Simulate transactions for revenue and receipt of cash

Assignment Help Accounting Basics

Reference no: EM132889663 , Length: word count:1800

Accounting Information Systems

Assignment: MYOB

In this Assignment you are to evaluate the suitability of MYOB as a possible on-premise BUY solution for your start-up business'accounting information system (AIS). Your answer must be linked to the start-up business that you proposed in the spreadsheet and to your Assignment 1, and is a necessary logical next step in making choices regarding the AIS for your start-up business. For example, the type of sales and purchases must be consistent with the nature of your business start-up.

(1) Discuss the suitability of MYOB for your business
- This will be about whether MYOB allows you to do the transactions you need in your start-up or whether you need to find a work-around or hack to force the relevant transactions into MYOB.
- You may find it useful to refer to some of your simulated transactions to explain or provide examples about how MYOB is exactly perfect for your business transactions or not perfect so you need to find a work-around.
- This part should be no more than one page.

(2) Set-upyour start-up company on MYOBand enter basic account details
- Set up the company with the name: "Your family name, personal name".
- In the ABN Section enter you student number followed by 12021, e.g. "99263112021".
- In the address section, enter the following information:

Accounting Information Systems

Assignment 2

- Your financial year is 1 July 2020 to 30 June 202, with conversion month in July. All transactions will be enteredduring May 2021.
- Start MYOB with a Build your own list and enter basic information such as accounts relevant to your start-up and their opening values at 1 May 2021.
o You need to make sure that your DR and CR balance. (Hint: it may be a good idea to start with listing all assets and their dollar values you think you need to run your business and enter an equivalent value for Owners'Capital.)
- Your business is GST registered, i.e., you need to have GST collected and GST paid accounts.

(3) Simulate some transactions for revenue and receipt of cash that is relevant to your start-up
- This would include sales transactions and non-sales transactions involving a receipt of cash, and those that are regular and irregular.

(4) Simulate some transactions for purchases and payment of cash that is relevant to your start-up
- This would include purchase transactions related to your sales (such as buying inventory for sale) and non-sale related such as office supplies, and those that are regular and irregular.

(5) Quality of document exposition and organisation
- Generate the following:
o Card files of regular customers and suppliers.
o Trial Balance at 1 May
o Trial Balance at 31May
o Journalentries for the period 1 to 31May for transactions in part (2) and part (3)(You may organise them separately for each part or combine them).
o Balance Sheet at 31May
o Income statement (profit and loss) for the month of May
- Organise your report by having part (1) as the first page (remember to put your family and personal name and student number at the top), with the reports generated from MYOB sequentially according to part numbers. You should do this by copying and pasting reports or screenshots generated in MYOB into a word document, which each part (2) to (4) clearly labelled as headings.
- This will assess your ability to develop a report that is well written (i.e., part (1)), and ability to follow the instructions (including that regarding organising and ordering the components of your report).

Attachment:- Accounting Information Systems.rar

Reference no: EM132889663

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