MYOB v18 ASSIGNMENT 2 BANKING

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1 MYOB v18 ASSIGNMENT 2 BANKING SU MEI & ASSOCIATES Part 2 Note: Prior to attempting this assignment, you must have completed Chapter 3 (Banking) from your Gourlay and Flanders text. This assignment involves the following tasks: Opening an existing data file Changing Preferences Preparing an initial bank reconciliation Recording cash receipts and bank deposits Recording cash payments and service charges Reconciling the bank account (end of month) Printing required reports Starting MYOB Accounting Plus and opening an existing data file 1. Start MYOB Accounting Plus, and then open the Su Mei Your Own Name data file last used in Assignment 1. Changing Preferences You are required to make two changes to your preferences that are specific to this particular assignment. The first one will affect the way your information is displayed in your journal printouts, while the second change is designed to avoid the use of the same (duplicate) cheque number for different payments made by cheque. 2. Go to Setup from the menu bar, choose Preferences, and then click on the Banking page tab. 3. From the Banking page, deselect (check off) the option to Display Payee, Rather Than Memo, in Registers. 4. Next, select (check on) the option to Warn for Duplicate Cheque Numbers, and then click on OK to return to the Command centre window. Note: Not making the above changes will impact on the information printed in your journal reports and, as a consequence, your overall score for this assignment. Cont d over page MYOBv18 Assignment Page 2.1

2 Preparing an initial bank reconciliation The opening balance in the Cheque Account (1-1110) on April 1, 2010 is $25, The bank statement received by Su Mei & Associates showed a closing balance of $27, CR on April 1, To reconcile for the first time you will need to make sure that any outstanding items are placed in the cheque account of Su Mei & Associates. See below. Recording Outstanding Cheques 5. Record the following outstanding cheques, using 1/04/2010 as the transaction date, and typing the Memo information exactly as shown: Cheque no. 689 (dated 28/03/2010) for the part-payment of Visa, to the amount of $4, Record this cheque as Cheque Already Printed, using the Memo details Outstanding cheque Visa paid 28/03/2010, the Cheque Account (1-1110) as the Allocation Account, and N-T as the Tax code. Cheque no. 691 (dated 30/03/2010) for the part-payment of Bankcard, to the amount of $2, This is also a Cheque Already Printed, using the Memo details Outstanding cheque Bankcard paid 30/03/2010, the Cheque Account (1-1110) as the Allocation Account, and N-T as the Tax code. Recording an Outstanding Deposit 6. Record the following outstanding deposit, using 1/04/2010 as the transaction date, and typing the Memo information exactly as shown: Deposit CR (dated 31/03/2010) for the contribution of cash by the owner, to the amount of $4, This deposit is to be recorded using the Memo details Outstanding deposit owner contribution 31/03/2010, the Cheque Account (1-1110) as the Allocation Account, and N-T as the Tax code. 7. When you have recorded this deposit, return to the Command Centre window. Now proceed with the initial reconciliation. Using the Reconcile Accounts function 8. Commence the initial reconciliation of the Cheque Account (1-1110) using the information supplied below: Account Bank Statement Date 1/04/2010 New Statement Balance $27, MYOBv18 Assignment Page 2.2

3 9. In the process of reconciling, be sure to clear all marked items, so that only the three outstanding items show in the Reconcile Accounts window at the completion of that process. 10. When the reconciliation of the Cheque Account is completed, print the Reconciliation Report, and then return to the Command Centre window in preparation for the recording of payments and receipts for the month of April Recording transactions using the Banking Command Centre 11. Record all transactions as described in the tables that follow. Date Transaction Details 4/04/2010 Received $3, for criminal fees (inc. GST). Group with Undeposited Funds. ID # = CR000002; Payment Method = Cheque; Memo = Criminal, Alan Bond; 4/04/2010 Received $2, for civil fees (inc. GST). Group with Undeposited Funds. ID # = CR000003; Payment Method = Cheque; Memo = Civil, S Lander; Tax = GST; Allocation Account = Fees Civil 4/04/2010 Deposited monies received on 4/04/2010 in Cheque Account. ID # = CR000004; Memo = Bank Deposit. * Use the Prepare Bank Deposit function to record this transaction. 5/04/2010 Received $1, for pre-court hearing (inc. GST) and recorded it as a deposit to the Cheque Account. ID # = CR000005; Payment Method = Cheque; Memo = Pre-Court, Ned Kelly; 7/04/2010 Loan repayment $ ($ principal and $30.00 interest). Cheque No. = 692; Payee = Witch Bank; Memo = Loan repayment; Tax = N-T (principal amount), FRE (interest amount). Allocation Accounts = Bank Loans; Interest Expense 9/04/2010 Received $2, for criminal case (inc. GST) and recorded it as a deposit to the Cheque Account. ID # = CR000006; Payment Method = Cash; Memo = Criminal, Ms Appropriation; 10/04/2010 Paid MasterCard, $1, Cheque No. = 693; Payee = MasterCard; Memo = Paid MasterCard; Tax = N-T; Allocation Account = MasterCard. MYOBv18 Assignment Page 2.3

4 Date Transaction Details 13/04/2010 Received $1, for civil case (inc. GST) and recorded it as a deposit to the Cheque Account. ID # = CR000007; Payment Method = Cheque; Memo = Civil, C Rash v AAMP; Tax = GST; Allocation Account = Fees Civil 21/04/2010 Loan repayment $ ($ principal and $30.00 interest). Cheque No. = 694; Payee = Witch Bank; Memo = Loan repayment; Tax = N-T (principal amount), FRE (interest amount). Allocation Accounts = Bank Loans; Interest Expense 22/04/2010 Paid Visa, $3, Cheque No. = 695; Payee = Witch Bank; Memo = Paid Visa; Tax = N-T; Allocation Account = Visa 23/04/2010 Received $3, for criminal case (inc. GST). Record as Undeposited Funds. ID # = CR000008; Payment Method = Cheque; Memo = Criminal, Mr Burns murder; 24/04/2010 Paid stationery, $ (inc. GST) Cheque No. = 696; Payee = OfficeWorksNot; Memo = Paid stationery; Tax = GST; Allocation Account = Office Supplies. 29/04/2010 Received $3, for criminal case (inc. GST). Record as Undeposited Funds. ID # = CR000009; Payment Method = Cheque; Memo = Criminal (Ass & Bat), Warne; 29/04/2010 Deposited receipts from 23/04/2010 and 29/04/2010 in Cheque Account. ID # = CR000010; Memo = Bank Deposit. * Use the Prepare Bank Deposit function to record this transaction. 30/04/2010 Paid $ for professional fees (inc. GST). Cheque No. = 697; Payee = F Raud & Associates; Memo = Paid professional fees; Tax = GST; Allocation Account = Professional Fees 30/04/2010 Received $1, for civil case (inc. GST) and recorded it as a deposit to the Cheque Account. ID # = CR000011; Payment Method = Cheque; Memo = Civil, Lye Bell v Ly Ing Cow; Tax = GST; Allocation Account = Fees Civil Notes: All transactions that attract GST are to have amounts shown as Tax Inclusive. All payments and receipts for the month of April 2010 are made using the Cheque Account (1-1110), except where otherwise indicated. Cont d over page MYOBv18 Assignment Page 2.4

5 The bank statement received on April 30, 2010 had a closing balance of $37,895.75, which included bank charges of $15.25 not included in the transactions you have already recorded. The following (outstanding) items did not appear in the bank statement received April 30, 2010: Cheque No. 697 $ ID # CR $1, Reconciling the Cheque Account (end of month) and recording service charges It is now time to carry out the monthly reconciliation of the Cheque Account. 12. Commence the reconciliation procedure by entering the information given below: Account Bank Statement Date 30/04/2010 New Statement Balance $37, Before marking transactions as cleared, record the bank charges using the Bank Entry function, with the following details. Amount $15.25 ID # SC Date 30/04/2010 Expense Account Bank Fees & Charges Memo Bank fees Tax Code FRE 14. Now complete the reconciliation of the Cheque Account, print the Reconciliation Report, and then return to the Command Centre window. Preparing additional reports for the end of April Print the reports as described below. Banking page tab Cash Disbursements Journal Dated From 1/04/2010 To 30/04/2010 Cash Receipts Journal Dated From 1/04/2010 To 30/04/2010 Exiting MYOB Accounting Plus 16. Close the data file and exit MYOB Accounting Plus. MYOBv18 Assignment Page 2.5

6 17. To assist in the process of checking and correctly sequencing your reports, complete the Checklist of Printouts below. Checklist of Printouts No. Description of Printout Attached 1 Reconciliation Report (1/04/2010) 2 Reconciliation Report (30/04/2010) 3 Cash Disbursements Journal (1/04/2010 to 30/04/2010) 4 Cash Receipts Journal (1/04/2010 to 30/04/2010) 18. Submit your printouts (in the correct order) for assessment. Any printouts submitted out of sequence will incur a loss of marks. Congratulations! Assignment 2 is now complete. Notes: You will not require the Su Mei file for any further assignments. With Assignments 3 to 7 (inclusive), you will be asked to open existing data files that have been supplied to you on your MYOB v18 QuickStart files CD- ROM (not the CD inside the Gourlay and Flanders text). MYOBv18 Assignment Page 2.6