BAO2000 Accounting Information
MYOB Assignment (Individual) Semester 2 2021
ASSUME IT IS NOW 1 September 2021. You are a newly appointed Accountant with “Valentines Furniture Pty Ltd”, a retail business who supplies high quality Italian furniture with a store that operates in Melbourne CBD. The owner of “Valentines Furniture Pty Ltd” is Mr Giuseppe Fanuli who has decided to employ you to help his store convert from its current manual accounting system to a new computerised accounting system using MYOB Accounting Right Standard AU 2019.4.0 or any other MYOB version.
Now that you are employed as an accountant for the store, your first task will be to set up the MYOB company file by following the detailed requests of Mr Fanuli. After completing the setup process, your next task will be to record transactions for the month of September into MYOB. You will then be required to journalise various end-of-month adjustments that are estimated by Mr. Fanuli. During the month you will also be asked to prepare some reports to inform Mr Fanuli about the financial situation of “Valentines Furniture Pty Ltd”.
Creating the Company File
The following list sets out basic information about business ” Valentines Furniture Pty Ltd.” that is required to create the company file in MYOB using the New Company File Assistant. Each step in this list corresponds to a window in the New Company File Assistant.
- Enter information about your company. The table below shows the contact details and A.B.N. for
Valentines Furniture Pty Ltd.
Please take the time to enter these details carefully and accurately into MYOB because they vary for every student and will be used to identify your personalised MYOB company file.
| Company Name: | Valentines Furniture Pty Ltd (insert your student ID )* |
| A.B.N.: | 26 081 197 276 |
| Address: | 100 Power Street Melbourne, VIC, 3000 Australia |
| Phone Number: | 1300-082-5197 |
| Fax Number and E-mail Address | (leave those fields blank) |
*Remember, if your s1103657, your company name would be Valentines Furniture Pty Ltd (s1103657)’.
- Tell us about your accounting year. The date on which you are setting up the company file is assumed to be 1 September 2021 (the first day of the current month). Therefore, the current financial year for Valentines Furniture Pty Ltd is 2021 which starts in July 2021 and ends in June 2022. In the Current Financial Year field, Mr Fanuli tells you to select the year in which the company’s financial year ends.
- Mr Fanuli then asks you to select September as the conversion month because you will begin recording transactions for the month of September. He mentions that there should be 12 accounting periods per financial year so that each month matches a calendar month. He also asks you to review your entries because you will not be able to change them after the company file is created.
- Mr Fanuli tells you to create an accounts list (chart of accounts) starting from one of the lists provided by MYOB Accounting. This will ensure you select the “Start with an account list provided” default accounts list for Valentines Furniture Pty Ltd’.
- Valentines Furniture Pty Ltd’ and select ‘Retail Business’.
- Activate your company file – select I use this company file for practice, evaluation, or study purposes you can record transactions in this company file until the trial period expires. (30 days remaining)
Business information
You will need all of the information shown below to set up the accounts list for ‘ Valentines Furniture Pty Ltd’ in MYOB.
- Set global preferences
Set the preference of your MYOB company file so that you are able to modify transactions in MYOB:
From the Setup menu, select Preferences in the Security tab of the Preferences window, ensure that there is no tick placed in the security transaction can’t be changed: they must be reversed [system wide].
- Tax code list
You are asked to set up the tax code list for Valentines Furniture Pty Ltd as shown below. To set up the company’s tax codes, go to the Lists menu and select Tax Codes. This opens the Tax Code List where details of the tax codes used in the company file are recorded. Note that all other tax codes that are not in the list below must be deleted so that you are able to modify the company’s accounts list.
| Code | Description | Tax Type | Rate | Tax Collected | Tax Paid |
| CAP | Capital Acquisitions | Goods & Services Tax | 10% | 2-1210 (GST Collected) |
2-1220 (GST Paid) |
| FRE | GST Free | Goods & Services Tax | 0% | 2-1210 (GST Collected) |
2-1220 (GST Paid) |
| GST | Goods & Services Tax | Goods & Services Tax | 10% | 2-1210 (GST Collected) |
2-1220 (GST Paid) |
| ITS | Input Taxed Sales | Goods & Services Tax | 0% | 2-1210 (GST Collected) |
2-1220 (GST Paid) |
| N-T | Not Reportable | Goods & Services Tax | 0% | 2-1210 (GST Collected) |
2-1220 (GST Paid) |
Accounts list (chart of accounts) information
The accounts list that you are asked to set up for Valentines Furniture Pty Ltd is presented below. For many of the account descriptions, Mr Fanuli has chosen to use the default descriptions and abbreviations provided by MYOB. To modify the default accounts list that was created during the ‘creating a new company file’ process, from the options provided on the left side of the Accounts Easy Setup Assistant, click Accounts List. This opens the ‘Set up the Accounts List to meet your business needs’ window. Next, use that window to modify account names, add new accounts, delete the unwanted default accounts, and assign appropriate tax codes to detail accounts.
Use the Accounts Easy Setup Assistant to enter the opening balances of detail accounts as at 1 September 2021. The following balance sheet provides the opening balances of those accounts as of 1 September 2021.
In the Accounts Easy Setup Assistant, before clicking the Next button in the ‘Enter your opening balances’ window.
Balance Sheet
Opening Balances 1st September 2021
| Account # | Account | YTD Debit ($) | YTD Credit ($) |
| 1-1110 | Cheque Account | 60,000 | |
| 1-1210 | Undeposited Funds | 0 | |
| 1-1230 | Payroll Check Account | 30,000 | |
| 1-1310 | Accounts Receivable | 0 | |
| 1-1320 | Inventory | 32,000 | 122,000 |
| 1-2110 | Buildings (at cost) | 160,000 | |
| 1-2210 | Office Equipment (at cost) | 16,000 | |
| 1-2310 | Motor Vehicle (at cost) | 124,000 | 300, 000 |
| 422, 000 | |||
| 2-1510 | Accounts Payable | 13,200 | |
| 2-1210 | GST Collected | -1,200 | 12,000 |
| 2-1220 | GST Paid | 0 | |
| 2-2100 | Bank Loans | 68,000 | |
| 2-2200 | Mortgage | 100,000 | 168,000 |
| 3-1000 | ***Owner’s Capital | 242,000 | |
| 422,000 |
*** Do not enter any figure in owner’s capital.
Please delete unwanted accounts other than any link accounts
Create Customers, suppliers and inventory
Customers and sales details
Use the appropriate windows in the Sales Easy Setup Assistant to set up the default information for ‘ Valentines Furniture Pty Ltd’ customers. Do not change other information in that setup assistant.
| Layout – Choose sale layout | |
| Choose Your Default Sales Layout: | Item |
| Selling Details – Decide on selling details | |
| Income Account: | 4-1000 (Sales Revenue) |
| Credit limit: | $30,000 |
| Tax Codes – Assign tax codes to your customers | |
| Tax Code: | GST (Goods & Services Tax) |
| Payment Information – Set up payment information | |
| Payment Method: | Cheque |
| Payment is Due: | In a Given # of Days |
| Discount Days: | 0 |
| Balance Due Days: | 0 |
| % Discount for Early Payment: | 0% |
| % Monthly Charge for Late Payment: | 0% |
| Linked Accounts – Select the accounts to track customer receipts | |
| Account for Customer Receipts: | 1-1110 (Cheque Account) |
| Account for Undeposited Funds: | 1-1210 (Undeposited Funds) |
From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the ‘Build your customer list’ window. Next, use that window to set up the customers of Valentines Furniture Pty Ltd as listed below:
| Profile tab | |||
| Card Type | Customer | Customer | Customer |
| Designation | Company | Company | Company |
| Name: | Freedom Furniture | Living Furniture | Gainesville Furniture |
| Card ID: | FF | LF | GF |
| Address: | 90 Flinders Street | 166 Burke Street | 87 Collin Street |
| City, State, Postcode: |
Melbourne, VIC, 3020 |
Melbourne, VIC, 3000 |
Melbourne, VIC,3000 |
| Country: | Australia | Australia | Australia |
| Phone#1: | 03 5008 7448 | 03 8052 1834 | 03 953 7136 |
| Contact: | Carol | Danny | Pauline |
| Selling Details Tab | |||
| A.B.N.: | 77 825 735 728 | 78 105 145 609 | 79 412 215 857 |
Please Note customer credit term is 30 days.
Supplier and purchase and details
Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for Valentines Furniture Pty Ltd ‘ suppliers. Do not change other information in that setup assistant.
| Layout – Choose purchase layout | |
| Choose Your Default Purchase Layout: | Item |
| Buying Details- Decide on buying details | |
| Expense account: | COS |
| Credit Limit: | $40,000 |
| Tax Codes – Assign tax codes to your suppliers | |
| Tax Code: | GST (Goods & Services Tax) |
| Payment Information – Set up payment information | |
| Payment Method: | Cheque |
| Payment is Due: | In a Given # of Days |
| Discount Days: | 0 |
| Balance Due Days: | 0 |
| Discount for Early Payment: | 0% |
| Linked Accounts – Select the account to pay your supplier bills | |
| Account for Paying Bills: | 1-1100 (Cheque Account) |
In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup Assistant to open the ‘Build your supplier list’ window. Then, use that window to set up the three inventory suppliers to Valentines Furniture Pty Ltd as shown below:
| Profile Tab | |||
| Card type | Supplier | Supplier | Supplier |
| Designation | Company | Company | Company |
| Name: | Galotti & Radice | Pacini & Cappellini | Enrico Pellizzoni |
| ID: | GR | PC | EP |
| Address: | 19 Black Street | 71 Miller’s Road | 43 Goodwin Road |
| City, State, Postcode: | Melbourne VIC, 3000 |
Melbourne VIC, 3000 |
Melbourne VIC, 3000 |
| Country: | Australia | Australia | Australia |
| Phone #1: | 03 8611 5027 | 03 8660 5293 | 03 815 8228 |
| Contact: | Kathy | Maria | John |
| Buying Details Tab | |||
| ABN | 99 186 150 665 | 98 577 709 384 | 97 273 205 545 |
From the list of options that are available on the left side of the Purchases Easy Setup Assistant, click Historical Purchases to view the ‘Enter historical purchases for your suppliers’ window. Then, click the Add Purchase button to open the Historical Purchase window where you are asked to enter details of the outstanding purchases that have not been paid in full.
- Pacini & Cappellini has an outstanding balance of $13,200 including GST for Invoice No.11221 dated 28th August.
Inventory details
Use the Items List functionality provided in the Inventory Command Centre to set up the inventory items of Valentines Furniture Pty Ltd:
| Profile Tab | ||||
| Item Number: | 101 | 102 | 103 | 104 |
| Name: | Recliners | Sofas | Arm Chairs | Dining Chairs |
| I Buy This Item | Tick | Tick | Tick | Tick |
| I Sell This Item | Tick | Tick | Tick | Tick |
| I Inventory This Item | Tick | Tick | Tick | Tick |
| Cost of Sales Account: | 5-1000 (Cost of Sales) |
5-1000 (Cost of Sales) |
5-1000 (Cost of Sales) |
5-1000 (Cost of Sales) |
| Income Account for Tracking Sales: | 4-1000 (Sales Revenue) |
4-1000 (Sales Revenue) |
4-1000 (Sales Revenue) |
4-1000 (Sales Revenue) |
| Asset Account for Item Inventory: | 1-1320 (Inventory) |
1-1320 (Inventory) |
1-1320 (Inventory) |
1-1320 (Inventory) |
| Buying Details Tab | ||||
| Standard Cost: | $2,200 | $4,400 | $1,100 | $220 |
| Buying Unit of Measure | Each | Each | Each | Each |
| Minimum Level for restoking Alert | 2 | 2 | 2 | 2 |
| Default Reorder Qty. | 3 | 3 | 3 | 3 |
| Primary Supplier for Recorder | Enrico Pellizzoni (ER) | Galotti & Radice (GR) | Pacini & Cappellini (PC) | Pacini & Cappellini (PC) |
| Number of Items per Buying Unit | 1 | 1 | 1 | 1 |
| Tax Code When Bought: | GST | GST | GST | GST |
| Selling Details Tab | ||||
| Base Selling Price: | $4,400 | $6,600 | $2,200 | $440 |
| Selling Unit of Measure | Each | Each | Each | Each |
| Number of Items per Selling Unit | 1 | 1 | 1 | 1 |
| Tax Code When Sold: | GST | GST | GST | GST |
| Inclusive/Exclusive: | tick Prices are tax inclusive |
tick Prices are tax inclusive |
tick Prices are tax inclusive |
tick Prices are tax inclusive |
| Calculate Sales Tax on: | Actual Selling Price | Actual Selling Price | Actual Selling Price | Actual Selling Price |
Next, use the Count Inventory functionality in the Inventory Command Centre to enter the quantity of each inventory item and its unit cost:
| Count Inventory | ||||
| Item Number: | 101 | 102 | 103 | 104 |
| Counted: | 5 | 4 | 5 | 5 |
| Adjustment Information | ||||
| Default Adjustment Account: Leave this field blank and then click the Continue button. | ||||
| Next, click the Opening Balances button to open the Adjust Inventory window. | ||||
| Adjust Inventory – Continue | ||||
| Inventory Journal Number: IJ000001 | ||||
| Date: 1/1/2021 | ||||
| Unit Cost: | $2,000 | $4,000 | $1,000 | $200 |
Reconcile the data file you have created
Before completing the setup procedures for inventory, use the Adjust Inventory window to check that the total of the Amount column is equal to the opening balance of the Inventory account in the trial balance report.
- The firm maintains an account with the National Victoria Bank (NVB) IN Melbourne, ID#148 which has a BSB # 361-725. The account number for the firm is 6402-6636
ENTER TRANSACTION FOR SEPTEMBER
| Date | Transaction |
| Sept-02 | Sold 1 x 102(Sofa), 2 x 101( Recliners) to Living Furniture , their Order No 4632 for $15,400, including GST |
| Sept -05 | Sold 1 x 102(Sofa), 1 x 101(Recliner), 3 x 104(Dining Chairs) to Freedom Furniture, their Order No. 326 for $12,320 including GST. |
| Sept -08 | Received goods and Invoice No. 11415 from Galotti & Radice for 3 x102(Sofas) @ $4,400 each total $13,200, including GST. |
| Sept -10 | Returned goods to stock, 1 x 104(Dining Chair) from Freedom Furniture, their original Order No. 326 (05/09), plus GST. Our Credit Note No. C156 for $440. |
| Sept -12 | Received goods, 3 x 101(Recliners), @ $2,200 each on Invoice No. WC11861 from Enrico Pellizzoni for $6,600, including GST. |
| Sept -13 | Paid Telstra Ltd for Monthly telephone bill. Our Cheque No.3351780 for $2,200 including GST. |
| Sept -18 | Paid Pacini & Cappellini for outstanding Invoice No. 11221. Our Cheque No. 3351781 for $13,200, including GST. |
| Sept -20 | Issued Receipt No. 4001 to Living Furniture, for payment of our Invoice No. 6301, their Order No. 4632 for $15,400. |
| Sept -20 | Paid AGL Ltd for Electricity. Our Cheque No. 3351782 for $1,760, including GST. |
| Sept -24 | Paid Galotti & Radice Ltd for outstanding Invoice No. 11415. Our Cheque No.3351783 for $13,200, including GST. |
| Sept -26 | Sold 3 x 102 (Sofas), 2 x 103(Arm Chairs), 2 x 104(Dining Chairs) to Gainesville Furniture, on our Invoice No. 6303, their Order No. 105 for $25,080, including GST |
| Sept -27 | Issued Receipt No. 4002 to Freedom Furniture, for payment of their Order No326, our Invoice No. 6302 for $11,880. |
| Sept -30 | Received goods and Invoice No. 11493 from Galotti & Radice Ltd for 3 x 102 (Sofas) @ $4,000 each plus GST, total $13,200, including GST. |
| Sept -31 | Received Credit Note for $4,400, including GST, from Galotti & Radice Ltd for Return of Damaged Sofa, 1 x 102 (Sofa), their Invoice No. 11493. |
| Sept -31 | Stock-on-Hand figures were: |
| 101 Recliners = 5
102 Sofas = 4 103 Arm Chairs = 3 104 Dining Chairs = 0 |
Bank Statement Valentines Furniture
|
| Date | Particulars | Debit | Credit | Balance |
| 1 | opening balance | 60,000CR | ||
| 18 | cheque #3351780 | 2,200 | 57,800 | |
| 19 | cheque #3351781 | 13,200 | 44,600 | |
| 20 | deposit | 15,400 | 60,000 | |
| 25 | cheque#3351782 | 1,760 | 58,240 | |
| 27 | deposit | 11,800 | 70,120 | |
| 31 | bank fee | 80 | 70,040 |
| Requirements |
| MYOB file (the actual file) |
| Required Reports |
| Aged Receivables (Summary) |
| Aged Payables (Summary) |
| Trial Balance (YTD) |
| Profit and Loss Statement |
| Balance Sheet |
| Transaction Journals (ALL) |
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