Rocky Rock'n Roll MYOB v19 Practice Set

Rocky Rock'n Roll Practice Set is intended to introduce students to MYOB AccountRight v19. It gives students experience in keeping a computerised set of books and is recommended for use by students studying an introductory unit in financial accounting.

This practice set is designed to simulate the activities of a business i.e. Rocky Rock'n Roll, and provide students with the opportunity to process a number of common transactions affecting a business over one/or two accounting periods. It should ensure a greater appreciation of:

(a) the steps required in the accounting cycle (including GST requirements);
(b) entering sales, purchases, receipts, payments and general journal entries;
(c) reconciling bank accounts, GST, Accounts Receivable and Accounts Payable;
(d) printing financial reports which summarise the activities of the business for the period; and the preparation of the Business Activity Statement

Contents

Introduction 1
Requirements 2

Part A – Using MYOB AccountRight v19 Getting started 5

Exploring MYOB 6-21

Checking the financial year 21

Entering opening balances 23-27

Entering unpresented cheque/deposit 28-29

Entering a sale on credit 31

Entering a customer payment 32

Entering cash sales for the week 33

Banking receipts 35

Writing off a bad debt 36-37

Entering a purchase on credit 38

Entering a supplier payment 39

Accounting for cash discount 39

Entering the return of goods 41

Creating a new customer/supplier card 42

Entering other payments – petty cash 43

Entering other payments – drawings 44

Entering other payments – ATO 45

Correcting errors 46-51

Entering General Journal entries 52-53

Reconciling the Bank Statement 54

Entering Interest and Bank Charges 55

Reconciling Accounts Receivable 57

Reconciling Accounts Payable 58

Reconciling GST 59

Printing financial reports 61-68

Printing Business Activity Statement 66-73

Notes on Backing Up your data file 80-82

Part B – Rocky Rock’n Roll opening balances 84-87
Part C – Rocky Rock’n Roll transactions for June 88-93
Part D - Reconciliations 94-96
Part E – Financial Reports 98-100
Part F – Rocky Rock’n Roll transactions for July 102-107

• Rocky Rock'n Roll MYOB v19 is published with the student version of MYOB AccountRight Enterprise V19 CD packaged in the back of the book.
• Data files are available for download at www.pearson.com.au/9781486002641
Features
This practice set is designed to simulate the activities of a business i.e. Rocky Rock’n Roll, and provide students with the opportunity to process a number of common transactions affecting a business over one/or two accounting periods. It should ensure a greater appreciation of:

(a) the steps required in the accounting cycle (including GST requirements);
(b) entering sales, purchases, receipts, payments and general journal entries;
(c) reconciling bank accounts, GST, Accounts Receivable and Accounts Payable;
(d) printing financial reports which summarise the activities of the business for the period; and
(e) the preparation of the Business Activity Statement.

Marian Brown is a BAS Agent and has been an MYOB Certified Consultant for over fifteen years.
Marian has lectured in TAFE and universities and is the author of numerous MYOB training manuals used by training organisations, TAFE and universities around and overseas.
Marian is a member of the Institute of Certified Bookkeepers and Australian Bookkeepers Network.