Prepare, match and process receipts

(FNSICACC303A)
In this unit you are required to prepare, match and process a range of financial
receipts.

Receive, identify and record receipt: Check all receipts for accuracy against
remittance document, all receipts are accurately recorded, remittance types are
accurately identified to ensure correct allocation, processing is completed
Match receipts to documentation: All receipts are checked and matched to
documentation accurately. Unmatched receipts are noted for follow-up

Enter data to systems: All receipts are accurately allocated to appropriate chart of
account areas, data is entered to systems without error and within time requirements,
all receipts are accurately matched to system debit, reconciliations are completed and
discrepancies between general ledger and sub systems are resolved

File documentation: All documentation is filed promptly and the location of filed
documentation is traceable

Notes prepared for Quicken by Ken Boyle – Educational Consultant Page 1

Exercise 1:
Open the word files titled “Alexandra’s Time” and then open the QuickBooks data
file and complete the exercise.

Exercise 2:
Fred is the proprietor of the trading business called “Fred’s Footballs” which is
located, at the Apollo Shopping Centre, at Main Road, Apollo Parklands 3088
ABN92555666777

Fred purchases the footballs in bulk, amongst other pieces of sporting equipment, and
resells to the public.

Task 1: Establish a new QuickBooks data file for

Fred’s Footballs.
The Balance Sheet as at March 1, 2010 included:

ASSETS $ EQUITIES $
Current assets Current Liabilities

Cash at bank 1200 Creditors 300

Petty Cash 200 Heidelberg Finance Co
Debtors 500 – Loan 2000
Stock 30000
Non-current liabilities
Non-current assets
Loan – Plenty Credit
Delivery van 4500 Union 20000
Office equipment 2000
Cash Register 250 Owner’s Equity
Shelving 1000
Capital – Fred 17350

TOTAL ASSETS 39650 TOTAL EQUITIES 39950

The stock details as at March 1 were as follows:

Number on hand: 1000

Football Purchase Price: $30.00 plus GST
Football Selling Price: $65.00 plus GST

Notes prepared for Quicken by Ken Boyle – Educational Consultant Page 2

Debtors as at March 1 included:

John’s Sports Shop ABN39101254441 125

Mary’s Sports Barn ABN54888777666 150
Diamond Creek Football Club ABN65006555444 75
Plenty Football Club ABN84555666777 150

Creditors as at March 1 included:

Sherrin’s Special Footballs ABN95117266144 150

Super Delux Footballs ABN10195355426 150

During March, Fred undertook the following transactions:

March 1: Purchased, on credit, 150 Footballs from Sherrin’s Special Footballs

March 2: Fred withdrew one Football for his own use.
March 3: Received from John’s Sport Shop, on account $100
March 4: Received from Plenty Football Club, on account $100
March 5: Cash sales to various customers – 50 Footballs
March 6: Paid Sherrin’s Special Footballs $150
March 7: Paid Susie’s Advertising for advertising $50 + gst
March 8: Cash sales to various customers – 60 Footballs
March 9: Credit sales to Mary’s Sports Barn - 35 Footballs
March 10: Purchased spare light globes $3 + gst
March 11: Paid for Shop Window cleaning $20 +gst
March 12: Paid Optus telephone expenses $45 +gst
March 13: Paid Super Delux Footballs the amount owing
March 14: Purchased tea, sugar & biscuits for morning teas $10 +gst
March 15: Received from Mary’s Sports Barn, on account $50
March 16: Received from Diamond Creek Football Club, on account $75
March 17: Fred contributed a further $300 to the business
March 18: Purchased 450 Footballs from Super’s Delux Footballs
March 19: Cash sales to various customers – 25 Footballs
March 20: Paid for petrol for the delivery van $60 +gst
March 21: Cash sales to various customers – 50 Footballs
March 22: Paid Ivanhoe Printing for new office stationary $100 +gst
March 23: Purchased a Fax machine from Ivanhoe Office Supplies for $450 +gst
March 24: Paid Eastern Energy for lighting $55 +gst
March 25: Credit sales to John’s Sports Shop’s – 50 Footballs
March 26: Paid the Ivanhoe News for advertising $80 +gst
March 27: Cash drawings$300
March 28: Purchased milk for morning teas $2
March 29: Credit sales to Plenty Football Club – 55 Footballs
March 30: Credit sales to Diamond Creek Football Club – 100 Footballs

Notes prepared for Quicken by Ken Boyle – Educational Consultant Page 3

Task 3:

Print the following reports:

*** Use the date selection process to view each of the following reports daily or
weekly or monthly.

From the Reports Centre:

Select a type of report: Select a Report

Company & Financial Profit & Loss - standard

Customers & Receivables A/R Aged - Summary

Customer Balance Summary

Suppliers & Payables A/P Aged - Summar

Sales Sales by Item Summary

Sales Graph

* To view your inventory valuation in detail, select the Home screen:

Items & Services/Reports/Reports All Items/Inventory/Inventory Valuation

Detail
Task 4:

* Outline the basis of your filing system

* Complete a hierarchical flowchart of your organisation, indicating your role

within this organisation.

Notes prepared for Quicken by Ken Boyle – Educational Consultant Page 4