Reference no: EM132334021
Set Up and Operate A Computerised Accounting System Assignment - Project
Purpose of the Assessment - The purpose of this assessment is to assess the student in the following learning outcomes:
Element 1: Implement integrated accounting system
1.1 Implement general ledger, chart of accounts and subsidiary accounts in accordance with organisational requirements, procedures and policy.
1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST).
1.3 Use appropriate technical help to solve any operational problems.
Element 2: Process transactions within system
2.1 Collate, code and classify input data before processing.
2.2 Process wide range of cash and credit transactions in service and trading environment.
2.3 Use general journal to make any balance day adjustments for prepayments and accruals.
2.4 Regularly review system output to verify accuracy of data input and make adjustments for any detected processing errors.
2.5 Perform end of financial year rollover.
Element 3: Maintain system
3.1 Add any new general ledger accounts, customer, supplier, inventory and fixed asset records as required.
3.2 Maintain and update existing chart of accounts, customer, supplier, inventory and fixed asset records and subsidiary accounts.
3.3 Customise chart of accounts to meet reporting requirements of organisation.
Element 4: Produce reports
4.1 Generate reports to indicate financial performance and financial position of organisation and for GST purposes as required or requested.
4.2 Generate reports to ensure that subsidiary ledgers and accounts reconcile with general ledger.
4.3 Generate reports, which ensure that bank account reconciles with bank statement, over at least two reporting periods.
Element 5: Ensure system integrity
5.1 Regularly back-up system to ensure against loss or corruption of data.
5.2 Restore data from back-ups in event of loss or corruption of current data.
5.3 Maintain secure record of all processed transactions for audit purposes.
Assessment - Project
Assessment description - This is a practical task to be performed in MYOB. You have to process different accounting transactions in this software. This assessment task covers all elements of this subject. Please make sure you read Appendix 1 carefully.
Procedure - Please follow procedures in the text book that is prescribed for this subject. Please print the hard copy of required task and attach with this assessment cover page. Send your MYO file to your teacher's email.
You must submit: The hard copy of the following with this assessment cover page,
1. All Transaction Journals (General, Sales, Purchases, Disbursements and Receipts Journals)
2. General Ledger (Summary)
3. Aged Payable Report (Summary)
4. Income Statement
5. Balance Sheet (2 Period)
6. Bank Reconciliation report done on 14 July 2014 and on 28 July 2014 expecting matched to bank statement on both these dates. You must print this report to become competent in this unit.
7. Create a backup schedule for this project, importance of back up, and example of technical help.
Requirements -
Record all the necessary entries including end-of-period adjustments for July. Prepare and print the following reports for the period ending on 31 July 2014 by clicking on the Reports icon and then Accounts and send your MYOB file at your teachers email:
a. The General, Sales, Purchases, Disbursements and Receipts Journals (Hint: Click on Accounts Tab, click on Transaction Journals, click on all)
b. General Ledger(Summary)
c. Aged Payable Report (Summary)
d. Income Statement
e. Balance Sheet (Two Period on 30 June 2014 & 31 July 2014)
f. Bank Reconciliation report done on 14 July 2014 with a bank statement balance $77046.67. You have found,
- Insurance cheque of $ 2750 and cleaning services cheque of $330 was cleared and matched on the statement
- Dividend income $ 126.67 or balance to nil amount in this income category
Bank Reconciliation report done on on 28 July 2014 with a bank statement balance $76468.07. You have found,
- Event Management invoice of $550 was cleared and matched on the statement
- Bank has charged of $28.60 for cheque issue in July 2014 or balance to nil amount in this income category
(You must print this report to become competent in this unit. (Element 4, Performance Criteria 4.3)
g. Create a backup schedule for this project in MS Excel. Explain the importance of your system back up in the event of data loss. How to use the help menu? Explain with an example for technical help.
Attachment:- Accounting System Assignment File.rar