FNSACC416 Assignment MYOB Version – Australia

Type of assessment :-
This summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module.
FNSACC416 Assignment MYOB Version – Australia

Benchmark :-
The assessment benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance i.e., the assessment decision making rules. Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements.

Reasonable adjustment
Where appropriate monarch institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual.

Assessment coding
Assessment of this course is established on competency-based principles:
S = Satisfactory NS = Not Satisfactory

If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as not satisfactory You are required to be assessed as ‘satisfactory’ in all assessments for each unit of competency.

Re-assessment :-
Your assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to re submit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as ns. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re assessed as satisfactory after re-submission you will achieve competency for this assessment.

Declaration of understanding and authenticity :-
I acknowledge the assessment process has been explained and agree that i am ready to under take assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also under stand i must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If i am found to be ns after a second attempt, it is at the assessor’s discretion whether i may be permitted one final attempt. I am aware that a not competent final outcome means i may incur fees for re-enrolment in the unit/s.

I certify that the attached material is my original work. No other person’s work has been used with out due acknowledgement. I under stand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I under stand a person found responsible for academic mis conduct will be subject to disciplinary action (refer to student information hand book.

i under stand that by typing my name or inserting a digital signature into this box that i agree and am bound by the above student declaration.

Please make sure you use the same name that is in your enrolment documentation including your surname.

Introduction :-
While you have been working through and completing the exercises in the Computerised Accounting
text book you have been required to enter data and under take accounting exercises using the MYOB files
provided. All of the MYOB file exercises presented in the text book provide essential preliminary learning
and must be completed in full prior to attempting this assignment.

Assignment Instructions:
REQUIRED: Refer to Practice Exercise 2 for Yabby Books Pty. Ltd., on pages 339-354 of the Computerised Accounting text book.

In this assessment you are required to create one (1) new MYOB company data file and use MYOB to process transactions and to produce a set of accounting reports.

FNSACC416 Assignment MYOB Version – Australia

Please be aware that when you create the new MYOB company file the MYOB software allows you only
30 days to transact in the file before the company file becomes Read Only. In Read Only mode you
can not add delete or change any information in the company file you can how ever still view all information and print all reports.

We therefore recommend that you complete this entire assessment within 14 days and then promptly
submit your completed work for grading. This allows your Assessor time to complete the grading and
provide you with feedback should you need to correct your work and re-submit.

If your file becomes ‘Read Only’ and you still need to make any changes and re-submit, you will need to re do all of these assignment exercises again.

Start by reading the instructions under the heading Required: on page 347 The key information you need to create modify and transact in your new company data file is provided on pages 339-346 of the text book.

Carefully work through the instructions and transactions and prepare all parts of the Practice Exercise as
specified in the textbook except the ‘Name for your company file’ (on page 339) must be ‘Your Name –
Yabby Books

As part of this assignment, you are also required to enter the Transactions for July 2018 listed on pages 344-346 and perform calculations where necessary to derive required amounts.

Below are the accounting policies and procedures you need to adhere to when working through the
activities.

Accounting policies and procedures :-
1.Business Operations: The Company was set up in 2018, based in Tyabb Victoria and derives its main source of revenue from retail book sales.

2.Financial Year: The Company adopts a financial year that ends on 30 th June, with Financial Statements completed on an Accruals basis.

3. Purchases: purchases are recorded as occurring on the same day as recorded in the bank transaction list. The Company does not receive any discounts or incur any charges from its suppliers and therefore does not keep an expense account to track those types of charges.

FNSACC416 Assignment MYOB Version – Australia

4.Sales: all new sales are to be allocated to the Sales revenue account, unless otherwise stated.

5.Revenue recognition: The Company recognises revenue on the date that money is deposited to its bank account Trade discounts and early payments discounts are not offered to customers.

6. Good & Services Tax (GST): The Company is a registered entity for GST purposes and accounts for GST on a Cash basis. As a small business, GST is paid in quarterly instalments.

7.Cash: The Company requires all of its customers to pay their invoices by direct deposit to its bank account. The Company pays all of its suppliers electronically either by online banking payments or by swiping their visa debit card.

8.Inventory: The Company uses a tracked Inventory system.

9.Chart of Accounts: It is imperative that you familiarise yourself with the Chart of Accounts and the descriptions provided for each account to assist with correct allocations.

FNSACC416 Assignment MYOB Version – Australia

10.Financial Reports are provided to stakeholders of the business. Ensure that you always use capital letters appropriately on account names and contact names, and, double-check for correct spelling. Inappropriate use of All lower-case letters and spelling errors adversely impacts on the professional presentation of business documents in the workplace.

Very important note:
Finally also in addition the other reports and Bank Reconciliation for 31/7/18 (as specified in the text book you are also required to perform another Bank Reconciliation for 7/8/18 using this following Bank Statement:

Generate the following reports for Yabby Books Pty Ltd and save each report on your hard drive in PDF format as these will later be merged into 2 separate PDF documents:

1.Accounts List [Detail] as at 31/7/2018

2.Trial Balance as at July 2018

3.Balance Sheet as at 31/7/2018

4.Profit & Loss Statement for the month ending 31 July 2018

5.Aged Payables [Summary] as at 31/7/18

6.Aged Receivables [Summary] as at 31/7/18

7.Receivables Reconciliation [Summary] as at 31/7/18

8.Payables Reconciliation [Summary] as at 31/7/18

9.Reconciliation Report for Cheque Account 1-1110 only as at 31/7/18

10.Reconciliation Report for Cheque Account 1-1110 only as at 7/8/18

11.Cash Receipts Journal 1/7/18 to 31/7/18

12.Cash Disbursements Journal 1/7/18 to 31/7/18

13.GST [Detail – Accrual] 1/7/18 to 31/7/18

14.Inventory Value Reconciliation as at 31/7/18

15.Item List [Summary]

16.General Ledger [Detail] 1/7/18 to 31/7/18

17.Transaction Journal filtered for all sources and all transactions for 1/7/18 to 31/7/18