MYOb 2017.2 version pabst myob book

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ACC203 MYOB Assignment Instructions T118

Individual MYOB Assignment (25%)

One of the major assessments of ACC203 Accounting Information Systems is the individual MYOB assignment which consists of three parts:

 Transaction Reports (17.5%)

 Work Activity Report (5%)

 Presentation (2.5%)

Submission details:

 The assignment is due in Week 10 (progress report in Week 7 tutorials).

 Submit the following in class

o A hard copy of the Transaction and Work Activity Reports with

 One individual assignment cover page

 Seven chapter covers

 A folder

o A soft copy of the seven AccountRight files

 with .myox extensions

 In an USB

o An oral presentation

 No PPT slides are required

 Answer validation questions from the Tutor

MYOB Transaction Reports (17.5%)

 The software required for this assignment is MYOB AccountRight Plus version 2017.2

a. The software is installed in the computer labs and the Library

b. To install the software on your personal computer, please follow the instructions on

‘Downloading and installing MYOB’ from ‘MYOB_Topic1_Introduction Mar 18’ on the

Moodle subject page

c. Do not upgrade to higher versions when opening files

d. The Tutor will activate your company file after the completion of Chapter 4. Meanwhile

choose ‘activate later’.

 Students are required to produce the transaction reports from the textbook, Pabst Accounting with

MYOB 2015, Chapter 2, 3, 4, 5, 6, 7 and 9.

a. Follow the instructions starting from Chapter 2, page 19 ‘Set-up the accounts list’

b. Do not attempt the Revision Exercises at the end of each chapter

c. Save the generated reports as PDF documents with the figure numbers and names provided

in the book (E.g. FIGURE 2.24 Trial Balance for May)

d. Print out the reports and mark the differences on the hard copy after comparing the results

between the student’s reports and the book’s

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e. Submit the hard copy reports with a simple Chapter Cover Page to the tutor and retain the

signed reports by the tutor for the final submission in Week 10

f. Backup the .myox file and the pdf files for each Chapter in the Google Drive at the Student

KOI Gmail Account

 When students submit the final reports in class, the teacher will ask validation questions to verify

that the students did the work by themselves. Students who submit someone else’s work will

receive an academic penalty in accordance with the Student Academic Misconduct Policy.

Common errors in producing the transaction reports

 Dates are not set to the Australian Date format:

Go to the DATE SETTING on your computer to check the format of the date. Ensure that this is in the format DAY-MONTH-YEAR. If it is not in this format, then you should change the setting to this format, or else remember that it is not in this format, before entering any information. A common problem for students is assuming that the date setting on their computer will be DAY–MONTH– YEAR. However, it may be set as MONTH–DAY-YEAR and finding that transactions attempting to be entered on 13/7/2009 will not be accepted, is the first students know that their computer is set to the date setting MONTH–DAY-YEAR. At that stage there is no alternative but to start over again, losing all transactions entered. To set your computer so that DAY-MONTH-YEAR date format are used for your transactions, go to Control Panel and then to Regional and Language Options and change to DATE-MONTH-YEAR date format

 Currency was not set to the Australian Dollar:

To set your computer so that dollars are used for your transactions, go to Control Panel and then to

Regional and Language Options and change to DOLLAR (Australian) format.

 Data entry errors:

o Date - One of the most common errors is to enter the date incorrectly. Though the student

does not have any intention to enter the date incorrectly, it can happen. MYOB by default

enters today’s date. However the accounting MYOB assignment has transaction dates which

relate to future dates. So this is a trap for the student and it is very likely that a wrong date

may be entered. Therefore students should double check dates before entering them into

the system.

o Negative Sign - Enter opening balances as positive numbers. Don’t, for example, enter your

liability account balances as negative numbers. Enter negative amounts only if accounts truly

have negative balances. As a rule, these will be asset accounts that record accumulated

depreciation. For example you have to enter the opening balance of the trial balance (page

28). The trial balance has two columns (debit and credit). The screen of MYOB balance has

one column. Please enter -275, -4410, -3830, and -11940 in asset category and also enter -

3790 and -21500 in liability category.

o GST Inc. or Exc. - When creating Purchase or Sales invoices in MYOB, there is a tick box

asking you whether the invoice is Inc. or Exc. GST. Also when loading in price for products, it

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is another common mistake for students to forget to tick or untick the box, based on the

information of the book.

o Delete entry - You have entered an invoice twice in MYOB and closed both of them. You

need to find out how to delete one of them. You are finding it difficult because it's already

closed. You have to delete the payment that closed the invoice first. If you are looking at the

invoice click on history then delete the line entry that has the payment that closed the

invoice. Once you delete the payment, you will be able to delete the invoice.

Marking Rubric for MYOB Transaction Reports (17.5%)

Criteria: How to perform Unsatisfactory Satisfactory Effective Excellent Exceptional

%

Fail Pass Credit Distinction High Distinction

Company setup, including

company information and

chart of accounts:

 Create a new company file

 Set up and link accounts

 Enter account opening balances

 Reports using other option

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors)

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

General Ledger Set-up and

General Journal Entries

 Initial bank reconciliation

 General journal transaction

 Understanding GST

 Reports using menu bar

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors)

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

Purchase (Accounts Payable)

 Setup supplier and enter opening balance

 Set-up inventory items

 Purchase transaction

 Bill with discount

 Adjustment note

 Pay supplier

 Cash purchase

 Purchase register

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors)

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

Sales (Accounts Receivable)

 Set up customer and opening balance

 Sales transaction

 Received payment

 Cash sales

 Adjustment note

 Part payment received

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors))

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

Banking

 Spend, receive and transfer money

Student work does not demonstrate a

Student work demonstrates a basic developed

Student work demonstrates an effective

Student work demonstrates a proficient

Student work demonstrates an advanced

2.5

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 Pay BAS liability

 Petty cash and credit card

 Bank register

 Bank reconciliation

basic developed understanding of how to perform (more than 10 errors)

understanding of how to perform (6-10 errors)

developed understanding of how to perform (3- 5errors)

developed understanding of how to perform (1-2 errors)

developed understanding of how to perform (no errors)

Inventory

 Set up inventory items

 Enter inventory opening balance

 Inventory transaction

 Auto build inventory items

 End of period stock taking

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors)

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

Payroll

 Set up payroll

 Assign linked accounts for payroll transactions

 Payroll transactions

 Build employee list

Student work does not demonstrate a basic developed understanding of how to perform (more than 10 errors)

Student work demonstrates a basic developed understanding of how to perform (6-10 errors)

Student work demonstrates an effective developed understanding of how to perform (3-5 errors)

Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)

Student work demonstrates an advanced developed understanding of how to perform (no errors)

2.5

MYOB Work Activity Report (5%)

The report size limit is 800 words plus or minus 20%.

You have to provide an individual work report on how you have worked to produce your MYOB assignment. The major part of your individual report is to practice ‘Audit around the Computer Approach’ to prepare reports. It is more often known as black box audit approach as shown below:

In your MYOB assignment, you enter input data into the MYOB software based on the source documents (input) of the book, print the outputs (the reports) generated by the MYOB software and then compare the printed outputs with the outputs of the book. If the results of the two reports are different, you should reconcile the differences.

The final report should use an appropriate business report format and should include a detailed description

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on:

a. progress based on time spent on each chapter b. any issues or problems that have occurred or been managed in each chapter, including details of

what the issues or problems were (if there are differences between the results of the report produced by you and the report of the book, analyse the difference and write down the possible reasons of the difference), how you have dealt with them and what has been done to fix the issue or the problems (how the differences were reconciled).

c. your achievement in your MYOB assignment d. what work is planned for the next 3 months in getting an MYOB related accounting job.

Marking Rubric for Work Activity Report (5%)

Criteria Unsatisfactory Satisfactory Effective Excellent Exceptional %

Fail Pass Credit Distinction High Distinction

Amount of issues/problems

One or two important issues/problems are identified

A few important issues/problems are identified

Some important issues/problems are identified

Majority of important issues/problems are identified

All important issues/problems are identified

1

Explanation of issues/problems

Issue/problem is stated arbitrarily

Issue/problem is stated without clarification or description.

Issue is stated and clarified with some ambiguities, and/or backgrounds unknown.

Issue/problem is stated, described, and clarified so that understanding is not seriously impeded.

Issue/problem is stated clearly and described comprehensively

1

Analysis Analysis is arbitrary

Analysis is vague and not evident.

Analysis is accurate but not evident

Analysis is through

and evident

Analysis is in depth and evident

1

Solution Solutions is arbitrary

Solutions not based on analysis and not based on evidence/sound methods

Solutions based on analysis but not based on evidence/sound methods

Solutions based on analysis and evidence/sound methods but cannot fix the problems

Solutions based on analysis and evidence/sound methods and fix the problems.

1

Achievement and Future Plan

Student does not addresses either what achieved or how learned, and what’s next regarding mastering MYOB

Student addresses either what achieved or how learned, but does not address what is next with regard to mastering MYOB

Student addresses what achieved and how achieved, but does not address what is next with regard to mastering MYOB

Student addresses what achieved, how achieved , and what is next with regard to mastering MYOB clearly

Student addresses what achieved, how achieved , and what is next with regard to mastering MYOB clearly

1

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Individual Presentation (2.5%)

Presentation marks will be based on individual student performance at the presentation of your MYOB assignment based on the MYOB Work Activity in week 11 and 12 tutorials. If any student does not attend their presentation, the student will not get presentation marks unless a medical certificate has been provided.

Marking Rubric for MYOB Presentation (2.5%)

Criteria Unsatisfactory Satisfactory Effective Excellent Exceptional %

Fail Pass Credit Distinction High Distinction

Organisation Not Applicable Presentation is not smooth and audience attention lost because there is little sequence of information.

Audience has difficulty with following presentation because some of the information is not in logical sequence.

Student presents information in logical sequence which audience can follow.

Student shows enthusiasm and presents information in logical, interesting sequence which engages the audience.

0.5

Content Not Applicable Some information is not accurate, not sufficient information

Accurate information, not sufficient information

Accurate information, sufficient information

Accurate and in depth information, sufficient amount of information

0.5

Audience Interaction

Not Applicable Student just reads presentation with no eye contact or no use of appropriate gestures

Student primarily

Reads presentation, occasionally uses eye contact and uses appropriate gestures.

Student maintains eye contact and uses appropriate gestures while often referring to notes.

Student maintains

eye contact and uses appropriate gestures while seldom returning to notes.

1.0

Communication & Time Management

Not Applicable Student mumbles, and speaks too quietly for students in the back of class to hear and/or the presentation was too brief or too long.

Student's voice is low. Audience members have difficulty hearing presentation and/or the presentation was somewhat short or somewhat long.

Student's voice is clear. Most audience members can hear presentation. The presentation was of the proper duration.

Student uses a clear voice and correct, precise terms so that all audience members can hear presentation. The presentation was of the proper duration.

0.5