Describe what accounts you will have

Reference no: EM133131665

Question: You are required to come up with a business idea in which you will be the owner for this business. This business will sell both products and services to the clients. One of the key tasks for this assessment is that the students will need to CREATE their own business information including client/suppliers base, business transactions etc. and then use MYOB program to record for the information.

The assignment will include 4 key parts and the details of instructions and supports on how to complete the assessment will be provided in the Lecture & Tutorial each week during Week 2- Week 7.

Part 1: You need to come up with your own business in which you will be the owner. You need to describe all information about your business such as what your business is selling, who are the target customers, where it is located etc. This Part should take no more than 3 pages length.

Part 2: You need to describe what accounts (items) you will have at the commencement of business on 1" Jan 2022. For examples, you might have some cash, some furniture, inventories when setting up your business. You need to set them up as a Trial Balance showing all the accounts (items) and their opening balances. This is the picture of your business at the start as at Jan 2022.

Part 3: You need to set up your OWN LIST of products/services that you are selling (with details of their costs and prices charged on customers). In addition, you will also need to set up the customer list and supplier list. It is required to have at least 20 clients and 20 suppliers for your business. They are regular ones that you often deal with. You then need to use MYOB to set them up in the system.

Part 4: You then will create your own Sales & Purchase Transactions occurring during the business operation period (assume for 3 months-operating period from 1St Jan 2022 to 31' Mar 2022). You also need to create the cash-collection transactions and cash-payment transactions. Below is the required number each transaction list:

30 Sales Transactions
30 Purchase Transactions
25 Cash Receipts Transactions

25 Cash Payments Transactions

You then will use MYOB to record for these business transactions occurring during the period.

Part 5- You will need to Create & Set up a payroll system for 5 employees working for you. You will need to come up with your own figures on how many hours they are working per week and how much you pay to them as the pay rate etc. You are required to use MYOB to process this payroll information.

Attachment:- MYOB Assignment.rar

Reference no: EM133131665

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