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ACCTFIN 3500 Accounting And Finance Capstone

tag 0 Download 0 Pages / 0 Words tag 18-06-2022


MYOB Activity Report:

Before starting up we have to create the company information like company’s name, address and ABN number. Without this we should not start because without all the basic information, reports will not be correct.
Then we have to enter the financial year ending ______and then the conversion month. Conversion month means the month of which we are going to enter the transactions. Once we have entered the conversion month, we cannot change the same. So, we should be very careful regarding this.

After this e have to select the industry classification and the type of business, company is persuing.

After this we will be complete with the setting up of the company information.
Then we have to complete the accounts list. In the accounts list we should add the accounts which are not in the software by default and should delete the extra otherwise it will create confusion. We can also add the accounts while entering of the transactions.
After entering the accounts lists, we have to enter the opening balances. We should be very careful while entering the same because entering wrong balances will give wrong output.
After that we have to enter the customer and supplier names along with their complete address and their ABN number.
After entering of customer and supplier names, we have to add their historical sales and purchases because then only the balances of customers and suppliers will tally with the balances of debtors and creditors we have entered in the accounts list.
After that we will have to enter the items we wish to sale, purchase or stock. While entering the items we should be careful while entering their tax codes and selling and buying details because one mistake can make false all the accounts.
After that we have to count the inventory i.e. we have to enter the opening balances in units of the stock items along with their unit cost.
At last under set up process, we will enter the employee details. Under this all the details like date of birth, start date, annual salary, frequency of salary has to be mentioned. Then all the perks enjoyed by the employee will also have to be mentioned.
Now we are all set to enter the transactions.
For entering the transactions, all the purchases will be entered under the purchase tab. For cash purchase we will make the terms of payment to Cash on Delivery.
Similarly all the sales transactions will be entered under “enter sales” tab. If we want to add any customer then we can add the same by clicking “new” tab under customer heading.
All cash expenses, will be entered under banking tab, heading “spend Money”. Similarly all the cash receipts will be entered under “receive money” heading.
All the sales return will be entered under” enter Sales” heading. Only we have to enter the quantity in –ve like -5 etc.
Similarly all the purchase return will be entered under” enter purchase” heading. Only we have to enter the quantity in –ve numbers and after that we have to make the adjustment of the entry against which we have the purchase return or sale return.
All the month end expenses will be entered under journal entry part.
Once we have entered all the transactions we will reconcile the bank accounts. For that we will enter the bank balance statement and then tick the entries which are matching with our bank entries. 
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