MYOB Assignment

Assessment Purpose

This assignment is an individual assessment assessing your learning from the MYOB tutorials and Pabst & Perrin text by completing the February transactions and end of month processing. Accuracy of accounting information is important and the marking will be based on correct entries. This assessment will assist you to develop problem solving and judgement skills.

Part A involves preparing February MYOB accounts.

Part B involves a business report and ratio analysis.

PART A: PROCESSING TRANSACTIONS

Download and use the Tarelli Sports.MYO file that is provided to you on Blackboard under Assessment (DO NOT USE YOUR MYO FILE FROM THE TUTORIALS).

1. Set yourself up as a User with your student number and not as Administrator. Ensure audit trail tracking is turned on.

2. Enter the February 2018 transactions

3. Prepare End of Month Adjusting Entries for February 2018

4. Perform the Bank Reconcilation at February 2018

5. After you have entered all the transactions for February 2018, import the budget data updated (1) text file that is provided to you on Blackboard under Assessment (DO NOT USE THE BUDGET DATA TEXT FILE FROM THE TUTORIALS)

6. Prepare a Business Performance Report using the proforma provided on Blackboard. Submit the report via Turnitin.

7. Upload the eight (8) required reports to Blackboard

8. Complete the required $ account balances for the requested accounts in the MYOB submission area on Blackboard.

February 2018 Adjusting Entries:

Record the following adjusting entries on 28 February 2018 and include your detailed calculations in the memo field of each entry.

Note:
1. There is no GST applicable for any of the adjusting entries.
2. Calculations for depreciation, amortisation, superannuation and interest should be rounded to 2 decimal places.
3. Base your calculations on months (hint: divide by 12), not days except for wages accrual and items that have been purchased during the month. (Hint -you can refer to an ATO calculator for calculating the number of days).

1. Your final completed Tarelli Sports MYOB data file
(This file should be the final TarelliSports.MYO data file that represents the reports that you are submitting for this assignment. Do not submit or use the tutorial e_Generation MYO file. Please note penalties apply for not submitting or submitting an incorrect file)

2. PDF versions of the following MYOB reports available under Reports. Select Customise to enter the required date ranges and then Display. (Use the Send To option when viewing the report and select PDF).

1. February 2018 Trial Balance
2. Reconciliation Report for the ANZ Business Cheque Account, as at 28th February 2018
3. Detailed Ledger ONLY for Account 1-1180 Undeposited Funds for February 2018 (Accounts >>General Ledger (Detail))
4. Transaction Journal for General Journal for February 2018 (Accounts >>Transaction Journals >>General Journal)
The Memo field for each entry should show how the figures were calculated.
5. Audit Trail Report from 1/1/2018 until 1/12/18 (Accounts >>Audit Trail >>Audit Trail Report)
6. Budget Analysis Report for February 2018 (Accounts >>Profit & Loss >>Budget Analysis)
7. Price Analysis Report
(Inventory >>Pricing>>Price Analysis)
8. Analyse Sales Report from 1/2/2018 until 28/2/18 (Sales >>Item>>Analyse Sales)

3. Fill in the required $ account balances for the requested accounts in the MYOB submission area on Blackboard.

PART B: BUSINESS PERFORMANCE REPORT

Frank and Sam Tarelli have asked you to analyse February 2018 business performance.

You are to review the profit performance against budget and analyse product profitability. Frank and Sam Tarelli have provided you with a pro-forma report for your analysis and recommendations on the business performance.

Ratio Analysis is used to assess:
- the financial health of a business
- to compare current performance with past performance and
- to compare against competitors and other industries

Common categories of ratio analysis a business may perform monthly include:
- Evaluating the ability to pay current liabilities (liquidity)
- Evaluating the ability to sell inventory and collect receivables
- Evaluating the ability to pay long-term debt (solvency)
- Evaluating profitability

For this assignment, we would like you to undertake ratio analysis by focussing on evaluating profitability comparing Actual and Budgeted ratios for February 2018.

In the Appendix, calculate any 2 key profitability ratios which will provide more information about the business performance. Include the ratio formula and your workings. There is no need to average any calculations as February data is considered representative of normal business operations. You can use any accounting text or your BSB110 notes to help you calculate profitability ratios.

Report

Frank and Sam like brief reports and they have asked you to write 250 words (but will accept up to a maximum of 275 words) for this report using the template provided so they can quickly understand the issues associated with business performance for February. (Headings and Ratio Analysis are not included in the word count.)

You discussed their requirements with a friend of yours who was an expert in MYOB and they suggested you should look at:

- Overall Profitability using the Budget Analysis Report for February 2018 and the 2 profitability ratios that you have calculated in the Appendix

- Product Profitability & Pricing Analysis using the Price Analysis Report and Analyse Sales Report

- Analytical Review of Individual Revenue and Expense accounts for February 2018 using the Budget Analysis Report

- Outline 4 major issues, explaining why they are problematic, how they arose and provide 4 recommendations on how to reduce the impact of these issues.

Attachment:- Assignment.rar