Assignment overview

MYOB is a leading accounting software in the Australasian market. Students are expected to self-learn MYOB and complete an MYOB practice set by Week 9. A step-by-step MYOB instruction document has been uploaded on the Wattle page. Through completing an accounting cycle with the MYOB software in a  realistic commercial scenario, students will gain the technical skills, practical experience and develop analytical and communication skills that are sought after in the job market.

Groups and expected time commitment

This assignment is to  be completed by students either individually or up to 3 members (no time extension will be provided on the basis of doing it individually). Group members can be any student enrolled in this course (i.e. need not to be from the same tutorial class, maybe on-campus and/or remote). It is important that you register your group on Wattle – even if you plan to do it individually.

Please note it usually takes 20+ hours to self-learn the software and complete this assignment. Time planning and self-discipline are essential.

Using the cloud-based MYOB

▪ No software: MYOB no longer offers installable MYOB software on computers, instead, it has moved to web-browser-based.

▪ One group, one company file: For a group to work on the same company file in sync by more than one group member, the group will have to decide on the very same company file from which the required set of financial reports will be submitted in the end, and the member who open that company file will then need to add all members to that file.

▪ Made mistakes, want to start from scratch? While some mistakes can be undone in MYOB, some are not. The good news is that you may open as many company files as needed.

Using your university email address safely to protect your privacy

▪    Registering an account with MYOB using your university email address is important because it gives you 180 days of trial, instead of the standard 30 days trial.

▪    It    is    recommended    that    you    use    your UID@anu.edu.au email    address    (e.g. u1234567@anu.edu.au),   rather  than  using  your firstname.lastname@anu.edu.au email address  (e.g. stanley.choi@anu.edu.au).  While  both  addresses  work  the  same  and  any incoming  emails  will  arrive  at  the  same  inbox,  the  UID  address  reveals  less  personal information.

▪    It is highly recommended that you choose a different password for MYOB than the one you use for the university account.

▪    Let your group  member  know the email addresses that you  used to  register your  MYOB accounts, so that they may add you as a member to work on the same company file.

Submission

Submit the required documents (Word/PDFs) on Wattle via Turnitin. There are 3 parts:

1.    Cover letter – group or individual, with your signature/e-signature, which include a declaration that no parts of the assignment were plagiarised.

2.    Part A – the MYOB reports as required (similarity is expected to be very high for this part).

3.    Part B – the written report on financial ratio analysis.

Each group needs to submit ONE copy only. Submitting more than once will result in 100% similarity score.

Assignments are to be submitted with an RSA Assignment Cover sheet attached to the front page (available on Wattle). All  members of the group  MUST sign the cover sheet for the assignment.

STUDENTS WHO DO NOT SIGN THE COVER SHEET ARE ASSUMED TO HAVE MADE NO CONTRIBUTION TO THE ASSIGNMENT AND WILL RECEIVE NO MARKS.

It is assumed that each group member contributed equally unless the group inform the lecturer that they did not. If group members agreed that they did not contribute equally, please email the lecturer (copying to all members of the group) a Statement of Contribution which describes why and how they are  unequal,  and  the percentage of  contribution  of  each  group  member. The  lecturer,  at  their discretion, may (or may not) adjust the marks for each member accordingly.

Late assignments will not be graded (i.e., zero) unless an extension is applied for and approved by the lecturer prior to the due date.

Documentation, Referencing and Plagiarism

•     Please note that each member of the group is expected to contribute substantially. You are required  to  keep  brief  notes  of  group  meetings  and  major  conversations  between  group members, including the topics discussed, the duration of these meetings and conversations and the group members involved. These notes should not be submitted with the assignment but must be made available to the lecturer if s/he wishes to read them.

•      Where necessary, please use Harvard referencing.

•     When requested, you are required to permit “lecturer role” access to the company files on MYOB cloud to the lecturer. This allows the lecturer to collect evidence of non-plagiarism.

•    Plagiarism will not be tolerated. The College policy is as follow:

The College  regards  plagiarism as any appropriation of the  ideas or expressions of another without relevant and appropriate acknowledgement. This includes unattributed appropriation of text or content and may extend to improper referencing. Plagiarism will not be tolerated in this course and all discovered instances would be pursued to the full extent allowable under the rules. Where students have doubts as to how to deal with or acknowledge source materials in the assignment, they should consult the lecturer or tutor. Please also refer to theANU Code of

Practice for Student Academic Integrity.

THE COMPANY: MIA CLEANING

Mia recently quit her public service job to start a cleaning company, Mia Cleaning, in a Canberra suburb after discovering the lack of good cleaners in that affluent suburb and market demand far outweighs the supply of quality cleaning. Mia has also decided that she would eventually take online bookings, after establishing the business, if all goes well. While she is getting her business going, she is not going to draw a salary from the business.

She has employed three full time cleaners. Mia is starting her business on 1st August 2022. Given her lack of experience with accounting software, she has employed you to prepare the accounts for her first month of operations using MYOB. You need to set up MYOB in accordance with her business needs. The following sections detail relevant business information for the setting up of accounts and related information.

1. Business Details

Company Name: Mia Cleaning

Address: Dunlop, ACT 2615

Phone Numbers: 61-6868 6868

Financial Year: 1 July 2022 to 30 June 2023

2. Accounts List

MYOB’s  built-in list for a cleaning service under the administrative and support services industry classification is an appropriate starting point. Using that template, Mia decided on the following chart of necessary accounts for Mia Cleaning. You will need to edit some of the account names, delete others and create some new accounts based on the template provided by MYOB. Some accounts may not be deleted – these will just have a zero balance. Some of the accounts you will just rename through the Edit function.

3. Assets Contributed into the Business

The following table shows the formation journal entry needed to account for the assets that Mia has contributed to the business.

4. Services Information

Sales Layout:

Income:

Service

Service Revenue

Payment Method:   Cash

Linked Account:       1-1110 Cash Account

5. Purchases Information

Payment Method:   Cash

Linked Account:       1-1110 Cash Account

Supplier Cards:

Mia Cleaning buys cleaning supplies including various detergents, cleaning agents, wipes, sprays, and others, from Ted Wholesale and The Clean Work.