Reference no: EM133587764
Accounting Information Systems
MYOB Assignment
ASSUME IT IS NOW 1 July 2023. You are a newly appointed Accountant with "Exotic Handbags Pty Ltd", a retail business and store that operates in inner city Melbourne. The owner of "Exotic Handbags Pty Ltd" is Mrs Gucci Vuitton 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.
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 Mrs Vuitton. After completing the setup process, your next task will be to record transactions for the month of July into MYOB. You will then be required to journalise various end-of-month adjustments that are estimated by Mrs. Vuitton. During the month you will also be asked to prepare some reports to inform Mrs Vuitton about the financial situation of "Exotic Hand Bags Pty Ltd".
Creating the Company File
The following list sets out basic information about business "Exotic Hand Bag s 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
Exotic Hand Bags 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.
*Remember, if your s1103657, your company name would be Exotic Hand Bags Pty Ltd (s1103657)'.
• About your accounting year. The date on which you are setting up the company file is assumed to be 1 July 2023 (the first day of the current month/Conversion month). Therefore, the current financial year for Exotic Hand Bags Pty Ltd is 2023 which starts in July 2023 and ends in June 2024. In the Current Financial Year field, Mrs Vuitton tells you to select the year in which the company's financial year ends.
• Mrs Vuitton then asks you to select July as the conversion month because you will begin recording transactions for the month of July. He mentions that there should be 12 accounting periods per financial year so that each month matches a calendar month. She also asks you to review your entries because you will not be able to change them after the company file is created.
• "Start with an accounts list provided by MYOB". Mrs Vuitton 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 appropriate default accounts list for ‘Exotic Handbags Pty Ltd'.
• The industry classification of Exotic Handbags Pty Ltd' and select 'Retail Business'.
Attachment:- MYOB Assignment.rar
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