FNSACC416 - Set up And Operate Computerized Accounting System - Accounting and Finance Assignment Help

Assignment Task

Part 1: Short Answer 
The following table is an extract from the accounting policies and procedures for Bella’s Hair and Beauty. To answer some of the questions in part 1 you will need to refer to this policy and procedure.

1.    All transactions for the month, must be entered by close of business on the last day of the month or the next business day, where the end of the month falls on a weekend or public holiday.

2.    On the 1st of every month, the bank statement is downloaded from Bella Hair & Beauty’s internet banking.

3.    Prepare a Bank Reconciliation in MYOB, adding any bank interest received and bank fees paid as a “Bank Entry” during the reconciliation process.

4.    All transactions for the month, must be finalised and reconciled by close of business on the 5th day of the following month or the next business day, where the end of the month falls on a weekend or public holiday.

5.    The following monthly reports are printed for the business owner:
a.    Bank Reconciliation
b.    Trial Balance
c.    Profit & Loss Statement
d.    Balance Sheet
e.    GST [Detail-Cash]
f.    Payroll Activity [Summary

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