Reference no: EM132890557

Question - The following table is a extract from the accounting policies and procedures for Bella's Hair and Beauty All financial transactions are recorded in MYOB Account Right.

End of Month Procedure Extract

1) All the transaction for the month, must be entered by close of business on the last day of the month or the next business day, where the end of the month falls on a weekend or public holiday.

2) On the 1st of every month, the bank statement is downloaded from Bella Hair & Beauty's internet banking.

3) Prepare Bank Reconciliation in MYOB, adding any bank interest received and bank fees paid as a Bank entry during the reconciliation process.

4) All transactions for the month must be finalised and reconciled by close of business on the 5th day of the following month or the next business day, where the end of the month falls on a weekend or public holiday.

5) The following monthly reports are printed for the business owner.

a) Bank Reconciliation

b) Trial Balance

c) Profit and loss statement

d) Balance Sheet

e) GST (Detail Cash)

f) Payroll Activity (Summary)

Read the policies and procedures for Bella's, taking notes of the deadlines that are required for the end of month reporting. Prepare a schedule of tasks that would need to be carried out to meet the requirements of the policies and procedures for month end reporting. Assume the end of month is May 31, which falls on a Sunday.

Required -

1. Referring to the procedures for Bella's Hair and beauty above when is the deadline for having the June 2019 Finalised ad reconciled by?

2. At the end of June, the end of Financial Year requirements also needs to be considered. What can you do if you have conflicting deadlines you are unable to meet?