ACC703 Accounting Information

King’s Own Institute

ACC703 Accounting Information
Trimester 2, 2017

Individual Assignment (30% in total)

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.
4. 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.
5. 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.
6. 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.
7. 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.
8. 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)

Unsatisfactory Satisfactory Effective Excellent Exceptio

Criteria: How to perform Fail Pass Credit Distinction High Disti

Company setup, including

changing company information
and the chart of accounts:
· Create a new company file

· Set up and link accounts Student work Student work Student work Student w
does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
· Enter account opening
basic developed basic developed developed developed develop
balances
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Reports using other option perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors

General Ledger Set-up and

General Journal Entries
· Initial bank reconciliation
Student work Student work Student work Student w
· General journal transaction does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Understanding GST
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Reports using menu bar perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors

Purchase (Accounts Payable)

· Setup supplier and enter Student work Student work Student work Student w
opening balance does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Set-up inventory items
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Purchase transaction perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors
· Bill with discount

· Adjustment note

· Pay supplier

· Cash purchase

· Purchase register

Sales (Accounts Receivable)

· Set up customer and
opening balance

· Sales transaction

· Received payment
Student work Student work Student work Student w
· Cash sales does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Adjustment note
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Part payment received perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors)) errors) errors) errors) errors

Banking
· Spend, receive and transfer
money

· Pay BAS liability

Student work Student work Student work Student w
· Petty cash and credit card does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Bank register
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Bank reconciliation perform (more perform (6-10 perform (3- perform (1-2 perform
than 10 errors) errors) 5errors) errors) errors

Student work Student work Student work Student w

does not Student work demonstrates an demonstrates a demonstra
Inventory
demonstrates a demonstrates a effective proficient advanc
· Set up inventory items
basic developed basic developed developed developed develop
understanding understanding understanding understanding understan
· Enter inventory opening of how to of how to of how to of how to of how
balance perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors
· Inventory transaction

· Auto build inventory items

· End of period stock taking

Integration
· Monthly sales budgets:
transactions

· Addition information: Bank

reconciliation Student work Student work Student work Student w
does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
· Prepare Business Activity
basic developed basic developed developed developed develop
Statement
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Business insights perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors

Payroll
· Set up payroll

· Assign linked accounts for Student work Student work Student work Student w
payroll transactions does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Payroll transactions
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Build employee list perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors

Time Billing and Job Costing

· Set up customer and
Supplier cards

· Set up employee cards and

enter billing rate

· Time billing activities

Student work Student work Student work Student w
· Setting time billing and job does not Student work demonstrates an demonstrates a demonstra
demonstrates a demonstrates a effective proficient advanc
basic developed basic developed developed developed develop
· Time billing and job costing
understanding understanding understanding understanding understan
of how to of how to of how to of how to of how
· Activity slips and log perform (more perform (6-10 perform (3-5 perform (1-2 perform
than 10 errors) errors) errors) errors) errors
· Record supplier bills

· Time billing invoices

· Pay employees

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.
MYOB Work Activity Report (5% in Total)
Unsatisfactory Satisfactory Effective Excellent Excep

Criteria Fail Pass Credit Distinction High Dis

One or two Majority of

important A few important Some important important All imp
Amount of issues/problems are issues/problems are issues/problems are issues/problems are issues/prob
issues/problem identified identified identified identified identi

Explanation of Issue/problem is Issue/problem is Issue is stated and Issue/problem is Issue/pro

 issues/problem stated arbitrarily stated without clarified with some stated, described, stated cle
clarification or ambiguities, and/or and clarified so that descr
description. backgrounds understanding is comprehe
unknown. not seriously
impeded.

Analysis is
accurate Analysis is through
Analysis is Analysis is vague but not evident and evident Analysis is
Analysis arbitrary and not evident. and ev

Solutions based on
Solutions not Solutions based on analysis and Solutions
based on analysis analysis but not evidence/sound analysi
and not based on based on methods but can evidence
Solutions is evidence/sound evidence/sound not fix the methods a
Solution arbitrary methods methods problems probl

Student does not Student addresses Student addresses

addresses either either what what achieved and Student addresses Student a
what achieved or achieved or how how achieved, but what achieved, what achie
how learned, and learned, but does does not address how achieved , and achieved ,
what’s next not address what is what is next with what is next with is next wi
Achievement and regarding next with regard to regard to mastering regard to mastering to masterin
Future Plan mastering MYOB mastering MYOB MYOB MYOB clearly clea

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)

Unsatisfactory Satisfactory Effective Excellent Exceptiona

Criteria Fail Pass Credit Distinction High Distinc

Job advertisem
Job c
Job claim statement
statement
Job claim Resume Resume
statement is less Job claim Job claim
than one page statement statement Confirmation Confirmation
Resume email email
Documentation
 Only one or two
aspects of the A few aspects of Most of the All aspects of
resume apply to the resume apply resume applies resume appl
the advertised to the advertised directly to the directly to t
Job Job Half of the resume job. job
Resume applies to the job

Outline motivation Outline motivation Outline motivation Outline motivation Outline motiv
and suitability for and suitability for and suitability for and suitability for and suitability
the role and the role and the role and the role and the role an
address one or two address a few address some address most address al
Job Claim selection criteria selection criteria selection criteria selection criteria selection crit
Statement individually individually individually individually individuall

Job claim
Job claim Job claim Job claim Job claim statement a
statement and statement and statement and statement and resume are vie
Professional resume are viewed resume are viewed resume are viewed resume are viewed as extreme
Format as not acceptable. as adequate as effective as professional profession

Individual Presentation (2%)

Presentation marks will be based on individual student performance at the presentation
of your MYOB assignmentbased 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)

Unsatisfactory Satisfactory Effective Excellent Exception

Criteria Fail Pass Credit Distinction High Distinc

Audience has
difficulty
following
presentation

because some of
the Student sho
enthusiasm
Presentation is not presents
information is not
smooth and Student presents information
in
audience attention information in logical, intere
lost because there logical sequence sequence wh
is little sequence logical sequence. which audience engages th
Organisation Not Applicable of information. can follow. audience

Some information Accurate Accurate Accurate and

is not accurate, not information, not information, depth
Content Not Applicable sufficient sufficient sufficient informatio
 information information information sufficient am
of informati

Student primarily
reads presentation,

occasionally Student main

Student just reads Student maintains eye contact
presentation with uses eye contact eye contact and uses appropria
no eye contact or and uses uses appropriate
no use of appropriate gestures while gestures w
appropriate often referring to seldom retu
Audience gestures gestures. notes. to notes.
Interaction Not Applicable

Student use
Student mumbles, Student’s voice is clear voice a
and speaks too low. Audience Student’s voice is correct, prec
quietly for members have clear. Most terms so that
students in the difficulty hearing audience members audience mem
back of class to presentation can hear can hear
hear and/or the and/or the presentation. The presentation.
Communication presentation was presentation was presentation was presentation
& Time too brief or too somewhat short or of the proper of the prop
Management Not Applicable long. somewhat long. duration. duration.

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.

http://download.myob.com/au/Compliance_2016-2/AccountRight/MYOB_AccountRight_Setup_2016.2.2.exe
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