BUS285 - Technology and Accounting Process MYOB Assignment

Assignment Task

Instructions

This assessment task will consist of recording and reporting financial information for a small West Aussie organisation, LouLou Ltd, using MYOB accounting software. This is an individual assignment.

Introduction

LouLou Ltd is a small organisation (sole proprietorship) that sells catering packaging products to a variety of businesses including cafes, take-aways and restaurants. The company operates from a retail outlet incorporating a warehouse and office in Murdoch, WA.

The business has been recording all accounting transactions manually, using basic Excel spreadsheets, but has decided to implement MYOB Software into the business. LouLou has employed you to manage the implementation of the software.

Section

1. Setting up the business account MYOB Business Pro is a cloud-based system.

You can logout and login to continue working on the project at any time as long as internet is available.

Business details

Open the ‘Business details’ page to update your business information. This can be accessed via clicking on the business name on the top-right of the screen to open the account settings. Select ‘Business Details’.

GST setting Stay on this page and click on the GST Settings Tab. Currently this tab is related to the Invoice function – If you say NO your Invoice will simply state “Invoice” if you select YES then your Invoice will state “Tax Invoice”. The business is registered for GST and reports quarterly.

Report settings

This is where you can select your Business settings and User preferences for reporting and pre-set them. Note while generating reports you can at any time change these options within the report. This can be accessed via clicking on the business name on the top-right of the screen to open the report settings.

2. Chart of Accounts, Tax codes and Opening Balances

View the chart of accounts You can always view and edit the chart of accounts for your business. Click on the Accounting Tab and down to click on Chart of accounts. Now, take a quick look at this default chart of accounts.

Pay attention to the Account numbers, Account names and Account types. Although it is not regulated by any black letter accounting standard, a chart of accounts is usually set up by following the convention: Assets start with ‘1’; liability accounts start with ‘2’ and so on.

Since your business is registered for GST the function of recording the input and output GST is controlled via the Chart, so you need to be sure here you have the correct Tax code associated to the account. So do a quick review of the Tax Codes, we will keep the ones in the standard chart.

Customise the chart of accounts Use the highlighted functions, as indicated below, to customise the chart of accounts by editing and adding. To delete accounts, you need to click into the Account name to open that one, then bottom left you can Delete.

Enter the opening balances for your business Make sure you only do this, after you have completed Step 2 Customise the chart of accounts. View the chart of accounts and use the ‘Edit Accounts’ function to enter the opening balances according to the balance Sheet provided below

3. Sales Items

Using an accounting software package to record transactions and events is different from manual bookkeeping. Transactions are usually recorded by entering the information on source documents, for example invoices, receipts or timesheets. Journal entries are then created in the system automatically in the background by linking the input data to the ledger accounts.

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