Long Service Leave 0 0 Sick Pay Wages and Deductions Base Salary $3, $1, Bonus $0.00 $0.00 Commission $ Hospital & Medical $ $51.15 $ Continued over page

7 6.118 MYOB AccountRight Plus v19.7 Fortnight ending September 14, 2012 Employee Name Sonia Slippery Denise Dullard Hours Holiday Leave Loading 0 0 Holiday Pay 0 0 Long Service Leave 0 0 Overtime (1.5x) 1 Overtime (2x) 0 Sick Pay Wages and Deductions Base Salary $1, $1, Bonus $0.00 $0.00 Commission $ Hospital & Medical $39.50 $27.65 $ All employees are paid electronically on a fortnightly basis. Since these payments are electronic funds transfers, rather than real cheques, tick the Cheque Already Printed option. Derek Dodgy and Sonia Slippery both had one day s absence from work due to illness. This will require the amount shown as Base Salary to be altered to that shown in the tables. 1 Using the technique already shown earlier in this chapter, edit the standard pays for all employees to incorporate user-entered amounts for Hospital & Medical and, as appropriate. 2 Process all employee pays as per the tables above. The pay period extends from 1/09/2012 to 14/09/2012, and payments are made on 14/09/ Next, click on the Prepare Electronic Payments button in the Process Payments page to open the Prepare Electronic Payments window. 4 Make sure the Bank Processing Date is 14/09/2012, and then mark all items in the column. See Figure below. Figure Click on the Bank File button, and then on OK. Completed Prepare Electronic Payments window 6 When the Save As window opens, change the location to MYOB Data, and then change the file name to RBB Click on Save to process this payment, click on Cancel, and then Close to return to the Command Centre window.

8 Chapter 6: Payroll The current fortnight s pays have now been processed electronically. Preparing the employee payroll advice report The payroll advice report needs to be prepared for all employees paid on 14/09/ Click on the Reports button from the Command Panel, select the Payroll Advice report (from the Index to Reports window), and then prepare pay advice slips for all employees on September 14. The Payroll Advice should be dated from 1/09/2012 to 14/09/2012. Save this report as Lemon_01.pdf. 9 Return to the Command Centre window and then check the net pay amounts against the figures below. Derek Dodgy $1, Denise Dullard $1, Fred Fatwallet $2, Sonia Slippery $1, Pays for the fortnight ending September 28, 2012 The following tables show pay details for the fortnight ending September 28, 2012: Fortnight ending September 28, 2012 Employee Name Fred Fatwallet Derek Dodgy Hours Holiday Leave Loading 38 0 Holiday Pay 38 0 Long Service Leave 0 0 Sick Pay 0 0 Wages and Deductions Base Salary $1, $1, Bonus $0.00 $0.00 Commission $ Hospital & Medical $ $57.50 $ Fortnight ending September 28, 2012 Employee Name Sonia Slippery Denise Dullard Hours Holiday Leave Loading 0 0 Holiday Pay 0 0 Long Service Leave 0 0 Overtime (1.5x) 2 Overtime (2x) 1 Sick Pay 0 0 Wages and Deductions Base Salary $1, $1, Bonus $ $0.00 Commission $1, Hospital & Medical $44.90 $31.20 $ Fred Fatwallet was on holiday leave for the second week of this pay fortnight. Fred has asked for tax to be deducted from the whole of the Holiday Leave Loading amount of $ (17.5% $1,923.08) to increase the likelihood of receiving a refund on his income tax return. This means that you will not have to manually edit the amount of PAYG Withholding to exclude tax on the first $320 of Holiday Leave Loading, unlike what would normally happen with this loading. Hospital & Medical insurance premiums have all increased this fortnight to the amounts shown in the above tables. Sonia Slippery has earned a performance bonus after an exceptionally good fortnight s sales.

9 6.120 MYOB AccountRight Plus v Using the technique already shown earlier in this chapter, edit the standard pays for all employees to incorporate new user-entered amounts for Hospital & Medical as appropriate. 2 Process all employee pays as per the tables above. The pay period extends from 15/09/2012 to 28/09/2012, and payments are made on 28/09/ Next, process the electronic payments (using the same steps used for September 14), saving the ABA file in the MYOB Data folder as RBB When you have processed these payments, return to the Command Centre window. Preparing the employee payroll advice report The payroll advice report needs to be prepared for all employees paid on 28/09/ Prepare the Payroll Advice report for all employees paid on September 28. The report should be dated from 15/09/2012 to 28/09/2012. Save this report as Lemon_02.pdf. 6 Return to the Command Centre window and check the net pay amounts against the figures below. Derek Dodgy $1, Denise Dullard $1, Fred Fatwallet $2, Sonia Slippery $2, Preparing reports from the Payroll Command Centre The following reports will be prepared here: Entitlements Balance Summary All Employees; Dated from 1/09/2012 to 28/09/2012; Entitlements Balance Summary Delete these fields Opening Hours, Hours Accrued, Hours Taken Employees Activity Summary Dated from 1/09/2012 to 28/09/2012 Employees Register Summary Period = Year-to-Date Superannuation Accrual by Fund Summary Period = September 7 Prepare the reports listed above, being sure to use the correct categories and time periods. Save these reports as Lemon_03.pdf through to Lemon_06.pdf. 8 When you have finished preparing these reports, check them against the solutions on your DVD. Combining all reports into a single pdf Your reports for this exercise comprised Lemon_01.pdf through to Lemon_06.pdf. 1 Combine Lemon_01.pdf through to Lemon_06.pdf into a single file named Lemon_all.pdf. Exiting MYOB AccountRight Plus You will now close the Lemon Motors data file and exit MYOB AccountRight Plus. 1 Close your data file and exit MYOB AccountRight Plus. Revision Exercise 3 is now completed.