ACC703 Accounting Information

ACC703 Accounting Information | Student Work Demonstrates

ACC703 Accounting Information | Student Work DemonstratesKing’s Own Institute ACC703 Accounting Information

A major component of the ACC703 course is the MYOB assignment that is an individual assignment. Your individual assignment will be assessed on three aspects of the assignment:

  • MYOB Assignment: 18%;
  • MYOB Work Activity Report: 800 words plus or minus 20% (5%);
  • Prepare Job Claim Statement and Resume (5%); and
  • Individual presentation based on MYOB assignment: (2%).

Students should report the progress of their MYOB assignment to the tutor by showing the completed chapters or parts of the MYOB assignment to the tutor in week 7. Final MYOB Assignment is due by week 10.

MYOB Assignment (18%)

  1. MYOB assignment text book is “Wendy Pabst & Brian Perrin (2015), Accounting With MYOB 19, 1st Edition, Cengage Learning, Australia”
  2. Please read the downloading and installing MYOB Software
  3. Each chapter has Revision Exercise. Please Do not do Revision Exercise.
  1. When you finish each chapter, please print the reports specified in the book , compare the results of the your printed reports and the results of reports of the book and sign at the bottom of each printed report as an evidence of completing the comparison of two reports before starting the next chapter. If two results of the reports are different, you should mark the different results on your printed reports, analyse the difference and write down the possible reasons of the difference.
  2. The assignment should include one title page and 9 chapter cover pages (chapter 2 to 10) in front of the printed reports of each chapter, and be tied tightly by binding or using plastic folders. Please do not forget to write your student number, name and course on the title page.
  3. MYOB assignment is due by Week 10. Students submit both the paper-printed version and the USB stick to contain 9 MYOB assignment files (*.myox) at the start of the lecture in week 10. If student does not submit the USB to contain 9 MYOB (*myox)files, the printed version will not be accepted or 20% penalty of total available mark will apply to the assignment.
  4. When students submit the paper-printed version to the lecturer, the lecturer will ask validation questions to the student to check whether the submitted MYOB assignment is the student own work or not.
  5. In the past, we found that some students had copied other student’s work, changed name and format, printed and submitted the printed version , or copied word outputs, changed name and converted to PDF file. We remind you again that If we find the students who submits other students’ work with changed name and format , we will take action against the students.

Common Mistake

One of the most common errors is to enter the date in correctly. Though the student does not have any intension to enter the date in correctly it can happen. MYOB by default enters the today’s date. However the accounting MYOB assignment has transaction dates which relates to future dates. So this is a trap for the student and it is very likely that a wrong date is entered. Thus student should double check the date before entering it in to the system.

Go to the DATE SETTING on your computer to see the format of the date. Ensure that this is in the format DATE-MONTH-YEAR. If it is not in this format, then you should change the setting to this format, or else remember that it is not in this format, before entering any information. A common problem for students is assuming that the date setting on their computer will be DAY–MONTH–YEAR. However, it may be set as MONTH–DAY-YEAR and finding that transactions attempting to be entered on 13/7/2009 will not be accepted, is the first students know that their computer is set to the date setting MONTH–DAY-YEAR. At that stage there is no alternative but to start over again, losing all transactions entered. To set your computer so that DATE-MONTH-YEAR date format are used for your transactions, go to Control Panel and then to Regional and Language Options and change to DATE-MONTH-YEAR date format

To set your computer so that dollars are used for your transactions, go to Control Panel and then to Regional and Language Options and change to DOLLAR (Australian)format.

Enter opening balances as positive numbers. Don’t, for example, enter your liability account balances as negative numbers. Enter negative amounts only if accounts truly have negative balances. As a rule, these will be asset accounts that record accumulated depreciation. For example you have to enter the opening balance of the trial balance (page 28). The trial balance has two columns (debit and edit) The scree of MYOB balance has one column.  Please enter -275, -4,410, -3,830, -11,940  in asset category and also enter -3,790 -21,500 in liability category.

When you creating Purchase or Sales invoices in MYOB, there is a tick box asking you whether the invoice is  Inc. or Exc. GST, also when loading in price for products. It is another common mistake for students to forget to tick or untick the in the tick box, based on the information of the book.

You have entered an invoice twice in MYOB and closed both of them. You need to find out how to delete one of them, You are finding it difficult because it’s already closed. Have to delete the payment that closed the invoice first. If you are looking at the invoice click on history then delete the line entry that has the payment that closed the invoice. Once you delete the payment, you will be able to delete the invoice.

MYOB Rubric (18% in Total)

Criteria: How to performUnsatisfactorySatisfactoryEffectiveExcellentExceptional%
FailPassCreditDistinctionHigh Distinction
Company setup, including changing company information and the chart of accounts:

·   Create a new company file

·   Set up  and link accounts

·   Enter account opening balances

·   Reports using other option

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
General Ledger Set-up and General Journal Entries

·   Initial bank reconciliation

·   General journal transaction

·   Understanding GST

·   Reports using menu bar

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Purchase (Accounts Payable)

·   Setup supplier and enter opening balance

·   Set-up inventory items

·   Purchase transaction

·   Bill with discount

·   Adjustment note

·   Pay supplier

·   Cash purchase

·   Purchase register

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Sales (Accounts Receivable)

·   Set up customer and opening balance

·   Sales transaction

·   Received payment

·   Cash sales

·   Adjustment note

·   Part payment received

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors))Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Banking

·   Spend, receive  and transfer money

·   Pay BAS liability

·   Petty cash and credit card

·   Bank register

·   Bank reconciliation

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Inventory

·   Set up inventory items

·   Enter inventory opening balance

·   Inventory transaction

·   Auto build inventory items

·   End of period stock taking

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Integration

·   Monthly sales budgets: transactions

·   Addition information: Bank reconciliation

·   Prepare Business Activity Statement

·   Business insights

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Payroll

·   Set up payroll

·   Assign linked accounts for payroll transactions

·   Payroll transactions

·   Build employee list

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2
Time Billing and Job Costing

·   Set up customer and Supplier cards

·   Set up employee cards and enter billing rate

·   Time billing activities

·   Setting time billing and job

·   Time billing and job costing

·   Activity slips and log

·   Record supplier bills

·   Time billing invoices

·   Pay employees

Student work does not demonstrates a basic developed understanding of how to perform (more than 10 errors)Student work demonstrates a basic developed understanding of how to perform (6-10 errors)Student work demonstrates an effective developed understanding of how to perform (3-5 errors)Student work demonstrates a proficient developed understanding of how to perform (1-2 errors)Student work demonstrates an advanced developed understanding of how to perform (no errors)2

MYOB Work Activity Report (5%)

You have to provide an individual work report on how you have worked to produce your MYOB assignment. Major part of your individual report is to practice “Audit Around the Computer Approach” and to prepare report. “Audit Around the Computer approach” is more often known as black box audit approach as shown below:

In your  MYOB assignment, you enter input data in to the MYOB software based on the source documents (input) of the book, print the outputs (the reports) generated by MYOB software and then compare the printed outputs  with the outputs of the book. If two results of the two reports are different, you should reconcile the different results

Periodic information such as starting, ending and printing  dates of each chapter entries must be inserted into the correct section in chronological order, including causes and solutions of the problems. Particularly when you finish each chapter, please print the reports specified in the book and compare the results of the your printed reports and the results of reports of the book . If two results of the two reports are different, you should reconcile the different results on your printed reports and write down the possible reasons in your report.

The final report should use an appropriate business report format and should include a detailed description on (Times new Roman 12 point):

  1. progress based on time spent on each chapter;
  2. any issues or problems that have occurred or been managed in each chapter, including details of what the issues or problems (if there are difference between two results of the report produced by you and the report of the book, analyse the difference and write down the possible reasons of the differenc), how have been dealt with them and what have been done to fix the issue or the problems (how to reconcile the difference).
  3. your achievement in your MYOB assignment
  4. what work is planned for the next 3 months in getting MYOB related accounting job.

ACC703 Accounting Information | Student Work Demonstrates

MYOB Work Activity Report (5% in Total)

CriteriaUnsatisfactorySatisfactoryEffectiveExcellentExceptional%
FailPassCreditDistinctionHigh Distinction
Amount of issues/problemOne or two important issues/problems are identifiedA few important issues/problems are identifiedSome important issues/problems are identifiedMajority of important issues/problems are identifiedAll important issues/problems are identified1
Explanation of issues/problemIssue/problem is stated arbitrarilyIssue/problem is stated without clarification or description.Issue is stated and clarified with some ambiguities, and/or backgrounds unknown.Issue/problem is stated, described, and clarified so that understanding is not seriously impeded.Issue/problem is stated clearly and described comprehensively1
AnalysisAnalysis is arbitraryAnalysis is vague and not evident.Analysis is accurate

but not evident

Analysis is through

and evident

Analysis is in depth and evident1
SolutionSolutions is arbitrarySolutions  not based on analysis and  not based on  evidence/sound methodsSolutions based on analysis but not based on  evidence/sound methodsSolutions based on analysis and  evidence/sound methods but can not fix the problemsSolutions based on analysis and  evidence/sound methods and fix the problems.1
Achievement and Future PlanStudent  does not addresses either what achieved  or how learned, and what’s next regarding mastering MYOBStudent addresses either what achieved  or how learned, but does not address what is next with regard to mastering MYOBStudent addresses what achieved and how achieved, but does not address what is next with regard to mastering MYOBStudent addresses what achieved, how achieved , and what is next with regard to mastering MYOB clearlyStudent addresses what achieved, how achieved , and what is next with regard to mastering MYOB clearly1

JOB Claim Statement (5%)

The following document are required and attached :

  1. Printed job advertisement you applied for;
  2. Job claim statement (Job Claim Statement is different  from Job Application Cover Letter.)
  3. Resume
  4. Confirmation email from your applied JOB advertiser

Find the job advertisement related to MYOB from www.seek.com.au,  www.careerone.com.au or www.gumtree.com.au . The advertisement will provide an overview of the position, information on how to apply and a closing date for applications. You may contact the employer and get the position description to contain a more in depth description of the position and to include details of the selection criteria required to successfully undertake the position.

After analyzing the job advertisement, prepare the job claim statements of no more than three pages outlining your motivation and suitability for the role, addressing the selection criteria individually. Addressing the selection criteria provides you with an opportunity to demonstrate your key strengths by providing examples from past experiences to show how you meet the requirements of the position.

Make sure you individually address each criterion, carefully reading each one and breaking it down into parts ensuring you address each aspect thoroughly. The most important aspect of addressing selection criteria is to provide evidence through relevant examples. Support your claims with actual, specific examples of what you have done and how well you did it. One way to do this is to use the STAR model:

  1. Situation: Outline a specific circumstance where you developed the particular experience or used the required skills or qualities. Set the context of the situation.
  2. Task: What was your role? What did you have to do?
  3. Action: What did you do and how did you do it?
  4. Result: What did you achieve? What were the results of what you did?

Tips

  1. use clear language with specific and relevant examples from your current or past employment (paid or unpaid), study, extra-curricular activities or other experience.
  2. quantify your experience or skills if you can, e.g. ‘three years experience in creating monthly budgets using Microsoft Excel.’
  3. if an example applies to a number of selection criteria, include it under each separate criterion.
  4. remember you are limited to a maximum of 500 words for each selection criterion

Example

Here is an example to address selection criteria.

Demonstrated capacity to communicate effectively

‘My ability to communicate effectively with a range of people was demonstrated in my position as receptionist with the organisation. I dealt with members of the general public, officers from the local council and government departments, and representatives from private businesses on a daily basis.

I communicated with these people face to face, over the phone and through use of email. As I was the first point of contact for the organisation it was very important that I was professional, courteous and helpful in my interactions. In recognition of my positive interpersonal skills my temporary position was extended for nine months beyond my initial contract.’

Preparing your resume / curriculum vitae: your resume (also known as curriculum vitae or CV) is a snapshot summarising your qualifications, experience, skills, qualities and key accomplishments / achievements. A resume needs to be clear, concise and neatly organised with content relevant to the role you are applying for.

 

JOB Claim Statement (5% in Total)

CriteriaUnsatisfactorySatisfactoryEffectiveExcellentExceptional%
FailPassCreditDistinctionHigh Distinction
DocumentationJob claim statement is less than one page

 

Job claim statement

 

Job claim statement

Resume

Job claim statement

Resume

Confirmation email

Job advertisement

Job claim statement

Resume

Confirmation email

1
ResumeOnly one or two  aspects of the resume apply to the advertised

Job

A few aspects of the resume apply to the advertised

Job

Half of the resume applies to the jobMost of the resume applies directly to the

job.

All aspects of the resume applies directly to the

job

1
Job Claim StatementOutline motivation and suitability for the role and address one or two selection criteria individuallyOutline motivation and suitability for the role and address a few selection criteria individuallyOutline motivation and suitability for the role and address some selection criteria individuallyOutline motivation and suitability for the role and address most selection criteria individuallyOutline motivation and suitability for the role and address all selection criteria individually2
Professional FormatJob claim statement and resume are viewed as not acceptable.Job claim statement and resume are viewed as adequateJob claim statement and resume are viewed as effectiveJob claim statement and resume are viewed as professionalJob claim statement and resume are viewed as extremely professional1

 Individual Presentation (2%)

Presentation marks will be based on individual student performance at the presentation of your MYOB assignment based on the MYOB Work Activity in weeks 11 and 12 tutorials.  If any student does not attend their presentation, the student will not get presentation marks unless a medical certificate has been provided.

 

Presentation Rubric (2% in Total)

CriteriaUnsatisfactorySatisfactoryEffectiveExcellentExceptional%
FailPassCreditDistinctionHigh Distinction
OrganisationNot ApplicablePresentation is not smooth and audience attention lost because there is little sequence of information.Audience has difficulty

following presentation

because some of the

information is not in

logical sequence.

Student presents information in logical sequence which audience can follow.Student shows  enthusiasm  and presents information in logical, interesting sequence which engages the audience.0.5
ContentNot ApplicableSome information is not accurate, not sufficient informationAccurate information, not sufficient informationAccurate information, sufficient informationAccurate and in depth  information, sufficient amount of information0.5
Audience InteractionNot ApplicableStudent just reads

presentation with no eye contact or no use of appropriate gestures

Student primarily

reads presentation,

occasionally

uses eye contact and uses appropriate

gestures.

Student maintains

eye contact and uses appropriate gestures while often referring to notes.

Student maintains

eye contact and uses appropriate

gestures while seldom returning to notes.

0.5
Communication & Time ManagementNot ApplicableStudent mumbles, and speaks too quietly for students in the back of class to hear  and/or the presentation was too brief or too long.Student’s voice is low. Audience members have difficulty hearing presentation and/or the presentation was somewhat short or somewhat long.Student’s voice is clear. Most audience members can hear presentation. The presentation was of the proper duration.Student uses a clear voice and correct, precise terms so that all audience members can hear presentation. The presentation was of the proper duration.0.5

 Downloading and installing MYOB Software

The URL and serial numbers provided in the MYOB textbook (Accounting with MYOB 2015) are not valid.

You may download ‘MYOB AccountRight Plus’ (Version 2016.2.2.exe) from the following URL.

You need a serial number to create your company file.
You may create your company file for your assignment in tutorial class.
As KOI has a site/educational licence, you can create a company file at computer lab.
If you purchase a textbook (Accounting with MYOB 2015) from KOI Library, you are given a serial number provided by the publisher.

Open MYOB and click [Create a Company File]

Company information

  • Serial Number: to be given by tutor (If you purchase a textbook, you can create file at home)
  • Company Name: Your Name (on your student ID)
  • B.N (11 digits): 117 + Your Student Number
  • Address: Your Address or 1/31 Market St Sydney NSW 2000
  • Phone Number: Your mobile phone number
  • Fax Number: Leave it blank
  • Email Address: Your student email

Company Information

  • Current Financial Year: 2017
  • Last month of Financial Year: June
  • Conversion Month: May
  • Accounts List Options

Accounts List Selection

Select ‘Retail’ from the drop down box

Create your company file

The default saves it to [My Library] on C drive

You need to keep your my file on your USB. (to be explained)

But It is complicated to change default location on your computer.

Save in [My Library] first.

Then click [Create Company File]

Conclusion

Activate your company file 

Activate Online

The serial number should automatically appear if you entered a serial number on company information.

Click [Activate] Do not type the serial number on the textbook

Conclusion

Congratulations! You successfully installed MYOB software. 

From now on Follow the instruction on the textbook. (from page 19) 

Backup File

When you finish each chapter (or you close software in the middle), you need to back up your file in your USB, as your file is currently in [MY LIBRARY]. Please remember when you open your MYOB file, it is added to [My Library], and all new transactions are recorded in the added file in [My Library]. Backup procedure is a bit complicated as you will be doing assignments both at home and in tutorial classes. All documents in [My Library] of KOI computer labs are deleted weekly. Do not ask IT teams to find your files.

Close MYOB software When you close MYOB software, Back up screen will be showing.

Click [No], and Go to Liabraries>Documents> MYOB>My AccountRight Files

  • Your MYOB File is currently saved in [My Library].
  • Go to Liabraries>Documents> MYOB>My AccountRight Files
  • Copy the file from My Library, and paste in your USB Drive
  • Rename your MYOB file to Your Name_Chapter 2.myox 

Starting a new chapter

ADD the previous company file. For example, when you start Chapter 3, open the file ‘Yourname_Chapter2.myox’.

Once you finish a chapter, change the company file name in [My Library] folder and move it to your USB.

You are required to keep separate backup files for each chapter. After you finish your assignment, you should have 9 files. If you lose a MYOB backup file in the real world, you will lose your job.

NO EXCUSE!!! KEEP YOUR FILES

Make sure you are required to submit the reports for each chapter with chapter cover page.

Also, you need to submit your ‘WORK ACTIVITY REPORT’ with backup files. Backup files will be returned to you.

If you have further question, please ask tutors for help in tutorial classes.

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