Reference no: EM131484647
Assessment item - MYOB practice set and written component.
Objectives
This assessment involves 3 steps. Please ensure that you complete all steps prior to submission. All steps must be submitted as one Word document file. Additionally, you are required to submit a backup copy of your MYOB file.
Step 1:: Sessiion Preparattiion
Step 1 involves you writing down some of your ideas, reflections and reactions to the following set readings:
1. Partnership: Chapter 15 of your set textbook, Accounting 9e
2. MYOB: Pages 312-317 of your set textbook, Accounting 9e and the introductory background pages 1-2 (prior to Part A) of your MYOB Practice Set, Wipeout Water World.
Read the above set readings like you would a novel or any book, actively seeking to engage with the author and to understand what you are reading. What are the authors trying to say? Let the authors take you on a journey: see what you think of some of the key ideas and concepts being discussed.
And while you do this, note down key concepts that occur to you. That's right; just write them down as you go along. Also, include any questions that occur to you as you are reading. What do you find confusing, difficult to understand or believe, boring, exciting or surprising? This list will help to guide you in communicating what you believe are the key concepts and questions (KCQs) of the reading material.
Your personal engagement with the reading is what interested in. Do not summarise the readings. We are interested in your reactions,
understanding, and questions from the readings. We know what the readings say, so simply giving us a summary of the readings will not be telling us anything that we do not already know.
Use the words "I" and "me" in your Step 1. Different people will have different reactions to the readings. Tell us what your reactions actually are. This is what we are interested in. Do not tell us what you think we might want to hear. Be genuine and honest in your reactions to the readings. Give something of yourself in your Step 1. Remember, you are required to communicate the key concepts from the readings in your own words. Throughout this assignment you will be working by yourself. Explain whether you are satisfied with this arrangement, or if you would prefer to work in a pair. Use your reading of Chapter 15 of your set textbook (Accounting 9e) to help you identify some advantages and disadvantages of working in a partnership with another student, and relate it to your efforts on this assignment.
There is no set formatting for this section, so you are free to include pictures if you wish. There is also no word limit to your reactions. We are looking for you to show a connection to the reading material. You might like to imagine that your close friend has presented you with the reading material and has asked you to explain to them the key concepts, in an easy-to-understand manner, using examples from your own life experiences (or those of others who you personally know about). For example, your parents may have run a small business and used MYOB - so you can use these experiences to back up your reactions as you are writing your key concepts and questions. You can also use your interactions with others from the unit as part of your examples to support your communication of the key concepts. You might also like to imagine that you are preparing a lecture on the reading material and you are trying to explain it to others, and so you have to think of some interesting examples from your own experiences to assist you in explaining the concepts to others.
Submission of Step 1
You are required to upload this submission to Moodle, under the Assessment 2 upload link. Please submit your Step 1 as a Word Document, entitled "Your name Student Number Assessment2".
Remember it is your responsibility to keep an electronic copy of this assignment in case there are problems with the upload.
Step 2:: Compllette the MYOB Practtiice Sett
In order to complete Step 2, students must purchase a MYOB Practice Set - "Wipeout Water World". The practice set is to be completed using MYOB Accountright Plus v19. This Practice Set and software, must be either purchased or be accessible in order to complete this assignment. It may also be available for purchase online at https://www.pearson.com.au/products/A-C-Brown-Marian/Wipeout-Water-World-An-Accounting-Practice-Set-Using-MYOB-AccountRight-v19-Pearson-Original-Edition/9781486022922?R=9781486022922 and there are also some student data files downloads available from this site.
It is each student's responsibility to have access to MYOB Accountright Plus v19 (student edition) - Do not assume that previous versions (eg. v18) will be compatible. When you start your assignment, it is advisable to work through it entirely on one version.
System requirements
To install MYOB Accounting software on your personal computer you will need access to a computer with a number of minimum requirements (see link below). You must ensure that you are using a currently supported Windows operating system. Please note that if you are using a Macintosh, you must install Account Edge as per the instructions of the Practice Set, however, you must make sure that you have the appropriate operating system as the Practice Set will not operate with some Macintosh operating systems (in particular, the Practice Set will not work with the latest versions of iOS with MYOB nor anything after 10.7). You must ensure that you have access to a currently supported Macintosh operating system. You must also ensure that you have access to the internet for downloading the relevant files required as part of the Practice Set.
It is your responsibility to make sure that your PC is compatible with the minimum operating requirements for the MYOB software required. These minimum operating system requirements can be found at: https://myob.com.au/myob/business/minimum-system-requirements-1258091134850
Prior to Starting Step 2:
Dates on Computer
Go to the DATE SETTING on your computer to see the format of the date. Ensure that this is in the format DATE-MONTH-YEAR. If it is not in this format, then you should change the setting to this format, or else remember that it is not in this format, before entering any information. A common problem for students is assuming that the date setting on their computer will be DAY-MONTH-YEAR. However, it may be set as MONTH-DAY-YEAR and finding that transactions attempting to be entered on 13/7/2014 will not be accepted, is the first students know that their computer is set to the date setting MONTH-DAY-YEAR. At that stage there is no alternative but to start over again, losing all transactions entered.
Language on Computer
To set your computer so that dollars are used for your transactions, go to Control Panel and then to Regional and Language Options and change to English (Australian).
Reading
Students should read all notes in the Practice Set. Failure to be aware of this information cannot be used as a reason for requesting an extension on this assignment. You can also locate online information and support for MYOB AccountRight Plus v19 through the MYOB websites as follows:
https://myob.com.au/business/support/accountright-support-1426980923736
https://community.myob.com/
https://myob.com.au/products/small-business/accounting-software/myob-accountedge-1423059153169 (This is information about AccountEdge (for Mac users)).
There is an updated version of AccountEdge for Macs, student edition, which can be accessed at https://download.myob.com/au/Compliance_2016/AccountEdge/AccountEdge_Pro_EDU_v15.5.zip
Training for the use of MYOB
The first section (Part A, pages 3-107) of the Practice Set is dedicated to training students how to use MYOB v19. Even if you have used MYOB before, it is required that you complete these pages of the Practice Set. Module 5 (Week 5) of the unit has been allocated as time for you to complete this training. It is worth taking the time to understand this preparatory and training information before entering transactions in the remaining sections of the Practice Set. The order in which you enter transactions is important as it can change the way your figures are recorded (eg. using average cost inventory).
Students should not seek assistance in entering transactions if they have not first completed the appropriate training pages of the Practice Set, and consulted this guide.
When you need to leave MYOB and want to return later to continue, it is very important to back up (i.e. Save) the Data files you have entered. Be sure to save the data and remember the name of the file you have created and where you have saved it! Also, ensure that you save this data file in more than one location (eg. on two separate USB's in addition to your home computer). Losing your work because you have not saved it in more than one place is not an acceptable reason for an extension.
Getting Started on Step 2:
Load MYOB Accountright Plus v19 Student Edition on your computer (follow the instructions in the Practice Set),
Initial Set Up
Set up your company within MYOB. Follow the instructions and details in the Practice Set text by first reading the background and introductory pages of the Practice Set (pages 1-2), which provides you with an introduction to the Practice Set, and then completing Part A of the Practice Set (pages 3-107), which familiarises you with the main features of MYOB.
Requirements for Step 2:
Complete the training portion of the Practice Set (Part A, pages 3-107). This will teach you how to use MYOB.
Familiarise yourself with Table 1 below. Then complete the remainder of the Practice Set (Parts B through E, pages 108-127), except for the July transactions (Part F, pages 128-136). I repeat, do not complete the July transactions (Part F, pages 128-136). The assessable portion of the Practice Set for this unit is Parts B through E, pages 108-127, as follows:
Part B - Opening Balances 31 May 2015 Part C - Transactions for June Part D - Reconciliations - June, 2015 Part E - Financial Reports - June, 2015 and Transferring Drawings and Profits to Capital Accounts
[Remember, you may need to draw on your pre-requisite unit for some knowledge of any transaction journals you require. The chapters of the textbook which we covered in were chapters 1 through 12 inclusive.]
As part of completing Parts B through E (pages 108-127), you will be required by the Practice Set to generate a number of reports (called ‘Printouts' in the Practice Set). You are required to submit the key figures as shown in the following Table 1. You will need to find these figures using the reports (‘Printouts') that you learned to generate as part of the Practice Set. Not all Printouts are required in order to complete the figures requested in the Table. Therefore, it is important to familiarise yourself with each report as you generate it in the Practice Set.
Table 1: Summary of figures - Wipeout Water World$
1. Printout 5: Reconciliation Report: Expected Balance on Statement
2. Printout 6: Receivables Reconciliation - Detail: Harvey Travel: 0-30 column: Total
3. Printout 7: Payables Reconciliation - Detail: ABC Wholesalers: Current column: Total
4. Printout 8: GST Detail - Accrual: Tax Paid column: CAP category: Total
5. Printout 9: All Journals: Grand Total Debit column (right at the end)
6. Printout 10: Profit and Loss: Selected Period (June) column: Total Income
7. Printout 10: Profit and Loss: Year to Date column: Gross Profit
8. Printout 11: Profit and Loss July 2014 through 13th Period 2015: Gross Profit
9. Printout 11: Profit and Loss July 2014 through 13th Period 2015: Net Profit
10. Printout 12: Trial Balance: YTD column: Superannuation Payable
11. Printout 12: Trial Balance: YTD column: Sales - retail shop
12. Printout 12: Trial Balance: YTD column: Purchases - restaurant
13. Printout 13: Balance Sheet: Total Current Assets
14. Printout 13: Balance Sheet: Total Current Liabilities
15. Printout 13: Balance Sheet: Total Equity
16. Printout 14: General Ledger Detail: Grand Total Credit column (right at the end)
17. Printout 15: Customer Ledger: Des Harper: Credit column: Total
18. Printout 16: Supplier Ledger: Uniforms & Protective Clothing: Balance column: Total
19. Printout 17: Business Activity Statement: Total Sales G1
20. Printout 17: Business Activity Statement: GST on purchases 1B
You must also submit the electronic copy of your own MYOB file as your marker will need to authenticate the author of this file (to ensure that it is your own work and you have not simply copied the figures from someone else). Cheating is penalised heavily . If you do not submit your MYOB file then you may not be awarded any marks for this section, regardless of the figures you may have entered into Table 1 in your Word Document.
Hints for correcting errors
While setting up the data file and entering transactions, students should check their screen against the screen shots provided in the practice set before recording the transaction or moving on. If errors are made while recording transactions, then the easiest way to correct those errors is to use the Transaction Journal flowchart option. Locate the transaction, click on the white arrow to the left of the entry and the original transaction will display. If it is simply a wrong date or amount this can be corrected and the transaction re-recorded. If there is a major problem and the transaction needs to be deleted and done again, go to the menu bar, select Edit and then Delete.... whatever the type of transactions is. At report windows, place the cursor over the figure and if the cursor changes into a magnifying glass double-click and MYOB takes you to the Find Transactions screen where you can select the entry to view and amend or delete.
Attachment:- myob.zip