Question on setting up supplier records

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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