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%)
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.
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.
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: