MYOB v18 ASSIGNMENT 1 ACCOUNTS

SU MEI & ASSOCIATES Part 1

Note: Prior to attempting this assignment, you must have completed both Chapter 1 (Introduction) and Chapter 2 (Accounts) from your Gourlay and Flanders text. Assignment 1 involves the following tasks: Creating a new data file Adding, editing and deleting accounts Entering account opening balances Changing Preferences Editing Company Information Recording transactions using the General Journal Printing required reports

Su Mei & Associates is a firm of lawyers based in Geelong, Victoria. The manual bookkeeping system in use is unable to cope with future anticipated demands and the owner has (after much pressure from the accountant) decided to install MYOB Accounting Plus software. The conversion to MYOB will occur on April 1, 2010. Starting MYOB Accounting Plus and creating a new data file 1. Start MYOB Accounting Plus, and then create a new data file for Su Mei & Associates using the information that follows. Note: Do not enter an MYOB product Serial Number (leave that box blank). Company Name: A.B.N.: Address: Phone Number: Current Financial Year: Last Month of Financial Year: Conversion Month: Number of Accounting Periods: Industry Classification: Type of Business: Su Mei & Associates - Your Own Name 42115999456 2 Judgement Court Geelong VIC 3220 5241 5298 2010 June April Twelve Service Barrister & Solicitor/Legal Firm

2. Save the file to your computer using the filename Su Mei Your Own Name.

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Using the Setup assistant 3. When you have finished creating the new data file using the New Company File Assistant, click on Setup Assistant to access the Easy Setup Assistant. Using the Accounts assistant 4. Delete the following accounts for Su Mei & Associates: Account Number 3-1110 3-1120 3-1210 3-1220 Account Name Partner A Capital Partner A Drawings Partner B Capital Partner B Drawings

5. Edit the following accounts for Su Mei & Associates: Account Number 3-1000 3-1100 3-1200 4-1000 4-2000 Existing Type Header Header Header Detail Detail Existing Account Name Partners Equity Partner A Partner B Fees Partner A Fees Partner B New Type Header Detail Detail Detail Detail New Account Name Owners Equity Capital Drawings Fees Criminal Fees Civil Tax Code N-T N-T GST GST

Note: Type account names exactly as shown, including the use of capitals and lower case letters. 6. Add the following new accounts for Su Mei & Associates: Type Header Detail Detail Detail Account Classification Asset Asset Asset Expense Account Type Asset Fixed Asset Fixed Asset Expense Account Number 1-3400 1-3410 1-3420 6-1050 Account Name Furniture & Fixtures Furniture & Fixtures at Cost Furniture & Fixtures Accum Dep Bank Fees & Charges Tax Code N-T N-T FRE

Notes: Header Accounts will need to generate subtotals. Type account names exactly as shown, including the use of capitals and lower case letters. Contd over page

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Entering account opening balances 7. Enter the following account opening balances for Su Mei & Associates: Account Number 1-1110 1-3110 1-3120 1-3210 1-3220 1-3410 1-3420 2-1110 2-1120 2-1130 2-1140 2-2100 3-1100 3-8000 Account Name Cheque Account Office Equipment at Cost Office Equipment Accum Depn Motor Vehicles at Cost Motor Vehicles Accum Depn Furniture & Fixtures at Cost Furniture & Fixtures Accum Dep Bankcard Diners Club MasterCard Visa Bank Loans Capital Retained Earnings Balance $ 25,365 36,526 -15,415 52,245 -12,487 24,145 -14,425 1,790 3,452 8,544 14,442 23,000 40,000 4,726

Changing Preferences 8. Choose Setup from the menu bar, select Preferences, and then make the changes from the Reports & Forms page, and Security page as first outlined in Chapter 2 of your MYOB text. These are the changes you are always required to make whenever you create a new data file or (generally speaking) whenever you open a data file first created by another user. Printing an initial Trial Balance 9. Print the Trial Balance as at April 1, 2010 now, before any further steps are carried out. From the Advanced Filters page of the Report Customisation window, make sure the Selected Period is April, and the Financial Year is This Year (FY 2010). Notes: Do not include account numbers or accounts with zero balances (see Finishing page of the Report Customisation window). Leave the relevant items unticked on that Finishing page. All printouts in this assignment (and all remaining assignments) must be printed in portrait orientation (not in landscape orientation). Pages printed in landscape orientation are not acceptable under any circumstances. Each individual page printed and submitted in landscape orientation will incur a loss of marks.

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Editing Company Information 10. Select Setup from the menu bar, and then click on Company Information. 11. In the Address, the street name for Su Mei & Associates was entered as Judgement when it should have been Supreme. Make the necessary change, and then click on OK to return to the Command Centre window. Note: Do not reprint the initial Trial Balance as a result of this change of address. Recording General Journal entries 12. Record the following depreciation journal entries. Type the Memo information exactly as described below. Depreciation on Office Equipment General Journal # GJ000001 Date 30/04/2010 Memo Monthly Depn Office Equipment at 20% pa on cost Debit 6-1200 Credit 1-3120 Depreciation Expense Office Equipment Accum Depn $609 $609

Depreciation on Motor Vehicles General Journal # GJ000002 Date 30/04/2010 Memo Monthly Depn Motor Vehicles at 20% pa on cost Debit 6-1200 Credit 1-3220 Depreciation Expense Motor Vehicles Accum Depn $871 $871

Depreciation on Furniture and Fixtures General Journal # GJ000003 Date 30/04/2010 Memo Monthly Depn Furniture & Fixtures at 20% pa on cost Debit 6-1200 Credit 1-3420 Depreciation Expense Furniture & Fixtures Accum Dep $402 $402 Contd over page

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Preparing reports for the end of April 2010 13. Print the reports as described below. Accounts page tab Accounts List Summary Report Level: Level 4 (Advanced Filters page) Include Inactive Accounts (Finishing page) Include Account Numbers (Finishing page) Transaction Date From 1/04/2010 To 30/04/2010

General Journal Exiting MYOB Accounting Plus

14. Close the data file and exit MYOB Accounting Plus. 15. To assist in the process of checking and correctly sequencing your reports, complete the Checklist of Printouts below. Checklist of Printouts
No. 1 2 3 Description of Printout Trial Balance as at 1/04/2010 Accounts List Summary (all accounts, with account numbers) General Journal (1/04/2010 to 30/04/2010) Attached

16. Submit your printouts (in the exact order shown above) for assessment, starting with report number 1. Any printouts submitted out of sequence will incur a loss of marks. Congratulations! Assignment 1 is now complete. Notes: You are strongly advised to make a copy of the Su Mei file now, just in case the assignment requires resubmission for any reason. Keep your Su Mei file (and a copy of that file) in a safe place. You will continue using this file when you commence Assignment 2 (Banking).

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