MYOB Essentials

You have been the head accountant of J&J for 3 years, and to date all accounting has been completed manually by your team. You have convinced Mr Jackson, the CEO of J&J, to switch from the existing manual accounting system to a computerised accounting system prior to the end of the 30 June 2020 financial year. This will involve using the MYOB Essentials cloud accounting system to record all required business information.

Additional information required for the completion of your assessment task has been provided to you in your Interact Site under Assessment Resources / Assessment Item 3 titled ‘MYOB Essentials Assignment Information’. This includes details for each part of the assessment; how to register for your free trial, set up instructions, your opening trial balance and relevant June transactions.

Part a. Initial set-up (5 marks)

Using the information provided, set up the MYOB Essentials cloud accounting system for J&J.  As you complete your set up, you need to take a screen shot of your ‘Business Details’ and ‘GST Settings’ pages. These two screen shots should be placed in a single word or pdf file and submitted to satisfy the requirements for part a.

Errors when setting up an accounting system can impact on the chart of accounts and transactions entered into the system.  Therefore, it is essential that you complete this step prior to proceeding to part b.

Part b. Chart of Accounts (25 marks)

Prepare the computerised chart of accounts for June 2020. To complete this you will need to use the May 2020 Trial Balance that was prepared using the manual accounting system, which can be located in the “MYOB Essentials Assignment Information” document in your interact site.

Once you have prepared your chart of accounts generate the Accounts List from MYOB, which is a list of accounts that you will need to submit to satisfy the requirements for part b.

Please ensure that you complete this step first before starting part c.

Part c. General Journal (45 marks)

The team has collated a list of transactions that occurred during June 2020, included in the “MYOB Essentials Assignment Information” document in your interact assessment resources.

You are required to enter the relevant June 2020 transactions in the General Journal.  Once you have entered all relevant transactions, generate the General Journal report, which you will need to submit to satisfy the requirements for part c.

Part d. Reports (5 marks)

Generate and submit the following reports for J&J as at 30 June 2020:

• General Ledger

• Trial Balance

• Balance Sheet

• Profit and Loss

Question 1 is to be completed using MYOB Essentials. The reports should be generated in PDF format from MYOB Essentials. Presentation is improved if you combine all of your files and reports in a single file, if you have the means to do so. In summary, the following seven (7) files / reports are to be submitted.

1. A single file with a screenshot of your ‘Business Details’ and ‘GST Settings’ pages (Question 1 a)

2. Accounts List (Question 1 b)

3. General Journal (Question 1 c)

4. General Ledger (Question 1 d)

5. Trial Balance (Question 1 d)

6. Balance Sheet (Question 1 d)

7. Profit and Loss (Question 1 d)