ACC703 Accounting Information
1.MYOB assignment text book is “Wendy Pabst & Brian Perrin (2015), Accounting With MYOB 19, 1st Edition, Cengage Learning, Australia”
2.Please read the downloading and installing MYOB Software
3.Each chapter has Revision Exercise. Please Do not do Revision Exercise.
4.When you finish each chapter, please print the reports specified in the book , compare the results of the your printed reports and the results of reports of the book and sign at the bottom of each printed report as an evidence of completing the comparison of two reports before starting the next chapter. If two results of the reports are different, you should mark the different results on your printed reports, analyse the difference and write down the possible reasons of the difference.
5.The assignment should include one title page and 9 chapter cover pages (chapter 2 to 10) in front of the printed reports of each chapter, and be tied tightly by binding or using plastic folders. Please do not forget to write your student number, name and course on the title page.
6.MYOB assignment is due by Week 10. Students submit both the paper-printed version and the USB stick to contain 9 MYOB assignment files (*.myox) at the start of the lecture in week 10. If student does not submit the USB to contain 9 MYOB (*myox)files, the printed version will not be accepted or 20% penalty of total available mark will apply to the assignment.
7.When students submit the paper-printed version to the lecturer, the lecturer will ask validation questions to the student to check whether the submitted MYOB assignment is the student own work or not.
In the past, we found that some students had copied other student’s work, changed name and format, printed and submitted the printed version , or copied word outputs, changed name and converted to PDF file. We remind you again that If we find the students who submits other students’ work with changed name and format , we will take action against the students.
Introduction
In order to effectively perform the functions and effectively apply the skills and knowledge which are associated with accounting are essential in case of MYOB software which is a accounting based software. In order to derive the necessary skills and effective knowledge for handling the software, internet websites can be used and in addition to this, there are various online tutorial videos which are related to the same.
Chapter 2
In order to effectively use the software for accounting, I had to follow all fundamental requirements and had to prepare an accounting list. The presence of the minus sign next to doubtful debts and depreciation amount proved to be the difficult part for me. The references which was available from the book guided me through the accounting treatments and I was able to construct the Trial Balance from the same.
Chapter 3
In this part, the journal entries of provision for doubtful debts and motor vehicles was one of the important section of this chapter. I understood that the values which are being entered in the accounting software was entirely based on assumptions which were not much accurate.
Chapter 4
In this chapter, I cam across practices which were mostly related to practical life activities. The first step was important in this chapter which required entering a transaction details which would make other related transactions much easier to record. Therefore, the entering of values which I did in this chapter made the later processes much easier.
Chapter 5
This chapter was related mainly with making a list of probable customers of the business and thereby makes the entering of transactions relating to such customers much easier. In this part, a confusion had arisen with relation to the differentiation between sales invoices and service. However, the same was also resolved with the help of some guidance.
Chapter 6
This chapter had the focus towards addressing the transactions which were related to activities which are associated with banks. I faced a problem while doing this chapter which was related to making a differentiation among the cash receipts and receipts of electronic transfer. The issue was resolved as I had reference of the book and was able to effectively post the transactions and the same will also be helpful for me in future.
Chapter 7
This chapter was related to various entries which are related to new items in relation to inventory. The entries which were entered as I progressed through this chapter were quite similar to the entries of Chapter 4 and Chapter 5. The critical part of this section was the calculations which were related to discounts which I was able to handle.
Chapter 8
In this chapter, I had to apply my knowledge which I had gathered in previous chapters relating to treatment and posting of different transactions. This chapter was crucial as I was able to apply my knowledge relating to all important sections which I did in previous chapters. This chapter was a basically revision for me but the same had to be done without any guideline which I was able to manage without any difficulty.
Chapter 9
This section is associated with accounting for payroll and this section had unique challenges and effectively tested my skills.
Conclusion
The assignment relating to handling of MYOB Software has boasted my confidence and I am positive that now I will be able to handle any transactions in the MYOB Software. The assessment also taught me the importance of execution and posting of transactions which are equally important and the same can make work a bit easier.
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