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MYOB File for a business that is switching over to a computerized system

Question: 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: Account right Details Select Account Right 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.

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 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: Accounts List Report. Employees List Report

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