Assessment conditions: This is an individual toll trade (not a collection toll trade).
This assignment allure claim entrance to MYOB Essentials in regulate to total Question 1. MYOB Essentials is a dim-based parcel that can be entranceed using a web browser (commend Google Chrome and/or Mozilla Firefox). You allure scarcity an internet union to use MYOB Essentials.
MYOB Essentials offers a uncounted 30-day endeavor. To annals you allure scarcity your designate, email harangue, and phone sum. You are not claimd to penetrate your reputation card details or any reimbursement counsel.
You are encouraged to total the assignment among the uncounted endeavor era. Any retrogression allure estimate that you allure accept to pay for continued entrance. The assignment has been intentional in a deportment that should qualify you to total among the endeavor era. It is commended that you initiate on or succeeding 14 April 2020 to furnish you qualified era to total the toll by the due duration and as-well among the uncounted endeavor era.
Question 1 (80 marks)
You accept been the section accountant of J&J for 3 years, and to duration all accounting has been totald manually by your team. You accept real Mr Jackson, the CEO of J&J, to switch from the strong manual accounting rule to a computerised accounting rule preceding to the end of the 30 June 2020 financial year. This allure envelop using the MYOB Essentials dim accounting rule to annals all claimd trade counsel.
Additional counsel claimd for the problem of your toll trade has been granted to you in your Interact Site lower Toll Media / Toll Item 3 titled ‘MYOB Essentials Assignment Information’. This apprehends details for each bisect of the toll; how to annals for your uncounted endeavor, set up instructions, your fissure endeavor estimate and pertinent June transactions.
Part a. Judicious elevate (5 marks)
Using the counsel granted, set up the MYOB Essentials dim accounting rule for J&J. As you total your set up, you scarcity to select a ward shot of your 'Business Details' and 'GST Settings' pages. These two ward shots should be placed in a unmarried engagement or pdf improve and presentted to fulfil the claimments for bisect a.
Errors when contrast up an accounting rule can contact on the chart of accounts and transactions penetrateed into the rule. Therefore, it is quantitative that you total this trudge preceding to tramp to bisect b.
Part b. Chart of Accounts (25 marks)
Prepare the computerised chart of accounts for June 2020. To total this you allure scarcity to use the May 2020 Endeavor Estimate that was free using the manual accounting rule, which can be located in the "MYOB Essentials Assignment Information" instrument in your interact site.
Once you accept free your chart of accounts engender the Accounts List from MYOB, which is a schedule of accounts that you allure scarcity to present to fulfil the claimments for bisect b.
Please secure that you total this trudge primeval precedently initiateing bisect c.
Part c. Unconcealed Journal (45 marks)
The team has collated a schedule of transactions that occurred during June 2020, intervening in the "MYOB Essentials Assignment Information" instrument in your interact toll media.
You are claimd to penetrate the pertinent June 2020 transactions in the Unconcealed Journal. Once you accept penetrateed all pertinent transactions, engender the Unconcealed Journal narration, which you allure scarcity to present to fulfil the claimments for bisect c.
Part d. Reports (5 marks)
Generate and present the forthcoming narrations for J&J as at 30 June 2020:
Profit and Loss
Question 1 is to be totald using MYOB Essentials. The narrations should be engenderd in PDF format from MYOB Essentials. Presentation is improved if you embody all of your improves and narrations in a unmarried improve, if you accept the estimates to do so. In portioition, the forthcoming seven (7) improves / narrations are to be presentted.
A unmarried improve after a while a wardshot of your 'Business Details' and 'GST Settings' pages (Question 1 a)
Accounts Schedule (Question 1 b)
General Journal (Question 1 c)
General Ledger (Question 1 d)
Trial Balance (Question 1 d)
Balance Sheet (Question 1 d)
Profit and Loss (Question 1 d)
Question 2 (20 marks)
Using the Estimate Sheet and Profit and Loss narrations you engenderd in Question 1, plan a narration to analyse the financial pose, financial exploit, and overall financial soundness of your community. You are as-well encouraged to inhale upon your understanding from ACC100 touching financial proaspect portioition and financial proaspect ratios.
Your narration must:
be harangueed to your question coordinator/lecturer.
explain the resolve of the Estimate Sheet narration and why it is advantageous.
explain the resolve of the Profit and Loss narration and why it is advantageous.
provide an overview of the financial pose, financial exploit, and unconcealed financial soundness of your community.
cite pertinent sources and apprehend a regard schedule, using APA referencing.
Your narration must be no longer than 700 (+/- 10%) engagements. It must apprehend an supporter portioition (not intervening in the engagement proviso). Please use misspend referencing for your sources (APA mode). You are encouraged to prove amiable tendency examination more your textbook.
Question 2 is to be totald using Microsoft Engagement and presentted via Turnitin.
Please secure to apprehend a regard schedule. It is expressive that you are cognizant of how to regard justly and a regard schedule must be granted, justly formatted using APA guidelines. Please melody that it is a dependence claimment that you apprehend a regard schedule and assignments which do not apprehend a justly formatted regard schedule allure lavish marks.
Business Name: "J&J Manufacturing – 11701700" Click on the box that states "I'm using this trade as a education or learner resource". This is expressive, when you click on this box then it allure dwindle out the perseverance discretion.
Question 1, Bisect a: Judicious Elevate Succeeding signing up for MYOB Essentials, click on your trade designate on the top fair-influence behalf of the MYOB dashboard menu. This allure unconcealed up the menu you allure scarcity to penetrate all of the forthcoming details and contrasts. If you accept made an fallacy in penetrateing your trade designate when annalsing, you can as-well edit that via this menu.
Business Address: "Church Ln, Melbourne VIC 3000"
Financial year contrasts for J&J the financial year is ‘July to June’, resulting in an fissure estimate duration of 1 June 2019.
Once totald, select a ward shot of your Trade Details page for dependence. GST Settings: for J&J are:
Yes they "are you annalsed for GST?"
They are accounting for GST on an Accruals account. GST narrationing occurs Monthly. Once totald, select a ward shot of your GST Settings page for dependence. REPORTING FOR QUESTION 1 PART A: When you total your set up, a ward shot of your 'Business Details' and 'GST Settings' pages must be embodyd into a unmarried engagement or pdf improve and presentted to fulfil the claimments for bisect a. Check your judicious set up details preceding to tramp to bisect b as an fallacy can move all of your narrations. Question 1, Bisect b: Chart of Accounts The chart of accounts should be set up via the trade designate in the top fair influence behalf of the MYOB Dashboard menu. Fissure Balances are penetrateed via Accounts Schedule / Edit Accounts. You must delete and/ or edit accounts already scheduleed and plan your own chart of accounts. You must justly class each of these accounts when preparing your chart of accounts. Do not permission superfluity unused accounts. Locked Accounts: You allure heed that there are unfailing accounts that cannot be deleted. These accounts accept a lock estimation next to them. These accounts can stationary be edited after a while pertinent Account No. and fissure estimate details. You must justly test which of these are pertinent to your trade and mould requisite edits. MYOB Quantitative locked accounts apprehend (cannot be deleted but can be edited): • Discount running • Discounts furnishn • Superannuation charge • Wagesandsalaries • Accounts receivable • ABN after a whileholding reputations • ABN after a whileholdings payable • Accounts payable • GST Collected • GST Paid • PAYGwithholdingspayable • Payroll waste • Superannuationpayable • Allocate me - Withdrawal • Allocate me - Deposit • Historical balancing • Currentyearhues • Retained hues NOTE #1: MYOB Essentials classifies GST Paid as a running obligation (which would be a reputation estimate), seeing your textbook classifies it as an asset (which would accept a default estimate). To production encircling this, you scarcity to penetrate the GST Paid estimate as a disclaiming sum when contrast up your accounts.