Create a new company data file using MYOB

Assignment Help Accounting Basics

Reference no: EM131958641

Assessment Task -

Business Data - The business is a book retailer named Yabby Books Pty Ltd. The firm's sales ate both over-the-counter for cash and on credit to known customers.

Transaction Source Data - Transaction data is obtained as follows:

Cash register data - 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 bought
Working papers - for adjusting and miscellaneous entries

Required:

1. Create a new company data file using MYOB.

Note: The A.C.N. should be added to 'Company Information' via Setup from the menu bar.

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

3. Change 'Preferences' as instructed.

4. Enter the opening balances for the Accounting List and set up the subsidiary ledgers for customers, suppliers and inventory.

Note: Record historical sites, historical purchases and the opening stock take.

5. Process transactions for July, and reconcile the Cheque Account.

6. Prepare the following reports:

Accounts

Accounts List - [Detail]
Trial Balance
Profit & Loss Statement
Balance Sheet

Sales

Aged Receivables - [Summary]
Sales [Item Summary]

Purchases

Aged Payables - [Summary]
Purchases (Item Summary]

Banking

Cash Distribution Journal
Cash Receipts Journal
Reconciliation Report, 1-1110 only

GST / Sales Tax

GST [Detail - Accrual]

Inventory

Item List [Summary]
Inventory Value Reconciliation

Attachment:- Assignment File.rar

Reference no: EM131958641

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