Perdisco MYOB Practice Set Bank Reconciliation PDF

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Perdisco MYOB Practice Set Bank Reconciliation...

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Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

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

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Feedback: Bank reconciliation 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.

It is now the first of February 2019 You meet Phebe who reminds you to back up your work in MYOB regularly. You promise her that you will back up the company file immediately. Phebe then asks you to prepare a bank reconciliation of the cheque account for January and provides you with the following reports:

Bank Statement ~ January The bank statement for January 2019 is shown below:

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Completed: 85% (approximately) Remaining pages: up to 1.50 hours

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

Your grading outcome (still in progess) Awarded Points

Total Points

239

272

Prior to this page On this page

29

37

0

100

268

409

After this page Total

MYOB Learning Centre • •

MYOB Learning Centre Quick reference guide

Information from previous pages • • • •

Welcome page Academic integrity General instructions Navigating your practice set

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a • • • • • •

Accounting policies and procedures Creating the company file Setup information Spend money (first transaction) Transactions list (to 31 January) Trial balance (at 31 January)

Canberra branch Account No. 82942504 Page No. 1

Phebe Mather 679 Beaurepaire Boulevard Canberra, ACT 2600 Hi-Fi Way

Date Particulars

Debit

Credit

Balance

1 JAN BALANCE BROUGHT FORWARD

$59,559 CR

1 JAN DEPOSIT - Handys Electronics

$14,050

1 JAN 4086

$5,800

3 JAN 4089

$2,750

3 JAN DEPOSIT - Jerry Technology

$73,609 CR $67,809 CR $65,059 CR

$11,383

$76,442 CR

4 JAN 4088

$5,800

$70,642 CR

4 JAN 4087

$1,550

$69,092 CR

9 JAN 4090

$1,540

11 JAN DEPOSITS

$67,552 CR $26,716

$94,268 CR

12 JAN 4091

$10,945

$83,323 CR

19 JAN 4093

$5,500

$77,823 CR

26 JAN DEPOSIT - Cash sales

$8,360

30 JAN 4094 31 JAN TRANSACTIONS FEE 31 JAN INTEREST

$86,183 CR

$5,720

$80,463 CR

$13

$80,450 CR $645

Last statement to This statement to Total debits Total credits $39,618 $61,154 31/12/2018 31/01/2019

$81,095 CR

Final balance $81,095 CR

Proc eeds of c heques will not be available until c leared. All entries for the last business day are subjec t to verification and authorisation. Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement.

Bank Reconciliation Statement ~ December Below is last month's bank reconciliation statement that was manually prepared by Phebe before the business converted to a computerised accounting system using MYOB. As such, any reconciling items appearing on last month's bank reconciliation statement have not been entered as separate transactions into your MYOB software. You are therefore required to manually check those reconciling items against the bank statement as part of the bank reconciliation process. Hi-Fi Way Bank Reconciliation Statement As at 31 December 2018 Balance as per bank statement:

59,559 CR

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

Add: deposit in transit from Jerry Technology

11,383

deposit in transit from Handys Electronics

14,050

25,433 84,992 CR

Less: outstanding cheque

No. 4086

5,800

outstanding cheque

No. 4087

1,550

7,350

Adjusted bank balance

77,642 CR

Balance as per ledger account

77,642 DR

Once you have prepared the January bank reconciliation for the cheque account, Phebe tells you that she will ask you to answer several questions about account reconciliation in MYOB.

Instructions 1. Remember to back up your company file for Hi-Fi Way. 2. Use MYOB to prepare a bank reconciliation as of 31 January 2019 for Hi-Fi Way in MYOB. To do this you will need to prepare two special entries for the transactions fee and interest earned amounts as follows: •

•

transactions fee entry: you are required to use the FRE tax code and input the ID# for this entry that is automatically generated by MYOB of the form SCDDMMYY ("SC" stands for service charge and DDMMYY is a date). interest earned entry: you are required to use the ITS tax code and input the ID# for this entry that is automatically generated by MYOB of the form IEDDMMYY ("IE" stands for interest earned).

3. Use MYOB to print the reconciliation report for the ledger account called Cheque Account as of 31 January 2019 and transcribe your answers into the reconciliation report provided below. 4. Note that if MYOB presents numbers in brackets, you must enter those numbers as negative numbers below. 5. Answer all of the questions about MYOB that Phebe asks below.

Reconciliation Report ~ January The Reconciliation Report of the cheque account is provided below:

Hi-Fi Way Reconciliation Report ID#

Date

Memo/Payee

Deposit

Withdrawal

Cheque Account: 1-1110 - Cheque Account Date of Bank Statement: 31 January 2019 Reconciled Cheques

4088

2/01/2019

Moon Megasystems

$

0

$

5800

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

4089

2/01/2019

Office Supplies Warehouse

$

0

$

2750

4090

3/01/2019

Discount Office Supplies

$

0

$

1540

4091

5/01/2019

Big Telco

$

0

$

10945

4093

15/01/2019

Realty Bites

$

0

$

5500

4094

30/01/2019

Big Telco

$

0

$

5720

SC310119

31/01/2019

Transactions Fee

$

0

$

13

$

$

Total: $

0

$

32268

Bank Deposit

$

26716

$

0

CR000006

Bank Deposit

$

8360

$

0

IE310119

Interest earnt

$

645

$

0

Reconciled Deposits

CR000004

7/01/2019

$

$

Total: $

35721

$

0

Outstanding Cheques

4092

2/01/2019

Big Telco

$

0

$

15312

4095

31/01/2019

Helena Bridgman

$

0

$

2720

40986

31/01/2019

Charlotte Fletcher

$

0

$

2975

4097

31/01/2019

Integer Energy

$

0

$

1100

4098

31/01/2019

Vopstra

$

0

$

1760

4099

31/01/2019

Eastpac Bank

$

0

$

220

Total: $

0

$

24087

$

11000

$

0

Outstanding Deposits

CR000008

31/01/2019

Bank Deposit

$ Total: $ Reconciliation Balance on 31/01/2019: $

68008

$

24087

Subtotal: $

92095

$

11000

Expected Balance on Statement: $

81095

Add: Outstanding Cheques :

Deduct: Outstanding Deposits :

$

11000

$

0

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

Feedback

Hi-Fi Way Reconciliation Report 31 January 2019

ID#

Date

Memo/Payee

Deposit

Withdrawal

Cheque Account: 1-1110 - Cheque Account Date of Bank Statement: 31 January 2019

Reconciled Cheques 4088

2/01/2019 MOON for Purchase #330

$5,800

4089

2/01/2019 Purchase of Equipment

$2,750

4090

3/01/2019 Purchase of Office Supplies

$1,540

4091

5/01/2019 BIG for Purchase #327

$10,945

4093

15/01/2019 Prepaid Rent

$5,500

4094

30/01/2019 BIG

$5,720

SC310119

31/01/2019 Transactions fee

$13 Total:

$0

$32,268

Reconciled Deposits CR000004

7/01/2019 Bank Deposit

$26,716

CR000006

21/01/2019 Bank Deposit

$8,360

IE310119

31/01/2019 Interest Earned

$645 Total:

$35,721

$0

Outstanding Cheques 4092

15/01/2019 BIG for Purchase #332

4095

31/01/2019 Paycheque

$2,720

4096

31/01/2019 Paycheque

$2,975

4097

31/01/2019 Electricity Bill

$1,100

4098

31/01/2019 Phone Bill

$1,760

4099

31/01/2019 Interest on Bank Loan Total:

$15,312

$220 $0

$24,087

Outstanding Deposits CR000008

31/01/2019 Bank Deposit

$11,000 Total:

Reconciliation

$11,000

$0

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

Balance on 31/01/2019:

$68,008

Add: Outstanding Cheques:

$24,087

Subtotal:

$92,095

Deduct: Outstanding Deposits:

$11,000

Expected Balance on Statement:

$81,095

Note that the Memo/Payee column is not graded.

Questions on MYOB (Q=504.F.M.BR.P1.Q2)

After you have completed the reconciliation report, Phebe asks you to explain the meaning of one of the terms that can appear on the reconciliation report. From your company's perspective, which of the following shows the correct description of the term outstanding deposits: deposits cleared by the bank but not yet recorded in the company's accounts deposits that are deemed to be uncollectible deposits recorded in your company's accounts but not yet cleared by the bank cheques that are not yet received from customers

(Q=504.F.M.BR.P2.Q2)

Phebe then asks you to open the Reconcile Accounts window by following the steps below: 1. Go to the Banking Command Centre and click Reconcile Accounts. 2. In the Account field, select '1-1110' (Cheque Account). 3. In the Bank Statement Date field, enter '31/01/2019'. Select the correct statement about the Reconcile Accounts window that appears after the above steps are performed: It displays the Out of Balance amount as the amount in the Calculated Statement Balance field minus the amount in the New Statement Balance field. It shows information about all credit sales and purchases. It mentions the amounts of deposits received from customers in the Withdrawals column. It lists the amounts of cheques issued to the suppliers in the Deposits column. Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.

(Q=504.F.M.BR.P3.Q1)

Phebe also asks you to identify the field that is not available in the Reconcile Accounts window: To open the Reconcile Accounts window, go to the Banking Command Centre and click Reconcile Accounts. Which of the following shows the field that is not in the Reconcile Accounts window: Bank Statement Date Account New Statement Balance

Bank reconciliation

https://www.perdisco.com/elms/qsam/html/qsam.a

Interest Income Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.

Specific agreement I understand that I should regularly back up the company file for Hi-Fi Way and am required to complete the bank reconciliation statement and answer all of the questions on this page of the practice set. I am fully aware that if I choose not to follow the above instructions, I will not be able to successfully complete the rest of my practice set.

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