Reference no: EM132552194

FNSACC416 - Set Up and Operate a Computerised Accounting System Assignment - Southern Academy, Australia

Assessment Task 1 - Written questions

You must correctly answer all questions. Provide answers to all of the questions below:

Q1. Explain the two posting methods used in computerised accounting systems.

Q2. If you were using accounting software such as MYOB and you were having technical difficulties how would you access help with this?

Q3. Give three advantages of computerised accounting systems over using spreadsheets.

Q4. List at least 3 key procedures that should be included in an organisation's financial policy and procedures that relate to setting up and operating a computerised accounting system.

Q5. Provide three examples of actions that should be taken at work to meet the requirements of the Privacy Act 1988.

Q6. Briefly describe two actions that can be taken to ensure electronic accounting records are secure.

Q7. Give three examples of errors that can be made when transferring financial transactions from source documents to a computerised accounting system.

Q8. List two actions that could be taken to ensure that financial data entered into a computerised accounting system from source documents is accurate and checked for errors.

Assessment Task 2 - Set up system

You must set up an accounting system for a case study organisation.

Task summary - For this assessment task, you are required to enter the details of a small business, Andrew's Slabs, into accounting software based on the scenario information, using the data provided.

You will then participate in a meeting with your assessor, who will be roleplaying Andrew. They will ask you to demonstrate some of the features of the accounting software that you are using and ask you to change some details of the data that you have entered.

Complete the following activities -

Carefully read the following scenario.

Andrew has been buying and selling timber slabs for some years. He makes a range of items from the slabs he buys and will also sometimes buy old furniture, renovate it, and then resell it. He has also started repairing furniture and sometimes sells bespoke timber slabs to customers.

The business transactions are still recorded in a cash receipts book, and then transferred to an Excel Workbook, but Andrew has decided to move to an electronic accountancy system. It is your job, as the newly appointed Accounts Officer, to record the company's details and transactions into a computerised accounting system framework.

1. Enter company data.

Enter the data provided in Andrew's Accounts into the accounting software provided by your assessor.

Modify the chart of accounts as set out in Andrew's Accounts, entering the opening balances as appropriate.

Delete or combine the accounts that are not listed in Andrew's Accounts.

Enter details of Andrew's Slabs' customers and suppliers from Andrew's Accounts.

The four customers listed in Andrew's Accounts have all agreed to the credit terms as set out in the Financial Policy and Procedures and are therefore extended credit at the terms detailed.

Enter inventory items.

9. Enter the sales and the outgoings in Andrew's Slabs Transactions May and June.

Process all transactions in the integrated system, including:

Credit card

Invoices

Petty cash

10. Extract the following from the system:

List of Accounts

General Ledger report

Motor Vehicle Expenses Report. This report should include the motor vehicle expenses header account and its subsidiary accounts.

Check their figures against the data you have entered to ensure that it is accurate.

If there any errors, correct these.

Ensure that the Motor vehicle expenses accounts reconciles with its subsidiary accounts.

11. Make a backup of the data you have entered for Andrew's Slabs, and place this in the same folder.

Save these as Excel documents as well as electronic files, filing them in a folder on your desktop.

12. Write an email to Andrew (your assessor).

The email should be written in polite and technically correct English, asking your assessor, in the role of Andrew, to check through the attached documents, making a comment on your reconciliation of the subsidiary accounts with the general ledger.

Attach the following to the email:

List of Accounts

General Ledger report

Report that includes the Motor vehicle expenses header and subsidiary accounts

13. Meet with your assessor.

Your assessor will answer the email with the date and time of a meeting to discuss the data that you have entered into the computerised accounting system. The meeting will be held at your workstation.

During the meeting, you will be expected to display effective communication skills, including:

Speaking clearly and concisely

Using non-verbal communication to assist with understanding

Asking questions to identify required information

Responding to questions as required

Using active listening techniques to confirm understanding

At the meeting, you will be asked to:

a. Change some of the details of Andrew's Accounts:

b. Update customers' details.

c. Update suppliers' details.

d. Update inventory details.

e. Show how to use the help menu, as well as online help to access assistance to set up direct debit and BPAY.

f. Show your electronic filing system stores your files in.

g. Show your assessor how you create and store a backup of Andrew's Slabs' accounts.

h. Show how you can restore data from your backups.

i. Show how this data can be made secure for audit purposes.

14. Update reports.

When your meeting has been concluded, enter the additional data given to you by your assessor into the system and generate the following reports:

List of Accounts. Save this version as New List of Accounts.

General Ledger. Save this version as New General Ledger.

To demonstrate that you have entered tax details correctly, generate:

GST Report

To show Andrew's Slabs' financial performance and position, generate the following for May and for June:

Balance Sheet

Profit and Loss statement

15. Take a screen shot of your folder and files.

You are required to demonstrate that you can file all of your records in a logical structure.

Ensure that you have an overall folder for your work, as well as sub folders if necessary.

All of the documents you have saved so far for this assessment task should be correctly named and filed.

The screen shot should show all the folders and documents.

16. Write an email to Andrew (your assessor).

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style.

The text of the email should point out the differences between these files and those you sent to your assessor in activity 6.

Attach the following to the email:

New List of Accounts

New General Ledger

GST Report

Balance Sheet

Profit and Loss Statement

17. Process direct debit and BPAY transactions.

Assume Andrew has emailed you to ask you to process some transactions he had omitted to mention to you. Andrews email says:

Dear Accounts Officer

I have a direct debit agreement with the Telstra for my mobile phone bill. I pay the $100 mobile bill through direct debit on the 7th day of each month.

Regarding my electricity bills, I receive my bills on the first day of each month and pay the electricity bill to Energy Australia via BPAY. This month the amount is $120. The biller code is 9876 and the reference is 987654321234567000.

Thanks, Andrew

You are therefore required to complete the following tasks for processing transactions:

Assume that the amount came out of the bank yesterday. Create a journal entry for the direct debited amount for today.

Enter the information into the BPAY Spreadsheet and then create a journal entry for the BPAY amount.

Save your journal entries as reports and provide these to your assessor, as well as the completed BPAY Spreadsheet.

Assessment Task 3 - Operate system

You must operate and maintain an accounting system for a case study organisation.

Task summary - This assessment task requires you to use the data set up for the system from Assessment Task 2 and continue to enter the sales, purchases and inventories records for the company.

Using the file that you created for Assessment Task 2, complete the following activities:

1. Make balance day adjustments.

Use the General Journal to adjust for wages, rent and insurance on June 30th.

Use the General Journal to make any balance day adjustments for prepayments and accruals

Generate a Journal report that includes these transactions.

Generate a prepayment of expenses account transaction report.

18. Perform an end of year rollover.

Generate a fully reconciled Trial Balance

Generate a reconciliation report of each posting account.

19. Ensure that the bank account reconciles with the Bank Statements.

Generate a banking transactions report for the months of May and June.

Reconcile this report with the Bank Statements.

20. Write an email to your assessor.

The text of the email should be in correct and polite English.

It should give your comments on the bank reconciliation from activity 3.

Attach the following to your email:

Journal report

Prepayment of expenses account transaction report

Trial Balance

Goods and services tax (GST) accrual report

Payroll report

Reconciliation report

Banking transactions report

Attachment:- Computerised Accounting System Assignment Files.rar