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BAO2000 Accounting Information

MYOB Assignment Semester 2 2023

Assignment Due in Week 11

20% of your total marks

ASSUME IT IS NOW 1 July 2023.  You are a newly appointed Accountant with "Exotic Handbags Pty Ltd", a retail business and store that operates in inner city Melbourne. The owner of “Exotic Handbags Pty Ltd” is Mrs Gucci Vuitton who has decided to employ you to help his store convert from its current manual accounting system to a new computerised accounting system using MYOB.

Now that you are employed as an accountant for the store, your first task will be to set up the MYOB company file by following the detailed requests of Mrs Vuitton. After completing the setup process, your next task will be to record transactions for the month of July into MYOB. You will then be required to journalise various end-of-month adjustments that are estimated by Mrs. Vuitton. During the month you will also be asked to prepare some reports to inform Mrs Vuitton about the financial situation of “Exotic Hand Bags Pty Ltd”.

Creating the Company File

The following list sets out basic information about business "Exotic Hand Bag s Pty Ltd." that is required to create the company file in MYOB using the New Company File Assistant. Each step in this list corresponds to a window in the New Company File Assistant.

· Enter information about your company. The table below shows the contact details and A.B.N. for
Exotic Hand Bags Pty Ltd

Please take the time to enter these details carefully and accurately into MYOB because they vary for every student and will be used to identify your personalised MYOB company file.

*Remember, if your s1103657, your company name would be Exotic Hand Bags Pty Ltd (s1103657)'.

· About your accounting year. The date on which you are setting up the company file is assumed to be 1 July 2023 (the first day of the current month/Conversion month). Therefore, the current financial year for Exotic Hand Bags Pty Ltd is 2023 which starts in July 2023 and ends in June 2024. In the Current Financial Year field, Mrs Vuitton tells you to select the year in which the company's financial year ends.

· Mrs Vuitton then asks you to select July as the conversion month because you will begin recording transactions for the month of July. He mentions that there should be 12 accounting periods per financial year so that each month matches a calendar month. She also asks you to review your entries because you will not be able to change them after the company file is created.

· “Start with an accounts list provided by MYOB”. Mrs Vuitton tells you to create an accounts list (chart of accounts) starting from one of the lists provided by MYOB Accounting. This will ensure you select the appropriate default accounts list for ‘Exotic Handbags Pty Ltd’.

· The industry classification of Exotic Handbags Pty Ltd’ and select 'Retail Business’.

Accounts list (chart of accounts) information

The accounts list that you are asked to set up for Exotic Handbags Pty Ltd is presented below. For many of the account descriptions, Mrs Vuitton has chosen to use the default descriptions and abbreviations provided by MYOB. To modify the default accounts list that was created during the 'creating a new company file' process, from the options provided on the left side of the Accounts Easy Setup Assistant, click Accounts List. This opens the 'Set up the Accounts List to meet your business needs' window. Next, use that window to modify account names, add new accounts, and delete the unwanted default accounts.

Use the Accounts Easy Setup Assistant to enter the opening balances of detail accounts as at 1 July 2023. The following balance sheet provides the opening balances of those accounts as of 1 July2023.

In the Accounts Easy Setup Assistant, before clicking the Next button in the 'Enter your opening balances' window.

Balance Sheet
Opening Balances 1^st July 2023

Create Customers, suppliers and inventory

Customers and sales details

Use the appropriate windows in the Sales Easy Setup Assistant to set up the default information for 'Exotic Hand Bags Pty Ltd’ customers. Do not change other information in that setup assistant.

From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build your customer list' window. Next, use that window to set up the customers of Exotic Handbags Pty Ltd as listed below:

Supplier purchase and details

Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for Exotic Hand bags Pty Ltd' suppliers. Do not change other information in that setup assistant.