Business Scenario - Portfolio of Evidence - Accounting and Finance Assignment Help

Assignment Task:

Task:

Assessment Task
In this task you are required to create an MYOB company data file and use MYOB to process transactions and to produce accounting reports relating to business operations.

Note: The file is to be set up using MYOB AccountRight Plus Version 2018.3 as supplied in the Learning Resources. Do not use another version of MYOB.
Business scenario
The business is a camera retailer named Cameras R Us. The business makes both cash and credit sales and maintains a perpetual inventory system. They previously used a manual accounting system but have decided to convert to MYOB AccountRight Plus and have asked you to set up the new file and enter transactions for the period 1 April 2019 to 30 June 2019. There are opening balances to be posted to the general ledger accounts and subsidiary ledger accounts for accounts receivable, accounts payable and inventory.

Set-up and processing is to be carried out in accordance with the attached Organisational Policies and Procedures supplied at Appendix A where relevant.

In your role as the Administrator for Cameras R Us, you are required to complete the following steps and submit the required reports.

Task 1
Set up the file:

a) Set up a new MYOB AccountRight Plus file using the following details: Serial number Leave blank
Company name Cameras R Us
ABN 10 990 110 990
Address 120 Main Street, HILLVIEW
Email address Cameras.r.us@gmail.com
Start recording transactions (year) 2019
Last month in financial year June
Start recording transactions (month) April

b) You are required to Build your own Accounts List which includes Header accounts, subtotals and detail accounts with the correct GST codes attached to each.

c) Enter the opening Account balances as set out in the following Trial Balance as at 31 March 2019. Ensure your setup shows:  Amount left to be allocated: $0.00

d) Enter the outstanding Accounts Receivable and Accounts Payable at 31 st March 2019 as listed below. All invoices include GST and you will need to create customers and suppliers as you go. When adding suppliers refer to the list supplied at Appendix A for the ABN and bank detail as these are required to process payments.

e) Add the following inventory items stocked by Cameras R us to the list of items. Refer to the policies and procedures when creating your inventory items:

Task 2
Processing transactions:
Continue processing in your original Cameras R Us file (not the backup file). Refer to policies and procedures for guidelines on processes to follow for processing transactions.
a) Purchase invoices:
Process the following credit purchases which were made from suppliers during the June quarter (all prices include GST).
Create new supplier cards as required referring to Appendix A for ABN and bank details. Purchase Layout must be Item for inventory transactions.

Checkpoint Reports:
Report 1: Accounts Receivable Reconciliation (Detail) as at 1 April 2019 - total receivables must be $7557.00
Report 2: Accounts Payable Reconciliation (Detail) report as at 1 April 2019 - total payables must be $5 985.64
Report 3: Inventory Reconciliation Report as at 1 April 2019 - total of the inventory must be $6675.00
You will be required to create a chart of accounts, please ensure that you use Header accounts appropriately for each category, refer to chapter 2.
Remember to backup your MYOB file regularly and be able to access each backup.
In task 3: Deposits from Better Buys should be allocated to "Rental Income" account. Ensure that you allocate Merchant Fees and Transaction Fees/Bank Fees separately as these have different tax codes.

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