Perdisco MYOB accounting Create customers, suppliers and inventory PDF

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Perdisco MYOB accounting Create customers, suppliers and inventory...

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Create customers, suppliers and inventory

https://www.perdisco.com/elms/qsam/html/qsam.aspx#correctC

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

Previous pages

Completed By: Charlotf1

Bookmark Status: Saved

Feedback: Create customers, suppliers and inventory 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.

Setting up other items Now that you have completed the set up of the general ledger for Hi-Fi Way, Phebe provides you with a further list of items that she also wants you to set up in MYOB. Phebe then tells you that while you are setting up those items in MYOB, she will ask you to answer several questions about the setup process in MYOB.

Instructions 1. Please take care to set up your own MYOB company files using the exact information provided on this page. Every student has different setup information and will receive different sets of transactions to record. All questions on this page and subsequent pages of your practice set are tailored to your unique MYOB company files. Your answers will be graded as incorrect if you use the company files of any other student to complete the given questions. 2. Remember to perform the final reconcilation task when you are prompted to by the instructions below. If you fail to reconcile the totals in the company file you have created, you may record transactions into accounts with inaccurate balances resulting in a loss of points. Do not let this happen to you!

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Completed: 45% (approximately) Remaining pages: up to 5.50 hours

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

Your grading outcome (still in progess)

Details of the remaining setup tasks

Awarded Points

Total Points

58

70

a. Customers and sales details

Prior to this page

Use the appropriate windows in the Sales Easy Setup Assistant to set up the default information for Hi-Fi Way' customers. Do not change other information in that setup assistant.

On this page

8

8

After this page

0

331

66

409

Total

MYOB Learning Centre • •

MYOB Learning Centre Quick reference guide

Information from previous pages • • • •

Welcome page Academic integrity General instructions Navigating your practice set

Create customers, suppliers and inventory

https://www.perdisco.com/elms/qsam/html/qsam.aspx#correctC • • •

Window or Field

Accounting policies and procedures Creating the company file Setup information

Details

Layout - Choose sale layout Choose Your Default Sales Layout:

Item

Selling Details - Decide on selling details Income Account:

4-1100 (Sales Revenue)

Credit limit:

$90,000

Tax Codes - Assign tax codes to your customers Tax Code:

GST (Goods & Services Tax)

Payment Information - Set up payment information Payment Method:

Cheque

Payment is Due:

In a Given # of Days

Discount Days:

0

Balance Due Days:

0

% Discount for Early Payment:

0%

% Monthly Charge for Late Payment:

0%

Linked Accounts - Select the accounts to track customer receipts Account for Customer Receipts:

1-1110 (Cheque Account)

Account for Undeposited Funds:

1-1180 (Undeposited Funds)

From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build your customer list' window. Next, use that window to set up the customers of Hi-Fi Way as listed below: Tab or Field

Details

Profile tab Card Type

Customer

Customer

Customer

Designation

Company

Company

Company

Name:

Handys Electronics

Hypertronics

Radio Hut

Card ID:

HAND

HYPE

RADI

Address:

480 Mealing Drive

170 Parker Road

94 Burns Avenue

City, State, Postcode:

Canberra, ACT, 2644

Canberra, ACT, 2669

Canberra, ACT, 2654

Country:

Australia

Australia

Australia

Phone#1:

2459 9248

2213 1842

5818 7353

Contact:

Edmund Braun

Aemilia Jensen

Diana Frank

10 551 572 500

52 451 552 302

51 979 493 371

Selling Details Tab A.B.N.:

Next, in the Sales Easy Setup Assistant, click Historical Sales from the list of options provided on the left side of the Setup Assistant to open the 'Enter historical sales for your customer' window. Then, click the Add Sale button to open the Historical Sale window where you are asked to record details of the outstanding sales that have not been paid in full as of

Create customers, suppliers and inventory

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the first day of the conversion month (1 January 2019): Customer Name

Invoice #

Date

Total Including Tax

Handys Electronics

3406

13 December 2018

$11,000

Hypertronics

3407

18 December 2018

$7,216

Radio Hut

3408

22 December 2018

$18,733

b. Suppliers and purchases details Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for Hi-Fi Way' suppliers. Do not change other information in that setup assistant. Window or Field

Details

Layout - Choose purchase layout Choose Your Default Purchase Layout:

Item

Buying Details- Decide on buying details Expense account:

Leave this blank

Credit Limit:

$90,000

Tax Codes - Assign tax codes to your suppliers Tax Code:

GST (Goods & Services Tax)

Payment Information - Set up payment information Payment Method:

Cheque

Payment is Due:

In a Given # of Days

Discount Days:

0

Balance Due Days:

0

Discount for Early Payment:

0%

Linked Accounts - Select the account to pay your supplier bills Account for Paying Bills:

1-1110 (Cheque Account)

Phebe Mather has decided not to create supplier cards for all of her suppliers in MYOB. Instead, she has asked you to create a supplier card for each of the inventory suppliers only. Phebe tells you that these suppliers allow the business to purchase items on account. Over the month of January, you will need to record transactions with these inventory suppliers as well as with other suppliers that Hi-Fi Way transacts with less often. In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup Assistant to open the 'Build your supplier list' window. Then, use that window to set up the three inventory suppliers to Hi-Fi Way as shown below: Tab or Field

Details

Profile Tab Card Type:

Supplier

Supplier

Supplier

Designation:

Company

Company

Company

Name:

Big Telco

Moon Megasystems

Pear Technology

Card ID:

BIG

MOON

PEAR

Address:

404 Metcalfe Avenue 372 Goodman Avenue 657 Dench Boulevard

City, Canberra State, Postcode: ACT, 2622

Canberra ACT, 2680

Canberra ACT, 2624

Country:

Australia

Australia

Australia

Create customers, suppliers and inventory

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Phone#1:

1311 5077

5067 6552

4433 3695

Contact:

Imogen Marconi

Katharine Fitch

Stephano Powell

52 449 341 801

61 665 907 184

Buying Details Tab A.B.N:

97 936 710 862

From the list of options that are available on the left side of the Purchases Easy Setup Assistant, click Historical Purchases to view the 'Enter historical purchases for your suppliers' window. Then, click the Add Purchase button to open the Historical Purchase window where you are asked to enter details of the outstanding purchases that have not been paid in full as of the first day of the conversion month (1 January 2019): Supplier Name

PO #

Date

Total Including Tax

Big Telco

327

6 December 2018

Moon Megasystems

328

18 December 2018

$5,500

Pear Technology

329

27 December 2018

$21,362

$10,945

c. Payroll details The table below shows the information that you must enter into various windows in the Payroll Easy Setup Assistant. Do not change other information in that setup assistant. Window or Field

Details

Tax Tables: Load payroll tax tables into your company file Load Tax Tables:

Click the Load Tax Tables button

Payroll Year: Enter your payroll year Current Payroll Year:

2019

Payroll Information - Set up your general payroll information Full Work Week Hours:

40

Linked Accounts - Assign linked accounts for your payroll transactions Account for Cash Payments:

1-1180 (Undeposited Funds)

Account for Cheque Payments:

1-1110 (Cheque Account)

Account for Electronic Payments:

1-1190 (Electronic Clearing Account)

Account for Employer Expenses:

6-1930 (Salaries Expense)

Account for Wages Paid:

6-1930 (Salaries Expense)

Account for Deductions 2-1420 (PAYG Withholding Payable) & Expenses: Payroll Categories - Review your payroll categories Select Category Type:

Taxes

PAYG Withholding:

Click the zoom arrow icon next to PAYG Withholding to display the Tax Table Information window where you can enter the following information.

Tax Table Information Linked Payables Account:

2-1420 (PAYG Withholding Payable)

Create customers, suppliers and inventory

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Next, use the Payroll Easy Setup Assistant to set up the employees of Hi-Fi Way as shown below. To do this, click Employee Cards from the list of options provided on the left side of the Payroll Easy Setup Assistant. This opens 'Build your employee list' window where information about the company's employees are recorded. Note that you, the student, are actually the accountant of Hi-Fi Way and must be set up to be paid your salary at the end of the month. Do this by using your own personal name when instructed to do so below. Tab or Field

Details

Profile Tab Card Type:

Employee

Employee

Designation:

Individual

Individual

Last Name:

Bridgman

Insert your last name

First Name:

Helena

Insert your first name

Card ID:

BRID

Enter the first four digits of your surname in uppercase

Address:

253 Neiwand Avenue

City, State, Postcode:

Canberra, ACT, 2641

Canberra, ACT, 2640

Country:

Australia

Australia

Phone#1:

6368 9386

8927-5399

Start Date:

6 May 2018

2 January 2019

Employment Basis:

Individual

Individual

Employment Category:

Permanent

Permanent

Employment Status:

Full Time

Full Time

Pay Basis

Salary

Salary

Annual Salary:

$38,400

$42,000

Pay Frequency:

Monthly

Monthly

Wages Expense Account:

6-1930 (Salaries Expense)

6-1930 (Salaries Expense)

987 695 406

796 723 875

Cheque

Cheque

435 Matthews Boulevard

Payroll Details Tab Personal Details

Wages

Taxes Tax File Number Payment Details Tab Payment Method:

d. Inventory details Use the Items List functionality provided in the Inventory Command Centre to set up the inventory items of Hi-Fi Way: Tab or Field

Details

Profile Tab Item Number:

BG90

DK800

MX620

Name:

BG90 plasma televisions

DK800 desktop computers

MX620 notebook computers

I Buy This Item

Tick

Tick

Tick

TONY Tony ZIO MLP projectors Tick

Create customers, suppliers and inventory

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I Sell This Item

Tick

Tick

Tick

Tick

I Inventory This Item

Tick

Tick

Tick

Tick

Cost of Sales Account:

5-1100 (Cost of Sales)

5-1100 (Cost of Sales)

5-1100 (Cost of Sales)

5-1100 (Cost of Sales)

Income Account for Tracking Sales:

4-1100 (Sales Revenue)

4-1100 (Sales Revenue)

4-1100 (Sales Revenue)

4-1100 (Sales Revenue)

Asset Account for Item Inventory:

1-1300 (Inventory)

1-1300 (Inventory)

1-1300 (Inventory)

1-1300 (Inventory)

Standard Cost:

$1,040

$1,430

$1,560

$1,740

Buying Unit of Measure

Each

Each

Each

Each

Number of Items per Buying Unit

1

1

1

1

Tax Code When Bought:

GST

GST

GST

GST

Base Selling Price:

$1,760

$2,420

$2,640

$2,838

Selling Unit of Measure

Each

Each

Each

Each

Number of Items per Selling Unit

1

1

1

1

Tax Code When Sold:

GST

GST

GST

GST

Buying Details Tab

Selling Details Tab

Inclusive/Exclusive: Tick Prices are tax inclusive

Tick Prices are tax inclusive

Tick Prices are tax inclusive

Tick Prices are tax inclusive

Calculate Sales Tax on:

Actual Selling Price

Actual Selling Price

Actual Selling Price

Actual Selling Price

Next, use the Count Inventory functionality in the Inventory Command Centre to enter the quantity of each inventory item and its unit cost as at 1 January 2019: Window or Field

Details

Count Inventory Item Number:

BG90

DK800

MX620

TONY

Counted:

11

15

30

19

Adjustment Information Default Adjustment Account: Leave this field blank and then click the Continue button. Next, click the Opening Balances button to open the Adjust Inventory window. Adjust Inventory Inventory Journal Number: IJ000001 Date: 1/1/2019 Unit Cost:

$1,040

$1,430

e. Reconcile the data file you have created

$1,560

$1,740

Create customers, suppliers and inventory

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Before completing the setup procedures for inventory, use the Adjust Inventory window to check that the total of the Amount column is equal to the opening balance of the Inventory account in the trial balance report. If you fail to reconcile the totals, you may record transactions into accounts with inaccurate balances, resulting in a loss of points.

Question on setting up customer records (Q=115.F.M.CS.C.Q2)

After you have finished setting up customer records for Hi-Fi Way, Phebe asks you to perform the following steps in MYOB and then identify the tab that is not part of the window that appears after those steps have been completed: 1. 2. 3. 4.

From the main menu bar, click Setup and select Easy Setup Assistant. In the Easy Setup Assistant window that appears, click the Sales icon to open the Sales Easy Setup Assistant. From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards. In the 'Build your customer list' window that appears within the Sales Easy Setup Assistant, click the New button.

Select the tab that is not part of the window that appears after the above steps are performed: Profile Historical Sales Payment Details Contact Log

Question on setting up supplier records (Q=115.F.M.CS.S.Q2)

After you have finished setting up the supplier records for Hi-Fi Way, Phebe asks you to perform the following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been completed: 1. From the main menu bar, click Setup and select Easy Setup Assistant. 2. In the Easy Setup Assistant window that appears, click the Purchases icon to open the Purchases Easy Setup Assistant. 3. From the list of options provided on the left side of the Purchases Easy Setup Assistant, click Supplier Cards. 4. In the 'Build your supplier list' window that appears within the Purchases Easy Setup Assistant, click the New button. Select the tab that is part of the window that appears after the above steps are performed: Bank Account Number Buying Details Selling Details Card ID

Question on setting up employee records (Q=115.F.M.CS.P.Q2)

After you have finished setting up employee records for Hi-Fi Way, Phebe asks you to perform the following steps in MYOB and then identify the field that is not part of the window that appears after those steps have been completed: 1. 2. 3. 4. 5.

From the main menu bar, click Setup and select Easy Setup Assistant. In the Easy Setup Assistant window that appears, click the Payroll icon to open the Payroll Easy Setup Assistant. From the list of options provided on the left side of the Payroll Easy Setup Assistant, click Employee Cards. In the 'Build your employee list'...