Computerised accounting systems, Accounting Basics

The organization's name is Coffee Affectionardo Pty Ltd and the company imports and sell various  types  of coffee  machines, grinders,  filters and beans. The business has two directors 

- Gus and Jane Fann. There are cash sales and sales recorded on credit to certain retailers have been  granted credit  facilities.  here  are also discounts for early payment of accounts.  

Purchases are made both on  credit and by  cash. The  company  requires all  front of house employees  to  wear  a  uniform.  Coffee  Affectionardo  pays  for  the  laundering  of  these garments.

There are three employees: Gus  is  in charge of sales and a consultant, Sui Chin. She works part-time,  2  days  per week.  Jane,  is  employed  to  perform  administrative  tasks.  Gus  and Jane are  paid on the  last payday of  each month.  Overtime is paid  on the  last payday of the month. 

Assumptions   Made  

Each Friday: 

Gus  checks  the Stock Alert  (To Do  List)  to determine  if orders are  required. Goods ordered  on  Friday,  as  a  result  of  checking  the  Stock  Alert,  arrive  the  following Monday  and  attract  a  delivery  charge  of  $90.  Record  this  arrival  first  thing  on Monday. 

General 

  • All purchases are received with the bill attached unless otherwise stated.
  • When there is insufficient stock to meet a customer's sale, the company orders and receives the goods on the same day. These orders attract an express delivery fee of $150.
  • All stock is sold or purchased at the last sale or purchase price unless otherwise advised.
  • All returns are at the selling/purchase price at the time of the original sale/purchase price.
  • Expenses accounts received are paid on the due date.
  • All transactions are subject to GST unless otherwise stated or if they are GST free. Transactions are to be treated as tax inclusive unless otherwise stated.
  • Any assumptions made must be in accordance with current accounting standards and must be recorded next to the journal printout of the transaction involved. Getting Started: You will need to create the data file. The conversion month is September, choose 12 accounting periods and the "build my own accounts" option. The assignment file name is: ASS22011-StudentID.myo. Enter your name and student number into the company information. This will ensure that any reports that are printed can be identified. Set up a user name, Student, and the password should be your student number (no letters). You must consult with your lecturer in order to have your file further password protected before you start the assignment. If you fail to do this, your assignment will not be accepted.

Part A: Report

The directors have heard that the concept of internal control is very important for strong corporate governance but they don't really understand what it means or how to apply it to their business using MYOB. They have asked you to prepare a fully referenced report in response to their concerns. You should include an explanation of corporate governance, internal control, and describe appropriate internal control measures for Coffee Affectionardo Pty Ltd (800 words maximum).

Part B: Asset Manager

You are to teach yourself Asset Manager, a popular program used to keep track of depreciating assets. Put your initials next to each Asset name and Account name. Demonstrate how Asset Manager may be used to manage the organisation's assets by completing the following activities using the file Ass22011-AM-xxxxxx found on my RMIT.

1. For each of the Fixed Asset types found in the Chart of Accounts/ Assets. create the at cost and Accumulated Depreciation Accounts. Use similar account numbers as found in MYOB.

2. Edit the remaining accounts to match MYOB Bank account 1-1110, Depreciation Expense account 6-1030, Profit on Sale of Asset 8-1000, Loss on Sale of Asset 9-100

3. Record the assets below. Note all items are to be included in the low value pool where this is an option.

4. There will be more instructions on Asset Manager at the end of the assignment.

Part C: Transactions     

The    Chart    of    Accounts    and    Opening    Balances Setup  the  Chart  of  Accounts;  enter  the  accounts  shown  on  the  page  .   You will  need  to design  how  you  want  the  Balance  Sheet  and  Profit  and  Loss  Statements  to  appear.  Appropriate headers and sub-totals will be expected. During the course of the assignment, you may need to create extra accounts and you must add your  initials to the end of these accounts. Enter the opening balances as at 1st  September.
 
When  all  the  accounts  have  been  entered,  you  should  select  the  Chart  of  Accounts (Summary or Detail)  from the Reports menu.  Check this report to make sure that accounts are in the correct place, that the required account type has been selected, the numbers are appropriate and that account names are spelt correctly.  Ensure that appropriate subtotals will be included in the financial reports.  

Posted Date: 2/25/2013 5:09:33 AM | Location : United States







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