FNSCC416 Student Assessment :
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ASSESSMENT COVER SHEET
(Please ensure this cover sheet is completed and attached on top of each assessment)
QUALIFICATION CODE AND TITLE: FNS40217 Cert IV in Bookkeeping and Accounting
UNIT CODE: FNSACC416 TITLE: Set up and operate a computerised accounting system
| Student Number | |
| Student Name | |
| Assessor Name | |
| Assessment Name and Number | |
| Assessment Task Number and Name | |
| Assessment Due Date | |
| Submission Date | |
| RESULT | 5 SATISFACTORY 5 UNSATISFACTORY |
| FINAL OVERALL RESULT | 5COMPETENT 5 NOT YET COMPETENT |
STUDENT DECLARATION
I declare that:
- This FNSCC416 Student Assessment is my own work, based on my own study and research and no part of it has been copied from and other source except where due acknowledgement/reference has been made.
- If this assessment was based on collaborative/teamwork, as authorised by the trainer, I have not submitted the same final version of any FNSCC416 Student Assessment material as another student.
- I have not previously submitted this assessment or any part of this assessment for this or any other course/unit.
- I have kept a copy of my assessment.
- I give permission for myFNSCC416 Student Assessment t to be reproduced, communicated, compared and archived for the purposes of detecting plagiarism.
- I understand that plagiarism is the practice of taking someone else’s work or ideas and passing it off as one’s own work and that the attached assessment maybe checked for plagiarism.
- I understand that collusion is presenting another person’s assessment as one’s own and/or providing your own work to another person to allow them to pass it off as their own.
- Any assessment deemed unsatisfactory will require me to undergo reassessment which may be different to the one originally submitted.
- I am aware that in the event that I disagree with the assessment outcome I have the right to appeal that result. I will follow the complaints and appeals process.
- A late submission fee of $150 per assessment will apply if the assessment is submitted after the scheduled due date unless a formal extension has been granted by the Program Manager or Course Co-ordinator.
Student Signature: Date:
ASSESSMENT SUMMARY SHEET
To be deemed competent students must have a satisfactory result recorded for each FNSCC416 Student Assessment activity. If a result is not satisfactory for any assessment task, the trainer/assessor will determine the training and assessment tasks to be completed.
The student has been assessed as competent in the elements and performance criteria, performance evidence and knowledge evidence and in line with the assessment conditions. The students work submitted for this FNSCC416 Student Assessment is: 5 Valid 5 Sufficient 5 Current 5 Authentic
| ASSESSMENT TASK 1 | ||
| ¨ SATISFACTORY | ¨NOT SATISFACTORY | ¨NO APPLICABLE |
| ASSESSMENT TASK 2 | ||
| ¨ SATISFACTORY | ¨NOT SATISFACTORY | ¨NO APPLICABLE |
| Feedback to Student | |
| The student has been given feedback and informed of the assessment result and the reasons for the decision. | |
| Trainer/Assessor Signature | |
| Date | |
| I have received feedback and been informed of the assessment result and the reasons for the decision. I agree with the assessment result. | |
| Student Signature | |
| Date | |
Other
| Resubmission Date | |
| Is this assessment subject to an appeals process | 5 Yes 5 No |
| Outcome of appeal |
Introduction
To think is one thing but to do is another; to ensure you gain impact from your learning we will engage in active learning to transfer concepts into the relevance of your business environment.
One of the most critical elements of businesses success is the development of our teams beyond the formal classroom acquisition of knowledge. It is well recognised that retention of knowledge from training alone is at best about 20% however once application and coaching is added the increase in retention and implementation increases significantly and in some cases up to and beyond 80%. Throughout your Certificate program we are committed to both stretching your learning but also giving a framework on which you can provide learning for others and ensuring that the knowledge gained through training is translated into practical on the job improvements.
Throughout your FNSCC416 Student Assessment and Activity sessions we are going to investigate how you can reflect on:
All of your assessment and learning is provided as a positive learning tool. Your mentor/assessor who will guide your learning and responses to the assessment materials until you have been deemed competent in this unit further assists you in this process.
Students: How you will be assessed:
The process you will be following is known as competency-based FNSCC416 Student Assessment . This means that evidence of your current skills and knowledge will be measured against national and international standards of best practice, not against the learning you have undertaken either recently or in the past. (How well can you do the job?)
Some of the assessment will be concerned with how you apply the skills and knowledge in your workplace, and some in the training room.
The FNSCC416 Student Assessment tasks utilized in this training have been designed to enable you to demonstrate the required skills and knowledge and produce the critical evidence required so you can successfully demonstrate competency at the required standard.
The table on the next page shows you how to achieve a satisfactory result (competent) against the criteria for each type of assessment task.
What happens if your result is ‘Not Yet Competent’ for one or more assessment tasks?
Our assessment process is designed to answer the question “has the desired learning outcome been achieved yet?” If the answer is “Not yet”, then we work with you to see how we can get there.
In the case that one or more of your FNSCC416 Student Assessment has been marked ‘NYC’, your trainer will provide you with the necessary feedback and guidance, in order for you to resubmit your responses.
What if you disagree on the assessment outcome?
You can appeal against a decision made in regards to an FNSCC416 Student Assessment of your competency. An appeal should only be made if you have been assessed as ‘Not Yet Competent’ against specific competency standards and you feel you have sufficient grounds to believe that you are entitled to be assessed as competent.
You must be able to adequately demonstrate that you have the skills and experience to be able to meet the Learning Outcomes of modules you are appealing against the assessment of.
You can request a form to make an appeal and submit it to your trainer, the Course Coordinator, or the Administration officer. The RTO will examine the appeal and you will be advised of the outcome within 14 days. Any additional information you wish to provide may be attached to this form.
What if I believe I am already competent before training?
If you believe you already have the knowledge and skills to be able to demonstrate competence in this unit, speak with your trainer, as you may be able to apply for Recognition of Prior Learning (RPL).
TRAINER/ASSESSORS: Responsibilities
Assessors need to be aware of their responsibilities and carry them out meticulously. To do this they need to:
guide for students and assessors
| Task | ‘Satisfactory’ Result | ‘Non Satisfactory’ Result |
| Portfolio Evidence | The assessor will mark evidence provided against the key competencies of the unit | Evidence provided does not meet all of the key competencies in the unit |
| Questions (Written or verbal) | All questions answered correctly | Incorrect answers for one or more questions |
| Answers address the question in full; referring to appropriate sources from your workbook and/or workplace | Answers do not address the question in full. Does not refer to appropriate or correct sources. | |
| 3rd. party judged on performance in the workplace | Supervisor or manager observes work performance and confirms that you consistently meet the standards expected from an experienced operator | Could not demonstrate consistency. Could not demonstrate the ability to achieve the required standard |
| Written activity | The assessor will mark the activity against the detailed guidelines/instructions | Does not follow project guidelines/instructions |
| Attachments/appendices if requested are attached | Requested supplementary items are not attached | |
| All requirements of the written activity are addressed/covered. | Response does not address the project requirements in full; is missing a response for one or more areas. | |
| Responses must refer to appropriate sources from your workbook and/or workplace | One or more of the project requirements are answered incorrectly. Does not refer to or utilize appropriate or correct sources of information | |
| Observation in workplace by assessor | All elements, criteria and critical aspects of evidence, are demonstrated at the appropriate AQF level | Could not demonstrate elements, criteria and critical aspects of evidence, at the appropriate AQF level |
| Case Study Comprehension and Associated Questions | All comprehension questions answered correctly; demonstrating an application of knowledge of the topic to the case study | Lack of demonstrated comprehension of the underpinning knowledge (remove) required to complete the case study questions correctly. One or more questions are answered incorrectly. |
| Answers address the question in full; referring to appropriate sources from your workbook and/or workplace | Answers do not address the question in full; do not refer to appropriate sources. |
Assessment 2
Scenario
You work as the bookkeeper for Pelican Furniture Pty Ltd, a small company which buys and sells quality furniture and also conducts upholstery courses on the weekend.
The business has been operating for two years and in June wishes to computerise its accounting system using MYOB AccountRight and Excel to compile a fixed asset register.
The accountant for Pelican Furniture Pty Ltd in consultation with the director, Vasili Chertov has drawn up the accounting policies and procedures to be used by the company.
In this FNSCC416 Student Assessment use May of your financial year as the conversion date.
Part A Setting up the computerised accounting system
Task 1
1. Read the Pelican Furniture Pty Ltd accounting policies and procedures.
2. Create an MYOB company file using the information in the Pelican Furniture Pty Ltd accounting policies and procedures using accrual accounting procedures implementing:
• general ledger
• debtors ledger
• creditors ledger
• inventory ledger
• accounts list.
3. Use the following business details:
Pelican Furniture – your name
Address: refer to the accounting policies and procedures
ABN: 35 933 853 286
Conversion month: May of your financial year
4. Start with an accounts list provided by MYOB. Choose the Retail industry option.
5. Set up the Accounts List by modifying existing account names and numbers where needed. Check the accounts have the default tax codes listed below.
You are not required to deleted other accounts.
| Account No. | Account name | Tax code |
| 1-1110 | NAB Cheque Account | N-T |
| 1-1120 | Cash Float | N-T |
| 1-1140 | Petty Cash | N-T |
| 1-1325 | Stock on Hand | N-T |
| 1-2110 | Equipment At Cost | CAP |
| 1-2210 | Motor Vehicles At Cost | CAP |
| 1-2220 | Accum. Depr. Motor Vehicles | N-T |
| 1-2310 | Low Value Pool | CAP |
| 1-2320 | Accum. Depr. Low Value Pool | N-T |
| 1-3010 | Prepaid Expenses | GST |
| 1-3020 | Accrued Income | N-T |
| 2-1110 | Credit Card | N-T |
| 2-1420 | Superannuation Payable | N-T |
| 2-2100 | Motor Vehicle Loan | N-T |
| 4-1000 | Sales – Furniture | GST |
| 4-2000 | Sales – Training | GST |
| 4-3000 | Sales – Other | GST |
| 4-4000 | Delivery Fees Received | GST |
| 5-1000 | Cost Of Sales – Furniture | GST |
| 5-2000 | Cost Of Sales – Other | GST |
| 5-3000 | Opening Stock – Other | N-T |
| 5-3050 | Purchases – Other | GST |
| 5-3100 | Closing Stock – Other | N-T |
| 5-4000 | Freight Paid | GST |
| 6-1310 | Merchant Fees | GST |
| 6-1600 | Depreciation Expenses | N-T |
| 6-1700 | Utilities Expenses | GST |
| 6-1800 | Business Insurance | GST |
| 6-2000 | Telephone & Internet Expenses | GST |
| 6-2500 | Computer Support & Expenses | GST |
| 6-2800 | Printing, Stationery & Postage | GST |
| 6-3300 | Showroom Rent | GST |
| 6-3310 | Showroom Repairs & Maint | GST |
| 6-3500 | Discounts Given to Customers | GST |
| 6-3600 | Motor Vehicle Expenses | GST |
| 6-4500 | Staff Amenities | GST |
6. Set up tax codes as stated in the accounting policies and procedures.
7. Delete tax codes not required.
8. You may need to edit linked accounts and tax codes before you can finalise the Accounts List setup.
9. Set up linked accounts.
| Bank account for electronic payments | 1-1220 Electronic Clearing Account. |
| Bank account for undeposited funds | 1-1210 Undeposited Funds Account. |
| Sales linked accounts | Trade debtors, NAB cheque account, freight income account and discounts for early payment expense account. Do not track deposits from customers or charge for late payment. |
| Purchases linked accounts | Trade creditors, NAB cheque account and freight paid expense account. Do not receive items without a supplier bill, track deposits paid to suppliers, take discounts for early payment or pay charges for late payment. |
| Bank account for payroll cash and cheque payments | 1-1110 NAB Cheque Account |
| Bank account for payroll electronic payments | 1-1220 Electronic Clearing Account |
| Default employer expense account | 6-4300 Superannuation Expenses |
| Default wages expense account | 6-4100 Wages & Salaries Expenses |
| Default tax account | 2-1410 PAYG Withholding Payable |
10. Use the following preferences:
| Banking | Do not display payee rather than memo. |
| Sales | Credit terms as per accounting policies and procedures. |
| Purchases | Credit terms EOM after EOM (no discount), show supplier invoice in supplier payments. Show supplier invoice number in supplier payments. |
| Security | Prompt for data backup before closing file. |
11. Load tax tables and set up general payroll information for your financial year.
12. Default superannuation fund is not required.
13. Set up a user ID for yourself and use this user ID throughout theFNSCC416 Student Assessment . You must not use the Administrator user ID from this point.
14. Add a password to provide security.
15. Record your user ID and password.
User ID: … Pelican Furniture…………………………………………………………………………………………………………..
Password: ……..PelicanF123……………………………………………………………………………………………………
16. Exit at this point and re-enter MYOB using your user ID.
Task 2
1. Enter the following opening balances on 30 April of your financial year.
| Account No. | Account Name | Debit | Credit |
| 1-1110 | NAB Cheque Account | $20,000.00 | |
| 1-1120 | Cash Float | $100.00 | |
| 1-1140 | Petty Cash | $100.00 | |
| 1-1310 | Trade Debtors | $32,000.00 | |
| 1-1320 | Inventory | $20,000.00 | |
| 1-1325 | Stock on Hand | $8,500.00 | |
| 1-2110 | Equipment At Cost | $2,000.00 | |
| 1-2210 | Motor Vehicles At Cost | $42,000.00 | |
| 2-1210 | GST Collected | $2,909.09 | |
| 2-1220 | GST Paid | $1,000.00 | |
| 2-1410 | PAYG Withholding Payable | $900.00 | |
| 2-1510 | Trade Creditors | $11,000.00 | |
| 2-2100 | Motor Vehicle Loan | $20,000.00 | |
| 3-8000 | Retained Earnings | $5,157.21 | |
| 4-1000 | Sales – Furniture | $184,000.00 | |
| 4-2000 | Sales – Training | $4,400.00 | |
| 4-3000 | Sales – Other | $11,000.00 | |
| 4-4000 | Delivery Fees Received | $1,100.00 | |
| 5-1000 | Cost Of Sales – Furniture | $71,000.00 | |
| 5-3050 | Purchases – Other | $6,120.00 | |
| 6-1300 | Bank Fees | $120.50 | |
| 6-1310 | Merchant Fees | $254.00 | |
| 6-2000 | Telephone & Internet Expenses | $520.00 | |
| 6-2800 | Printing, Stationery & Postage | $480.60 | |
| 6-3300 | Showroom Rent | $10,000.00 | |
| 6-3310 | Showroom Repairs & Maint | $2,300.00 | |
| 6-3600 | Motor Vehicle Expenses | $1,541.20 | |
| 6-4100 | Wages & Salaries Expenses | $20,000.00 | |
| 6-4300 | Superannuation Expenses | $1,900.00 | |
| 9-1000 | Interest Expense | $530.00 | |
| Total: | $240,466.30 | $240,466.30 |
2. Display the Trial Balance on 30 April and verify the opening balances have been entered accurately.
Task 3
The accountant has prepared the following bank reconciliation:
Bank reconciliation
1 May
Balance as per bank statement $22,080.00 Less unpresented cheques:
Number 600 – Bell Brothers social media $1,600.00
Number 602 – Ace Accountants $480.00 $2,080.00
Cashbook balance $20,000.00
1. Enter the unpresented cheques and reconcile the bank account as at 1 May.
Task 4
2. Set up the debtors’ subsidiary ledger following the accounting policies and procedures.
3. Create cards and opening customer balances for account customers from the following information:
| Jenson Homes 1/50 Luxury Way YOUR CITY STATE POSTCODE Enter phone number of your choice Terms: 30 days from date of invoice, 5% cash discount 14 days Credit limit: $50,000 Contact: John Jenson Invoice number: 452 Invoice date: 28 April Amount: $22,000 inc GST |
| Country Cottages 145 Wood Road YOUR CITY, STATE, POSTCODE Enter phone and email of your choice Terms: 30 days from date of invoice, no cash discount. Credit limit: $10,000 Contact: Ian Craig Invoice number: 410 Invoice date: 1 February Amount: $10,000 inc GST |
Task 5
1. Set up the creditors subsidiary ledger following the accounting policies and procedures. 2. Create cards and opening supplier balances for the following suppliers:
| Furniture Imports 2134 Home Avenue YOUR CITY STATE POSTCODE Enter phone and email of your choice Terms: EOM after EOM You will need to find the ABN of this supplier. Look for a tax invoice from this supplier in this assessment. Invoice number: 662 Invoice date: 10 April Amount: $5,400.00 Invoice number: 669 Invoice date: 25 April Amount: $6,250.00 |
| Telstra No address and phone numbers required Always paid by BPay Invoice number: April Account Invoice date: 28 April Amount: $350.00 Invoice due: 15 May |
Task 6
1. Set up the inventory subsidiary ledger following the accounting policies and procedures. 2. Create inventory items for the following stock:
| Item number | Item name | Selling price inc GST | Number on hand 1 May | Cost price ex GST |
| CByron78444 | Byron chairs | $99.00 | 60 | $40.00 |
| CMontigo67894B | Montigo armchair – black | $1,299.00 | 15 | $500.00 |
| CMontigo67894C | Montigo armchair – chocolate | $1,299.00 | 16 | $443.75 |
| DByron88447 | Byron dining table | $599.00 | 10 | $300.00 |
| OS | Other stock items | Not inventoried | ||
3. Enter the opening balance stocktake figures at 1 May.
PRINTOUT 1 Accounts List [Summary]
- Create the Accounts List [Summary] report.
- Include current balance, account number and tax code columns.
PRINTOUT 2 Company Data Auditor
1. Run the Company Data Auditor up to 1 May to check for any discrepancies and out of balance amounts.
2. Create the Company Data Auditor Summary.
3. Review any exceptions and either correct or note why the exception occurs.
Task 7
Create a fixed asset register following organisational procedures:
1. Open the Excel template Template Pelican fixed asset register.
2. Save As the file with your name added to the file name.
3. Enter details of the office equipment and vehicle purchased in the current financial year. Details of assets listed in the balance sheet
| Account | Details of assets |
| 1-2110 Equipment at Cost (Office Equipment) | Acer laptop SN 1478457 Purchased 1 May Cost $2,000.00 ex GST Effective life 3 years (% = 200/life) Warranty 1 year |
| 1-2210 Motor Vehicles at Cost | Mazda ute – light commercial motor vehicle Engine number AB3421456 Purchased 1 April Cost $42,000.00 ex GST Warranty 3 years Effective life 12 years (% = 200/life) |
PRINTOUT 3 Depreciation schedule
1. Create the depreciation schedule by asset category report.
2. Check you have entered the correct information.
| Assessor instructions PRINTOUT 1 Accounts List [Summary], PRINTOUT 2 Company Data Auditor and PRINTOUT 3 Depreciation schedule need to be checked for accuracy before being entered into MYOB. MYOB company file and Excel file have been set up accurately. ………………………………………………….. Signature |
Task 8
1. Make a backup of your company file on your USB memory stick.
Part B Entering transactions for May
Remember
Make regular backups throughout the FNSCC416 Student Assessment .
Task 9
1. Call up the invoice layout for the showroom furniture sales.
2. Customise the display of the company name, add a telephone number and email address using details of your choice.
3. Remove the A.C.N fields.
4. Save the customised invoice as Pelican Item Invoice.
Task 10
Enter the transactions for May.
Remember to record on the source document the account code and that the data has been entered following the accounting policies and procedures.
Update supplier card files with relevant details as required following accounting policies and procedures.
| Transaction 1 | Bill received Auto Electrics ABN 32 451 784 111 Invoice 446 To: Pelican Furniture Pty Ltd 66 Watson Road Your City Date: 1 May Terms: 30 days from date of invoice Description Total (no GST) Repairs to motor vehicle $300.00 Approved for payment: V Chertov |
| Transaction 2 | Cheque written out Date 6 May Pay Furniture Imports Details Part payment of invoice 662 FWD This cheque 2,000.00 Balance Cheque number 603 |
| Transaction 3 | Bill received for furniture ordered and delivered. |
| Furniture Imports ABN: 21 555 666 789 2134 Home Avenue Tax invoice YOUR CITY STATE postcode 706 To: Pelican Furniture Pty Ltd 66 Watson Road Your City | |||||
| Date: 6 May | Purchase order number: 5 | Terms: Net EOM after EOM | |||
| Quantity | Item number | Description | Unit price inc GST | Total inc GST | Tax code |
| 3 | Montigo67894B | Montigo armchair – black | 880.00 | 2,640.00 GST | |
| 8 | Montigo67894C | Montigo armchair – chocolate | 880.00 | 7,040.00 GST | |
| 2 | Byron78447 | Byron dining room table | 320.00 | 640.00 GST | |
| 12 | Byron78444 | Byron chairs | 55.00 | 660.00 GST | |
| FREIGHT | 110.00 GST | ||||
| Total including GST | $11,090.00 | ||||
| Amount of GST in this invoice: $1,008.18 | |||||
| Transaction 4 6 May | Invoice to be issued to customer in the showroom on account. Refer to the accounting policies and procedures before printing this invoice. 6 May Invoice number 531 Ref: John Jenson Jenson Homes 1 Byron dining room table at recommended selling price 6 Byron chairs at recommended selling price Delivery charges $88.00 Invoice total inc GST $1,281.00 |
PRINTOUT 4 Tax invoice to Jenson Homes
| Transaction 5 8 May | This cheque was received. Eastpac Bank Your Town State 001478 Date: 8 May Pay Pelican Furniture………………… OR BEARER The sum of Twenty thousand and nine hundred dollars…………………………………. $20,900……………… DRAWER Jenson Homes T Jenson “001478 062001” 124456789” This payment has taken into consideration an early payment discount. Do not print the adjustment note. |
| Transaction 6 9 May | Invoice to be issued to a business whose staff are booked in for an upholstery course next month. Refer to the accounting policies and procedures before printing this invoice. Customer’s name: Jim Howard Interiors Address of your choice Terms: 14 days, no cash discount Credit limit: $10,000 Dates of courses: 1 June – 4 participants 7 June – 4 participants Cost of course: $110.00 inc GST per participant |
PRINTOUT 5 Tax invoice to Jim Howard Interiors
| Transaction 7 10 May | Invoice to be issued to a customer in the showroom paid by EFTPOS. 10 May Ref: Hayley Hayley Bronson Address of your choice 2 Montigo armchair – chocolate at recommended selling price Delivery charges $55.00 Invoice total inc GST $2,653.00 Do not print the invoice. |
| Transaction 8 10 May | Email received advising payment of account: From: Jim Howard Interiors [mailto:[email protected]] Sent: 10 May 2:04 PM To: [email protected] Subject: Remittance advice Payment of the following invoice has been made to your bank account by electronic transfer: Details Amount Invoice number 533 $880.00 |
| Transaction 9 11 May | Vasili Chertov downloaded his bank statement and noted that the EFTPOS payment by Hayley had been credited to his account today. |
| Transaction 10 12 May | Hayley Bronson has returned 1 Montigo armchair (chocolate) because her lounge room wasn’t big enough for the 2 chairs. 1. Give Hayley a credit for 1 chair. Funds were repaid into her EFTPOS account. 2. Enter the transaction in the MYOB company file. |
| Transaction 11 12 May | A cheque was accepted from Jim Howard Interiors for soft furnishings sold from the showroom. Eastpac Bank Your Town State 0024778 Date: 12 May Pay Pelican Furniture………………… OR BEARER The sum of Three hundred and eighty dollars………………………………………………………… $380.00…………….. DRAWER Jim Howard Interiors J Howard “0024778 “045’006: 6457812” Enter the sale using a miscellaneous invoice layout and receive the cheque payment. |
| Transaction 12 12 May | Cheques received during the month were banked today. Bank deposit slip not required. |
| Transaction 13 12 May | Cheque written out to pay Auto Electrics the amount owing Date 12 May Pay Auto Electrics Details Payment of A/c FWD This cheque$300.00 Balance Cheque number 605 |
| Transaction 14 12 May | On payment of the account from Auto Electrics it was discovered that the amount has been allocated to repairs to motor vehicle. This is incorrect. The $300 should be allocated to repairs to the showroom. Make a journal entry to correct this error. |
| Transaction 15 20 May | Wages paid to casual employee by cheque. Date: 20 May Pay: Charlie Xo Details: Casual wages Gross = $326.00 PAYGW = $57.00 FWD This cheque $269.00 Balance Cheque number 606 1. Create an employee card with the following personal details: 2. Select the Wages tab on the left and enter the following: |
| Transaction 16 (continued) | 3. From the Payroll Command Centre select Process Payroll and edit the screen as follows: |
| 4. Click on the arrow to open the pay run and edit the hours being paid. |
| 5. Record the pay. Do not print a paycheque or pay slip. | |
| Transaction 17 | Tax invoice received for purchase of photocopier and office supplies. Enter the transaction in MYOB AccountRight as well as the asset register spreadsheet. |
| Downs Office Equipment ABN 21 457 894 555 To: Pelican Furniture Pty Ltd Tax invoice 66 Watson Road Your City 289 | ||
| Date: 28 May | Terms: EOM after EOM | |
| Description | Total (inc GST) | |
| Canon photocopier model X134 SN 12784578 (effective life 5 years) Office supplies | $1,880.00 321.00 $2,201.00 | |
| Transaction 18 30 May | Invoice to be issued to an account customer. 30 May Ref: Jim Howard Jim Howard Interiors Address of your choice 6 Byron dining room tables 48 Byron chairs Invoice total inc GST $8,346.00 Do not print the invoice. |
Task 11
The following bank statement was received at the end of the month.
Bank statement 31 May
| Date | Transaction | Withdrawal | Deposit | Balance |
| 1 May | Balance | 22,080.00 CR | ||
| 2 | Cheque 600 | 1,600.00 | 20,480.00 CR | |
| 5 | Bank charges | 18.00 | 20,462.00 CR | |
| 6 | Cheque 602 | 480.00 | 19,982.00 CR | |
| 10 | Deposit | 880.00 | 20,862.00 CR | |
| 11 | Deposit | 2,653.00 | 23,515.00 CR | |
| 12 | EFT | 1,299.00 | 22,216.00 CR | |
| 12 | Deposit | 21,280.00 | 43,496.00 CR | |
| 12 | Cheque 603 | 2,000.00 | 41,496.00 CR | |
| 15 | DD A Landlord | 1,100.00 | 40,396.00 CR | |
| 20 | Cheque 605 | 300.00 | 40,096.00 CR | |
| 22 | Cheque 606 | 269.00 | 38,827.00 CR | |
| 31 | Interest | 18.00 | 39,845.00 CR | |
| 31 | Merchant fees | 15.00 | 39,830.00 CR | |
| 7,081.00 | 24,831.00 |
1. Save the direct debit A Landlord for monthly rent of $1,100 inc GST as recurring.
2. Create the supplier card with required details.
3. Enter the transactions not already entered in the general ledger and reconcile the bank account to the statement.
PRINTOUT 6 Reconciliation Report before reconciling
1. Reconcile the bank statement displaying cleared and outstanding entries. 2. Create the reconciliation report before reconciling.
PRINTOUT 7 Activity statement Jenson Home
Use Plain Paper template to create a statement for Jenson Homes from 1 April to 31 May.
PRINTOUT 8 All Transaction Journals for May
1. Check the journals with the transactions in Task 10.
2. Identify any errors and make the necessary corrections.
3. Include the user ID and session date and exclude the Job No column.
Part C May reports
Task 12
Print the following reports:
PRINTOUT 9 GST [Detail – Accrual] report for May 1. Create the GST [Detail – Accrual] report for May. 2. Carefully check the tax codes used and correct any errors.
PRINTOUT 10 Balance Sheet as at 31 May 1. Create the Balance Sheet as at 31 May.
2. Do not include 0 balances or account numbers.
PRINTOUT 11 Profit & Loss Statement
Create the Profit & Loss Statement report for May.
PRINTOUT 12 Payroll Activity Summary
Create the Payroll Activity Summary report for May.
Part D Entering transactions for June
Task 13
Enter the transactions listed for June.
Remember to record on the source document the account code and that the data has been entered following the accounting policies and procedures.
| Transaction 1 1 June | Tax invoice paid by credit card. 1. Before recording recap the transaction. Downs Office Equipment ABN 21457894555 Tax invoice Paid by credit To: Pelican Furniture Pty Ltd 247 66 Watson Road card 1 June Your City Date: 1 June Terms: COD Description Total (inc GST) Brother multi-function printer for the office (effective life $999.00 3 years) SN 1478845124 2. Enter the transaction in MYOB AccountRight and update the fixed asset register. |
| Transaction 2 1 June | Vasili paid the outstanding amount for Furniture Imports invoice number 662 total $2,400.00 by EFT. |
| Transaction 3 6 June | Pay the outstanding Telstra account by BPay. NAB Cheque Account |
| Transaction 4 6 June | Invoice to be issued to a customer. Payment was made at the time of sale by EFTPOS. 6 June Your name 4 Byron chairs 1 Byron table Soft furnishings total $350 Freight $50 Invoice total inc GST $1,395.00 Do not print the invoice. |
| Transaction 5 | Petty cash expenses for staff amenities. Local Supermarket ABN: 49934461341 TAX INVOICE Milk $3.20 Toilet paper $8.80 Total $12.00 GST amount $0.80 6 June |
| Transaction 6 10 June | Tax invoice received for prepaid computer support. Hilder & Sons ABN 11 874 555 222 Tax invoice To: Pelican Furniture Pty Ltd 220 66 Watson Road Your City Date: 10 June Terms: 14 days Description Total (inc GST) Computer support for 10 months (June to March) $2,200.00 |
| Transaction 7 17 June | Wages paid to casual employee by cheque number 607. 1. Process the pay and enter details as follows: |
| 2. Record the pay. Do not print paycheques or pay slips. | |
| Transaction 8 18 June | This cheque was received as part payment for outstanding invoice from Jim Howard Interiors. Process the cheque payment directly to the NAB cheque account. Eastpac Bank Your Town State 000296 Date: 18 June Pay Pelican Furniture………………… OR BEARER The sum of Two thousand dollars …………………………………………………………… $2,000…………… DRAWER Jim Howard Interiors J Howard “000296 062001” 121556833” |
| Transaction 9 20 June | An email remittance advice received from Jenson Homes. From: Jenson Homes [mailto:[email protected]] Sent: 18 June 11:04 AM To: [email protected] Subject: Payment notification Payment of the following invoice has been made to your bank account by direct deposit: Invoice number 531 $1,281.00 Paid by EFT 20 June |
| Transaction 10 27 June | Vasili paid the outstanding bill from Downs Office Equipment by credit card. |
| Transaction 11 28 June | $3,200.00 was transferred from the cheque account to the credit card account using an internet transfer. |
| Transaction 12 28 June | Vasili checks his online banking and sees that the cheque from Jim Howard Interiors has been dishonoured. Process the reversal. |
| Transaction 13 | A statement was received from Furniture Imports. Check the accuracy of the statement against the supplier ledger. |
| Furniture Imports STATEMENT ABN 21 555 666 789 2134 Home Avenue, YOUR CITY June To: Pelican Furniture Pty Ltd Terms: EOM after EOM | ||||||||
| Date | Reference | Description | Sales (Debits) | Payments/ adjustments (Credits) | Balance | |||
| 1 June | Balance from previous month | $19,740.00 | ||||||
| 1 June | EFT | Payment | $2,200.00 | $17,540.00 | ||||
| > 60 days overdue | 30 days overdue | Current | Total amount owing | |||||
| $6,450.00 | $11,090.00 | $17,540.00 | ||||||
| 1. Is the statement accurate? ….No this statement is not accurrate………………………………………………………………………………………………. 2. If not, what is the discrepancy? The outstanding amount paid through the EFT was $2400 by vasilli…………………………………………………………………………………………….. 3. List steps you would take to resolve any discrepancy. I’ll then execute one of these things, depending on the arrangement I reach with the supplier. Acknowledge the pricing discrepancy, then send the invoice with the corresponding errors.Post the invoice after updating the amount to the anticipated total.Ask the seller to issue a new, updated invoice with a complete credit. |
| Transaction 14 30 June | Assume Furniture Imports has reissued the statement and it now reconciles with the Pelican Furniture supplier ledger. Vasili paid all outstanding invoices for Furniture Imports by EFT. |
Task 14
The following bank statement was received at the end of the month.
Bank statement
| Date | Transaction | Withdrawal | Deposit | Balance |
| 1 June | Balance | 39,830.00 CR | ||
| 1 | EFT Furniture Imports | 2,400.00 | 37,430.00 CR | |
| 5 | Bank charges | 8.00 | 37,422.00 CR | |
| 6 | BPay – Telstra | 350.00 | 37,072.00 CR | |
| 6 | EFT credit | 1,395.00 | 38,467.00 CR | |
| 15 | Loan repayment | 500.00 | 37,967.00 CR | |
| 15 | DD A Landlord | 1,100.00 | 36,867.00 CR | |
| 17 | Cheque 607 | 973.80 | 35,893.20 CR | |
| 18 | Deposit | 2,000.00 | 37,893.20 CR | |
| 20 | EFT credit | 1,281.00 | 39,174.20 CR | |
| 28 | Transfer to credit card | 3,200.00 | 35,974.20 CR | |
| 28 | Dishonoured cheque | 2,000.00 | 33,974.20 CR | |
| 29 | Dishonour fee | 8.00 | 33,966.20 CR | |
| 30 | EFT Furniture Imports | 17,340.00 | 16,626.20 CR | |
| 30 | Interest | 10.00 | 16,636.20 CR | |
| 30 | Merchant fees | 12.00 | 16,624.20 CR | |
| 27,891.80 | 4,686.00 |
1. Use the recurring transaction to record the rent payment.
2. Enter the transactions not already entered in the general ledger and reconcile the bank account to the statement.
PRINTOUT 13 Bank Reconciliation Report before reconciling
1. Reconcile the bank statement displaying cleared and outstanding entries. 2. Create the reconciliation report before reconciling.
PRINTOUT 14 All Transaction Journals for June
1. Check your journals with the transactions for June.
2. Identify your errors and make the necessary corrections.
3. Include the user ID and session date and exclude the Job No column.
Task 15
Enter the following transactions as year-end adjustments:
| Transaction 15 30 June | You have been notified that Country Cottages have gone into liquidation. 1. Make a notation in the customer contact log. 2. Write the amount owing off as a bad debt. 3. Settle the transaction against the open invoice. |
| Transaction 16 | Create a journal entry to account for computer support expenses for June. |
| Transaction 17 | Create a journal entry to account for accrued income for a business insurance refund (no GST reportable) expected from Suncorp Insurance for $380 not yet received. |
| Transaction 18 | Create a journal entry to account for sales of non-inventoried other stock on hand at 30 June. The value of stock on hand is reduced from the opening balance to $5,200. |
| Transaction 19 | 1. Enter the following stocktake of furniture: Item number Item name Number on hand 30/6/xx CByron78444 Byron chairs 12 CMontigo67894B Montigo armchair – black 18 CMontigo67894C Montigo armchair – chocolate 22 DByron78447 Byron dining room table 4 1 upholstery damaged chocolate armchair was taken from stock and relocated in the staff room for staff use. Allocate to the staff amenities expense account. 2. Allocate the adjustment to the relevant cost of sales account. |
PRINTOUT 15 Depreciation schedule
1. Refer to the completed Pelican fixed asset register.
2. Create the depreciation schedule by asset category report.
| Transaction 20 | Using totals from each asset category of PRINTOUT 15 Depreciation schedule, enter year-end adjustment journal entries to record the transfer of the printer to the low value asset pool (if not already allocated) and depreciation for the year against each asset category. |
Part E June reports
Task 16
PRINTOUT 16 General Ledger [Detail]
1. Create the General Ledger [Detail] report for June.
2. Do not include accounts with no activity. Display year-end adjustments only. 3. Remove Job No. from the report and adjust column widths to show memo field in full. 4. Check the ledger with transactions in Task 15.
PRINTOUT 17 GST [Detail – Accrual] report for June
1. Create the GST [Detail – Accrual] report for June
2. Carefully check the tax codes used and correct any errors.
PRINTOUT 18 Balance Sheet as at 30 June
1. Create the Balance Sheet as at 30 June.
2. Do not include 0 balances or account numbers.
PRINTOUT 19 Receivables Reconciliation [Detail] as at 30 June
1. Create the Receivables FNSCC416 Student Assessment Reconciliation [Detail] as at 30 June ageing according to invoice terms.
2. What is the amount owed by customers on 30 June?
……….The amount owed by the customer according to the Receivables Reconciliation [Detail] as at 30 June is $494…………………………………………………………………………………………………………………
3. What is the trade debtors balance in the balance sheet on 30 June?
………….The trade debtor balance in the balance sheet 30 June is $494 ………………………………………………………………………………………………………………
4. Does the debtors subsidiary ledger reconcile with the general ledger? If not, use Find Transactions to analyse any errors or omissions and make any necessary corrections to transactions.
………Yes the debtors subsidiary ledger reconcile with general ledger………………………………………………………………………………………………………………….
PRINTOUT 20 Payables Reconciliation [Detail] as at 30 June
1. Create the Payables Reconciliation [Detail] as at 30 June ageing according to purchase order date.
2. What is the amount owing to suppliers on 30 June?
……….The amount owing to the supplier is $5193.82 …………………………………………………………………………………………………………………
3. What is the trade creditors balance in the balance sheet on 30 June?
The trade creditor balance in balance sheet on june 30 is $5193.82 ………………………………………………………………………………………………………………………
- Does the creditors subsidiary ledger reconcile with the general ledger? If not, use Find Transactions of FNSCC416 Student Assessment to analyse any errors or omissions and make any necessary corrections to transactions.
Yes the trade creditor subsidiary ledger reconcile with general ledger.
PRINTOUT 21 Inventory Value Reconciliation as at 30 June
Create the Inventory Value Reconciliation as at 30 June.
1. What is the value of furniture on hand on 30 June?
The value of furniture at hand is $19840 ……………………………………………………………………………………………………………………..
2. What is the Inventory balance in the Balance Sheet on 30 June?
The inventory balance at balance sheet is $39840.
………………………………………………………………………………………………………………………….
3. Does the inventory subsidiary ledger FNSCC416 Student Assessment reconcile with the general ledger? If not, check your inventory transactions and adjustments and make any necessary corrections.
Yes, the inventory subsidiary ledger reconcile with general ledger …………………………………………………………………………………………………………………..
PRINTOUT 22 Fixed asset register
1. Print the assets by category report from the FNSCC416 Student Assessment completed fixed asset register. 2. What is the closing value of assets in the low value asset pool?
………………………………………………………………………………………………………………………….
3. Does this reconcile with the Low Value Pool account in the balance sheet (less accumulated depreciation)? If not, check your depreciation journal.
………………………………………………………………………………………………………
4. What is the closing value of all assets on the asset register?
………………………………………………………………………………………………………………………….
5. Does this reconcile with the total value of assets on the balance sheet? If not, check your entries.
………………………………………………………………………………………………………………………….
6. What is the total depreciation expense on the asset register?
…………………………………………………………………………………………………………
7. Does this reconcile with the value of depreciation on your profit & loss statement? If not, check your year-end journal entries.
8. Write on your printout the relevant MYOB balance sheet and profit & loss account values to verify they reconcile.
PRINTOUT 23 Profit & Loss [With Year to Date]
1. Create the Profit & Loss [With Year to Date] displaying June and Year to Date.
2. Remove % of Sales and % of YTD Sales.
PRINTOUT 24 Payroll Activity Summary
1. Create the Payroll Activity Summary report for June.
PRINTOUT 25 Payroll Activity Summary
1. Create the Payroll FNSCC416 Student Assessment Activity Summary report for May and June.
2. What is the total value of taxes?
The total value of the tax is $302………………………………………………………………………………………………………
3. Refer to PRINTOUT 18 Balance Sheet as at 30 June.
4. Does the total tax amount on the payroll report reconcile FNSCC416 Student Assessment with the PAYG Withholding amount on the balance sheet? If not, why not?
No the total tax amount does not reconcile with the balance sheet………………………………………………………………………………………………………
Task 17
1. Make a secure backup of your company file.
2. Start a new financial year in MYOB. Do not purge your data.
Task 18
Show your assessor how to restore this backup.
Task 19
Submit your printouts, FNSCC416 Student Assessment and backup as instructed by your assessor.
Evidence guide
| Element Elements describe the essential outcomes. | Performance criteria Performance criteria describe the performance needed to demonstrate achievement of the element. | Assessment task |
| 1. Implement integrated accounting system | 1.1 Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures | Task 1 Task 2 Task 3 Task 7 |
| 1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST) | Task 1 Task 6 | |
| 1.3 Identify sources of technical help and use them to solve operational problems | As required during assessment | |
| 2. Process transactions in system | 2.1 Collate, code, and classify input data before processing | Task 13 |
| 2.2 Process wide range of cash and credit transactions according to organisational policies and procedures | Task 13 | |
| 2.3 Use general journal to make balance day adjustments for prepayments and accruals | Task 15 | |
| 2.4 Regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors | Task 13 | |
| 2.5 Perform end of financial year rollover | Task 17 | |
| 3. Maintain system | 3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required | Task 13 Task 15 |
| 3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts | Task 13 Task 15 | |
| 3.3 Customise chart of accounts to meet reporting requirements of organisation | Task 1 Task 13 Task 15 | |
| 4. Produce reports | 4.1 Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes | Task 16 |
| 4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger | Task 16 | |
| 4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statements | Task 3 Task 13 | |
| 4.4 Establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements | Task 17 | |
| 4.5 Maintain secure record of processed transactions for audit purposes | Task 1 |
FNSCC416 Student Assessment requirements v1.0
Performance evidence
| Evidence of the ability to: | Assessment task |
| • set up the chart of accounts for one organisation by modifying an established integrated financial software system | Task 1 |
| • implement an integrated computerised accounting system, ensuring integrity of the data | Task 1 Task 2 Task 3 Task 6 Task 7 |
| • process transactions in the integrated system, including: • BPAY | Task 5 Task 13 |
| • credit card payments | Task 13 Task 15 |
| • direct debit | Task 11 |
| • invoices | Task 13 |
| • petty cash | Task 13 |
| • generate reports in the integrated system over at least two reporting periods, including: • goods and services tax (GST) accrual report | Task 16 |
| • payroll report | Task 16 |
| • bank reconciliation report | Task 13 |
| • profit and loss statement | Task 16 |
| • balance sheet | Task 16 |
| • maintain computerised accounting system information securely. | Task 1 |
Knowledge evidence
| The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role. | Assessment task |
| • Key features of desktop and cloud-based computerised accounting systems | Exercise 2 |
| • Key features of organisational policies and procedures relating to setting up and operating a computerised accounting system | All tasks |
| • Key requirements of financial services industry legislation relating to information privacy when using computerised accounting systems | Exercise 1 |
| • Key features and characteristics of information included in source documents of financial data | Exercise 11 Exercise 42 Exercise 46 |
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