Assessment Coversheet Unit/s AssessedFNSACC416 Set up and operate a computerised accounting systemAssessment NameFNSACC416 Assignment (MYOB version) Type of Assessment This summative assessment will enable your assessor to make a judgement of competency based on the submission of your completed assessments against the requirements of the unit/s of competency in this module. Benchmark The Assessment Benchmark developed for each unit of competency is the evidence criteria used to judge the quality of performance (i.e. the assessment decision-making rules). Assessors use these benchmarks to make judgements on whether competency has been achieved and to determine if you have performed to the standard expected to meet the unit requirements. Reasonable Adjustment Where appropriate Monarch Institute will allow flexibility in the way in which each unit is assessed based on the needs of an individual. Assessment Coding Assessment of this course is based on competency-based principles. S = Satisfactory NS = Not Satisfactory If you fail to perform satisfactorily for the assessment in the prescribed way you may be assessed as ‘Not Satisfactory’. You are required to be assessed as ‘Satisfactory’ in all assessments for each unit of competency. Re-assessment Your assessment can be submitted after you have reviewed the learning materials and practiced enough to feel confident in your resubmission. You have two weeks from your last submission feedback to resubmit. You are re-assessed in only the areas where your assessor has indicated you were initially assessed as NS. It is at the assessor’s discretion to re-assess the entire assessment should an overall understanding not be demonstrated. When you are re-assessed as ‘satisfactory’ after re-submission you will achieve competency for this assessment. Declaration of Understanding and Authenticity I acknowledge the assessment process has been explained and agree that I am ready to undertake assessment. I am aware of where to find the assessor’s feedback for the assessment. I am aware of the appeals process, should the need arise. I also understand I must be assessed as ‘satisfactory’ in all parts of the assessment/s to gain an overall competent result for the unit/s of competency. If I am found to be NS after a second attempt, it is at the assessor ‘s discretion whether I may be permitted one final attempt. I am aware that a ‘not competent’ final outcome means I may incur fees for re-enrolment in the unit/s. I certify that the attached material is my original work. No other person’s work has been used without due acknowledgement. I understand that the work submitted may be reproduced and/or communicated for the purpose of detecting plagiarism. I understand a person found responsible for academic misconduct will be subject to disciplinary action (refer to Student Information Handbook). * I understand that by typing my name or inserting a digital signature into this box that I agree and am bound by the above student declaration. Student Name*:Date: Submission instructions: Complete the Declaration of Understanding and Authenticity (above).Once you have completed all parts of the assessment login to the Monarch Learning Management System (LMS) to submit your assessment.In the LMS, click on the link to ‘Submit [assessment name]’ in your course and upload your assessment files. Click save and then click submit assignmentPlease be sure to click ‘continue’ after clicking ‘submit assignment’. Introduction While you have been working through and completing the exercises in the ‘Computerised Accounting’ textbook, you have been required to enter data and undertake accounting exercises using the MYOB files provided. All of the MYOB file exercises presented in the textbook provide essential preliminary learning and must be completed in full prior to attempting this assignment. Assignment Instructions: REQUIRED: Refer to Practice Exercise 2 for Yabby Books Pty. Ltd., on pages 339-354 of the “Computerised Accounting” textbook. In this assessment, you are required to create one (1) new MYOB company data file and use MYOB to process transactions and to produce a set of accounting reports. Please be aware that when you create the new MYOB company file, the MYOB software allows you only 30 days to transact in the file before the company file becomes ‘Read Only’. In ‘Read Only’ mode you cannot add, delete or change any information in the company file; you can however still view all information and print all reports. We therefore recommend that you complete this entire assessment within 14 days and then promptly submit your completed work for grading. This allows your Assessor time to complete the grading and provide you with feedback should you need to correct your work and re-submit. If your file becomes ‘Read Only’ and you still need to make any changes and re-submit, you will need to re-do all of these assignment exercises again. Start by reading the instructions under the heading “Required:” on page 347. The key information you need to create, modify and transact in your new company data file is provided on pages 339-346 of the textbook. Carefully work through the instructions and transactions and prepare all parts of the Practice Exercise as specified in the textbook except the ‘Name for your company file’ (on page 339) must be ‘Your Name – Yabby Books’ (e.g. if your name is Lisa Smith, the file name will be ‘Lisa Smith – Yabby Books’). As part of this assignment, you are also required to enter the ‘Transactions for July 2018’ listed on pages 344-346 (and perform calculations where necessary to derive required amounts). Below are the accounting policies and procedures you need to adhere to when working through the activities. Accounting policies and procedures Business Operations: The Company was set up in 2019, based in Tyabb Victoria, and derives its main source of revenue from retail book sales.Financial Year: The Company adopts a financial year that ends on 30th June, with Financial Statements completed on an Accruals basis.Purchases: purchases are recorded as occurring on the same day as recorded in the bank transaction list. The Company does not receive any discounts or incur any charges from its suppliers and therefore does not keep an expense account to track those types of charges.Sales: all new sales are to be allocated to the Sales revenue account, unless otherwise stated.Revenue recognition: The Company recognises revenue on the date that money is deposited to its bank account. Trade discounts and early payments discounts are not offered to customers.Good & Services Tax (GST): The Company is a registered entity for GST purposes and accounts for GST on a Cash basis. As a small business, GST is paid in quarterly instalments.Cash: The Company requires all of its customers to pay their invoices by direct deposit to its bank account. The Company pays all of its suppliers electronically either by online banking payments or by swiping their visa debit card.Inventory: The Company uses a tracked Inventory system.Chart of Accounts: It is imperative that you familiarise yourself with the Chart of Accounts and the descriptions provided for each account to assist with correct allocations.Financial Reports are provided to stakeholders of the business. Ensure that you always use capital letters appropriately on account names and contact names, and, double-check for correct spelling. Inappropriate use of all lower-case letters and spelling errors adversely impacts on the professional presentation of business documents in the workplace. Very important note: Finally, also, in addition the other reports and Bank Reconciliation for 31/7/18 (as specified in the textbook), you are also required to perform another Bank Reconciliation for 7/8/18 using this following Bank Statement: Generate the following reports for Yabby Books Pty Ltd and save each report on your hard drive in PDF format as these will later be merged into 2 separate PDF documents: Accounts List [Detail] as at 31/7/2018Trial Balance as at July 2018Balance Sheet as at 31/7/2018Profit & Loss Statement for the month ending 31 July 2018Aged Payables [Summary] as at 31/7/18Aged Receivables [Summary] as at 31/7/18Receivables Reconciliation [Summary] as at 31/7/18Payables Reconciliation [Summary] as at 31/7/18Reconciliation Report for Cheque Account 1-1110 only as at31/7/18Reconciliation Report for Cheque Account 1-1110 only as at7/8/18Cash Receipts Journal 1/7/18 to 31/7/18Cash Disbursements Journal 1/7/18 to 31/7/18GST [Detail – Accrual] 1/7/18 to 31/7/18Inventory Value Reconciliation as at 31/7/18Item List [Summary]General Ledger [Detail] 1/7/18 to 31/7/18Transaction Journal filtered for all sources and all transactions for 1/7/18 to 31/7/18 REQUIRED: The above 17 PDF documents are to be merged into two (2) separate PDF documents and saved using the filename ‘Your Name – Yabby Books’ (i.e. if your name is Lisa Smith, the file name will be ‘Lisa Smith – Yabby Books’) as follows: Documents 1 to 15 inclusive are to be saved into a single pdf with the file name ‘Your Name – Yabby Books1’Documents 16 to 17 inclusive are to be saved into a single pdf with the file name ‘Your Name – Yabby Books2’ Follow these instructions to merge PDF documents online for free: MERGE PDF DOCUMENTS Go to www.ilovepdf.comClick on Merge PDF Click on the Select PDF files button to locate the PDF files from your hard drive Continue clicking on ‘Select PDF files’ until you have added all PDF documents to be merged. Click on the Merge PDF button When the following message appears, click on the Download merged PDF button. This will automatically download the document for saving to your hard drive. Save your first merged file with the file name ‘Your Name – Yabby Books1’Repeat the above steps to save your 2nd file with the file name ’Your Name – Yabby Books2’ You are now ready to upload the documents to LMS for assessment. BEFORE YOU SUBMIT YOUR ASSIGNMENT: Assessments will not be completed if any of the reports have been omitted from the Merged PDF’s The separate Assignment Declaration form (Word document) must also be completed by you and uploaded to the LMS when you submit your assignment. PRIOR to submitting this assignment, you must have successfully completed the quizzes on LMS. MYOB REPORTS REQUIRED TO BE SUBMITTED FOR ASSESSMENT: (tick off each report name to ensure that you have all of them)Merged PDF file #1 name: Your Name – Yabby Books1.pdf 1. Accounts List [Detail] 2. Trial Balance 3. Balance Sheet 4. Profit & Loss Statement 5. Aged Payables [Summary] 6. Aged Receivables [Summary] 7. Receivables Reconciliation [Summary] 8. Payables Reconciliation [Summary] 9. Reconciliation Report 31/7/18 10. Reconciliation Report 7/8/18 11. Cash Receipts Journal 12. Cash Disbursements Journal 13. GST [Detail – Accrual] 14. Inventory Value Reconciliation 15. Item List [Summary]Merged PDF file #2 name: Your Name – Yabby Books2.pdf 16. General Ledger [Detail] 17. Transaction Journal NOTE: You are required to upload the merged PDF files to the LMS, together with the Assignment declaration Word document, ensuring the student declaration has been completed by you. The marking of your submission will usually be completed within 5-7 business days. Good luck!
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