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1. 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
2. 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
3. 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 Rubric (18% in Total)
Criteria: How to perform
Unsatisfactory Satisfactory Effective Excellent Exceptio
Fail Pass Credit Distinction High Disti
Company setup, including
changing company information
and the chart of accounts:
· Create a new company file
· Set up and link accounts
· Enter account opening
balances
· Reports using other option
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
General Ledger Set-up and
General Journal Entries
· Initial bank reconciliation
· General journal transaction
· Understanding GST
· Reports using menu bar
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
Purchase (Accounts Payable)
· Setup supplier and enter
opening balance
· Set-up inventory items
· Purchase transaction
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
4. · Bill with discount
· Adjustment note
· Pay supplier
· Cash purchase
· Purchase register
Sales (Accounts Receivable)
· Set up customer and
opening balance
· Sales transaction
· Received payment
· Cash sales
· Adjustment note
· Part payment received
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors))
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
Banking
· Spend, receive and transfer
money
· Pay BAS liability
· Petty cash and credit card
· Bank register
· Bank reconciliation
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-
5errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
Inventory
· Set up inventory items
· Enter inventory opening
balance
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
5. · Inventory transaction
· Auto build inventory items
· End of period stock taking
Integration
· Monthly sales budgets:
transactions
· Addition information: Bank
reconciliation
· Prepare Business Activity
Statement
· Business insights
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
Payroll
· Set up payroll
· Assign linked accounts for
payroll transactions
· Payroll transactions
· Build employee list
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
Time Billing and Job Costing
· Set up customer and
Supplier cards
· Set up employee cards and
enter billing rate
· Time billing activities
· Setting time billing and job
· Time billing and job costing
· Activity slips and log
Student work
does not
demonstrates a
basic developed
understanding
of how to
perform (more
than 10 errors)
Student work
demonstrates a
basic developed
understanding
of how to
perform (6-10
errors)
Student work
demonstrates an
effective
developed
understanding
of how to
perform (3-5
errors)
Student work
demonstrates a
proficient
developed
understanding
of how to
perform (1-2
errors)
Student w
demonstra
advanc
develop
understan
of how
perform
errors
6. · Record supplier bills
· Time billing invoices
· Pay employees
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):
1. progress based on time spent on each chapter;
2. 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).
3. your achievement in your MYOB assignment
4. what work is planned for the next 3 months in getting MYOB related accounting job.
MYOB Work Activity Report (5% in Total)
Criteria
Unsatisfactory Satisfactory Effective Excellent Excep
Fail Pass Credit Distinction High Dis
Amount of
issues/problem
One or two
important
issues/problems are
identified
A few important
issues/problems are
identified
Some important
issues/problems are
identified
Majority of
important
issues/problems are
identified
All imp
issues/prob
identi
Explanation of Issue/problem is Issue/problem is Issue is stated and Issue/problem is Issue/pro
7. issues/problem stated arbitrarily stated without
clarification or
description.
clarified with some
ambiguities, and/or
backgrounds
unknown.
stated, described,
and clarified so that
understanding is
not seriously
impeded.
stated cle
descr
compreh
Analysis
Analysis is
arbitrary
Analysis is vague
and not evident.
Analysis is
accurate
but not evident
Analysis is through
and evident Analysis is
and ev
Solution
Solutions is
arbitrary
Solutions not
based on analysis
and not based on
evidence/sound
methods
Solutions based on
analysis but not
based on
evidence/sound
methods
Solutions based on
analysis and
evidence/sound
methods but can
not fix the
problems
Solutions
analysis
evidence
methods a
proble
Achievement and
Future Plan
Student does not
addresses either
what achieved or
how learned, and
what’s next
regarding
mastering MYOB
Student addresses
either what
achieved or how
learned, but does
not address what is
next with regard to
mastering MYOB
Student addresses
what achieved and
how achieved, but
does not address
what is next with
regard to mastering
MYOB
Student addresses
what achieved,
how achieved , and
what is next with
regard to mastering
MYOB clearly
Student a
what achie
achieved ,
is next wi
to masterin
clea
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:
8. 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.
JOB Claim Statement (5% in Total)
Criteria
Unsatisfactory Satisfactory Effective Excellent Exceptiona
Fail Pass Credit Distinction High Distinc
Documentation
Job claim
statement is less
than one page
Job claim
statement
Job claim
statement
Resume
Job claim
statement
Resume
Confirmation
email
Job advertisem
Job
statement
Resume
Confirmation
email
9. Resume
Only one or two
aspects of the
resume apply to
the advertised
Job
A few aspects of
the resume apply
to the advertised
Job Half of the resume
applies to the job
Most of the
resume applies
directly to the
job.
All aspects o
resume appl
directly to t
job
Job Claim
Statement
Outline motivation
and suitability for
the role and
address one or two
selection criteria
individually
Outline motivation
and suitability for
the role and
address a few
selection criteria
individually
Outline motivation
and suitability for
the role and
address some
selection criteria
individually
Outline motivation
and suitability for
the role and
address most
selection criteria
individually
Outline motiv
and suitability
the role an
address al
selection crit
individuall
Professional
Format
Job claim
statement and
resume are viewed
as not acceptable.
Job claim
statement and
resume are viewed
as adequate
Job claim
statement and
resume are viewed
as effective
Job claim
statement and
resume are viewed
as professional
Job claim
statement a
resume are vie
as extreme
profession
Individual Presentation (2%)
Presentation marks will be based on individual student performance at the presentation
of your MYOB assignmentbased on the MYOB Work Activity in weeks 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.
Presentation Rubric (2% in Total)
Criteria
Unsatisfactory Satisfactory Effective Excellent Exception
Fail Pass Credit Distinction High Distinc
Organisation Not Applicable
Presentation is not
smooth and
audience attention
lost because there
is little sequence
of information.
Audience has
difficulty
following
presentation
because some of
the
information is not
in
logical sequence.
Student presents
information in
logical sequence
which audience
can follow.
Student show
enthusiasm
presents
information
logical, intere
sequence wh
engages th
audience.
Content Not Applicable
Some information
is not accurate, not
sufficient
Accurate
information, not
sufficient
Accurate
information,
sufficient
Accurate an
depth
informatio
10. information information information sufficient am
of informat
Audience
Interaction Not Applicable
Student just reads
presentation with
no eye contact or
no use of
appropriate
gestures
Student primarily
reads presentation,
occasionally
uses eye contact
and uses
appropriate
gestures.
Student maintains
eye contact and
uses appropriate
gestures while
often referring to
notes.
Student main
eye contact
uses appropria
gestures
seldom retu
to notes.
Communication
& Time
Management Not Applicable
Student mumbles,
and speaks too
quietly for
students in the
back of class to
hear and/or the
presentation was
too brief or too
long.
Student’s voice is
low. Audience
members have
difficulty hearing
presentation
and/or the
presentation was
somewhat short or
somewhat long.
Student’s voice is
clear. Most
audience members
can hear
presentation. The
presentation was
of the proper
duration.
Student use
clear voice a
correct, pre
terms so tha
audience mem
can hear
presentation.
presentation
of the prop
duration.
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.
If you purchase a textbook (Accounting with MYOB 2015) from KOI Library, you are
given a serial number provided by the publisher.
Open MYOB and click [Create a Company File]
Company information
Serial Number: to be given by tutor (If you purchase a textbook, you can create file at home)
Company Name: Your Name (on your student ID)
B.N (11 digits): 117 + Your Student Number
Address: Your Address or 1/31 Market St Sydney NSW 2000
Phone Number: Your mobile phone number
Fax Number: Leave it blank
Email Address: Your student email
Company Information
11. Current Financial Year: 2017
Last month of Financial Year: June
Conversion Month: May
Accounts List Options
Accounts List Selection
Select ‘Retail’ from the drop down box
Create your company file
The default saves it to [My Library] on C drive
You need to keep your my file on your USB. (to be explained)
But It is complicated to change default location on your computer.
Save in [My Library] first.
Then click [Create Company File]
Conclusion
Activate your company file
Activate Online
The serial number should automatically appear if you entered a serial number on
company information.
Click [Activate] Do not type the serial number on the textbook
Conclusion
Congratulations! You successfully installed MYOB software.
From now on Follow the instruction on the textbook. (from page 19)
Backup File
When you finish each chapter (or you close software in the middle), you need to back
up your file in your USB, as your file is currently in [MY LIBRARY]. Please remember
when you open your MYOB file, it is added to [My Library], and all new transactions are
recorded in the added file in [My Library]. Backup procedure is a bit complicated as you
will be doing assignments both at home and in tutorial classes. All documents in [My
Library] of KOI computer labs are deleted weekly. Do not ask IT teams to find your
files.
Close MYOB software When you close MYOB software, Back up screen will be showing.
Click [No], and Go to Liabraries>Documents> MYOB>My AccountRight Files
Your MYOB File is currently saved in [My Library].
Go to Liabraries>Documents> MYOB>My AccountRight Files
Copy the file from My Library, and paste in your USB Drive
Rename your MYOB file to Your Name_Chapter 2.myox
Starting a new chapter
ADD the previous company file. For example, when you start Chapter 3, open the file
‘Yourname_Chapter2.myox’.
12. Once you finish a chapter, change the company file name in [My Library] folder and
move it to your USB.
You are required to keep separate backup files for each chapter. After you finish your
assignment, you should have 9 files. If you lose a MYOB backup file in the real world,
you will lose your job.
NO EXCUSE!!! KEEP YOUR FILES
Make sure you are required to submit the reports for each chapter with chapter cover
page.
Also, you need to submit your ‘WORK ACTIVITY REPORT’ with backup files. Backup files
will be returned to you.
If you have further question, please ask tutors for help in tutorial classes