Let It Snow

Let It Snow : A Combined Manual and Computerised Accounting Practice Set (Using MYOB AccountRIGHT PLUS Version 19)

  • Paperback
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Description

Let It Snow is a combined manual and computerised practice set for a wholesale company that buys from major pharmaceutical enterprises and sells mainly to chemists. Although it involves a private company and the application of international accounting standards, there are not complicated corporate type transactions included within.

Part A of this practice set provides experience in manually recording and posting a variety of business transactions from information provided in source documents. This will assist students in gaining an understanding of the flow of data in an accounting system, as many of these processes are out of sight in a computerised accounting system. Completion of the practice set for a one-month period should ensure a greater appreciation of:



The steps in the accounting cycle for a business
The use of special journals for processing data more efficiently
The use of subsidiary ledgers to remove detail from the general ledger
The perpetual inventory system
The bank account reconciliation
Balance-day adjustments and the general ledger closing process
How the accounting cycle culminates in the preparation of financial statements
How the goods and services tax (GST) impacts on accounting
The variety of source documents, and
How to extract information from source documents to record transactions

Part B of this practice uses a list of transactions instead of a source document. It is designed to provide students with an understanding of a computerised accounting system, how it operates, how to set up a data file and enter opening balances, how to record transactions, and how to produce useful reports using MYOB AccountRight Plus. It will assist students to appreciate how the same processes as those listed operate in a computerised environment.

Systems Requirements
For Windows 7: Windows Vista (service Pack 2) or Windows XP (Service Pack 3)
For Mac: Mac OS X 10.4 or later
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Product details

  • Paperback | 112 pages
  • 209 x 298 x 8mm | 349g
  • Queensland, Australia
  • Revised
  • 2nd Revised edition
  • 0730305686
  • 9780730305682
  • 1,922,291

Table of contents

CHAPTER 1 Introduction 1

Business background: Let it Snow 1

Part A: Manual accounting system 2

Part B: Computerised accounting system 2

Conclusion 2

PART A: MANUAL ACCOUNTING SYSTEM 5

CHAPTER 2 Manual accounts 6

Account balances 7

Requirements for Part A 8

PART B: COMPUTERISED ACCOUNTING SYSTEM 11

CHAPTER 3 Computerised accounts 12

MYOB software 12

Completing Part B 13

Installing MYOB AccountRight Plus 13

Running MYOB AccountRight Plus and opening a company file 14

MYOB AccountRight Plus graphical interface 15

CHAPTER 4 Setting up the data file 17

Set up the business details using the New Company File Assistant 17

Set up the accounts list 21

Double-entry accounting and linked accounts 25

Entering general ledger opening balances 26



Check the Accounts List 28

Set up customer cards and enter opening balances 29

Set up supplier cards and enter opening balances 35

Set up inventory items 40

Record inventory opening balances 44

Initial bank reconciliation 46

CHAPTER 5 Entering transactions for period 1 49

Reversing journal entries 49

Purchase order 50

Credit sales (new customer) 51

Pay a supplier 53

Receipt from a customer (with prompt payment discount) 54

Petty cash 55

Cash sales (undeposited funds) 56

Convert a purchase order into a bill 58

Service bill 59

Receipt from a customer (undeposited part payment) 60

Bank undeposited funds 61

Pay wages 62

Purchase return 63

CHAPTER 6 Reports 66

Using the command centre to produce reports 66

Using the main menu bar to produce reports 68

Profit and loss 69

Balance sheet 70

Trial balance 71

CHAPTER 7 Completing the practice set 72

Period 2 transactions (11 August to 17 August) 72

Period 3 transactions (18 August to 24 August) 72

Period 4 transactions (25 August to 31 August) 73

APPENDICES 75

APPENDIX 1 Source documents ? July 2013 76

APPENDIX 2 Glossary of source documents 90

APPENDIX 3 Transactions ? August 2013 93



APPENDIX 4 An introduction to the GST and PAYG 98

APPENDIX 5 Chart of accounts 100

APPENDIX 6 MYOB Help 102
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