ACC1102 Financial Accounting
MYOB Case Study
Due Date: Wednesday, 2nd
May 2012 Value: 25%
Important Information
The main purpose of this case study is to assess your ability to process transactions and events for a small
business, analyse and record end-of-period adjustments, perform bank reconciliations and produce financial
reports using a computerised accounting system. In this case study you will use MYOB AR version 19 (as
provided in your Vallely 2010 textbook) and Microsoft Excel software. You need to submit two files in
EASE, an Excel file and a ZIP file, being a backup of your completed MYOB AR file. Your Excel file will
contain many worksheets, one of which will be an accounting worksheet in which you will determine
adjusting entries for the month of January; most of the worksheets will contain reports that you will export
from your MYOB file.
The course specification (available from the course homepage) contains information about:
o Assignment late policy
o Assignment extension policy
o Plagiarism and academic misconduct (such as collusion and cheating)
To ensure that the submission in this case study is your own work, you are required to create and use a user
log-on in the MYOB file. A file in which only the Administrator log-on has been used will not be
accepted and will receive no marks. More information is provided in this document.
Assignment Preparation and Submission
Please read the following points carefully.
o The assignment must be lodged using USQ‟s online submission system (EASE). EASE is available
from the course homepage (via the Study Desk).
o You are required to lodge one Excel workbook file and one MYOB ZIP file.
o You must use MYOB AR version 19.
o You can use Excel 2003, 2007 or 2010.
o Your submission must have a header on every Excel worksheet, which includes your student name
and student number.
o The assignment is due at 11.59PM on Wednesday 2nd
May 2012 (USQ time – please refer to the
USQ Time icon on the course homepage).
Extensions
Extensions are only granted in extenuating circumstances and will not be granted after the due date – you
must contact the course leader on or before the due date to seek an extension. Crashing of computers, too
busy with other assignments and such reasons are not considered extenuating circumstances. You must
organise your study time around these other commitments. Extensions will only be considered where
supporting documentation is provided (e.g. doctor‟s certificate). You must also provide a copy of your
MYOB and Excel files (even if incomplete) to show that you have attempted the assignment to a reasonable
level, prior to the extenuating circumstances. Work commitments are generally not considered to be
extenuating circumstances; if you have had to do extensive amounts of overtime or work-related travel you
must provide a supporting letter from your employer, which provides details of such circumstances.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
2
Case study requirements
The case study requirements, which are set out in detail in this document, are as follows:
Marks
Requirement 1: Record the January transactions and events 40
Requirement 2: Data entry check / January GST reports 4
Requirement 3: January bank reconciliations 8
Requirement 4: Create an accounting worksheet for January
Requirement 5: Calculating the January Adjusting Entries
Requirement 6: January Depreciation and Amortisation Schedule 10
Requirement 7: January Bad debts expense 5
Requirement 8: Completing the January accounting worksheet 5
Requirement 9: January financial statements 10
Requirement 10: February reversing entries 3
100
15
Awarding of Marks
The purpose of this assignment is to test your ability to meet the objectives of modules 3 to 5 and 6 to 9. The
assignment contributes 25% to your final grade. Marks will be awarded for:
Presentation of your assignment
Correct processing of transaction entries
Correct completion of the bank reconciliations
Correct calculations of end of month adjustments / completion of the accounting worksheet
Correct account classifications for new accounts
Correct balances
Correct reports (submission requirements)
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
3
Case study instructions
PLEASE READ THESE INSTRUCTIONS VERY CAREFULLY BEFORE YOU START
If you have any questions about this case study, please post a message to the case study discussion
forum. You can start this case study now and work on it progressively over the next few weeks. DO
NOT leave this to the last weekend. This is a large case study and contributes 25% to your final
grade. Make sure you have read all the instructions a few times and checked the Discussion forum
before you send a message.
Step 1:
Download the file S1DWGR.ZIP file from the course homepage and save it in your MYOB Data
Files folder. Rename the file by adding the last four digits of your Student ID to the file name (e.g.
S1DWGR1234.ZIP). You will use this file to complete the case study and will upload it to EASE.
In relation to the downloaded S1DWGR.ZIP file, you should note that all of the setup and
transactions in Chapters 1 to 8 inclusive of the Vallely text have been completed, including:
the December bank reconciliations,
the 31 DEC adjusting entries, and
the reversing entry required on 1 January 2011.
Step 2:
The course specification requires that your case study submission is your own individual work.
You are required to:
create a user profile in MYOB for yourself together with a password
always log-on using your user profile and record all transactions as that user
Open your ZIP file (from Step 1) in MYOB AR (see instructions on pages 36-37 of your MYOB
textbook).
Log in as the Administrator and add yourself as a User (see pages 34-35) using both your
full first name and family name (e.g. Joe Smith). You should ensure that your User profile
has access to all available functions in MYOB.
Use the last four digits of your student identification number (Student ID) as the password
for your User profile (leave the Copy Restrictions field blank).
Please do not add a password for the Administrator user.
You should now exit from the Administrator log-on and log into the MYOB file using your
new User profile – once you have done this it should automatically open as that user profile
from now on.
Go to the setup of preferences and put in place your preferred data input preferences (e.g.
account names or account numbers?).
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
4
You must ALWAYS log-on using the user profile you created in Step2. All transactions and
events must be recorded in MYOB using your user profile.
Markers will review the Audit Trail Report which records the activities of each user in a MYOB
company file. Case studies which have the transactions and events recorded in MYOB using
the Administrator log-on will not be accepted and will receive no marks.
The “Use Audit Trail Tracking” security preference has been selected in the S1DWGR.ZIP file you
downloaded in Step 1. Case studies in which the security preference has been de-selected will
not be accepted and will receive no marks. Any evidence of tampering with the security settings
or such similar conduct will be treated as Academic misconduct and penalised accordingly.
You are required to use MYOB AR v.19. Submissions using other versions of MYOB will not
be accepted.
Step 3:
Change the company information for the MYOB file (click on Setup on the menu bar and select
Company Information) – remove the DWGR address and input your name and Student ID into the
address field; this way your name and Student ID will appear in every report you prepare in MYOB.
Step 4:
In this case study you will export reports from MYOB to Excel. You will submit both your
completed MYOB file and your Excel file. You can use Excel 2003, 2007 or 2010.
Create an Excel file called S1DWGRnnnn – the last four digits of the file name should be the last
four digits of your Student ID (as per your MYOB file; replace the nnnn with the last four digits of
your student ID, e.g. S1DWGR1234).
Step 5:
As you work through this case study you should regularly save these files in at least two other safe
places (e.g. an external hard drive and USB). Losing your file or a computer crash is no valid
excuse for an extension or special consideration. File security and sound backup procedures are
your responsibility; please refer to the file security discussion in CH 2 of your MYOB textbook.
Case study Tip:
Create a sub-folder on your hard drive and routinely save a backup of your active MYOB and
Excel files. Each time you do a backup give the saved file a new file name (e.g. S1DWGR1234a,
S1DWGR1234b, S1DWGR1234c, etc.).
If you make a major mistake in your MYOB file, you now have the option to go back to an earlier
version of the file from the backup sub-folder; this will save you having to start at the beginning.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
5
Case study transactions
Requirement 1: Record the January transactions and events
Refer to the following transactions and events and record these in your MYOB file.
Monday 10 January 2011
The shafts on backorder from Aussie Golf Imports Pty Ltd arrived, together with the supplier‟s invoice
number 56897 for $462.00.
The range golf balls ordered from Long Flite Balls Pty Ltd on 17/12/10 arrived, together with the supplier‟s
invoice number LF324576 for $8,250.00.
Michael wrote out cheque number 0007 for $1,560 to Northern Beaches Advertising Pty Ltd for an
advertising campaign in the local newspaper. An advertisement will appear in the newspaper every Saturday
for eight weeks (starting Saturday the 22nd
of January). Renumber the Prepaid Insurance account to 1-1500
and add a new account 1-1400 to the Accounts List called Prepaid Advertising (tax code GST). Record this
payment to the Prepaid Advertising account.
Tuesday 11 January 2011
Barry and Michael obtained a cover note for the buildings, contents and public liability insurance on
Wednesday the 4th of January 2011. NGF Insurance Ltd issued an invoice dated 04/01/11 with seven day
settlement terms. Barry wrote cheque 0008 for $8,808.50 to pay the invoice. The invoice consisted of a
policy premium of $8,690.00 (this amount includes GST of $790.00) and stamp duty of $118.50 (stamp duty
is GST free). The insurance policy is for twelve months and will lapse on the 31st of December 2011. Post
the cost of the premium and the stamp duty to Prepaid Insurance.
An invoice was received from Wilson and Smith Solicitors, for legal advice on the council lease, the
establishment of the company, registration of the business name and for GST and an ABN. Sonya Wilson is
the solicitor Barry and Michael deal with on their legal matters. The solicitors offer their clients 7 day
accounts, with no discount for early settlement and a billing limit of $5,000 before the client is required to
make a payment. You are required to create a card for this supplier and record the invoice no. 798 for
$990.00 (incl. GST – ABN 99 524 526 381). The solicitor‟s details are as follows:
- PO Box 687
- Manly, NSW 2095
- Phone 02 9977 5858
- Mobile 0499 775 858
- Fax 02 9977 5859
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
6
Wednesday 12 January 2011
Michael placed an order for 40 boxes (1 Doz per box) of each type of golf ball (160 boxes in total) with Long
Flite Golf Balls Pty Ltd. Each box has a cost of $27.50 and the order totals $4,400.00. The sales rep
promised the goods would be delivered no later than next Tuesday.
Thursday 13 January 2011
The first loan advance of $90,000 from East Coast Bank was deposited to the main cheque account (this
transaction has already been recorded in Chapter 7).
The East Coast Bank was due to make the monthly computer rent periodical payment from the general
cheque account today. The details of this periodical payment were set up as a Recurring Transaction on
13/12/10 (see Chapter 4).
The goods arrived from Spike‟s Golf Shoes Pty Ltd, with invoice number 567432 for $9,900.00.
Friday 14 January 2011
Barry mailed cheque 0009 for $8,085.00 to Long Flite Balls Pty Ltd to pay the bill for the range golf balls
delivered on Monday.
As the sheltered hitting area was not ready (the rubber and artificial grass mats had not arrived from Aussie
Golf Imports), Handyman Jim prepared a grassed area where lessons could be held (the first lessons for Dee
Why TAFE were set to be held on Sunday 16/01/11). Jim gave Michael an invoice (number 1115) for
$44.00.
Barry transferred $95,000 from the Investment bank account to the general cheque account. The East Coast
Bank requires that a minimum balance of $5,000 be maintained in the investment account for the account to
remain open.
Camberwell Constructions Ltd completed the last requirements under the construction contract and following
the final inspection the handover was conducted today. Cheque number 0010 for $152,900.00 was paid to
Camberwell Constructions Ltd. The cost of the Pro-Shop was $59,400 (capitalise to Buildings), the concrete
slab for the sheltered hitting area, pathways and other land improvements amounted to $60,500.00 (capitalise
to Land Improvements) and the building of the posts, metal seating, bag racks and roof structure of the
golfer‟s shelter was $33,000.00 (capitalise to Buildings).
Barry wrote cheque 0011 for $275.00 to Telstra for the phone and fax connection to the Pro-Shop. Record
this expense 50% to the Telstra – Fax expense account and 50% to Telstra – Office Phone expense account.
Sunday 16 January 2011
The first week of group lessons for the Dee Why TAFE were held in the morning (this sales invoice and the
sales invoice for the hire clubs have already been recorded in chapter 7). No other bookings were received
for lessons – the golf range is still not open for business officially and no other transactions or events
occurred.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
7
Monday 17 January 2011
Michael conducted a one hour lesson with Brian Mapperly and sold him an Easy Carry Bag (this sales
invoice has already been recorded in Chapter 7).
Michael deposited $312 to the main cheque account using the overnight deposit box (this deposit has already
been recorded in Chapter 7).
Michael purchased milk, biscuits and coffee costing $21.20 from petty cash. Record this expenditure to
General Office expenses as GST Free.
Tuesday 18 January 2011
Michael wrote cheque 0012 for $990.00 to Sonya Wilson (the solicitor) to settle the account for their legal
fees.
Barry and Michael entered into a rental agreement for a new Video Pro Diagnostic System, which consists of
a three way video camera / TV / video system, which will allow Barry and Michael to tape golfers from two
side-on angles and from behind as part of the golf lesson. This is the latest technology available from Japan
and is being used extensively by instructors with elite golfers. The split screen technology allows golfers to
see their swing on TV from all three angles simultaneously or one at a time.
The rental agreement requires monthly payments made by periodical payment from the business cheque
account, starting from the first day of the lease so that the lease is paid monthly in advance. Record this
payment using the Spend Money function and save it as a recurring transaction. The details of the periodical
payment are as follows:
Video Pro Diagnostic Lease – $264.00 / month (incl. GST)
Digital Diagnosis Ltd
PO Box 8585
Redfern NSW 2016
Bank Ref 654 – GGC
Barry and Michael decided to offer only individual lessons using the Video Pro Diagnostic equipment. The
charge for an individual lesson using the video equipment is $77.00 per hour and the lesson must be booked
for a minimum of one hour (to give enough time to review the video).
Create a new service item for this type of golf lesson using what you think is an appropriate item name and
item number.
The golf balls ordered from Long Flite Balls Pty Ltd on 12/01/11 were partially delivered, together with the
supplier‟s invoice number LF325632 for $3,850.00. Long Flite only delivered 20 boxes of the Hard Super
Spin golf balls.
Michael purchased a kettle for the lunchroom from Merv‟s Electrical Barn for $49.50 using the MasterCard.
Expense this amount to General Office expenses.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
8
Wednesday 19 January 2011
Michael used the Video Pro to fit Brian Mapperly up with a set of custom-made Hurricane Woods and Fire
Irons (the transfer of grips and shafts to ES coded items and the sales invoice for the custom-made clubs
have already been recorded in Chapter 7).
Michael cashed cheque 0013 for $500.00 to provide a cash float to use in the cash drawer of the Pro Shop.
Michael purchased a fireproof safe for $880 from Manly Office Supplies Pty Ltd (invoice #26765).
Capitalise this expenditure.
Michael wrote cheque 0014 for $1,001.66 to settle the December MasterCard account.
Thursday 20 January 2011
The first week of golf lessons for the Beacon Hill Grammar school were held – no entries are necessary as
you dealt with this in Chapter 7. You should recall you recorded a sales invoice (the school paid for 11
weeks of lessons in advance), you de-recognised all of the revenue from the sales invoice to Unearned
Income (via a General journal entry) and you created and recorded a recurring General journal entry for the
revenue earned today.
Barry faxed a purchase order to Aussie Golf Imports Pty Ltd to purchase one set of yardage markers for the
driving range (to indicate the distances from the sheltered hitting area – $220.00 per set). He also ordered
eight practice green hole-markers for the putting green ($33.00 each). Record a purchase order and use the
Range Operating Costs expense account for this order.
Friday 21 January 2011
A cheque for $784.08 was received from Dee Why TAFE to settle sales invoice 00000001 (the receipt of this
cheque and the early settlement discount has already been recorded in Chapter 7).
The cheques from Brian Mapperly, Beacon Hill Grammar and the Dee Why TAFE, totalling $8,479.68, were
deposited by Michael to the overnight deposit box (this deposit has already been recorded in Chapter 7).
Barry wrote cheque 0015 for $44.00 to Handyman Jim Pty Ltd to settle the bill on his card.
Sunday 23 January 2011
Kathy Brambles and Nigel Scott (who are the employees of DWGR) took the second week of lessons for the
Dee Why TAFE from 9am – 12 noon. Record the recurring sales invoice for Dee Why TAFE.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
9
Monday 24 January 2011
Barry wrote paycheques to five employees for the pay period ended Friday 21 January 2011 and transferred
$3,063 to the payroll cheque account to cover these cheques (these cheques and the transfer have already
been recorded in Chapter 9).
Tuesday 25 January 2011
The rubber and grass mats arrived from Aussie Golf Imports Pty Ltd together with invoice 59850 for $6,600.
The broken shafts (the purchase return of half a carton of broken shafts was recorded in Chapter 6) were
collected by the driver and returned to the supplier.
Bev White had a 30 minute individual lesson and asked Barry to re-groove her four metal woods and a fit a
new Sure grip to each club. She paid $92.60 in cash.
Karen Ritchie cleared the excess cash from the safe and deposited $92.60 to the bank. Make sure you use the
correct format in the ID# field.
Barry wrote and mailed cheque 0016 for $3,773.00 to Long Flite Balls Pty Ltd to pay the bill for the range
golf balls delivered last Tuesday.
The yardage markers ordered from Aussie Golf Imports Pty Ltd arrived, but the supplier‟s bill (number
62137 for $220) indicated the eight hole-markers for the practice putting green were on backorder.
Barry used the internet banking facility to B-Pay the amount due to Manly Office Supplies from the cheque
account. The B-Pay reference number was 77 258 475.
Wednesday 26 January 2011
Facility closed – Australia Day public holiday
Thursday 27 January 2011
The second week of lessons for the Beacon Hill Grammar School, which were prepaid, were held today. Use
the recurring general journal to record the revenue from these lessons.
Handyman Jim installed the artificial grass and rubber mats. He left invoice 1425 for $577.50. Record this
invoice on his supplier card. Capitalise this expenditure to Buildings.
Rex Thompson, who wanted to purchase a set of custom-made woods, had a video lesson with Michael.
They reviewed the video and Michael fitted him with a new set of Jaguar Spitfire Woods, using Sure Grips
and Firebolt Graphite Flex Shafts. Michael offered Rex a 10% discount on the woods (even though the
discount is for the opening day sale) and did not charge him for the lesson. Rex paid for the clubs by cheque.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
10
Friday 28 January 2011
Barry received a cheque from the Dee Why TAFE for $784.08.
Barry went to the bank at lunch time and deposited the two cheques. Make sure you use the correct format in
the ID# field.
Nigel Scott and Kathy Brambles ran group lessons for the boys from Queenscliff Boys College from 10am to
12noon. QBC has arranged with Barry for twenty students to have lessons each Friday morning plus a
bucket of 120 balls each and use of hire clubs. The lessons start at 10am, with two groups of five hitting
their practice balls during the first hour, while the other two groups of five have their lesson and then
swapping over at 11am. Create a recurring sales invoice for these lessons, range fees and club hire and
record the sales invoice for today.
The golf range was closed in the afternoon while the contractors completed the installation of the light
towers. Cheque 0017 was paid to the contractor, Sydney Night Lights Pty Ltd for $40,570.00. Capitalise
this expenditure to Land Improvements.
The second instalment ($75,000) of the business loan was transferred to the cheque account by the bank.
Record the receipt of this money, directly to the cheque account, using LN 28/01 as the source document
reference.
Cheque 0018 for $4,400 was paid to the North Sydney Council for two months rent (December and January)
for the land at the Driving Range. The council invoices the DWGR every two months in arrears. Record this
expenditure to the Rent – Council Land expense account.
Saturday 29 January 2011
Barry and Michael offered 10% discount off everything on opening day to attract customers to the new
facility. As expected, the range was very busy from 2pm until closing.
To assist with the recording of cash sales made during the day, a simple dissection sheet was used to track
how many and what types of buckets were sold, together with any other sales. Cash sales for the day were as
follows:
Qty Price (incl. GST)
Extn (After
Discount)
40 Ball Buckets 8 $6.00 $43.20 80 Ball Buckets 30 $10.00 $270.00 120 Ball Buckets 22 $12.00 $237.60 Hire Clubs 10 $5.00 $45.00 Jaguar Straight Roll Putter 1 $220.00 $198.00 Spike‟s Black Leather Shoes 3 $165.00 $445.50 Long Flite Super Spin – Hard (Doz) 1 $82.50 $74.25 Long Flite Super Spin – Soft (Doz) 4 $82.50 $297.00 Long Flite Max Long – Hard (Doz) 1 $82.50 $74.25 Long Flite Max Long – Soft (Doz) 2 $82.50 $148.50 Lessons – Michael 1 hour individual 2 $66.00 $118.80 Lessons – Michael 1 hour video 1 $77.00 $69.30 Day‟s Cash Takings $2,021.40
Debra Bradford cleared the excess cash, cheques and credit card slips from the safe and deposited it to the
bank night deposit box.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
11
Sunday 30 January 2011
Kathy Brambles and Nigel Scott took the third week of lessons for the Dee Why TAFE from 9am – 12 noon.
Record the recurring sales invoice for Dee Why TAFE.
It was very quite at the driving range today. Cash sales for the day were as follows:
Qty Price
(incl. GST) Extn
40 Ball Buckets 2 $6.00 $12.00 80 Ball Buckets 5 $10.00 $50.00 120 Ball Buckets 10 $12.00 $120.00 Hire Clubs 1 $5.00 $5.00 Day‟s Cash Takings $187.00
Karen Ritchie cleared the excess cash from the safe and deposited it to the bank night deposit box.
Monday 31 January 2011
Barry prepared and mailed cheque 0019 to Aussie Golf Imports Pty Ltd to settle the bills that were due for
payment today.
Record an invoice to Mona Vale State High School. Mona Vale SHS offers golf practice as a school sports
option. Sixteen of the seniors come to the range, each taking a 120 ball bucket and a set of hire clubs.
The golf balls on backorder from Long Flite Balls arrived today, together with the supplier‟s invoice number
LF329859 for $495. Long Flite apologised for the delay and took 10% off the purchase price.
Cash sales for the day were as follows:
Qty Price
(incl. GST) Extn
40 Ball Buckets 15 $6.00 $90.00 80 Ball Buckets 25 $10.00 $250.00 120 Ball Buckets 31 $12.00 $372.00 Hire Clubs 4 $5.00 $20.00 Spike‟s White Leather Shoes 1 $165.00 $165.00 Long Flite Super Spin – Hard (Doz) 1 $82.50 $82.50 Lessons – Barry 1 hour individual 1 $66.00 $66.00 Repairs – Fit Firebolt Metal Stiff Shafts 10 $11.00 $110.00 Repairs – Fit Cord Grips 10 $8.80 $88.00 Budget Golf Package 1 $2,750.00 $2,750.00 Day‟s Cash Takings $3,993.50
Barry cleared the excess cash from the safe and deposited it to the bank night deposit box.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
12
Requirement 2: Data entry check / January GST reports
Before completing the bank reconciliations and the remaining requirements, it is important to check the
accuracy of your data entry. You should check both the journal entries recorded and that you have used the
correct GST coding for the transactions.
You should now review (print is at your option) each of the journals from your MYOB AR file for
the DWGR business. This can be done from the Index to Reports however it is easier to do from a
Transaction Journal window (select the Transaction Journal function from any of the flowchart
areas except the Card File Command Centre). In the Transaction Journal window start in the
General tab view of this window and in the date fields input from 01/12/10 to today’s date (not
31/01/11 – there should be no entries recorded after 31/01/11 unless you have made a data input
error). To print the journal entries, click on the Print button and then move to the next tab and repeat
this process until all journals have been printed.
Review the journal entries and correct any errors you have made.
Prepare a GST Summary Accrual Report (print is at your option) in MYOB for the month ended
31 January 2011 with all tax codes, both collected and paid. The report is to show the tax inclusive
amounts and include zero balances. Review this report and the detailed GST report below and
correct any tax code errors in your transaction file. When you are finished, export this report to
Excel (refer to the tips below) and copy and move the worksheet to your CS Excel file; make this the
first worksheet in your CS Excel file and name the Worksheet GST1.
Prepare a detailed GST Accrual Report (print is at your option) in MYOB for the month ended
31 January 2011 with all tax codes, both collected and paid. The report is to show the tax inclusive
amounts and include zero balances. Review this report (as discussed above) and export the report to
Excel. You should include the completed worksheet in your CS Excel file as the second worksheet
and name it GST2.
TIPS:
In the following requirements you will also produce reports in MYOB and to export them to Excel.
You should check each report in MYOB before you export to Excel, to make sure:
it is formatted correctly;
it is for the correct date or period;
the numbers look reasonable and
that your name appears where the address should be under the company name
It is recommended that you print each report so you have a hard copy to refer to when re-formatting the
report in Excel.
To export a report to Excel, click on the “Send To” button and select Excel from the pop up menu; a new
Excel file will be opened with the report in it. In many cases you will need to do some re-formatting of the
report in Excel (underlining, bolding, moving items into columns, etc.) so that it appears as per the MYOB
report. NOTE – please do not change any of the values.
Marks will be awarded for the standard of presentation of these reports in Excel. Once you are happy
with the report in Excel you should copy / paste (or move) the completed worksheet to your CS Excel file.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
13
Requirement 3: January bank reconciliations
The bank reconciliation process is another way to check the accuracy of your data entry and to reveal any
errors made by the bank. Refer to the bank statements in Appendix A at the end of this document. The
amounts in the bank statements are correct; if you find any errors in your data entry you will need to correct
them and produce new GST reports to replace the ones prepared in the previous requirement.
Perform the bank reconciliation for the investment account. Make sure you follow the correct
MYOB procedure to enter any bank adjustments. By using this procedure the cash journals are
adjusted and no other adjustments are required.
Prepare a bank reconciliation report, export the report to Excel (re-format as required) and then copy
and move the worksheet to be the next worksheet in your CS Excel file (see the tips provided
earlier). Name this worksheet JAN REC.
Now reconcile the bank cheque account for January, produce the bank reconciliation report, export it
to Excel and copy and paste it into the JAN REC worksheet in the space immediately below the first
bank reconciliation report.
Requirement 4: Create an accounting worksheet for January
You will need the „accounting worksheet‟ template Excel file you created in CH 8 for this task
Prepare a trial balance report in MYOB for January 2011
Export the report to an Excel file and then copy and paste the trial balance accounts and values to
your template file
Copy and move this worksheet to your CS Excel file; name the worksheet JAN AWS.
HINT – you should carefully review the accounting worksheet completed in Chapter 8 for the month of
December (you can download this from the course homepage) – chapter 8 provides guidance on how to
complete this worksheet in January
Requirement 5: Calculating the January Adjusting Entries
In the month of January, there were a number of transactions and events that require adjusting entries to be
performed. Start by reviewing the account balances in the trial balance columns of the accounting worksheet
you created in the previous requirement. Refer to the additional information that is provided at the end of
this section to assist you to determine whether an adjusting entry is necessary.
If you need to locate the details of a transaction, you can use Find Transactions (an option tool available
below the Command Centre flowchart area – next to the To Do List), select Account, input the account
name (or number of you have selected this as your preference) and input the dates to and from as 1/12/10 to
31/1/11. The transactions for the specified account will be listed and you can click on the zoom arrow to
open any transaction.
New accounts can be added to your MYOB file if required as result of your adjusting entries; insert a
row into the Excel accounting worksheet to incorporate any new accounts you might have added to
the MYOB company file.
Create a Calculations Area in the rows immediately below the accounting worksheet you have
created in the JAN AWS worksheet (as per the Excel file you completed in CH 8 for December).
Complete all of the calculations required for the January adjusting entries in this worksheet.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
14
Please make sure you calculations are set out in steps so the marker can easily see how the
calculation was performed. The marker will not investigate lengthy formulae to determine how you
performed calculations – the components used in the calculation should be shown clearly in steps so
part-marks can be awarded, where necessary.
Use the ROUND function in Excel to ensure the amount of any adjusting entry is calculated in
dollars and cents.
NOTE – there are further adjusting entries to complete in the next two requirements – you will
complete the accounting worksheet in requirement 8
Additional information – Requirement 5
Rent – Council Land: – the rent payment made in January is for two months; the council requires the rent to
be paid every two months in arrears. To determine whether an adjusting entry is appropriate in January, you
need to review the recording of the payment made in January, the adjusting entry that you recorded in
December and the reversing entry in January (see Chapter 8).
Rent – Computer: – a payment was made during the month of January. To determine whether an adjusting
entry is appropriate in January, you need to review the recording of this payment in January and the adjusting
entry you recorded in December (see Chapter 8).
Rent – Video Equipment: – a payment was made during the month of January. To determine whether an
adjusting entry is appropriate in January, you need to review the recording of this payment in January and
consider whether an adjusting entry needs to be recorded on 31 January 2011.
Prepaid Advertising: – a payment was made in January for an eight week advertising campaign. To
determine whether an adjusting entry is appropriate in January, you need to review the recording of this
payment in January and consider whether an adjusting entry needs to be recorded on 31 January 2011.
Prepaid Insurance: – one payment was made on the 11th of January 2011 for an insurance policy that
expires on 31/12/11. To determine whether an adjusting entry is appropriate in January, you need to review
the recording of this expenditure in January and consider whether an adjusting entry needs to be recorded on
31 January 2011.
Interest Expense: – the bank loan has an interest rate of 8% p.a. Interest is calculated on the daily balance
outstanding and is charged to the bank loan on the last day of each month.
Telephone and Electricity Accounts: – the accounts from Telstra and North Shore Energy Ltd for the
month of January were both received in the first week of February. Both of these accounts are payable by
mid-February. The Telstra account indicates that the amount payable for services provided in January is
$275.55, including GST (phone $189.20 and fax $86.35). The North Shore Energy Ltd account indicates
that $123.20 is payable, including GST.
Office Supplies and Stationery: – the goods purchased before Christmas were unpacked and put in a
stationery cupboard in the office area of the Pro Shop in January. Barry estimates that there is still $280.00
of stationery on hand at the end of January.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
15
Requirement 6: January Depreciation and Amortisation Schedule
Name the next worksheet in your CS Excel file JAN DEPN. Construct a Depreciation Schedule in this
worksheet (using the following information) in which you calculate the depreciation expense for the various
assets for the month of January. You will find examples of depreciation schedules in your Horngren et al
2010 textbook (e.g. Exhibit 11.6).
During the month of December a number of long term assets were acquired. Some expenditures were also
incurred (such as the land improvements) on assets that were still under construction at the end of December.
The usual practice is that depreciation commences from the date the assets have been installed in place
ready for their intended use. No depreciation was recorded for December as there were no assets in place
ready for use.
The land improvements, lighting, pro-shop building and golfer‟s shelter were completed in January. The
following table provides a summary of the assets acquired and the estimate of each asset‟s useful life and
residual value.
Useful Residual
Life Value
Land Improvements
Land Improvements 20 years $ nil
Lighting System 20 years $ nil
Buildings
Pro-Shop + Storeroom 20 years $ nil
Golfer‟s Shelter 20 years $ nil
Grass & Rubber Mats + Installation 5 years $ nil
Office Furniture & Equipment
Refrigerator 10 years $ nil
Table & Chairs 10 years $ nil
Office Furniture and Equipment 10 years $ nil
Fax / Copier 5 years $ nil
Shop Counters 10 years $ nil
Pro-Shop Carpet 5 years $ nil
Safe 20 years $ nil
Storeroom Equipment
Bag Racks 10 years $ nil
Range Equipment
Tractor 10 years $2,500.00
Ball Collector 10 years $ nil
Hire Clubs 5 years $50.00 / set
You need more information to complete the depreciation schedule.
Barry and Michael decided to use the straight-line method of depreciation.
You should review the postings to the relevant asset accounts in MYOB and determine the total
expenditure on each asset to include in the depreciation schedule.
While reviewing the asset accounts, you should identify the date that each asset was installed ready
for use and input this to your depreciation schedule as the commencement date for depreciation.
For example, you should assume that the office furniture and storeroom equipment assets that are
used in the pro-shop were installed on the day the pro-shop was completed. The range equipment
was unpacked and able to be used from 3 January 2011.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
16
TIPS:
When calculating the depreciation, perform a pro-rata calculation based on the number of days the
assets were in use during the month, including the day of installation.
Calculations should be rounded to two decimal places (i.e. in dollars and cents).
A journal entry is required for each class of asset, so determine the individual depreciation for each
asset in your schedule and then aggregate these values to determine the total depreciation for that
class of asset.
When you have completed the depreciation schedule worksheet, you should cell reference the depreciation
values to the Calculation Area of the accounting worksheet. The depreciation values are part of the adjusting
entries for January; we will complete the accounting worksheet in requirement 8.
Requirement 7: January Bad debts expense
Trade Debtors: – prepare (print is optional) a Receivables Reconciliation (Summary) report as at 31/01/11
(from the Sales tab in the Index to Reports); scrutinise the individual debtor balances and check that they
agree to the balance of the Trade Debtors account in the YTD Trial Balance in your worksheet. This asset
account should have a balance equal to the sum of all of the individual amounts owed to the business by the
customers to whom the business offers sales terms that involve delayed settlement. Export this report to
Excel, format it correctly and then copy and move the worksheet to your CS Excel file – name the worksheet
TD REC.
Bad Debts: – use the allowance method and estimate bad debts expense by using the percentage of sales
method at 2% of all credit sales (ignore GST on bad and doubtful debts).
To calculate the bad debts expense you should prepare (print is optional) a “Customer (Sale
Summary)” report for the month of January. Export this report to Excel (re-format as necessary),
identify the credit sales and input formulae to determine the bad debt expense. Move and copy this
worksheet to your CS Excel file and name the worksheet Bad Debt 1.
To cross check your bad debt expense calculation, prepare (print is optional) a detailed General
Ledger report for the appropriate income accounts (select only the income accounts and input the
dates as 1 January to 31 January, 2011). Export this report to Excel (re-format as necessary),
identify the credit transactions for the month of January and input formulae to determine the bad debt
expense. Move and copy this worksheet to your CS Excel file and name the worksheet Bad Debt 2.
Compare the two values you have calculated for bad debt expense – they should be the same. Cell
reference one of the calculated bad debt expense values to the Calculation Area of your accounting
worksheet for January.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
17
Requirement 8: Completing the January accounting worksheet
Cell reference the various calculated amounts in the Calculation Area of your accounting worksheet
to the Adjustment columns of the accounting worksheet.
Input formulae to complete the two trail balances (JAN and YTD) in your accounting worksheet.
Before moving on, ensure that the trial balances do balance.
Prepare another worksheet in your CS Excel file called JAN GJ. Record the January adjusting
entries in this worksheet by cell referencing the relevant account names and values from the JAN
AWS.
Record the January adjusting entries in MYOB (use one entry to record all adjustments).
Print a January trial balance report from MYOB and compare the JAN and YTD values to those in
the two adjusted trial balance columns in the JAN AWS in your Excel file.
When you are happy that you have recorded the January adjusting entries correctly in MYOB export
another trial balance report to Excel (re-format as necessary); copy and move this worksheet to your
CS Excel file and name it JAN ATB.
Complete the JAN AWS by cell referencing the relevant values from the adjusted trial balances to
the JAN income statement, YTD income statement and JAN balance sheet columns of the
accounting work sheet.
Requirement 9: January financial statements
You are now required to produce the following three financial statements:
- A Profit and Loss Statement for the month of January (no zero balances);
- A Year-to-date (YTD) Profit and Loss Statement for the month of January (no zero balances) that
shows the revenue and expense figures for January and the YTD figures;
- A Standard Balance Sheet as at 31 January 2011 (no zero balances)
It is recommended that you print each financial statement and compare the reported values to those
in the relevant columns of your accounting worksheet (they should agree)
Export each financial statement to your CS Excel file (re-format as necessary) and copy and move
the completed worksheet to your CS Excel file
Include each financial statement as a separate worksheet and give each worksheet an appropriate
name.
Requirement 10: February reversing entries
Prepare the final worksheet in your Excel file called FEB REV. Record the February reversing
entries in this worksheet by cell referencing the relevant account names and values from the JAN GJ.
Record the necessary reversing entries in your MYOB file on 1 February 2011.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
18
Case study submission
You are required to submit your case study files in EASE, which is available on the right hand side of the
course homepage (instructions are also available there). Please read the following carefully before
submitting your files.
How do I name the Excel and ZIP file I am to lodge?
When naming your files to be submitted as your assignment, the file names should use the following naming
convention: S1DWGR (for Dee Why Golf Range) and 1234 (being the last four digits of your student
number (e.g. if the last four digits of your student number are 4987 your file names will be S1DWGR4987).
There is no need to include your name or full student number in the file name as these are added to the file
name by the EASE system on lodgement. Therefore your file names will be:
MYOB Backup file = S3DWGR1234.ZIP and
Excel file = S3DWGR1234.xlsx (for users of Excel 2010 or Excel 2007) or S3DWGR1234.xls (for
users of Excel 2003)
What is the comment field for?
There is no need to insert your student name and number in the Comment field in EASE to confirm you have
lodged the assignment. Only use the comment field if there is a special matter you wish to draw to the
attention of the course leader (e.g. confirm that you have an extension).
Do I need to include the electronic version of the USQ assignment folder / cover sheet?
You do not need to include a USQ coversheet in your assignment; you will complete the Student Declaration
as part of the online submission process in EASE.
Do I have to send in a hard copy / lodgement issues?
No hard copy is required. The EASE system is easy to use, reliable and pretty much error free; I am
comfortable that you can rely on the EASE system to submit your assignment online.
Technical problems with online submission
If you need help with your online submission, please email me via [email protected] and if
necessary I will get an EASE expert to contact you to provide assistance. If you leave it until after 5PM on
the evening of the due date you might have to bear any undesirable consequences (late penalties will not be
applied in genuine cases of technical malady but failure to read instructions will be no excuse). In the rare
circumstance that the server is down (e.g. due to a storm) email the files to me.
Keep your confirmation email
Please make sure you complete the submission process in EASE. You will receive an email to confirm your
submission was successful. You need to keep this email as it contains a unique submission code that might
be required later to authenticate your submission. If you do not receive this email your submission has not
been completed.
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
19
Before you upload your files in EASE, check that:
you are happy that you have processed all transactions
you have formatted reports as per instructions
you have saved a copy of your finalised files to source other than your hard drive (e.g. an external
hard drive or USB) – if you have been having difficulties with your computer, we suggest that you
also print out copies of your worksheets and reports
you have a header and footer on each Excel worksheet, which shows your name and student number
you have named your electronic files correctly
Once you are satisfied you can upload your two (2) files in EASE – your CS Excel file and a backup of your
completed MYOB company file
The Excel file can be in Office 2003, 2007 or 2010 format
The MYOB company file must be a backup file and will be a ZIP file
When you do your last backup of the MYOB company file make sure you use the ‘Backup MYOB
company file and M-Powered Services Centre’ option.
DO NOT use the „Back up all data‟ option as this will make the ZIP file much larger and could cause
problems with the submission in EASE.
WARNING – you only have one chance to upload – make sure you are satisfied that you have completed all
of assignment requirements.
It is up to you to ensure you have included all the correct requirements in your submission. The
marker WILL NOT add any requirements that you have omitted. Nor will they add correct
requirements if you have submitted the wrong one. Omitted and incorrect reports will result in lost
marks.
Congratulations – you have now completed your assignment!
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
20
APPENDIX A – THE BANK STATEMENTS The bank statements you require for January 2011 are contained on the next two pages
Dee Why Golf Range Pty Ltd From: 01-Jan-11
123 Templeton Road
Dee Why NSW 2099 To: 31-Jan-11
Page No: 2
Date Transaction Description Debit Credit Balance
1-Jan Opening Balance 5,565.52 CR
4-Jan 0004 6,970.00 - 1,404.48 DR
7-Jan 0006 344.96 - 1,749.44 DR
10-Jan 0005 8,745.00 - 10,494.44 DR
11-Jan 0007 1,560.00 - 12,054.44 DR
13-Jan Transfer Payment 654-MBG 143.00 - 12,197.44 DR
13-Jan Loan Proceeds 90,000.00 77,802.56 CR
13-Jan 0008 8,808.50 68,994.06 CR
14-Jan Transfer 465-852 123458 95,000.00 163,994.06 CR
17-Jan 0010 152,900.00 11,094.06 CR
18-Jan 0009 8,085.00 3,009.06 CR
18-Jan 0011 275.00 2,734.06 CR
18-Jan Transfer Payment 654-GGC 264.00 2,470.06 CR
18-Jan Deposit 312.00 2,782.06 CR
19-Jan 0013 500.00 2,282.06 CR
19-Jan 0014 1,001.66 1,280.40 CR
21-Jan 0012 990.00 290.40 CR
21-Jan Deposit 8,479.68 8,770.08 CR
25-Jan Deposit 92.60 8,862.68 CR
25-Jan B-Pay 77 258 475 862.40 8,000.28 CR
27-Jan 0016 3,773.00 4,227.28 CR
28-Jan Deposit 2,139.39 6,366.67 CR
28-Jan Loan Proceeds 75,000.00 81,366.67 CR
31-Jan Deposit 187.00 81,553.67 CR
31-Jan Deposit 2,021.40 83,575.07 CR
31-Jan 0015 44.00 83,531.07 CR
31-Jan 0017 40,570.00 42,961.07 CR
31-Jan 0018 4,400.00 38,561.07 CR
31-Jan Account Keeping Fee 25.00 38,536.07 CR
31-Jan Interest 15.75 38,520.32 CR
31-Jan 38,520.32 CRClosing Balance
Dee Why, NSW 2099
465-852 123456East Coast Bank Ltd
258 Crement Road
ACC1102 Financial Accounting 2012 SEM 1 MYOB Case Study
21
Dee Why Golf Range Pty Ltd From: 01-Jan-11
123 Templeton Road
Dee Why NSW 2099 To: 31-Jan-11
Page No: 2
Date Transaction Description Debit Credit Balance
1-Jan Opening Balance 100,377.19 CR
14-Jan Transfer 465-852 123456 95,000.00 5,377.19 CR
31-Jan Interest 230.04 5,607.23 CR
31-Jan Account Keeping Fee 5.00 5,602.23 CR
31-Jan 5,602.23 CRClosing Balance
Dee Why, NSW 2099
465-852 123458East Coast Bank Ltd
258 Crement Road