Individual MYOB Assignment
One of the major assessments of Accounting Information Systems is the individual MYOB assignment which consists of three parts:
• Transaction Reports
• Work Activity Report
• Presentation
Submission details:
• The assignment is due in Week 10 (progress report in Week 7 tutorials).
• Submit the following in class
o A hard copy of the Transaction and Work Activity Reports with
- One individual assignment cover page
- Seven chapter covers
- A folder
o A soft copy of the seven AccountRight files
- with .myox extensions
- In an USB
o An oral presentation
- No PPT slides are required
- Answer validation questions from the Tutor
MYOB Transaction Reports
• The software required for this assignment is MYOB AccountRight Plus version 2017.2
a. The software is installed in the computer labs and the Library
b. To install the software on your personal computer, please follow the instructions on ‘Downloading and installing MYOB' from ‘MYOB_Topic1_Introduction Mar 18' on the Moodle subject page
c. Do not upgrade to higher versions when opening files
d. The Tutor will activate your company file after the completion of Chapter 4. Meanwhile choose ‘activate later'.
• Students are required to produce the transaction reports from the textbook, Pabst Accounting with MYOB 2015, Chapter 2, 3, 4, 5, 6, 7 and 9.
a. Follow the instructions starting from Chapter 2, page 19 ‘Set-up the accounts list'
b. Do not attempt the Revision Exercises at the end of each chapter
c. Save the generated reports as PDF documents with the figure numbers and names provided in the book (E.g. FIGURE 2.24 Trial Balance for May)
d. Print out the reports and mark the differences on the hard copy after comparing the results between the student's reports and the book's
e. Submit the hard copy reports with a simple Chapter Cover Page to the tutor and retain the signed reports by the tutor for the final submission in Week 10
f. Backup the .myox file and the pdf files for each Chapter in the Google Drive at the Student KOI Gmail Account
• When students submit the final reports in class, the teacher will ask validation questions to verify that the students did the work by themselves. Students who submit someone else's work will receive an academic penalty in accordance with the Student Academic Misconduct Policy.
Common errors in producing the transaction reports
• Dates are not set to the Australian Date format:
Go to the DATE SETTING on your computer to check the format of the date. Ensure that this is in the format DAY-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 DAY-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
• Currency was not set to the Australian Dollar:
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.
• Data entry errors:
o Date - One of the most common errors is to enter the date incorrectly. Though the student does not have any intention to enter the date incorrectly, it can happen. MYOB by default enters today's date. However the accounting MYOB assignment has transaction dates which relate to future dates. So this is a trap for the student and it is very likely that a wrong date may be entered. Therefore students should double check dates before entering them into the system.
o Negative Sign - 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 credit). The screen of MYOB balance has one column. Please enter -275, -4410, -3830, and -11940 in asset category and also enter - 3790 and -21500 in liability category.
o GST Inc. or Exc. - When 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 box, based on the information of the book.
o Delete entry - 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. You 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
The report size limit is 800 words plus or minus 20%.
You have to provide an individual work report on how you have worked to produce your MYOB assignment. The major part of your individual report is to practice ‘Audit around the Computer Approach' to prepare reports. It is more often known as black box audit approach as shown below:
In your MYOB assignment, you enter input data into the MYOB software based on the source documents (input) of the book, print the outputs (the reports) generated by the MYOB software and then compare the printed outputs with the outputs of the book. If the results of the two reports are different, you should reconcile the differences.
The final report should use an appropriate business report format and should include a detailed description
on:
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 were (if there are differences between the results of the report produced by you and the report of the book, analyse the difference and write down the possible reasons of the difference), how you have dealt with them and what has been done to fix the issue or the problems (how the differences were reconciled).
c. your achievement in your MYOB assignment
d. what work is planned for the next 3 months in getting an MYOB related accounting job.
Individual Presentation
Presentation marks will be based on individual student performance at the presentation of your MYOB assignment based on the MYOB Work Activity in week 11 and 12 tutorials. If any student does not attend their presentation, the student will not get presentation marks unless a medical certificate has been provided.