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: Scot & Susan 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. 

EXERCISE 2:

EASY SETUP ASSISTANT - ACCOUNTS

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

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