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ACC703 Accounting Information

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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

ACC703 Accounting InformationOne 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 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):

a.     progress based on time spent on each chapter;

b.     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).

c.      your achievement  in your MYOB assignment 

d.     what work is planned for the next 3 months in getting MYOB related accounting job.

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. 

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.



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