MYOB Computer Accounting Program to Process Transactions Case Study - Accounting and Finance Assignment Help

Assignment Task:

Task:

Introduction
In this assignment students are required to use the following 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 is a Gift Shop named, “Student Name Gifts Pty Ltd” (students are to insert their own name) and the ABN number must include your “Student Number as a unique identifier” with zeros making up the required numbers. The firm’s sales are both over-the-counter cash sales and credit sales on account. It will be necessary to create a new company, details are as follows:

Company
Name

Address ABN Current Financial Year

Last Month of Financial Year

Industry

Your Name
Gifts Pty Ltd Your Student Number

11 digits
000 Student Number

2021 June Retail

Conversion month: July 2020

Chart of Accounts
You are to select 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.

MYOB Case Study

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
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.
 

Transaction Period
New financial year starting 1st July 2020, and the processing period is July 2020, the current financial year is 2021, conversion month being July and there are 12 periods.

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