Table of Contents€¦ · Web viewAssets costing less than $1,000.00 excluding tax will be pooled into the low-value pool and depreciated at 18.75% in the first year and 37.5% thereafter

BSBFIA401

Prepare Financial Statements for Non-Reporting Entities

Student Guide Part B: Case Study

Stud

ent G

uide

TABLE OF CONTENTS

This is an interactive table of contents. If you are viewing this document in Acrobat, clicking on a heading will transfer you to that page. If you have this document open in Word, you will need to hold down the Control key while clicking for this to work.

TABLE OF CONTENTS.............................................................................2ASSESSMENT WORKBOOK COVERSHEET....................................................3OVERALL MARKING FORM (ASSESSOR’S USE ONLY).................................4PRACTICAL ASSESSMENT........................................................................7

Instructions to Student.....................................................................................................7Case Study Overview........................................................................................................8Accounting Policies and Procedures for Micro Systems...................................................9Part 1 – Opening Balances..............................................................................................12

Task 1 – Opening Balances.........................................................................................................12

Part 2 – Fixed Asset Register..........................................................................................14Task 2 – Creating the Asset Register..........................................................................................14

Part 3 – Journalising and Posting....................................................................................17Task 3 – Transferring Totals to the General Journal....................................................................17

Task 4 – Recording Business Insurance Payment.......................................................................20

Task 5 – Accounting for Sale of an Asset....................................................................................20

Task 6 – Recording Depreciation.................................................................................................21

Task 7 – Adjusting Entry for Business Insurance.........................................................................21

Task 8 – Writing Off a Debt..........................................................................................................22

Task 9 – Allowance for Unpaid Wages........................................................................................22

Task 10 – Income Earned for Labour Performed.........................................................................23

Task 11 – Stocktaking and Transferring to Opening Stock..........................................................23

Task 12 – Previewing, Printing and Uploading the Files..............................................................24

Task 13 – Errors Resolution and Seeking Approval.....................................................................26

Task 14 – Posting........................................................................................................................ 31

Task 15 – Trial Balance...............................................................................................................31

Task 16 – Profit and Loss Statement...........................................................................................33

Task 17 – Balance Sheet.............................................................................................................33

Part 4 – Entering Transactions in MYOB and Printing the Reports................................34Task 18 – Entering All Transactions............................................................................................34

Task 19 – Printing the Financial Reports.....................................................................................35

Stud

ent G

uide

ASSESSMENT WORKBOOK COVERSHEETTo the candidate: Print this cover sheet and complete it by filling in all the required information and affixing your signature to the space provided. Your signature must be handwritten. Scan the completed cover sheet and submit it along with your evidence submissions. Use the filename: BSBFIA401 Cover Sheet- Part B

UNIT: BSBFIA401

TITLE: Prepare Financial Reports

WORKBOOK: Part B: Case Study

FIRST AND SURNAME:

PHONE:

EMAIL:

Please read the Candidate Declaration below and if you agree to the terms of the declaration sign and date in the space provided.

By submitting this work, I declare that:

I have been advised of the assessment requirements, have been made aware of my rights and responsibilities as an assessment candidate, and choose to be assessed at this time.

I am aware that there is a limit to the number of submissions that I can make for each assessment, and I am submitting all documents required to complete this Assessment Workbook.

I have organised and named the files I am submitting according to the instructions provided, and I am aware that my assessor will not assess work that cannot be clearly identified and may request the work be resubmitted according to the correct process.

This work is my own and contains no material written by another person except where due reference is made. I am aware that a false declaration may lead to the withdrawal of qualification or statement of attainment.

I, the below mentioned make the declaration, that work submitted within this workbook is my own assessment work and evidence completed for the listed unit of competency.

Name: Signature: Date:

BSBFIA401 Student Guide – Part A Knowledge Questions Version No. 1.4Australian College of Business and Accounting Page 3

OVERALL MARKING FORM (ASSESSOR’S USE ONLY)

Assessment Details

Candidate’s Name:

Assessor’s Name:

Workbook Part B: Case Study

Unit(s) of Competency BSBFIA401 Prepare Financial Reports

Assessors Decision Choose an item.

BSBFIA401 Prepare Financial Reports

Practical Assessment

S NYS

Task 1 Completed – Opening Balances Entered into Spreadsheet ☐ ☐

Task 2 – Asset Register Update ☐ ☐

Task 3 – Sales Journal Entered ☐ ☐

Task 3 – Purchases Journal Entered ☐ ☐

Task 3 – Cash Receipts Journal Entered ☐ ☐

Task 3 – Cash Payments Journal Entered ☐ ☐

Task 4 – Prepayment Journal Entered ☐ ☐

Task 5 – Sale of Asset – Updated Deprecation Schedule ☐ ☐

Task 5 – Entered Sale of Asset Journal ☐ ☐

Task 6- Depreciation Entered ☐ ☐

Task 7 -Balance Day Adjustment ☐ ☐

Task 7 – Written Questions (2) Questions ☐ ☐

Task 8 – Bad Debt Entered ☐ ☐

Task 9 – Accrued Expenses ☐ ☐


Task 10 – Accrued Income ☐ ☐

Task 11- Stock Balance day adjustment ☐ ☐

Task 12 – Planning a Meeting (Email) ☐ ☐

Task 13- Role Play Activity * ☐ ☐

Task 14- Bad debt Adjustment ☐ ☐

Task 14 – Posting to Ledger all entries ☐ ☐

Task 15- Trial Balance ☐ ☐

Task 15- Written Question (3 error examples) ☐ ☐

Task 16 – Profit and Loss ☐ ☐

Task 17 -Balance Sheet ☐ ☐

Print Out 1 Timeframe Email (submission within 7 days after sending email) ☐ ☐

Print Out 2 MYOB Trial Balance ☐ ☐

Print Out 3 MYOB Profit and Loss ☐ ☐

Print Out 4 Balance Sheet ☐ ☐

Print Out 5 General Ledger ☐ ☐


Overall Result for this Workbook S NYS

Overall Result ☐ ☐

Assessor’s Comments/Feedback

Assessor’s Declaration

I declare that the results recorded in this Assessment Cluster Final Result Record are a true and accurate record of the candidate’s results for each task.

Assessor’s Name Assessor’s Signature

Date


PRACTICAL ASSESSMENT

Instructions to Student

The Case Study tasks are hypothetical situations which will not require you to have access to a workplace, although, your past and present workplace experiences may help with the responses you provide. You will be expected to encounter similar situations to these in the future as you work in the business sector, particularly in developing and using complex spreadsheets.

This assessment will help you demonstrate skill requirements in such situations.


Case Study Overview

Micro Systems is an electronics company located in Cascade Peak. It is currently trading in the 2017 financial year and is operating as a sole trader using an accrual accounting system. Matthew James is the proprietor of this business.

You are an administrative assistant for Micro Systems, and you directly report to the business manager, Lily Furneaux.

You have been tasked to prepare financial reports for the company.

In preparing the financial reports, you will need to follow Micro Systems’ accounting policies and procedures to guide you through your tasks.

This case study will guide you to prepare financial reports.

To ensure the successful completion of this task, it has been divided into tasks that make up the following steps:

1) Maintain asset register

2) Record general journal entries for balance day adjustment

3) Prepare final ledger accounts

4) Prepare end of period financial reports

You will be provided with templates throughout this assessment to document the evidence of your completion of the relevant unit requirements addressed in this task.

The accounting policies and procedures follow. Review the case study carefully and complete the tasks according to the scenario provided.


Accounting Policies and Procedures for Micro Systems

1. Accounting System

Micro Systems keeps its books based on an accrual accounting system, recording all debtors and creditors. Inventory is kept on a periodic inventory basis with stocktakes being completed at the end of the year and adjustments being made for opening and closing stock. Payment is made by electronic funds transfer (EFT) to credit suppliers, credit card for cash purchases, and petty cash for small items.

All discrepancies should be identified and resolved or referred to your supervisor for clarification.

2. General Ledger

A chart of accounts has been drawn up in consultation with the accountant. Ledger accounts shall not be added, changed, or deleted without consultation with your supervisor. All general ledger accounts need to be appropriately completed, showing a running balance in each line entry. When adding new accounts in MYOB, the account level needs to be set correctly so that the financial reports print correctly. Default GST codes must be set correctly as well. The journal memo must be used when posting ledger entries to assist with transaction linking.

3. General Journal Entries

General Journal tasks should be appropriately structured in accordance with standard accounting practice and should contain:

a) Appropriate supporting documentation should be available for each journal entry;

b) The correct date of the entry;

c) The correct account number provided;

d) The correct name of the general ledger account;

e) Amounts allocated to the correct debit or credit column;

f) A brief memo that describes the transaction; and

g) A double red line must be placed under the journal, extended across the debit and credit columns to indicate the end of the journal entry.


4. Asset Registers

The company has chosen not to take advantage of the small business income tax concessions, and the method of depreciation will be in accordance with the classes of assets shown below.

a) Assets costing less than $1,000.00 excluding tax will be pooled into the low-value pool and depreciated at 18.75% in the first year and 37.5% thereafter using the diminishing value method of depreciation.

b) Assets costing more than $1,000.00 excluding tax must have an asset register card created for the item, grouped into one of the asset groups, and depreciated according to its effective life on the ATO table for the asset.

Assets will be grouped as follows:

a) Office equipment will have an effective life of five (5) years, with a diminishing value depreciation rate of 40%.

b) Motor vehicles will have an effective life of eight (8) years and depreciated using the straight-line method.

5. Reconciliation of Assets

At the end of the financial year, the value of assets in the asset register must reconcile with the value of assets in the balance sheet for Micro Systems. Any discrepancy should be identified, and any adjustments made, as necessary.

6. Provision for Doubtful Debts

At the end of the financial year, at the discretion of the company director, any accounts owing over 90 days may be considered as a doubtful debt, and a provision for that debt may be created.


7. Disposal of Assets

When an asset is traded in or sold, quotes must be obtained from at least two dealers, and a final decision must be approved by your supervisor. The entry for the disposal of the asset must show:

a) The depreciation is to be calculated on a pro-rata basis up to the date of disposal;

b) The sale of the asset including GST;

c) The value of any loss or gain on the disposal of the asset; and

d) The removal of the asset and its associated accumulated depreciation from the balance sheet.

8. Financial Reports

The following financial reports can only be produced after all tasks for the year have been entered, end of year adjustments made, bank accounts reconciled, asset registers reconciled, and debtors and creditors reconciled:

a) A trial balance;

b) A profit and loss statement; and

c) A balance sheets.

9. Occupational Health and Safety

The company recognises its moral and legal responsibility in relation to the Work Health and Safety Act 2011 to provide a safe and healthy work environment.


Part 1 – Opening Balances

For Part 1 of this case study, you are provided with the following spreadsheet file:

BSBFIA401 Blank Accounting Records and Reports

Use the file above saving it regularly as you will use the same file for the entire manual tasks in this unit.

Task 1 – Opening Balances

Steps to take for this task

1. Using the information provided in the trial balance table below, enter each of these values as opening balances into the appropriate manual ledger accounts provided on the tab 2 - General Ledger of the BSBFIA401 Blank Accounting Records and Reports spreadsheet file.

Trial BalanceJune 2016

Acct# Account Name Total Debit Total Credit

1-1100 Suncorp Bank $20,000.00

1-1200 Debtors (Accounts Receivable)

$42,000.00

1-1400 Stock on Hand (electronics) $85,000.00

1-1500 Office Equipment at Cost $20,000.00

1-1550 Office Equipment - Accumulated Depreciation

$9,289.00

1-1600 Motor Vehicles at Cost $40,000.00

1-1650 Motor Vehicles – Accumulated Depreciation

$8,740.00

1-1800 Low-Value Pool $900.00

2-1200 Creditors (Accounts Payable)

$28,000.00

2-1310 GST Collected $5,200.00

2-1330 GST Paid $4,400.00

2-2700 Bank Loan $45,010.00


3-3100 Capital $94,348.00

3-3200 Drawings $6,787.00

4-4100 Sales $252,000.00

5-5200 Purchases $101,000.00

6-6100 Advertising $12,000.00

6-6200 Accounting Fees $6,000.00

6-6400 Bank Charges $800.00

6-6600 Lease of Premises $11,000.00

6-6700 Motor Vehicles Expenses $5,500.00

6-6800 Superannuation $7,200.00

6-6900 Wages $80,000.00

$442,587.00 $442,587.00

2. Take note that you only need to enter the values in the Spreadsheet file and not in the MYOB file. The values have already been entered into the opening balances of the MYOB data file supplied with this assessment. All opening balances are as at 30 June 2016.

3. Make sure that the values you have entered are the same with the values in the table above.

4. When you are finished, save the file. Change the file name to:

BSBFIA401 Accounting Records and Reports (your name)

5. Check your entries for accuracy, correct any error you find.


Part 2 – Fixed Asset Register

For Part 2 of this case study, you are provided with the following Spreadsheet spreadsheet file:

BSBFIA401 Blank Asset Register

You are required to complete a series of tasks to produce the final BSBFIA401 Asset Register Spreadsheet file. Use the appropriate templates in the tabs of this file to produce the necessary information required for the tasks.

Use the file saving it regularly as you will use the same file for the entire manual tasks in this unit.

Task 2 – Creating the Asset Register


Using the invoices provided below, create the asset registers for the following assets in the separate tabs of the BSBFIA401 Asset Register Spreadsheet file:

1. Motor vehicle in the tab Asset Register 1 (effective life is 8 years)

2. Photocopier in the tab Asset Register 2 (effective life is 5 years)

3. Colour laser printer in the tab Asset Register 3 (effective life is 5 years)

*for this asset, there are no depreciation values within the years 2014 – 2016 since the asset was only acquired in 2017. The asset register card, however, should still be created.

4. Calculate and enter the depreciation values for each year (considering the purchase dates of each asset for all relevant years to 30 June 2017 using appropriate depreciation methods indicated in the accounting policies and procedures).

5. Round the depreciation values to whole dollars. When calculating the pro-rata depreciation for the year of purchase or sale, include the beginning (purchase date) and end (disposal date) in the calculation.


Make sure that the values you have entered are the same with the values in the invoices above.

When you are finished, save the file. Change the file name to:

BSBFIA401 Asset Register (your name)

The purchase of the Brother Colour Laser Printer must also be entered as a journal


entry in:

BSBFIA401 Accounting Records and Reports


Part 3 – Journalising and Posting

For Part 3 of this case study, continue working on the file you previously used in Task 1 – Opening Balances.

BSBFIA401 Blank Accounting Records and Reports

Task 3 – Transferring Totals to the General Journal


Using the same file in Task 1 – Opening Balances, transfer the totals for June 2017 in the tables that follow. Transfer the totals by making journal entries in the 1 - General Journal tab of the BSBFIA401 Accounting Records and Reports Spreadsheet file.

1. Sales journal


2. Purchases Journal

3. Cash Receipts


4. Cash Payments

Make sure that the values you have entered are the same with the values in the tables above.

NOTE:

In Task 18 and 19 – Entering All Transactions, when entering the amounts in the MYOB file, you are to deal with the individual ledgers, not just the totals, for requirements 1 and 2 given that there are specific amounts for each customer or supplier.

IMPORTANT: The discounted customer/supplier is the first in the list of customers/suppliers.


Task 4 – Recording Business Insurance Payment


Record the insurance payment of the invoice below into a prepaid insurance account. Enter the payment in the General Journal using your BSBFIA401 Accounting Records and Reports Spreadsheet file. Note that the period of insurance is from 1 June 2017 to 31 May 2018.

Make sure that the values you have entered are the same with the values in the invoice above.

Task 5 – Accounting for Sale of an Asset


On 10 May 2017, the Toyota Motor Vehicle was sold for $25,000.00 plus GST.

1. Using BSBFIA401 Accounting Records and Reports Spreadsheet record this transaction in the General Journal.

2. Update the required parts of Asset Register. Use the 2017 depreciation schedule in the Depreciation Schedule tab.

Make sure that the values you have entered are the correct values by checking the formulas or the links to the cells in the file.


The next tasks, Tasks 6 – 11, are to be done separately on the year-end date, 30 June 2017.

Task 6 – Recording Depreciation


Using your Accounting Records and Reports Spreadsheet, record the depreciation for the assets for the year in the General Journal.

Task 7 – Adjusting Entry for Business Insurance


1. Calculate the required balance day adjustment amount for business insurance at Task 4 in the space below showing your workings.

2. Explain the reasons behind your calculation.3. Record the balance day adjustment for insurance in the General Journal in your

Accounting Records and Reports spreadsheet.

Step 1 – Workings

Step 2 - Explanation


Task 8 – Writing Off a Debt


1. On 30 June 2017, you receive a letter that one of the clients, Eastland, has been declared bankrupt.

2. As such, it is necessary to create to write off Eastland’s debt amounting to $4,400.00.

3. Input the entry in the General Journal writing off Eastland’s Debt in your Accounting Records and Reports Spreadsheet.

NOTE:

In Task 15 – Posting, updating the general ledger in the 2 – General Ledger tab of the BSBFIA401 Accounting Records and Reports Spreadsheet file. Since the Spreadsheet file only has the general ledger, you are to ignore updating any subsidiary ledger.

In the MYOB file, however, you are to deal with Eastland’s subsidiary ledger instead of the general ledger.

Task 9 – Allowance for Unpaid Wages


The week is not yet done, and the last few days the staff members have worked earned them $2,500.00.

1. No allowance is necessary for superannuation or PAYG withholding on wages.

2. Record the Journal required to account for the wages in the General Journal in your Accounting Records and Reports Spreadsheet.


Task 10 – Income Earned for Labour Performed


The manger informs you there is $600 dollars of labour work has been performed for a customer and not yet invoiced.

1. Account for this balance day adjustment if necessary, in the General Journal of your Accounting Records and Reports spreadsheet.

Task 11 – Stocktaking and Transferring to Opening Stock


A stocktake scheduled and completed on 30 June 2017 showed a stock value of $78,000.00.

1. Create the necessary journal/s entry as required in the General Journal of your BSBFIA401 Accounting Records and Reports Spreadsheet file.


Task 12 – Previewing, Printing and Uploading the Files


You have just completed all tasks before the preparation of financial reports. Policies and procedures dictate that you have to have your work checked by the business manager, Lily Furneaux, for errors resolution if any and to seek approval before posting to the general ledger and preparing the financial reports.

1. Open the following files:

BSBFIA401 Accounting Records and Reports

BSBFIA401 Asset Register

You will need the printouts for presentation to Lily Furneaux. (You may use blank documents/pages in your role play at Task 13 when discussing the works)

2. Send an email to the business manager, Lily Furneaux, advising her that you have completed the tasks and that you need to meet with her to:

Identify, correct, or refer errors for resolution in accordance with organisational policy and procedures

Seek her approval before the posting process and the preparation of the financial reports

Seek her advice for the use of MYOB

Use the email template below.


From <Student’s email address>

To Lily Furneaux <[email protected]>

Subject

Message


Task 13 – Errors Resolution and Seeking Approval

What this task will assess

Assessment Task 13 is a video recorded roleplay.

You will be roleplaying talking to the business manager, Lily Furneaux to cover what you have indicated in the email in the previous task.

Read all the instructions in this project carefully before proceeding. A resubmission of your roleplay may be required if all requirements are not

met.

Resources Required to Undertake Task

In order complete this task, you will require access to:

One (1) volunteer who will roleplay as your business manager, Lily Furneaux

A video recording device (eg. mobile phone, webcam etc) to record the role play.

A safe place to conduct the roleplay.

Steps to take for this task:

1. Gather your volunteer and roleplay the meeting.

2. In the meeting, you must be able to:

3. Identify, correct, and refer any errors for discussion with Lily.

4. Resolve any errors before the posting process and the preparation of financial reports.

5. Seek Lily’s approval to complete the posting process and prepare the financial reports.


Discussion guide for the student:

In the meeting:

1. You opened the mail today, it advised that Eastland’s Bankruptcy Trustee advised there will be half payment of their debt for the value of $2,200 and the previous letters stating no funds would be received was an internal error. You had already posted and write off and it is in error given the information received in the mail today.

2. After the error resolution, ask Lily to grant approval for the posting process and the preparation of financial reports.

3. Ask advice regarding the use of MYOB.

Discussion guide for the volunteer:

In the meeting:

1. When told about the Eastland error, ask for the supporting documentation, and propose to adjust this error by reverting back the amount of $2,200.00 to the debtor's account to reflect the correct amount.

2. Ask the student to explain how they would fix this “error” in the accounts.

3. Other than this, there are no other errors that need resolution.

4. When asked for approval, you will say that you approve that the student proceeds with the posting process and the preparation of financial reports.

5. When asked to advise on the use of MYOB, you recommend that the candidate use user manuals and that the candidate adheres to what is indicated in the company’s policies and procedures.


Guidelines

1. To demonstrate your completion of this activity, the meeting must be recorded. Save the recorded video as seen below:

Task 13 Roleplay Activity (your name)

2. Your video submission must not be longer than seven (7) minutes in length. Any submission longer than seven (7) minutes will be considered not satisfactory.

3. Ensure your recording has all the requirements as described in the task and against the provided observation checklist.

4. There is no specific script to be followed in the roleplay activity. However, you must be able to demonstrate all the steps outlined above. Moreover, your submission will be assessed against the checklist provided below.

How your role play is assessed

Your submitted video recording will be assessed by your assessor against the criteria described on the observation checklist and the requirements in the task 14 instructions.

The observation checklist is completed by your trainer only.

Please ensure the video recording provided is the one you wish to be assessed by your trainer. For example, if you created 2 videos as you practised the task and then did a final, please only provide the final version.


Task 13 Observation Checklist - Assessor Use Only

Unit Code BSBFIA401

Unit Name Prepare Financial Reports

Assessment Item: Assessment B, Task 13

Student’s Name: Date Assessed:

Roleplay Date: Submission Type:

The following observation form is used by the assessor in order to review students submitted video roleplay for the described task.

It outlines the specific criteria used in order for the assessor to make an assessment decision of the submitted evidence.

To be deemed Successful in the roleplay the student must display all of the skills, knowledge, and task performance to all required criteria to the level of the unit of competency being assessed.

In the video submission, the student; Assessors Decision Assessor’s Comments

1 Prior to the roleplaying activity, introduce themselves as the student who is taking the assessment.

2. Displayed evidence of Photographic ID as proof of learner who is undertaking the assessment.

3. Showed the photographic ID visually enough, to determine the student in the role play is the student being assessed.

4. ID Visible and matches student.

5.

a

Demonstrate Oral Communication skills by:

Paraphrasing and listening


b Asks questions and was able to explain issues

c Was able to respond appropriately

d Able to convey information and clarify information and understanding

6. During the role play the student was able, identify and correct, or refer errors for resolution.

7 Presented the journals and asked approval for the posting process and the preparation of financial reports.

8 During the roleplay, the student used professional interaction and communication as per workplace expectations.

9. Asked about what to refer to when using MYOB.

10. Provided the letter regarding the Debt error of Eastland’s for referral and review by management.

11. Explained to Lily how they would correct the error regarding Eastland.


Task 14 – Posting


After seeking Lily’s approval, you need to:

1. Prepare the journal entry for Eastland’s write off adjustment for $2,200.00, and

2. Post all of the entries you have made in the General Journal to the General Ledger in your Accounting Records and Reports spreadsheet file.

Task 15 – Trial Balance


1. From the balances in the General Ledger produce a Trial Balance.

2. Review your General Ledger and Trial Balance for any errors.

3. Correct any errors found during your review.

4. Using the space below;

a. Describe any errors you found in detail.

b. Then in the second column provide how to correct them.

c. In the third column explain how you found the error.

If you were unable to find an error in the work;

a. You are to provide an example of the errors that could have occurred and complete Step 4 a-c with your example errors.

b. For instance, you found 1 error in your work, complete the task as normal. Then provide 2 example errors completing the task.


Step 4

Number Error Found How to correct How you found the error

Example- My GL didn’t balance due to not posting the Sales, which made the GL, and Trial balance out by 700 dollars.

Create the General Journal to include the sales entry required

DR – Cash at bank

CR - Sales

I found this error by checking over the ledger accounts against the assessment. I added up the GL and compared it to the trial balance figures, and found nothing was posted in the Sales account which was a red flag to investigate.

1.

2.

3.


Task 16 – Profit and Loss Statement


1. From the balances in the Trial Balance create the Profit and Loss Statement.

2. Enter the values in the P&L and Balance Sheet tab of the BSBFIA401 Accounting Records and Reports spreadsheet file.

3. Check your Profit and Loss Statement for errors.

Task 17 – Balance Sheet


1. From the balances in the Trial Balance tab of the BSBFIA401 Accounting Records and Reports spreadsheet file, create the Balance Sheet.

2. Check your Balance Sheet for errors.


Part 4 – Entering Transactions in MYOB and Printing the Reports

For Part 4 of this case study, you are provided with the following MYOB file:

BSBFIA401 Micro Systems.myo

for the recording of the different transactions in the previous tasks.

NOTE: The following Task is assessed as time sensitive, please read all task instructions carefully before commencement. You must submit your completed assessment within 7 days of sending your notification email.

Task 18 – Entering All Transactions


1. Email your trainer advising you are finalising the end of year reports and they will be completed shortly.

2. You will have seven (7) working days from the date you have sent the email to complete the following tasks 18 and 19.

3. Save a Copy of the email you send and submit with the file name;

Print Out 1 Timeframe Email (your name)

4. Access and enter all entries from the spreadsheet General Journal into the MYOB file.

5. You are required to delete the tax codes that are not used.

6. Your success in completing this task will be manifested in Task 19, by having complete and accurate financial reports. You will be able to prove your success as all transactions and reports from your spreadsheet will match those in MYOB!

NOTE:

In Task 18 and 19 – Entering All Transactions, when entering the amounts in the MYOB file, you are to deal with the individual ledgers, not the totals, for requirements for debtors and creditors given that there are specific amounts for each customer or supplier.


Task 19 – Printing the Financial Reports


1. After entering all data in MYOB, print and submit the following MYOB reports:

Trial Balance and save as

Print Out 2 -MYOB Trial Balance (your name)

Trading Statement (Profit and Loss) and save as

Print Out 3 MYOB P and L (your name)

Balance Sheet and save as

Print Out 4 Balance Sheet (your name)

General Ledger and save as

Print Out 5 General Ledger Detail (your name)

2. Submit all evidence as required to your assessor for review.


Documents

Table of Contents€¦ · Web viewAssets costing less than $1,000.00 excluding tax will be pooled into the low-value pool and depreciated at 18.75% in the first year and 37.5% thereafter