General Ledger - Sales: Accounts Receivable - Purchases: Accounts payable - Accounting and Finance Assignment Help

Assignment Task:

Introduction 

In this assignment students are required to use the: 

• General Ledger 

• Banking 

• Sales - Accounts Receivable 

• Purchases - Accounts payable 

• Inventory 

modules of the MYOB computer accounting program to process transactions and to produce a set of accounting reports relating to business operations. 

Input 

Business data

The business is a book retailer named, “Student Name Pty Ltd” (students are to insert their own name) and is located at Your Address - Sydney NSW 2000.The firm’s sales are both over-the-counter cash and credit to well known customers.

Chart of Accounts 

You are to create your own chart of accounts by using one of the default charts provided by MYOB which most closely resembles the business or you can choose the ‘Build your own’ option. If you are using one of the default charts, you may be required to modify/delete accounts to suit the nature of the transactions as given in the question. 

Transaction Source 

Cash registers – for cash sales

Invoices – for credit sales

Cheque book – for cash payments

Deposit books – for cash receipts

Bank statements – for direct charges and direct deposits

Supplier invoices – for goods and services

Working papers – for adjusting and miscellaneous entries 

GST 

Please note that GST free items are bank fees, salaries and wages, interest expense, superannuation and fines – you can check with your lecturer for others.

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