Conversion to MYOB - myob PDF

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MYOB Accounting Practice Set Electronics Specialist, Australian Edition 3

Conversion to MYOB Your progress

Your grading Your grading outcome (still in progres Awarded Tot

Completed:

3% (approximately)

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up to 1 hour

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2

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38

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4

Remaining pages will take: up to 17.5 hours The time frames we provide are a guide only. It may take you more or less time to complete each page.

Creating the company file Remember that Intermaweb Computer currently uses a manual accounting system and that your the recently appointed accountant is to convert the existing manual accounting system to a new accounting system using MYOB. Now that you have read Intermaweb Computer's accounting policies and procedures, you are rea process of creating a new company file in MYOB. To ensure that the company file is created corre provides you with more information about the business and its preferred accounting practices. Th below. Beatrice also provides a number of questions that you should answer while performing your work Instructions: 1. Print this page so that you have a paper copy of the instructions, required company settings provided on this page.

In the New Company File Assistant, before pressing the Next button in the 'Create you file' window, you should answer all of the multiple choice questions below and carefully inputs. 3. Print the default Accounts List [Detail] report for Intermaweb Computer in MYOB and answer remaining questions below. Note In order to answer the questions given, you will need to customise this report so that information about all accounts with zero balances. For more information, see the MYO section of the quick reference guide. We recommend that you keep a copy of this report because you will use it in the comp section. 4. Tick the check box that is provided at the end of this page to confirm that you understand al instructions and have followed them carefully. Remember, if you need any help in completing the above tasks, you can review the appropriate t MYOB Learning Centre.

Information about the company file The following list sets out basic information about Intermaweb Computer's business that is requir the company file in MYOB using the New Company File Assistant. Each step in this list correspond in the New Company File Assistant. a. Enter your 12 digit MYOB product serial number. Beatrice asks you to leave the Serial N blank. Enter information about your company. The table below shows the contact details and A. Intermaweb Computer. Please take the time to enter these details carefully and accurately into MYOB because they v student and will be used to identify your personalised MYOB company file.

Company Name:

Intermaweb Computer (insert your full name)*

A.B.N.:

26 226 366 258

Address:

520 Metzker Lane Melbourne, VIC, 3000 Australia

Phone Number:

1800-673-9341

Fax Number and E-mail Address (leave those fields blank) *Remember, if your full name was Chris Smith, your company name would be 'Intermaweb C Smith)'. b. Tell us about your accounting year. Remember it is currently 2 January 2016. Therefore, t financial year for Intermaweb Computer is 2016 which starts in July 2015 and ends in June 20 Current Financial Year field, Beatrice tells you to select the year in which the company's financ Beatrice then asks you to select January as the conversion month because you will begin reco transactions for the month of January. She mentions that there should be 12 accounting perio year so that each month matches a calendar month She also asks you to review your entries

e. Create your company file. In the New Company File Assistant, before pressing the Next bu 'Create your company file' window, answer the questions below about setting up your compan

Questions on entering basic company information (Q=11

In the New Company File Assistant, before pressing the Next button in the 'Create your com window, Beatrice wants to confirm some of the company settings you selected when creating the in MYOB. Beatrice asks you to select the correct options that appear throughout the New Company File As correspond to the company settings required for Intermaweb Computer in MYOB:

12 accounting periods and June as the conversion month January as the conversion month and a financial year ending in June July as the conversion month and a financial year starting in January 13 accounting periods and 'Retail Business, Other' as the type of business

(Q=11

Select the information that cannot be changed after a company file is created in MYOB:

names of accounts in the accounts list the company's phone number conversion month all of the above options cannot be changed after creating the company file

(Q=11

Select the step that is included in the New Company File Assistant:

Creating a user name and password for the new company in MYOB Selecting the last month of the company's financial year Entering inventory records and beginning inventory balances All of the above steps are included in the New Company File Assistant

Questions on the default accounts list (Q=11

Now that you have finished entering information into the New Company File Assistant in MYOB, B you to press the Next button in the the 'Create your company file' window and select Command the New Company File Assistant. Beatrice then asks that you print the Accounts List Detail report customised to include $0.00 bal di l L l4 h l l T h k h h h li B i

Accounts Receivable Other Asset Equity Income Cost of Sales

(Q=11

Use the the Accounts List (Detail) report to specify the account number of each of the detail acco below:

Account Name

Account #

Cheque Account

-

GST Collected

-

Retained Earnings

-

Historical Balancing

-

Rent

-

Interest Expense

-

(Q=11

For each of the accounts listed below, specify the account type listed under the Type column in t List (Detail) report:

Account Name Inventory GST Paid Bank Loans Current Year Earnings Wages & Salaries Electricity

Account Type

that I will score no further points.

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