MYOB setup PDF

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29/11/2020

MYOB setup

MYOB AccountRight Practice Set Australian Edition 3, Updated for MYOB v19 Bookmark

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Completed By: AngelaT202001477

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Feedback: MYOB setup This is a feedback page. Please review this page carefully. It includes the original questions along with grading of your responses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of this page for the next page of your practice set.

REMEMBER YOU ARE ASSUMING IT IS NOW 2 January 2020 and is your first day at work in your new role as Accountant with Hi-Fi Way. Your first task is to convert the existing manual accounting system of Hi-Fi Way to a new computerised accounting system using MYOB. To do this, you must first download and install the MYOB software before you then set up your business in MYOB by creating a company file for it. To ensure that the company file is created correctly, Hermione provides you with more information about the business and its preferred accounting practices. This is shown below. Hermione also provides a number of questions that you should answer while performing your setup work in MYOB.

Instructions 1. Now is the time to ensure that you have MYOB AccountRight Plus v19 (Australian Edition) installed on your computer (or have access to it by other means such as a computer lab at your school). If the MYOB software is not installed on your computer, you should find the email Perdisco sent to you immediately after you purchased this practice set. That email contains instructions about how to download your copy of MYOB. Please contact Perdisco using [email protected] if you need that email resent to you. You can follow the instructions in the MYOB Learning Centre to install the software on your computer. Please note:

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Completed: 15% (approximately) Remaining pages: up to 8.50 hours

Time frames are only a guide. You may take more or less time to complete each page.

Your grading outcome (still in progess) •

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Check the MYOB system requirements: While Perdisco's practice set (this website) can be used on any modern operating system, the MYOB software will only run on the Microsoft Windows(R) operating system. Remember that this is a limitation created by MYOB, not Perdisco. More information on the minimum system requirements for the MYOB software may be available from MYOB at http://www.myob.com.au Set the correct MYOB date and currency formats: The MYOB software takes its settings for currency and date formats from your computer's Windows operating system these items are not set (and cannot be set) from within the MYOB software itself. To complete this practice set you will be required to enter information in Australian dollars and use the Australian date format. If you are a foreign student, it is possible that your Windows date and currency settings are not those of Australia. To maximise your chance of gaining all available points in this practice set, we suggest you ensure your Windows date and currency formats are set to those of Australia. You can learn how to do so in the Set System Currency page of the MYOB Learning Center.

2. Start MYOB and select the New Company File Assistant. Note: •

You must enter your full name in parenthesis at the end of the company name. For example, if your full name was Chris Smith, your company name would be 'Hi-Fi Way (Chris Smith)'.

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Awarded Points Prior to this page

Total Points

0

0

On this page

11

24

After this page

0

385

11

409

Total

MYOB Learning Centre • •

MYOB Learning Centre Quick reference guide

Information from previous pages • • • •

Welcome page General instructions Navigating your practice set Accounting policies and procedures

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MYOB setup

Before pressing the Next button in the 'Create your company file' window, you should answer Hermione's questions below about the setup process. It is important that you carefully review your inputs before completing the New Company File Assistant because you will not be able to change some of your entries after the company file has been created.

3. We suggest that you print the default Accounts List [Detail] report for Hi-Fi Way and keep a copy of that report because you can use it to answer the remaining questions below and will continue to use it over the next few setup pages of this practice set. In order to answer the questions given, you will need to customise this report so that it shows information about all accounts with zero balances (you may want to refer to the MYOB reports section of the quick reference guide ).

Creating the company file The following list sets out basic information about Hi-Fi Way's business that is required to create the company file in MYOB using the New Company File Assistant. Each step in this list corresponds to a window in the New Company File Assistant. a. Enter your 12 digit MYOB product serial number. Hermione asks you to leave the Serial Number field blank. Enter information about your company. The table below shows the contact details and A.B.N. for Hi-Fi Way. Please take the time to enter these details carefully and accurately into MYOB because they vary for every student and will be used to identify your personalised MYOB company file. Company Name:

Hi-Fi Way (insert your full name)*

A.B.N.:

44 596 545 628

Address:

85 Tyler-Sharman Street Adelaide, SA, 5000 Australia

Phone Number:

1800-954-8873

Fax Number and E-mail Address (leave those fields blank) *Remember, if your full name was Chris Smith, your company name would be 'Hi-Fi Way (Chris Smith)'. b. Tell us about your accounting year. The date on which you are setting up the company file is assumed to be 1 January 2020 (the first day of the current month). Therefore, the current financial year for Hi-Fi Way is 2020 which starts in July 2019 and ends in June 2020. In the Current Financial Year field, Hermione tells you to select the year in which the company's financial year ends. Hermione then asks you to select January as the conversion month because you will begin recording transactions for the month of January. She mentions that there should be 12 accounting periods per financial year so that each month matches a calendar month. She also asks you to review your entries because you will not be able to change them after the company file is created. c.

Build your accounts list. Hermione tells you to create an accounts list (chart of accounts) starting from one of the lists provided by MYOB Accounting. This will ensure you select the appropriate default accounts list for Hi-Fi Way.

d. Select your accounts list. In the select your accounts list, Hermione asks you to select 'Other' for the industry classification of Hi-Fi Way and select 'Retail Business, Other' for the type of business. e. Create your company file. In the New Company File Assistant, before pressing the Next button in the 'Create your company file' window, answer the questions below about setting up your company file in MYOB.

Questions on entering basic company information (Q=110.F.M.CC.P1.Q1)

In the New Company File Assistant, before pressing the Next button in the 'Create your company file' window, Hermione wants to confirm some of the company settings you selected when creating the company file in MYOB.

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Hermione asks you to select the correct options that appear throughout the New Company File Assistant that correspond to the company settings required for Hi-Fi Way 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=110.F.M.CC.P2.Q2)

Select the information that cannot be changed after a company file is created in MYOB: conversion month the company's phone number names of accounts in the accounts list all of the above options cannot be changed after creating the company file

(Q=110.F.M.CC.P3.Q2)

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

Questions on the default accounts list (Q=110.F.M.CC.P4.Q1)

Now that you have finished entering information into the New Company File Assistant in MYOB, Hermione asks you to press the Next button in the the 'Create your company file' window and select Command Centre to exit the New Company File Assistant. Hermione then asks that you print the Accounts List Detail report customised to include $0.00 balances and to display Level 4 as the report level. To check that you have the correct accounts list, Hermione requests you use that report to identify the number of times each of the following words appear under the Type column: Type

Number of times

Liability

5

Accounts Receivable

1

Other Asset

6

Equity

5

Income

2

Cost of Sales

2

Feedback

Type

Number of times

Liability

6

Accounts Receivable

1

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Other Asset

10

Equity

7

Income

10

Cost of Sales

7

(Q=110.F.M.CC.P5.Q2)

Use the the Accounts List (Detail) report to specify the account number of each of the detail accounts listed below: Account Name

Account #

Less Prov'n for Doubtful Debts

1 -

1210

Inventory

1 -

1300

PAYG Withholding Payable

2 -

1420

Bank Loans

2 -

2100

Telephone

6 -

2200

Interest Expense

9 -

1000

Feedback

Account Name

Account #

Less Prov'n for Doubtful Debts

1-1210

Inventory

1-1300

PAYG Withholding Payable

2-1420

Bank Loans

2-2100

Telephone

6-2200

Interest Expense

9-1000

(Q=110.F.M.CC.P6.Q2)

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

Account Type

Undeposited Funds Less Prov'n for Doubtful Debts Payroll Accruals Payable Historical Balancing Interest Income Purchases Type A

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Feedback

Account Name

Account Type

Undeposited Funds

Bank

Less Prov'n for Doubtful Debts Other Asset Payroll Accruals Payable

Other Liability

Historical Balancing

Equity

Interest Income

Other Income

Purchases Type A

Cost of Sales

Specific agreement I have created the company file for Hi-Fi Way in MYOB and followed all of the given instructions. I understand that if I choose not to create the required company file in MYOB with the exact settings provided on this page and on subsequent pages, then I will not be able to complete the rest of the practice set and it is likely that I will score no further points. Continue MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19) © 2010 - 2017 Perdisco / latin /. v., learn thoroughly www.perdisco.com/au | Terms Of Use | Privacy Policy | Sunday, November 29, 2020, 14:38

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