1. If you are using UTS Computers. SAVE ONTO USB (not desktop)!
Student ID = 8 Digits, ABN = 11 Digits, so your ABN should be “ ” to avoid error messages <Pg17>
Financial Year = 2018, Conversion Month = Jan, do not forget to change this (otherwise all of your entries will be in the wrong year!) <Pg18>
DO NOT create your own set of accounts, Choose standard option: RETAIL for Case study 3 to avoid missed linked accounts! (e.g. AR, AP, Cash, Inventory) <Pg19>
Save the file <Pg19>
If you are using UTS Computers. SAVE ONTO USB (not desktop)!

2. CHECK: Amount to be allocated = $0.00
Do not create your own set of accounts from scratch! Lots of linked accounts which are hard to replicate
Customise Accounts first <Pg32-34>
DO NOT delete accounts, it is easier to rename them instead. Make sure headers are correct (e.g. Cash is under Current assets, Depreciation is under Expenses etc)
Naming convention/Account numbers do not matter! Cash = Cash at bank = Cash on Account, just make sure it is clearly labelled and account under the correct category
Enter Opening Balances <Pg34-36>
Credits = Negative, Debits = Positive
E.g. enter Accounts Payable as “-$36,000.00”
CHECK: Amount to be allocated = $0.00
Otherwise you will see a historical balance error in the equity section and future balance sheet accounts will be wrong!
Why? All Debits = Credits
A = L + OE

3. Set up Sales Module: <Pg50-56> Make sure:
Payments are linked to Cash at Bank
Use random names (anything, just make it unique!)
Add Historical Sales to each customer <Pg54> CHECK: DO NOT PROCEED UNTIL “Out of Balance Amount = $0.00” (This means the Accounts Receivable sub ledger = General Ledger)
Selling dates are correct (these should all be around Nov-Dec 2017)
Before you proceed make sure you have confirmation:
Congratulations: Your total invoices equal balance of your linked receivable account”
Set up Purchases Module: <Pg56-64>
Make sure:
Accounts for paying bills is linked to Cash at Bank; Expense account to linked to Inventory or Expense account (e.g. Telephone Expense)
Use random names (anything, just make it unique!)
Add Historical Sales to each supplier <Pg64> CHECK: DO NOT PROCEED UNTIL “Out of Balance Amount = $0.00” (This means the Accounts Receivable sub ledger = General Ledger)
Before you proceed make sure you have confirmation:
Congratulations: Your total outstanding purchase equal the balance of your linked payables account

4. Set up Inventory Module: <Pg66-72> Make sure:
Tick “I buy”, “I sell”, “I Inventory” this item (to ensure it appears in sales and purchase module)
Link COGS, Sales, Inventory to the correct accounts (based on what account number you have allocated)
Enter Base Selling Price EXCLUDING GST
Check all GST fields are ticked correctly (Tax code when bought or sold = GST)
Enter Opening balances excluding GST <Pg70>, CHECK make sure total opening balance = GL ($69,180)
Enter purchases <Pg74-88>
“On Account” or no mention of cash paid = $0 Paid today (this should automatically go to Accounts Payable as a liability)
Don’t forget to exclude GST in invoices, eg. 14 Jan = $1400 Accounting Fee expense, $140 GST Paid
Credit notes from Suppliers (16 Jan) <Pg79> enter negative units for PR05 and PR06, $0 paid today
SUP04 to SUP08 can be classified as services <Pg80>
Made an error? Edit via Transaction Journal <Pg85>

5. Enter Sales <Pg90-112>
Cash sales will go to a new customer card <Pg98-101>, Paid today = full invoice amount
No mention of cash paid = $0 Paid today (this should automatically go to Accounts Receivable as an asset)
Sales return to Customer (14 Jan, 27 Jan) <Pg97> enter stock items as negative values
Made an error? Edit via Transaction Journal <Pg105>
Cash Receipts <Pg >
Make sure to apply the amount paid to each invoice
“Balance owing as at 1 Jan” = Opening balance, e.g. 05 Jan, AR06 = Paid $7,300
Dividends on 20 Jan entered via Receive Money <Pg119>
Made an error? Edit via Transaction Journal <Pg124>

6. Cash Payments <Pg130-143>
Make sure to apply the amount paid to each invoice
9 Jan “Paid SUP04 balance owing as at 1 Jan” -> Opening balance = $4,800
Create or relabel accounts if necessary if the expense item does not fit into any of the existing accounts
GST Obligation = net of opening balance for GST Collected ($12k) LESS GST Paid ($7k) = payment out for $5k
Petty cash (23 Jan) refer to <Pg139>, enter each expense line separately and credit cash for total, don’t forget to make sure TAX field = GST to calculate GST Component
Made an error? Edit via Transaction Journal <Pg143>

7. Depreciation entries, refer to <pg155> for example
Prepaid Insurance $7,470 / 10 months of unexpired policy = $747 / month expense (no tax) <pg158>
Loans Don’t forget interest on both short and long term loans! Both interest entries can be journaled together <pg159>
Fixed Asset Sale entries, refer to <pg123> for example, don’t forget GST collection on sale ($800)

8. Bank Reconciliation <Pg144-150> 2 Way Check
Tick off MYOB – for any entries that appear on the bank statement (same/similar date AND the same $ to the cent)
Tick of Bank Statement – every time you tick off an item in MYOB
Enter anything that might be on the bank statement but not the GL (e.g. Periodic leases, bank charges, interest on deposits)
Go back and edit any entries that do not match to the cent! This is your sanity check that every sale/purchase/cash movement has been recorded correctly
There will be 2 outstanding deposits and 2 outstanding cheques at the end of this reconciliation for Case Study 3
ENTER “NEW STATEMENT BALANCE” as closing balance of Bank statement $112, <pg147>
31/01/2018
112,906.50
130,454.25
0.00
GOAL: Out of Balance = $0.00