MYOB: Account Right - Accounting And Finance Assignment Help

Assignment Task:

 An Assessment of key tips & tricks 

1. Follow the structure and order of the MYOB Textbook.

2. Back up your Assignment as you go.

3. GOOGLE any MYOB queries and check the MYOB Community Support Forums.

4. Edit and review your journals quickly via Accounts -> Transaction Journal -> Update dates -> Select Arrow ( )for transaction. 

5. Don’t forget to exclude GST where appropriate and post all the month-end journals e.g. Depreciation. 

6. Check the Cash, Accounts Receivable, Accounts Payable & Inventory Reconciliations reconcile!

7. Ask questions on the Discussion Board if you need it.

Questions: 

1. Which Reports do I need to print? 

The 6 Reports listed in the Subject Outline. These can be found by selecting Reports -> Index to Reports and clicking the following tabs: 

Accounts tab 

1. Standard Balance Sheet,

2. Profit & Loss [Accrual] Statement, Banking Tab -> scroll down to Transaction Journals heading 

3. Cash Receipts journal,

4. Cash Disbursements Journal, Sales Tab -> Receivables heading 

5. Reconciliation Summary. This will print as Receivables Reconciliation [Summary] Purchases tab -> Payables heading 

6. Reconciliation Summary. This will print as Payables Reconciliation

2. Why are my reconciliations for Cash, Accounts Receivable, Accounts Payable or Inventory not balancing? 

• Entered the Provision for Doubtful debts into the AR account, rather than the <Provision for Doubtful Debts> Account. 

• The opening balances for the individual debtor, creditor, a supplier has not been entered correctly. 

• Entered a transaction in the wrong month or year therefore not picked up in the reconciliation for the assignment’s date range. 

• You have not updated the “New bank statement balance” from the Bank statement in the Assignment or not included all the outstanding deposits and unpresented cheques.

3. What if I have 13 accounting periods and how to do I change this? 

Your assignment will not be impacted by having a 13th period accounting period, this is used by Accountants to process any year-end journals. As the assignment is only for a specific month, do not worry as this cannot be removed depending on the version used, make sure to post all transactions to the correct month and not period 13. 

4. Can I use MYOB for Mac? 

Yes, see link to 30 day trial for AccountingEdge Pro, the interface will be slightly different from the MYOB Textbook however still can be used. 

5. How do I change the Company name if I have forgotten my Student Number?

The textbook is well laid out and sufficient in getting a very good overview of the program and to master the assessment task AND to use the program in real life. 

Other Useful Items:

a) MYOB Textbook: MYOB AccountRight Plus 19.12 - A Practical Guide to Computerised Accounting by Greg Pazmandy. January 2018 Edition. ISBN: 978-1-76073-026-0

b) Back up your assignment, You cannot save files to UTS computers. Save your file to storage, email yourself the file as an online backup. Read Section 3 in the book where it covers back up procedures and how the file system works. Be particularly careful when working on different computers and copying your files between storage devices. 

c) Plagiarism As per the subject outline this is an individual assignment! You need to work on your own file from the very beginning. 

d) Google If you cannot find a solution in the textbook, try googling your question by typing in “MYOB + <Question>”. This should automatically lead you to the MYOB Wiki or wide variety of MYOB Community forum posts which may assist. MYOB AccountRight Plus accounting software is commonly used in business so you can find lots of online support in the Accounting space. Googling your question mirrors what you will be expected to do when you work in a practice where you will be required to figure out how to use computer software by yourself. 

Assignment Requirements:

1. Set up the business in MYOB 

• Read and use the “Company data” section of your textbook case study. 

• In MYOB Use the Create a new company file assistant to set up your company file. 

• Use the Company Data in the Case Study. 

2. Modify the chart of accounts: 

3. Enter the opening balances to the general ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory

 Opening Balances: 

You should enter all numbers as positive numbers except for the contra accounts, which should be entered as negative numbers. E.g. 

• Accumulated Depreciation  
• GST Paid 

• Check that the amount left to be allocated is $0.00 This tells you that debits = credits.

Set up customers:

• Open the Sales Easy Setup assistant by clicking Setup-> Easy Setup Assistant -> Sales 

• Under:

1. Layout select Item. 
2. Selling Details – Income account selects 4-1100 Sales. 
3. Tax codes – select GST for both Tax codes and Freight Tax codes. 
4. Payment Information – Payment method select Cheque. 
5.  Linked Accounts:

• Account for customer Receipts selects 1-1110 Cash at Bank. 
• Account for Undeposited Funds select 1-1180 Undeposited Funds o Customer cards - Create the customer cards. Make up the customer names.

• sales – enter the opening outstanding invoices provided in your case study. Ensure the out of balance amount is $0.00 before continuing.

Set up Suppliers: 

• Open the Purchases Easy Setup assistant by clicking Setup-> Easy Setup Assistant -> Purchases. 

• Under:

• Layout select Item 
• Buying Details – Expense Account select 1-1300 Inventory Control.
•  Tax codes – select GST for both Tax codes and Freight Tax codes. 
•  Payment Information – Payment method select Cheque. 
•  Linked Accounts.
• Account for Paying Bills select 1-1110 Cash at Bank o Supplier Cards – Create the supplier cards. Make up the supplier names.

• Historical purchases – enter the opening outstanding invoices provided in your case study. 

Set Up Inventory:

• In the MYOB Command center, select Inventory 

• Select Items list 

• Select New 

• Profile tab: Under Item number, enter the Stock Code. 

• Make up unique names for your inventory. Select (tick) the following and select the appropriate account: 

• I Buy this Item – Cost of Sales Account select 5-1100 Cost of Sales.
• I sell this item – Income Account for Tracking Sale select 4-1100 Sales.
• I Inventory this item – Asset Account for Item Inventory select 1-1300 Inventory Control.

• Buying Details tab: 

• Tax code when bought select GST.
• Buying Unit of Measure select 1.
• Number of Items per buying unit select 1.
• The purchase price and standard cost will be added later.

• Selling Details tab: 

• Base selling price – enter the Unit Sell Price (excluding GST)
• Selling unit of measure – select 1
• Number of Items per Selling Unit – select 1
• Tax code When Sold – select GST 

• After those steps have been performed, click OK and set up another inventory item. The opening balances will be added next.

• Opening Inventory Balances: 

• In the inventory command center, select Adjust inventory 

• Under Memo type: “Entry of Opening Inventory Balance” 

• Under item number Select the cell and press “Tab” or “Enter” on your computer keyboard to open a window to select the inventory items. Otherwise, you can type in the Item Number (Stock code in your assignment) and then type in the Quantity (units) and Unit cost given to you in your assignment. BE VERY CAREFUL to check the total in the AMOUNT column in MYOB matches the Balance column in your assignment. If you make a mistake and find out later, this can be very hard to fix. So double-check your entries here! 

• Click the record button.

 

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