Conversion to MYOB

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MYOB Accounting Practice Set

Electronics Specialist, Australian Edition 3

Conversion to MYOB
Your progress

Your grading
Your grading outcome (still in progress)
Awarded Total

Completed:

3% (approximately)

This page will take:

up to 1 hour

Points (prior to this page)

Points (on this page)

24

Points (after this page)

385

Total

409

Remaining pages will take: up to 17.5 hours

The time frames we provide are a guide only. It may
take you more or less time to complete each page.

Creating the company file

Remember that Hi-Fi Way currently uses a manual accounting system and that your first task as the recently appointed
accountant is to convert the existing manual accounting system to a new computerised accounting system using MYOB.
Now that you have read Hi-Fi Way's accounting policies and procedures, you are ready to start the process of creating a
new company file in MYOB. To ensure that the company file is created correctly, Orlando provides you with more
information about the business and its preferred accounting practices. This is shown below.
Orlando also provides a number of questions that you should answer while performing your work in MYOB.
Instructions:
1. Print this page so that you have a paper copy of the instructions, required company settings and questions
provided on this page.
2. If you are not already working in MYOB, start the program and use the New Company File Assistant to create your
MYOB company file. If the MYOB software is not installed on your computer, follow the instructions in the MYOB
Learning Centre to install the software.
Note:
You must enter your full name in parenthesis at the end of the company name. For example, if your full
name was Chris Smith, your company name would be 'Hi-Fi Way (Chris Smith)'.
In the New Company File Assistant, before pressing the Next button in the 'Create your company file'

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window, you should answer all of the multiple choice questions below and carefully review your inputs.

3. Print the default Accounts List [Detail] report for Hi-Fi Way in MYOB and answer the remaining questions below.
Note
In order to answer the questions given, you will need to customise this report so that it shows information
about all accounts with zero balances. For more information, see the MYOB reports section of the quick
reference guide.
We recommend that you keep a copy of this report because you will use it in the company setup section.
4. Tick the check box that is provided at the end of this page to confirm that you understand all of the above
instructions and have followed them carefully.
Remember, if you need any help in completing the above tasks, you can review the appropriate topics in our MYOB
Learning Centre.

Information about the company file

The following list sets out basic information about Hi-Fi Way's business that is required to create the company file in
MYOB using the New Company File Assistant. Each step in this list corresponds to a window in the New Company File
Assistant.
a. Enter your 12 digit MYOB product serial number. Orlando asks you to leave the Serial Number field blank.
Enter information about your company. The table below shows the contact details and A.B.N. for
Hi-Fi Way.
Please take the time to enter these details carefully and accurately into MYOB because they vary for every student
and will be used to identify your personalised MYOB company file.

Company Name:

Hi-Fi Way (insert your full name)*

A.B.N.:

14 582 449 135

Address:

190 Beaurepaire Lane

Melbourne, VIC, 3000
Australia

Phone Number:

1800-316-5460

Fax Number and E-mail Address (leave those fields blank)

*Remember, if your full name was Chris Smith, your company name would be 'Hi-Fi Way (Chris Smith)'.
b. Tell us about your accounting year. Remember it is currently 2 January 2016. Therefore, the current financial
year for Hi-Fi Way is 2016 which starts in July 2015 and ends in June 2016. In the Current Financial Year field,
Orlando tells you to select the year in which the company's financial year ends.

Orlando then asks you to select January as the conversion month because you will begin recording transactions for
the month of January. He mentions that there should be 12 accounting periods per financial year so that each month
matches a calendar month. He also asks you to review your entries because you will not be able to change them
after the company file is created.
c. Build your accounts list. Orlando tells you to create an accounts list (chart of accounts) starting from one of the
lists provided by MYOB Accounting. This will ensure you select the appropriate default accounts list for Hi-Fi Way.
d. Select your accounts list. In the select your accounts list, Orlando asks you to select 'Other' for the industry
classification of Hi-Fi Way and select 'Retail Business, Other' for the type of business.
e. Create your company file. In the New Company File Assistant, before pressing the Next button in the 'Create your
company file' window, answer the questions below about setting up your company file in MYOB.

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Questions on entering basic company information

(Q=110.F.M.CC.P1.Q1)

In the New Company File Assistant, before pressing the Next button in the 'Create your company file' window,
Orlando wants to confirm some of the company settings you selected when creating the company file in MYOB.
Orlando asks you to select the correct options that appear throughout the New Company File Assistant that correspond
to the company settings required for Hi-Fi Way in MYOB:

13 accounting periods and 'Retail Business, Other' as the type of business

July as the conversion month and a financial year starting in January
12 accounting periods and June as the conversion month
January as the conversion month and a financial year ending in June

(Q=110.F.M.CC.P2.Q2)

Select the information that cannot be changed after a company file is created in MYOB:

the company's phone number

conversion month
names of accounts in the accounts list
all of the above options cannot be changed after creating the company file

(Q=110.F.M.CC.P3.Q2)

Select the step that is included in the New Company File Assistant:

Entering inventory records and beginning inventory balances

Creating a user name and password for the new company in MYOB
Selecting the last month of the company's financial year
All of the above steps are included in the New Company File Assistant

Questions on the default accounts list

(Q=110.F.M.CC.P4.Q1)

Now that you have finished entering information into the New Company File Assistant in MYOB, Orlando asks you to
press the Next button in the the 'Create your company file' window and select Command Centre to exit the New
Company File Assistant.
Orlando then asks that you print the Accounts List Detail report customised to include $0.00 balances and to display
Level 4 as the report level. To check that you have the correct accounts list, Orlando requests you use that report to
identify the number of times each of the following words appear under the Type column:

Type

Number of times

Liability

Accounts Receivable

Other Asset

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Equity

Income

Cost of Sales

(Q=110.F.M.CC.P5.Q2)

Use the the Accounts List (Detail) report to specify the account number of each of the detail accounts listed below:

Account Name

Account #

Less Prov'n for Doubtful Debts

1 -

1210

Inventory

1 -

1300

PAYG Withholding Payable

2 -

1420

Bank Loans

2 -

2100

Telephone

6 -

2200

Interest Expense

9 -

1000

(Q=110.F.M.CC.P6.Q2)

For each of the accounts listed below, specify the account type listed under the Type column in the Accounts List
(Detail) report:

Account Name

Account Type

Undeposited Funds

Asset

Less Prov'n for Doubtful Debts

Asset

Payroll Accruals Payable

Liability

Historical Balancing

Equity

Interest Income

Other Income

Purchases Type A

Cost of Sales

Specific agreement
I have created the company file for Hi-Fi Way in MYOB and followed all of the given instructions. I understand
that if I choose not to create the required company file in MYOB with the exact settings provided on this page and
on subsequent pages, then I will not be able to complete the rest of the practice set and it is likely that I will score
no further points.

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MYOB Accounting Practice Set, Electronics Specialist, Australian Edition 3 (VMA3s)

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