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Assignment 2

(Worth 15 Marks – Due Date on Sunday 16 May 5pm)

P & G Company

EXERCISE 1: You are required to setup a MYOB File for a business that is switching over to a computerised system. The data you will need is as follows:

ACCOUNTRIGHT DETAILS

Select AccountRight Plus Select Australia

COMPANY INFORMATION

NAME: P & G Co. – Add your name

ABN: 80 000 000 001

ADDRESS: “Woolshed”

COBAR NSW 2244

PHONE: (02) 6512 3011

EMAIL: [email protected]

ACCOUNTING INFORMATION

FINANCIAL YEAR: 20CY – CURRENT YEAR LAST MONTH FINANCIAL YEAR: JUNE

CONVERSION MONTH: JULY

ACCOUNTS LIST

INDUSTRY CLASSIFICATION: AGRICULTURE

Select Create Company File

Your MYOB file will be created and saved locally within My Library in MYOB.

pg. 2

EXERCISE 2:

EASY SETUP ASSISTANT - ACCOUNTS

Using the Easy Setup Assistant, you are required to modify the chart of account list

Account

Rename Account

Tax

Create an account for:

1-1335

Prepaid Taxes

N-T

Create an account for:

1-1315

Fuel Tax Credits Claimable

N-T

Create an account for:

6-1750

Fencing Expenses

GST

Account

Rename Account

Tax

Edit Account

4-1000

Sheep Sales

GST

Edit Account

4-2000

Cattle Sales

GST

Edit Account

4-3000

Grain Sales

GST

Edit Account

5-1000

Livestock Selling Costs

GST

Edit Account

6-1800

Hire of Equipment

GST

Edit Account

6-3200

Vet Expenses

GST

Delete Account

4-4000

Government Subsidies

Delete Account

6-2100

Parking/Tolls Expense

Delete Account

6-2900

Printing Expense

OPENING BALANCES

You are required to enter the opening balances:

1-1110 Business Bank Account #1

$200,000

1-2110 Plan & Equipment at Cost

$120,000

2-1130 Mastercard

$ 8,000

2-2100 Business Loan #1

$140,000

3-1100 Capital

$172,000

EASY SETUP ASSISTANT PAYROLL

You will need to setup your Payroll Information through the Easy Setup Assistant. Load the Tax Tables and setup payroll using the following information:

Full Work Week Hours:

38

Withholding Payer Number:

00 123 456 789

Default Superannuation Fund:

Spectrum Super

Round Net Pay Down to a Multiple of:

0 cents

Check your linked accounts for your payroll transactions:

Account for Cash Payments

Payroll Cheque Account

Accounts for Cheque Payments

Business Bank Account

Account for Electronic Payments

Electronic Clearing Account

Account for Employer Expenses

Other Payroll Expenses

Account for Wages Paid

Wages & Salaries

Account for Deductions & Expenses

PAYG Withholding Payable

You are required to build your employee list using the details below:

Description

Employee

Name

Harry C West

DOB:

12.8.1989

Start Date

1.1.20CY

Wages

Hourly

Pay Frequency:

Fortnightly

Hourly Rate

$20

Superannuation

Superannuation Guarantee

Taxes

TFN: 111 555 999

Tax Free Threshold

Required :

Based on the information above, you are required to prepare the following 2 EXCEL reports and upload them on

Moodle:

1. Accounts List Report.

2. Employees List Report