Enter the opening balances to the general ledger

Assignment Help Case Study
Reference no: EM131210016

Case Study

Introduction

In this assignment students are requited 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.

Company
Name

Address

ABN

Current
Financial
Year

Last Month
of Financial
Year

Starter
Chart

"Your name"
Books Pty Ltd

Your Address

21 666 888 999

2014

June

Retail
Book store

New Financial Year starting July, 2013
Conversion month: July 2013.

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.

Required:

Set-up the business in MYOB - Remember to incorporate YOUR NAME as part of the

1. company name.

2. Modify the chart of accounts as required to ensure that the transactions affecting the company are recorded and classified correctly.

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. Print reports for the month of July to be submitted, are as follows:
- Accounts (General Ledger) Accounts List - Summary Trial Balance
Transaction Journals = General Journal
Profit & Loss Accrual
Standard Balance Sheet
- Sales (Accounts Receivable) Receivables- Reconciliation Summary
Item - Sales Summary Purchases (Accounts Payable) Payables- Reconciliation Summary
Item -Purchase Summary
- Banking
Transaction Journals
Cash Disbursements Journal
Cash Receipts Journal
Cheques and Deposits Reconciliation Report
- GST / Sales Tax Reports GET Reports GST [Detail - Accrual]
- Inventory

Items
Items List Summary
Inventory Value Reconciliation

Attachment:- Case study.pdf

Reference no: EM131210016

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