FNSACC416
Set Up and Operate a
Computerised Accounting System
Practical Assessment
The Case Studies are hypothetical situations which will not require you to have access to a workplace, although, your past and present workplace experiences may help with the responses you provide. You will be expected to encounter similar situations to these in the future as you establish, operate, and modify integrated accounting systems.
In real life, practitioners will be expected to process transactions and produce reports using an integrated computerised accounting system under supervision. This assessment will help you demonstrate skill requirements in such situations.
| Submit the following:
Part A 1. Account Codes for all transactions as per instructions provided in all relevant questions 2. Chart of Accounts 3. Trial Balance 1 4. Card List Detail Report Suppliers 5. Card List Detail Report Customers 6. Item List Summary Reconciliation 7. Bank Deposit Slip 1 8. Accounts Payables Detail Reconciliation 9. Electronic Payment Register 10. Bank Deposit Slip 2 11. Card List Morris and Morris 12. Card List Adwords 13. June Bank Reconciliation 14.Aged Receivables Reconciliation Report 15. Inventory Value Reconciliation 16.Aged Receivables Reconciliation Summary 1 17. Aged Payables Reconciliation Summary 1 18.Trial Balance 2 19.General Journal Report 1 20. GST Detail Accrual 1 21. Profit and Loss Statement 1 22. Balance Sheet 1 23. MYOB Backup 30 June 2016. Part B Deliver: 1. Role play for restoring a backup file Submit: 1. Company Information 2. Bank Deposit Slip 3 3. Accounts Payables Detail Reconciliation 4. Electronic Payment Register 2 5. Bank Deposit Slip 4 6. July Bank Reconciliation 7. Inventory Value Reconciliation 2 8. Aged Receivables Reconciliation Summary 2 9. Aged Payables Reconciliation Summary 2 10. Trial Balance 3 11. General Journal Report 2 12. GST Detail Accrual 2 13. Profit and Loss Statement 2 14.Balance Sheet 2 15. MYOB Backup 31 July 2016 16. Payroll Advice. |
| Overview
This Case Study requires you to complete different tasks as an integrated single project using MYOB. Customer and Suppliers cards are to be created as needed throughout the exercise. All reports and files asked for in the assessment will need to be submitted to the assessor for marking purposes. Important note: Before proceeding with Part B, you must submit all relevant printouts and submissions from Tasks 1 – 27 of Part A. Your submissions must be marked satisfactorily before you continue with your assessment. |
| Student Appendix |
| Smart Books Policies and Procedures |
| Smart Books – Candidate File.box |
| Smart Books – Candidate File.myo |
| Resources required
To complete Case Study 2, you will require access to: ¨ Appropriate technical help to solve one (1) operational issue These can include but are not limited to: ¨ Professional networking bodies ¨ Accountant or fellow bookkeeper ¨ IT support personnel ¨ Your assessor You must access the appropriate technical help you required through any one (1) of the following means: § consultations § discussions § face to face inquiries. |
Create a new data file for the sole trader business called Smart Books using the following information:
When choosing the chart of accounts that you are going to use, make sure you take into consideration the industry classification and the type of business. You will be modifying the chart of accounts as you work your way through the exercise. The bank account details for Smart Books are as follows:
In addition, you must accurately record the details provided above. Check the data you have encoded for accuracy and reliability (e.g. details are correctly spelt and recorded, no missing digits in contact numbers, no typos, etc.) |
1.2 Reviewing the accounts list
| Review the Accounts List as chosen in Task 1.1 and do the following:
1. Modify the following general ledger accounts using the information given below.
2. Set the GST code defaults for all the general ledger accounts. 3. Check the data you have encoded for accuracy and reliability (e.g. details are correctly spelt and recorded, no missing digits in contact numbers, no typos, etc.) 4. Print a copy of the accounts list summary; customise the report to include tax codes. Add any tax codes that you need. |
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| 5. Save and submit a copy of Chart of Accounts. |
1.3 Establishing debtor and creditor ledgers
| Are the following provided? If not, make the appropriate adjustments to the data file to enable you to establish debtor and creditor ledgers.
1. Trade Debtors Account is the linked account to track credit sales to receivables 2. Trade Creditors Account is the linked account to track credit purchases from payables. 3. Sales Linked Accounts are set up accurately to provide for “Delivery Charges.” 4. Purchases Linked Accounts are set up accurately to provide for “Freight” on purchases and for Supplier Discounts. 5. Customer terms are set up according to the Policies and Procedures Manual. 6. Supplier terms are set up according to the supplier’s terms and conditions 7. All payments received will be allocated to “Undeposited funds” automatically. Warn for duplicate cheque numbers. 8. Supplier payments are made against the supplier’s invoice. 9. The Electronic Banking details have been entered. 10. Debtors Ageing has been set up to report in 14-day periods. 11. The GST reporting frequency is set to ‘Monthly’, and the GST accounting basis is set to ‘Non-cash (Accruals)’ in BAS Info. 12. For security purposes, you will need to enable the Security Settings. Create a user called ‘Bookkeeper’ with the Password ‘myob’. |
1.4 Entering account opening balances
Using the following information, enter the opening balances of the accounts.
1. Submit a trial balance to ensure that your account balances are correctly entered and correct anything that needs to be corrected.
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| 1. Build card files for the suppliers below. For each supplier, include the following information on terms as:
30 days from invoice with 2.5% discount allowed if paid within 7 days Use the Purchase layout (item) of all amounts owing including GST.
2. Enter the Supplier opening balances as provided below
3. Save and submit the Card List Detail Report for the suppliers. |
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1. Build card files for the customers below. For each customer, include the following information on terms of 14 days from invoice. Use the Sales Layout of (item) Credit Limit $5000. All amounts owing include GST.
2. Enter the supplier opening balances as provided below
3. Save and submit the Card List Detail Report for the “Customers”. |
| 1. Set up inventory with the following items using the following accounts:
· Income Account 4-1100 for book sales · Cost of Sales Account 5-1100 for book purchases · Asset Account for Inventory Items 1-1310 for books All amounts include GST. The total value of inventory amounts to $12,420.80.
2. Enter the inventory opening balance values. 3. Save and submit an Item List Summary Reconciliation report. |
1.8 Processing the purchase of a new printer
| On 1 June, process the purchase of the new printer, referring to the Asset Register Card you established in Case Study Task 1.1 for the information required.
You will need to create a card for the supplier and add any accounts to the chart of accounts if needed. |
1.9 Setting up the petty cash fund
| On 2 June, we set up a petty cash fund of $200 using cheque no. 387.
1. For collation, coding, and classification purposes record the A/c code you will use to record the transaction in the space provided below. 2. Process the transaction through MYOB allocating the transaction to the appropriate account. |
| A/c code:
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| On 3 June, the following transactions occurred. Process each transaction using the information provided below.
1. We have made a sale to the Columbo Business School on invoice no. 2010 for · 10 copies of 201 · 10 copies of 202 · Plus freight of $24.00 Process the invoice. 2. We purchased new shelving from Absoe Office Furniture for the stock storeroom at the cost of $5,940.00 including GST. Payment was made at the time of purchase using Visa card. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction, in the space provided. 3. We sold for cash some old stock store room shelving valued at $594.00 including GST. Receipted this transaction to undeposited funds. For purposes of this unit, treat the sale of this shelving as disposal of shelving. For collation, coding, and classification purposes indicate the A/c Code you will use to record the transaction, in the space provided. 4. Purchase from Star Publishing on invoice no. 2695 · 40 copies of 208 @ $24.40 and · 10 copies of 210 @ $29.95 |
| A/c code you will use to record the transaction in Item 2 of this task: |
| A/c code you will use to record the transaction in Item 3 of this task: |
| On 6 June, the following transactions occurred. Process each transaction using the information provided below.
1. Purchased from Wiz Biz Books, on supplier’s invoice no. 1256 · 50 copies of 201 @$34.95 · 50 copies of 202 @$24.95 · Freight was $24.oo. All items have been received. 2. Sales to Hills Learning on invoice no. 2011 · 35 copies of 205 @$34.95 · 35 copies of 208 @$34.95 · freight was $25.00 3. Visa card for $2,640.00 has been used to pay the AAMI Insurance Premium in advance for the next year. The invoice from AAMI shows a stamp duty charge of $5.50 which is included in the payment. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction, in the space provided. |
| A/c code you will use to record the transaction in Item 3 of this task: |
1.12 Processing transactions
| The following transactions occurred on 7th June. Process each transaction using the information provided below.
1. The following customer payments have been receipted into Undeposited funds. · Hills Learning paid $2,846.50 by cheque for invoice numbers 2009 and 2011 · Accountability Training paid $845.00 · Northwest College paid $575.00 · Columbo Business School paid $205.00 2. Prepare the bank deposit to deposit all monies received to date. 3. Save and submit a copy of the deposit slip. |
| On 8 June, the following transactions occurred. Process each transaction using the information provided below.
1. We have purchased from Learn IT Books on supplier invoice no. 9037 · 100 copies of 203 @$17.99 each 2. Sales invoice no. 2012 has been sent to Hills Learning · 50 copies of 203 · 50 copies of 204 · Freight Charge of $24.oo 3. Paid $1,100.00 to Learn IT Books on our Account with cheque no. 390 4. Purchased from Learn IT Books on supplier invoice no. 9042 · 100 copies of 204 @$39.99 · Freight of $26.50 |
| On 11 June, the following transactions occurred. Process each transaction using the information provided below.
1. Sales invoice no. 2013 to Accountability Training for · 50 copies of 203 · 50 copies of 204 · Freight of $24.00 2. Pay the telephone bill from Telstra through BPay for $621.56. Create a new card. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction in the space provided. 3. Paid the electricity bill from Origin Energy by BPAY for $915.48. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction in the space provided. 4. Invoice Northwest College for the following ordered on invoice no. 2014 · 22 copies of 206 · 3 copies of 209 · Freight of $24.00 |
| A/c code you will use to record the transaction in Item 2 of this task: |
| A/c code you will use to record the transaction in Item 3 of this task: |
| On 13 June, the following transactions occurred. Process each transaction using the information provided below.
1. Save and submit the Accounts Payable Reconciliation Report. 2. The following payments are to be made by electronic funds transfer: § Wiz Biz Books $4,143.52. A discount of $75.48 needs to be taken for the invoice dated 6 June. § Learn IT Books is to be paid for invoice no. 9037 after a discount has been applied. § Press IT is to be paid $1,300.00. Save and submit the Electronic Payments Register.
3. Process the electronic payment and save a copy of the relevant file. |
1.16 Receipting customer payments
| On 15 June, the following customer payments have been receipted into undeposited funds.
Process the funds in MYOB using the following information: · Hills Learning Centre – $4,073.00 by cheque · Columbo Business School – $823.00 by cheque |
| On 16 June, the following transactions occurred. Process each transaction using the information provided below.
1. Payment has been received from Accountability Training for $4,073.00 2. You receive a cash payment of $880.00 for a seminar presentation. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction in the space provided. 3. Prepare the bank deposit to deposit the monies received on the 15th and 16th of June. 4. Save and submit the deposit slip. |
| A/c code you will use to record the transaction in Item 2 of this task: |
| On 19 June, the part payment of $500.00 was made to Learn IT Books via cheque no. 392. Record this in MYOB. |
| On 20 June, pay by cheque no. 393 the monthly rent to Morris and Morris Real Estate amounting to $1,100.00.
1. Create a new cards list using the following details. Payment is due on the 20th of the month. Morris and Morris Real Estate 38 Browning Street Geebung Qld 4220 ABN:25 658 958 658 Save and submit the Supplier Card. 2. For collation, coding, and classification purposes indicate the A/c code you will use to record the transaction in the space provided. |
| A/c code you will use to record the transaction in Item 2 of this task: |
| On 23 June, the following transactions occurred. Process each transaction using the information provided below.
1. Pay by cheque no. 394 monthly advertising is amounting to $2,400.00 to Adwords. Create a new Supplier Card using the following information: Adwords 242 Elizabeth Street Brisbane City Qld 4000 ABN: 12 568 985 652 Save and submit the supplier card For collation, coding, and classification purposes indicate the A/c code you will use to record item 1 of this task in the space provided. 2. The following cash sale has been made to a customer on invoice no. 2015 for the following items · 50 copies of 201 · 35 copies of 203 · 35 copies of 204 · 35 copies of 206 |
| A/c code you will use to record Item 1 of this task: |
| On 25 June, the following transactions occurred. Process each transaction using the information below.
1. Make full payment for $3,525.50 to supplier Learn IT Books. Make full payment of invoice no. 9042 using cheque no. 395. 2. Sale to Northwest College on invoice no. 2016 for · 10 copies of 207 · Freight of $24.00 |
| On 27 June, the following transactions occurred. Process each transaction using the information below.
1. Receive payment by cheque from Northwest College for $951.75. 2. Sale to Accountability Training on invoice no. 2017 · 15 copies of 210 · Freight of $24.00 |
| On 29 June, Accountability Training has returned two (2) copies of item 210 which were found damaged on delivery.
Invoice no. 2017 is the invoice they were originally charged on. Apply the credit to the outstanding invoice. |
1.24 Reconciling the bank account
Below is the June bank statement for Smart Books. Use the bank statement to reconcile the bank account in the MYOB file. Ensure that any transactions missing from the data file are processed.
Save and submit the bank reconciliation. |
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1.25 Processing the aged receivables reconciliation report
| Save and submit the Aged Receivables Reconciliation Report. |
1.26 Processing end-of-period adjustments
| On 30 June, using the following information, process the end of period adjustments.
1. You have been instructed to write off Complete Educations’ outstanding balance. 2. Process the journal entries completed in Case Study Item 2. 3. Using the information in Case Study Item 1, enter the depreciation for the new printer for the month. |
| Save and submit the following reports for 30 June 2016 and back the MYOB file up. Label each file as follows:
1. Inventory Value Reconciliation 2. Aged Receivables Reconciliation Summary 1 3. Aged Payables Reconciliation Summary 1 4. Trial Balance 2 5. General Journal Report 1 6. GST Detail Accrual 1 7. Profit and Loss Statement 1 8. Balance Sheet 1 9. MYOB Backup 30 June 2016 |
| Important note: Before proceeding with Part B, you must submit all relevant printouts and submissions from Tasks 1.1 – 1.27 of Part A. Your submissions must be marked satisfactorily before you continue with your assessment. |
Consider the following scenario.
To complete this task, you must access one (1) source of technical help to assist you in restoring a backup file. The technical help you access here must be an individual who you can consult with through any one (1) of the following means: § Face-to-face or phone consultation § Face-to-face or phone discussion or inquiry During your meeting, you must demonstrate your use of active listening skills by: § asking questions to clarify information and instructions § responding appropriately to your source of technical help. |
2.2 Rolling the financial year
| Roll the restored MYOB file from Task 1.27 to the 2017 financial year.
Take a screenshot of the Company Information after you have rolled the file and save it for submission. |
| On 1 July, pay Ace Computers with cheque no. 396 for the printer purchased last 1 June 2016. |
| On 5 July, the following transactions occurred. Process each transaction using the information provided below.
1. Milk was purchased for cash from Day Grocer for $3.30. For collation, coding, and classification purposes indicate the A/c code you will use to record this transaction. 2. Tea, coffee and sugar have been purchased for cash from All Day Grocery for $15.20. Milk, sugar, tea and coffee (unless ready-to-drink), are GST-free. 3. Photocopy paper has been purchased for cash from the local newsagent for $9.00. For collation, coding, and classification purposes indicate the A/c code you will use to record this transaction. 4. The following cash sale has been made to a customer on invoice no. 2020 · 10 copies of 205 · 5 copies of 206 · 5 copies of 207 |
| A/c code you will use to record Item 1 of this task:
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| A/c code you will use to record Item 2 of this task:
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| A/c code you will use to record Item 3 of this task:
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| On 6 July, the following transactions occurred. Process each transaction using the information provided below.
1. We have made a sale to the Columbo Business School on invoice no. 2021 for · 15 copies of 201 · 15 copies of 202 · Plus freight of $27.00 Process the invoice. 2. Purchase from Star Publishing on invoice no. 2856 · 40 copies of 208 @$24.40 and · 15 copies of 209 @$28.95 · 10 copies of 210 @$29.95 3. Purchase from Wiz Biz Books · 50 copies of 201 @ $34.95 · Plus freight of $24.00 4. Part payment has been made to Star Publishing on cheque no. 398 for $1,500.00. |
2.6 Processing transactions
| On 9 July, the following transactions occurred. Process each transaction using the information provided below.
1. The following customer payments have been receipted into undeposited funds. · Accountability Training paid $712.35 · Northwest College paid $423.50 2. Prepare the bank deposit to deposit the monies received to date in July. 3. Save and submit the deposit slip. |
| On 12 July, the following transactions occurred. Process each transaction using the information provided below.
1. Purchase from Learn IT Books on supplier invoice no. 1058 · 100 copies of 203 @$17.99 each · 100 copies of 204 @39.99 · Freight of $50.40 2. Sales invoice no. 2022 has been sent to Hills Learning · 50 copies of 203 · 50 copies of 204 · Freight Charge of $25.00 3. Sales invoice no. 2023 is for Accountability Training for · 50 copies of 203 · 50 copies of 204 · Freight $25.00 |
| On 13 July, the following transactions occurred. Process each transaction using the information provided below.
1. Purchase from Learn IT Books on supplier invoice no. 1080 · 100 copies of 203 @$17.99 each · 100 copies of 204 @39.99 · Freight of $50.40 2. Sale to a cash customer for on invoice no. 2024 · 20 copies of 203 · 20 copies of 204 · 10 copies of 208 · 5 copies of 209 |
| On 14 July, the following transactions occurred. Process each transaction using the information provided below.
1. Save and submit an Accounts Payable Reconciliation Report.
1. The following payments are made by Electronic Funds Transfer. a. Star Publishing to be paid $675.50 b. Learn IT Books is to be paid for invoice no. 1058 after a discount has been applied. c. Wiz Biz Books to be paid $1,771.50 2. Process the electronic payment and save and submit the copy of the file. |
| On 15 July, the following transactions occurred. Process each transaction using the information provided below.
1. Received payments from: · Accountability Training for $4,074.00 · Columbo Business School for $1,225.50 · a part payment from Hills Learning Centre for $2,000.00 2. Prepare the bank deposit to deposit the monies received to date 3. Save and submit a copy of the deposit slip. |
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| On 20 July, the following transactions occurred. Process each transaction using the information provided below.
1. Payment to Morris and Morris for the monthly rent was made on cheque no. 399 for $1,100.00. 2. Invoice for Northwest College for the following order was prepared on invoice no. 2025 · 25 copies of 208 · 20 copies of 203 · Freight of $24.00 |
| On 23 July, the following transactions occurred. Process each transaction using the information provided below.
1. Cleaning products were purchased for cash from Day Grocer at the cost of $25.90. For collation, coding, and classification purposes indicate the A/c code you will use to record this transaction in the space provided. 2. Complete Education has been supplied with the following on invoice no. 2026 · 10 copies of 201 · 20 copies of 203 · 20 copies of 204 · Freight of $25.00 3. Invoice Northwest College for the following order on invoice no. 2027 · 10 copies of 203 · 10 copies of 204 · 5 copies of 209 · Freight of $25.00 4. Payment for Adwords on cheque no. 400 for $2,400.00 |
| A/c code you will use to record Item 1 of this task:
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| On 28 July, the following transactions occurred. Process each transaction using the information provided below.
1. Payments have been received from · Hills Learning Centre for $2,074.00 · Northwest College for $1,457.55 2. The following order has been made to Press It on invoice no. 1037. · 100 copies of 205 @ $24.95 each · 50 copies of 206 @ $24.95 each · 20 copies of 207 @ $29.95 each · Freight of $25.00 3. Complete the bank deposit. |
2.14 Reconciling the bank account
The following is the July bank statement for Smart Books. Use the bank statement to reconcile the bank account in the MYOB file. Ensure that any transactions missing from the data file are processed.
Save and submit a copy of the bank reconciliation. |
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2.15 Processing end-of-period adjustments
| On 31 July, using the following information process the end of period adjustments.
1. Process the journal entries completed in Case Study Item 2. 2. Using the information in Case Study Item 1, enter the depreciation for the new printer for the month of July. You will need to calculate the monthly amount for the new printer from the yearly depreciation figure. |
| Save and submit the following reports for 31 July 2016 and back up the MYOB file. Label as follows:
1. Inventory Value Reconciliation 2 2. Aged Receivables Reconciliation Summary 2 3. Aged Payables Reconciliation Summary 2 4. Trial Balance 3 5. General Journal Report 2 6. GST Detail Accrual 2 7. Profit and Loss Statement 2 8. Balance Sheet 2 9. MYOB Backup 31 July 2016 |
2.17 Maintain a secured computerised accounting system
| Steps to take
1. Protect data file. Once you have completed Tasks 1.1 – 2.14. Save your file in a folder labelled FNSACC416, and password protect the folder. Take a screenshot of the folder access. Your screenshot must show that the file is password protected. 2. Backup data file. Upload the folder FNSACC416 to a cloud storage service of your choice (e.g. Google Drive, Dropbox, SharePoint, etc.). Take a screenshot of the folder. Your screenshot must clearly show that FNSACC416 has been uploaded to a cloud storage service. 3. Establishing systems and practices to securely store data. Consider the following scenario.
Draft an email to Simon in the space provided on the pages that follow. In your email you must: § Briefly outline why you chose to upload the backup file to your preferred cloud storage service § Identify another information storage system you can put in place to ensure that the data is stored securely § Identify at least two (2) practices you will use to maintain the backup files Guidance: The information storage system and two (2) practices you identify can include both physical and digital storage solutions. |
| Screenshot 1 |
| Screenshot 2 |
| To | Simon Simmons
ss.yourdomain.com.au |
| Subject | Backup File |
4. Consider the following scenario.
To ensure that this has been done, take a screenshot of the FNSACC416 and FNSACC416 External documents together in your chosen cloud storage service. You must include another screenshot to that demonstrates that the FNSACC416 External duplicate is also password protected. |
| Screenshot 1 |
| Screenshot 2 |
Save and Submit a Payroll Advice Report covering the months of July and August 2017. |
| IMPORTANT REMINDER
Candidates must achieve a satisfactory result to ALL assessment tasks to be awarded COMPETENT for the units relevant to this cluster. To award the candidate competent in the units relevant to this subject, the candidate must successfully complete all the requirements listed above according to the prescribed benchmarks. |