Question on setting up supplier records

Assignment Help Accounting Basics
Reference no: EM13951090

Details of the remaining setup tasks

a. Customers and sales details

Use the appropriate windows in the Sales Easy Setup Assistant to set up the default information for The Digital Village' customers. Do not change other information in that setup assistant.

Window or Field

Details

Layout - Choose sale layout

Choose Your Default Sales Layout:

Item

Selling Details - Decide on selling details

Income Account:

4-1100 (Sales Revenue)

Credit limit:

$60,000

Tax Codes - Assign tax codes to your customers

Tax Code:

GST (Goods & Services Tax)

Payment Information - Set up payment information

Payment Method:

Cheque

Payment is Due:

In a Given # of Days

Discount Days:

0

Balance Due Days:

0

% Discount for Early Payment:

0%

% Monthly Charge for Late Payment:

0%

Linked Accounts - Select the accounts to track customer receipts

Account for Customer Receipts:

1-1110 (Cheque Account)

Account for Undeposited Funds:

1-1180 (Undeposited Funds)

From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build your customer list' window. Next, use that window to set up the customers of The Digital Village as listed below:

Tab or Field

Details

Profile tab

Card Type

Customer

Customer

Customer

Designation

Company

Company

Company

Name:

Handys Electronics

Hypertronics

Pikea

Card ID:

HAND

HYPE

PIKE

Address:

565 Neiwand Boulevard

396 Wenden Street

148 Rowley Boulevard

City,
State, Postcode:

Brisbane,
QLD, 4058

Brisbane, 
QLD, 4067

Brisbane, 
QLD, 4072

Country:

Australia

Australia

Australia

Phone#1:

2219 5874

4365 1707

7554 9895

Contact:

Sebastian Reed

Jessica Steinberger

Adriano Davisson

Selling Details Tab

A.B.N.:

50 108 223 794

54 387 554 582

33 789 566 581

Next, in the Sales Easy Setup Assistant, click Historical Sales from the list of options provided on the left side of the Setup Assistant to open the 'Enter historical sales for your customer' window. Then, click the Add Sale button to open the Historical Sale window where you are asked to record details of the outstanding sales that have not been paid in full as of the first day of the conversion month (1 January 2015):

Customer Name

Invoice #

Date

Total Including Tax

Handys Electronics

3162

13 December 2014

$11,000

Hypertronics

3163

20 December 2014

$8,998

Pikea

3164

25 December 2014

$18,733

b. Suppliers and purchases details

Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for The Digital Village' suppliers. Do not change other information in that setup assistant.

Window or Field

Details

Layout - Choose purchase layout

Choose Your Default Purchase Layout:

Item

Buying Details- Decide on buying details

Expense account:

Leave this blank

Credit Limit:

$60,000

Tax Codes - Assign tax codes to your suppliers

Tax Code:

GST (Goods & Services Tax)

Payment Information - Set up payment information

Payment Method:

Cheque

Payment is Due:

In a Given # of Days

Discount Days:

0

Balance Due Days:

0

Discount for Early Payment:

0%

Linked Accounts - Select the account to pay your supplier bills

Account for Paying Bills:

1-1110 (Cheque Account)

Alonso Mather has decided not to create supplier cards for all of his suppliers in MYOB. Instead, he has asked you to create a supplier card for each of the inventory suppliers only. Alonso tells you that these suppliers allow the business to purchase items on account. Over the month of January, you will need to record transactions with these inventory suppliers as well as with other suppliers that The Digital Village transacts with less often.

In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup Assistant to open the 'Build your supplier list' window. Then, use that window to set up the three inventory suppliers to The Digital Village as shown below:

Tab or Field

Details

Profile Tab

Card Type:

Supplier

Supplier

Supplier

Designation:

Company

Company

Company

Name:

Big Telco

Mega Tech

Moon Megasystems

Card ID:

BIG

MEGA

MOON

Address:

648 Landy Drive

382 Riley Road

122 McClements Street

City,
State, Postcode:

Brisbane
QLD, 4064

Brisbane
QLD, 4036

Brisbane
QLD, 4089

Country:

Australia

Australia

Australia

Phone#1:

9246 3700

3033 9538

7601 1484

Contact:

Phebe Chamberlain

Bianca Lamb

Bertram Lederman

Buying Details Tab

A.B.N:

73 580 954 231

46 585 600 269

90 787 899 593

From the list of options that are available on the left side of the Purchases Easy Setup Assistant, click Historical Purchases to view the 'Enter historical purchases for your suppliers' window. Then, click the Add Purchase button to open the Historical Purchase window where you are asked to enter details of the outstanding purchases that have not been paid in full as of the first day of the conversion month (1 January 2015):

Supplier Name

PO #

Date

Total Including Tax

Big Telco

343

8 December 2014

$9,735

Mega Tech

344

15 December 2014

$11,000

Moon Megasystems

345

24 December 2014

$17,523

c. Payroll details

The table below shows the information that you must enter into various windows in the Payroll Easy Setup Assistant. Do not change other information in that setup assistant.

Window or Field

Details

Tax Tables: Load payroll tax tables into your company file

Load Tax Tables:

Click the Load Tax Tables button

Payroll Year: Enter your payroll year

Current Payroll Year:

2015

Payroll Information - Set up your general payroll information

Full Work Week Hours:

40

Linked Accounts - Assign linked accounts for your payroll transactions

Account for Cash Payments:

1-1180 (Undeposited Funds)

Account for Cheque Payments:

1-1110 (Cheque Account)

Account for Electronic Payments:

1-1190 (Electronic Clearing Account)

Account for Employer Expenses:

6-1930 (Salaries Expense)

Account for Wages Paid:

6-1930 (Salaries Expense)

Account for Deductions & Expenses:

2-1420 (PAYG Withholding Payable)

Payroll Categories - Review your payroll categories

Select Category Type:

Taxes

PAYG Withholding:

Click the zoom arrow icon next to PAYG Withholding to display the Tax Table Information window where you can enter the following information.

Tax Table Information

Linked Payables Account:

2-1420 (PAYG Withholding Payable)

Next, use the Payroll Easy Setup Assistant to set up the employees of The Digital Village as shown below. To do this, click Employee Cards from the list of options provided on the left side of the Payroll Easy Setup Assistant. This opens 'Build your employee list' window where information about the company's employees are recorded. Note that you, the student, are actually the accountant of The Digital Village and must be set up to be paid your salary at the end of the month. Do this by using your own personal name when instructed to do so below.

Tab or Field

Details

Profile Tab

Card Type:

Employee

Employee

Designation:

Individual

Individual

Last Name:

Powell

Insert your last name

First Name:

Peter

Insert your first name

Card ID:

POWE

Enter the first four digits of 
your surname in uppercase

Address:

107 Perkins Boulevard

756 Davies Lane

City, State, Postcode:

Brisbane, 
QLD, 4054

Brisbane, 
QLD, 4085

Country:

Australia

Australia

Phone#1:

7425 7591

8971-9072

Payroll Details Tab

Personal Details

Start Date:

16 May 2015

2 January 2015

Employment Basis:

Individual

Individual

Employment Category:

Permanent

Permanent

Employment Status:

Full Time

Full Time

Wages

Pay Basis

Salary

Salary

Annual Salary:

$37,200

$43,200

Pay Frequency:

Monthly

Monthly

Wages Expense Account:

6-1930 (Salaries Expense)

6-1930 (Salaries Expense)

Taxes

Tax File Number

124 134 523

599 675 406

Payment Details Tab

Payment Method:

Cheque

Cheque

d. Inventory details

Use the Items List functionality provided in the Inventory Command Centre to set up the inventory items of The Digital Village:

Tab or Field

Details

Profile Tab

Item Number:

BLUEB

MX620

MIECA

SWISH

Name:

BlueBerry phones

MX620 notebook computers

Mieca camera lenses

Swish Phones

I Buy This Item

Tick

Tick

Tick

Tick

I Sell This Item

Tick

Tick

Tick

Tick

I Inventory This Item

Tick

Tick

Tick

Tick

Cost of Sales Account:

5-1100
(Cost of Sales)

5-1100
(Cost of Sales)

5-1100
(Cost of Sales)

5-1100
(Cost of Sales)

Income Account for Tracking Sales:

4-1100
(Sales Revenue)

4-1100
(Sales Revenue)

4-1100
(Sales Revenue)

4-1100
(Sales Revenue)

Asset Account for Item Inventory:

1-1300
(Inventory)

1-1300
(Inventory)

1-1300
(Inventory)

1-1300
(Inventory)

Buying Details Tab

Standard Cost:

$950

$1,030

$820

$990

Buying Unit of Measure

Each

Each

Each

Each

Number of Items per Buying Unit

1

1

1

1

Tax Code When Bought:

GST

GST

GST

GST

Selling Details Tab

Base Selling Price:

$1,650

$1,738

$1,430

$1,617

Selling Unit of Measure

Each

Each

Each

Each

Number of Items per Selling Unit

1

1

1

1

Tax Code When Sold:

GST

GST

GST

GST

Inclusive/Exclusive:

Tick
Prices are tax inclusive

Tick
Prices are tax inclusive

Tick
Prices are tax inclusive

Tick
Prices are tax inclusive

Calculate Sales Tax on:

Actual Selling Price

Actual Selling Price

Actual Selling Price

Actual Selling Price

Next, use the Count Inventory functionality in the Inventory Command Centre to enter the quantity of each inventory item and its unit cost as at 1 January 2015:

Window or Field

Details

Count Inventory

Item Number:

BLUEB

MX620

MIECA

SWISH

Counted:

10

22

31

20

Adjustment Information

Default Adjustment Account: Leave this field blank and then click the Continue button.

Next, click the Opening Balances button to open the Adjust Inventory window.

Adjust Inventory

Inventory Journal Number: IJ000001

Date: 1/1/2015

Unit Cost:

$950

$1,030

$820

$990

Question on setting up customer records

After you have finished setting up customer records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then indicate the name of the window that appears after those steps have been completed:

From the main menu bar, click Setup and select Easy Setup Assistant.

In the Easy Setup Assistant window that appears, click the Sales icon to open the Sales Easy Setup Assistant.

From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards.

In the 'Build your customer list' window that appears within the Sales Easy Setup Assistant, click the New button.

The name of the window that appears after the above steps are performed is:

Customer Information

New Customer Card

Card Information

Add Customer Card

Question on setting up supplier records

After you have finished setting up the supplier records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been completed:

From the main menu bar, click Setup and select Easy Setup Assistant.

In the Easy Setup Assistant window that appears, click the Purchases icon to open the Purchases Easy Setup Assistant.

From the list of options provided on the left side of the Purchases Easy Setup Assistant, click Supplier Cards.

In the 'Build your supplier list' window that appears within the Purchases Easy Setup Assistant, click the New button.

Select the tab that is part of the window that appears after the above steps are performed:

Card ID

Selling Details

Buying Details

Bank Account Number

Question on setting up employee records

After you have finished setting up employee records for The Digital Village, Alonso asks you to perform the following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been completed:

From the main menu bar, click Setup and select Easy Setup Assistant.

In the Easy Setup Assistant window that appears, click the Payroll icon to open the Payroll Easy Setup Assistant.

From the list of options provided on the left side of the Payroll Easy Setup Assistant, click Employee Cards.

In the 'Build your employee list' window that appears within the Payroll Easy Setup Assistant, click the New button.

Select the tab that is part of the window that appears after the above steps are performed:

Employee Log

Payroll Category

Timesheet

History

Question on setting up item records

After you have finished setting up inventory item records for The Digital Village, Alonso asks which of the following shows the correct series of actions to open an MYOB window that must be used to create a new item record.

Command centre icon Right arrow Flowchart task icon Right arrow Other icon

Card File Right arrow Cards List Right arrow New

Inventory Right arrow Items List Right arrow New

Purchases Right arrow Purchases Register Right arrow New Item

Inventory Right arrow Inventory Register Right arrow Item Card

Reference no: EM13951090

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