Reference no: EM131225428

Electronic Commerce Cycles MYOB Assignment

Assessment of Learning Outcomes -

Knowledge and Technical Skills - Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.

Higher Order Thinking Skills - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.

Assessment Purpose -

This assignment is an individual assessment assessing your learning from the MYOB tutorials and Pabst & Perrin text by completing the February transactions and end of month processing. Accuracy of accounting information is important and the marking will be based on correct entries.

Tips for the Assignment

• Read the background to the business in the Pabst & Perrin book on p.8 before you commence the assignment to see how they handle End of Month entries
• Work out each transaction type before starting to record transactions (ie credit purchases, cash sales, sales return etc).Look at how each transaction type is processed in Pabst & Perrin text and apply this same processing to the assignment
• Add new accounts where needed and use your accounting skills from prior units to assist you with entries
• Backup every few transactions to ensure you don't have to re-enter all transactions again if you make a mistake
• In relation to accounting for GST on Sales and Purchases, process these transactions in the same manner as January.
• Remember to tick the Tax Inclusive box for Cash Sales as is done in January.
• Accept the next purchase order and invoice number displayed.
• You may need to add new customers and or new terms for credit sales

PART A - MYOB

Use your MYOB data file from the end of the MYOB Workbook/Textbook and enter the February transactions, End of Month entries and perform the Bank Reconcilation.

PART B - CRITICAL THINKING REPORT

CASE:

Jeff is an engineer working for RoadTrans. On the 12 February he sends an email to the Purchasing Department requesting them to order a MacBook Pro. Julie, the Purchasing Officer creates a purchase order in MYOB for the MacBook Pro and sends it to the Apple Store. Two weeks later the Apple Store sends Julie an invoice for the MacBook Pro which Julie enters into MYOB (converting the order to a bill).

She notices that the Apple Store is giving 5% discount if RoadTrans pays within 7 days. As an astute employee Julie prepares the bank transfer and submits it to John, the Financial Controller for final approval.

John takes his responsibilities seriously and checks if Jeff has a budget for this purchase, which he hasn't so he rejects the payment. John then contacts Jeff's boss, Justine to discuss. Justine said she had no knowledge of Jeff's purchase and when she questions Jeff he says that he hasn't received the MacBook Pro so all is OK.

REQUIRED:

1. Draw a Process Map (see Lecture 7) for the above case.

2. Identify the major 2 control issues and suggest a solution. Your solution should state what control activity(s) it uses (See Lecture 3).

3. Draw an updated Process Map with your solutions included.

Assignment link - https://www.dropbox.com/s/1sx2mjowt4jxe8n/Assignment%26Lectures.rar?dl=0.