MYOB Case Study - Accounting & Finance Assignment Help

Assignment Task

Task 

Introduction
In this assignment students are required to use the modules of the MYOB computer accounting program to process transactions and to produce a set of accounting reports relating to business operations:
• General Ledger
• Banking
• Sales - Accounts Receivable
• Purchases - Accounts payable
• Inventory

Company data
The business operates as a Clothing Retailer named, “Student Name Clothes Pty Ltd” (students are to insert their own name) and the ABN number (and Address) must include your “Student ID Number as a unique identifier” with zeros making up the required numbers. The business sells clothes as both over-the-counter cash sales and credit sales on account to retail and wholesale customers.

It will be necessary to create a new company, details are as follows:

Conversion month: July 2021

Chart of Accounts
You are to select one of the default charts provided by MYOB which most closely resembles the business (Industry: Retail). You may be required to modify/delete accounts to suit the nature of the transactions as given in the question.

Transaction Sources
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 purchased
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.

Transaction Period
The 2022 financial year is from 1st July 2021 to 30 June 2022. The last month of the financial year is June 2022. The conversion month for this case study is July 2021.

Customers
1. Students are required to make up their own unique customer names and addresses.
2. Both cash and credit sales are recorded via the Sales module.
3. Information provided for customers and their balance as at 1st July are as follows:

Suppliers
1. Students are required to make up their own unique supplier names and address.
2. Accounts Payable ledger has suppliers entered for trading stock as well as other goods and services acquired on credit.
3. All suppliers extend the normal 30-day terms, with no discount for prompt payment.
4. Information provided for suppliers and their balance as at 1st July are as follows:

Inventory
1. Students are required to make up their own unique product names.
2. The firm uses the perpetual inventory method of accounting for inventory, (that is when inventory is purchased it is added to ‘Inventory ‘account and when goods are sold, the inventory account is reduced with the debited being to ‘Cost of Sales’).
3. Information provided for the inventory opening balance as at 1st July is as follows:

Transactions for July 2021
Date source: Supplier Invoice dates and amounts include GST.
Date Transaction Details
5 Jul Received invoice from S03 for 100 units P04 for $2,200, and 120 units P08 $2,904.
6 Jul Received invoice from S06 for telephone and communications systems installation $1,870. Installation costs are expensed when incurred.
7 Jul Purchased stationery on account from S04 amounting to $528. Stationery is expensed when purchased.
9 Jul Received invoice from S02 for 160 units of P07 $2,464 and 120 units of P02 $2,376.
12 Jul Received invoice from S01 for 190 units of P01 $5,434.
14 Jul Received invoice from S05 for July accounting fees amounting to $1,540.
15 Jul Purchased 200 units P03 for $2,640, 250 units P05 for $6,600, and 200 units of P06 for $4,400 from S03. Invoice was included with goods supplied.
16 Jul Requested a credit note from S03 for short supply of goods delivered on 15 Jul. Only 240 units of P05 and 185 units of P06 were delivered. As such a credit note for 10 units P05 and 15 units of P06 was requested.
17 Jul Invoice from S07 for computer maintenance and repairs $792.
20 Jul Received invoice from S02 for 80 units of P03 $1,056 and 100 units P05 $2,640.
22 Jul Received invoice from S09 (new supplier) for legal expenses in relation to leasing of premises, $924.
24 Jul Received invoice from S08 for advertising undertaken in July $1,650.
25 Jul Received invoice from S02 for 200 units of P02 for $3,960, 180 units of P03 $2,376, 160 units P05 $4,224 and 300 units of P07 for $4,620.
27 Jul Purchased stationery on account from S04 amounting to $814. Stationery is expensed when purchased.
29 Jul Received invoice from S06 for telephone expenses incurred during the month amounting to $858.
31 Jul Received invoice from S07 for repairs of computer equipment and software updates amounting to $616.

Date source: Sales Invoices and Cash register. All sales include GST.
Date   Transaction Details
2 Jul Cash sales 80 units P01 and 100 Units P08.
4 Jul Sales invoice to C03 for 60 units P02 and 90 units P05.
5 Jul Sold 70 units P03 and 110 units of P07 to C01.
8 Jul Sold for cash, 85 units of P04 and 95 units of P06.
12 Jul Sales invoice to C08 for 105 units P02 and 70 units P05.
14 Jul From the sales to C08 on 12th July, the customer returned 15 units P02 and
10 units P05 due to faulty packaging. The goods were returned to stock.
17 Jul Sold 100 units P01 and 105 units of P04 to C02.
21 Jul Cash sales 120 units P03 and 115 Units P06.
22 Jul Sold 90 units P07 and 80 units of P08 for cash.
24 Jul Sales invoice to C05 for 130 units P01 and 110 units P03.
25 Jul Sales invoice to C07 for 70 units P07 and 90 units P08. Cash sales 115 units P04 and 100 units P06.
27 Jul Of the sales to C07 on the 25 July, the customer returned 12 units of P07 and 8 units P08.
28 Jul Sold 110 units P02 and 80 units of P05 to C06.
30 Jul Sales invoice to C04 for 100 units P05 and 120 units P07.
31 Jul Cash sales 105 units P01, 110 units P04 and 130 units P08.

Required:
1. Set up the business in MYOB – Remember to incorporate YOUR NAME as part of the company name.
2. Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly.
Note: You must be specific in the naming of accounts (i.e. do not use a generic “accruals” account – be specific).
3. Enter the Opening Balances to the General Ledger and set up the subsidiary ledger for Customers, Suppliers and Inventory.
4. Process transactions for July, including the completion of the Bank Reconciliation.
5. Export (in PDF form) and submit the following reports (along with the Assignment Cover Sheet).

Note: Make sure that the Company name (which includes your full name) and ABN/Address (which includes your Student ID) is present on each report:

General Ledger (Accounts)
1. Balance Sheet
2. Profit & Loss Statement

Sales (Accounts Receivable)
1. Receivables Reconciliation (Summary)

Purchases (Accounts Payable)
1. Payables Reconciliation (Summary)

Banking
1. Cash Disbursements Journals
2. Cash Receipts Journals

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