BSBFIA303 Process Accounts Payable and Receivable - Assignment Help
What you have to do
You will be completing the electronic accounts payable and accounts receivable for the company, Class Sports Company, using MYOB software. Class Sport is in the business in hiring out sports equipment. You are working for this company.
To complete this assessment you need to access and use:
- MYOB software
- Assessment data file Class Sports myo
(The data file can be accessed from the Assessment Resources section under the unit Assessments tab on the OLS. Take note that this data file must be saved on your computer first. Then open it from MYOB.)
This assessment covers the learning outcomes in your unit textbook and Section 5 and 6 of your learning resource. If you need assistance, you may refer to the learning resources and any of the exercises you have completed.
Make sure you double check your work as you go. All calculations and all entries must be correct in this assessment.
‘CY’ appearing in this assessment means ‘Current Year’, which is in relation to the date.
What you will need to submit
You are required to submit the prescribed MYOB reports for marking. Refer to the
Checklist in the last page of this assessment.
When you are ready, upload your assessment files on the OLS under the unit Assessments tab for marking. Refer to the instructions in this assessment how to produce the MYOB reports. Place all your reports in a folder and zip it for submission.
Task 1 – Enter opening balances
- Open MYOB and, from the MYOB, open the assessment data file Class Sports myo.
- Check the Company name Class Sports Co_assess appears as the Company name on your MYOB screen.
- Check and ensure the financial year on file as current year (CY). You may need to roll over the financial year on file to current financial year.
Enter the following Suppliers Opening Balances.
| Supplier Name | PO
number |
Date | Supplier’s Invoice number | Total including GST |
| Sue’s Sneakers | 634 | 28-06-CY | 6570 | $695.00 |
| Sue’s Sneakers | 780 | 1-07-CY | 8745 | $1,805.00 |
| AJ Sports Group | 778 | 11-06-CY | 0064 | $1,750.00 |
| The Golf Barn | 786 | 8-07-CY | 6374 | $700.00 |
| The Golf Barn | 776 | 1-05-CY | 7802 | $800.00 |
| Sport Clothing Wholesalers | 784 | 12-07-CY | 2803 | $850.00 |
| Total | $6,600.00 |
Enter the following Customers’ Opening Balances
| Customer Name | Invoice number | Date | Customer’s PO number | Total including GST |
| Active Sport Centre | 1223 | 3/06/CY | 3920 | $500.00 |
| Active Sport Centre | 1225 | 8/07/CY | 3976 | $700.00 |
| Shark Fishing Tours | 1236 | 31/07/CY | 7189 | $750.00 |
| The Shoe Cage | 1215 | 31/05/CY | 0114 | $1,700.00 |
| Total | $3,650.00 |
Task 2 – Enter suppliers’ tax invoices
Your suppliers have sent you the following tax invoices for the goods purchased in August CY.
| Sue Sneakers
ABN: 19 145 789 158 17 Wharf Road WARATAH NSW 2231 Telephone: (02) 5587 5432 Facsimile: (02) 5587 5433 |
|||
| Tax Invoice | |||
| To: | Class Sports Co ABN: 19 123 785 621 | Date: | 3/8/CY |
| 15-21 Loren Road | Invoice No: | 587 | |
| ERINA NSW 2231 | Purchase No: | 147 | |
| Particulars | Rate | Total | |
| Purchase of 10 tennis rackets for hire | $114.00 | $1,140.00 | |
| Freight Sub total GST
Total including GST |
50.00
1,190.00 119.00 $1,309.00 |
||
| Terms: 14 days from statement date or 2.5% discount if paid within 10 days of invoice Returns: 2 day policy applies | |||
| AJ Sports Group
ABN: 21 125 487 547 79 Holts Road KENNEDY NSW 2254 Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977 |
||||
| Tax Invoice | ||||
|
To: |
Class Sports Co ABN: 19 123 785 621 |
Date: |
15/8/CY |
|
| 15-21 Loren Road | Invoice No: | 41 | ||
| ERINA NSW 2231 | Purchase No: | 148 | ||
| Particulars | Total | |||
| Purchase of 50 Footballs for hire | $987.50 | |||
| Freight Sub total GST
Total including GST |
40.00
1,027.50 102.75 $1,130.25 |
|||
| Terms: 30 days from statement date or 2.5% discount if paid within 10 days of invoice Returns: 14 days from invoice | ||||
| The Golf Barn
ABN: 21 458 796 258 521 Hill Line BEENLEE NSW 2548 Telephone: (02) 5587 1475 Facsimile: (02) 5587 1256 |
||||
| Tax Invoice | ||||
| To: | Class Sports Co ABN: 19 123 785 621 | Date: | 20/8/CY | |
| 15-21 Loren Road | Invoice No: | 357 | ||
| ERINA NSW 2231 | Purchase No: | 150 | ||
| Particulars | Total | |||
| 25 x Golf Putters Size 2 purchased to hire to customers | $730.00 | |||
| Freight Sub total GST
Total including GST |
35.00
765.00 76.50 $841.50 |
|||
| Terms: 30 days from statement date or 3% discount if paid within 7 days of invoice | ||||
| Sports Clothing Wholesalers
ABN: 87 456 148 478 1 Ali Road BRAYBY NSW 2256 Telephone: (02) 5587 5485 Facsimile: (02) 5587 5467 |
||||
| Tax Invoice | ||||
| To: | Class Sports Co ABN: 19 123 785 621 | Date: | 25/8/CY | |
| 15-21 Loren Road | Invoice No: | 54871 | ||
| ERINA NSW 2231 | Purchase No: | 151 | ||
| Particulars | Total | |||
| 15 x T-shirts and 15 x Tracksuit Tops purchased for hire | $1,500.00 | |||
| Freight Sub total GST
Total including GST |
50.00
1,550.00 155.00 $1,705.00 |
|||
| Terms: 30 days from statement date or 2% discount if paid within 7 days of invoice Returns: 7 days policy applies | ||||
| AJ Sports Group
ABN: 21 125 487 547 79 Holts Road KENNEDY NSW 2254 Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977 |
||||
| Tax Invoice | ||||
| To: | Class Sports Co ABN: 19 123 785 621 | Date: | 27/8/CY | |
| 15-21 Loren Road | Invoice No: | 54874 | ||
| ERINA NSW 2231 | Purchase No: | 152 | ||
| Particulars | Total | |||
| 75 Packs of Tennis Balls for hire to customers | $875.00 | |||
| Freight Sub total GST
Total including GST |
35.00
910.00 91.00 $1,001.00 |
|||
| Terms: 30 days from statement date or 2.5% discount if paid within 10 days of invoice Returns: 14 days from invoice | ||||
| Gordon Cars
ABN: 32 145 487 547 20 Ryde Road HUNTSMAN NSW 2254 Telephone: (02) 5977 8998 Facsimile: (02) 5977 8999 Tax Invoice To: Class Sports Co ABN: 19 123 785 621 Date: 30/8/CY 15-21 Loren Road Invoice No: 9989 ERINA NSW 2231 Purchase No: 154 |
|
| Particulars | Total |
| Purchase of delivery van | $18,000.00 |
| Freight
Sub total 18,000.00 GST 1800.00 Invoice total including GST $19,800.00 Authorised: Allison Gosh Terms: 14 days after EOM. No discount allowed |
|
Create a new supplier card in MYOB using the information in the tax invoice below and enter their tax invoice.
| Blue Printing Co
ABN: 32 145 487 547 20 Ryde Road HUNTSMAN NSW 2254 Telephone: (02) 5977 8998 Facsimile: (02) 5977 8999 |
Tax Invoice
Date: 28/8/CY Invoice No: 5998 Purchase No: 153 |
||
| To: Class Sports Co ABN: 19 123 785 621
15-21 Loren Road ERINA NSW 2231 |
|||
| Particulars | Total | ||
| Printing of advertising materials | $800.00 | ||
| Freight | |||
| Sub total | 800.00 | ||
| GST | 80.00 | ||
| Invoice total including GST | $880.00 | ||
| Authorised: Allison Gosh | |||
| Terms: 14 days after EOM. No discount allowed | |||
Task 3 – Enter and allocate suppliers’ tax adjustment notes
Your suppliers have sent you the following tax adjustment notes during the month.
| Tax Adjustment Note
AJ Sports Group ABN: 21 125 487 547 20 Ryde Road HUNTSMAN NSW 2254 Telephone: (02) 5587 8978 Facsimile: (02) 5587 8977 To: Class Sports Co ABN: 19 123 785 621 Date: 28/8/CY 15-21 Loren Road Adjustment Note No: 754 ERINA NSW 2231 Purchase No: 152 |
|
| Particulars | Total |
| Tennis Balls Overcharged Reference Invoice No: 54874 | $137.50 |
| Freight
Sub total 137.50 GST 13.75 Adjustment total including GST $151.25 Reason for adjustment – overcharged Authorised: Allison Gosh |
|
| Tax Adjustment Note
Sports Clothing Wholesalers ABN: 87 456 148 478 1 Ali Road BRAYBY NSW 2256 Telephone: (02) 5587 5485 Facsimile: (02) 5587 5467 To: Class Sports Co ABN: 19 123 785 621 Date: 27/8/CY 15-21 Loren Road Adjustment Note No: 5478 ERINA NSW 2231 Purchase No: 151 |
|
| Particulars | Total |
| 1 X Tracksuit Top Small Reference Invoice No: 54871 | $37.50 |
| Freight
Sub total 37.50 GST 3.75 Adjustment total including GST $41.25 Reason for return: Torn (reference Invoice No: 54871) Authorised: Greg King |
|
Task 4 – Enter the following payments to suppliers
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
PAYMENT VOUCHER |
||
|
Payee: |
Sue’s Sneakers |
Date: |
11/8/CY |
| $ | $695.00 | Cheques No: | 14565 |
| Being for: | Payment on Account | Payment Voucher: | 145 |
| Discount received: | $0.00 | ||
| Payment authorised by: Amy Warwick | |||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
PAYMENT VOUCHER |
||
|
Payee: |
The Golf Barn |
Date: |
11/8/CY |
| $ | $700.00 | Cheques No: | 14566 |
| Being for: | Payment on Account | Payment Voucher: | 146 |
| Discount received: | $0.00 | ||
| Payment authorised by: Amy Warwick | |||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
PAYMENT VOUCHER |
||
|
Payee: |
Sports Clothing Wholesalers |
Date: |
29/8/CY |
| $ | $1629.65 | Cheques No: | 14567 |
| Being for: | Payment of August Account | Payment Voucher: | 147 |
| Discount received: | $34.10 | ||
| Payment authorised by: Amy Warwick | |||
Task 5 – Enter customers’ tax invoices
You have issued the following tax invoices to customers for the goods sold in August CY.
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
|||||
| Tax Invoice | |||||
| Name: | Active Sports Centre ABN: 19 589 457 658 | Date: | 5/8/CY | ||
| Address: | 15-21 Loren Road | Invoice No: | 1254 | ||
| City: ABN: | ERINA NSW 2231
19 589 457 658 |
Purchase No: | 789 | ||
| Particulars | Total | ||||
| Hire of tennis rackets for 4 days | $947.00 | ||||
| Freight Sub total GST
Invoice total including GST |
947.00
94.70 $1,041.70 |
||||
| Terms: 30 days from statement date or 2% discount if paid within 7 days of invoice Returns: 7 day policy applies | |||||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
||||
| Tax Invoice | ||||
| Name: | Shark Fishing Tours | Date: | 5/8/CY | |
| Address: | 1/125 Ali Road | Invoice No: | 1255 | |
| City: ABN: | BURBANK NSW 2451
79 145 878 125 |
Purchase No: | 45 | |
| Particulars | Total | |||
| Repairs to outboard motor on hire boat | $683.00 | |||
| Freight Sub total GST
Total including GST |
25.00
708.00 70.80 $778.80 |
|||
| Terms: 30 days from statement date or 2% discount if paid within 7 days of invoice Returns: 7 day policy applies | ||||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
||||
| Tax Invoice | ||||
| Name: | The Shoe Cage | Date: | 12/8/CY | |
| Address: | 117 Nathan Drive | Invoice No: | 1257 | |
| City: ABN: | HORN NEST NSW 2451 17 897 546 213 | Purchase No: | 42 | |
| Particulars | Total | |||
| Hire of football boots for one season | $390.00 | |||
| Freight Sub total GST
Total including GST |
20.00
410.00 41.00 $451.00 |
|||
| Terms: 30 days from statement date or 2% discount if paid within 10 days of invoice Returns: 14 days from invoice | ||||
Create a new customer card in the MYOB using the information in the tax invoice below and enter their tax invoice.
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
||||
| Tax Invoice | ||||
| Name: | JNK Sports | Date: | 29/8/CY | |
| Address: | 54A The Point Way | Invoice No: | 1259 | |
| City: ABN: | MARS SEA NSW 2451 79 562 145 325 | Purchase No: | 1259 | |
| Particulars | Total | |||
| Hire of Gym Equipment for one month | $1,892.50 | |||
| Freight Sub total GST
Total including GST |
47.00
1,939.50 193.95 $2,133.45 |
|||
| Terms: 30 days from statement date or 2% discount if paid within 7 days of invoice Returns: 7 days from invoice | ||||
Task 6 – Enter and allocate customers’ tax adjustment notes
You have sent the following tax adjustment notes to your customers during the month.
| Tax Adjustment Note
Class Sports Co. ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 To: Shark Fishing Tours Date: 05/8/CY Address:: 1/125 Ali Road Adjustment Note No: 1256 City: BURBANK NSW 2451 Purchase No: 7189 ABN: 79 145 878 125 |
|
| Particulars | Total |
| Repair of fishing rod Reference Invoice No: 1236 | $47.50 |
| Freight
Sub total 47.50 GST 4.75 Total including GST $52.25 Reason for return: Fishing rod broken Authorised: Josh Lane |
|
| Tax Adjustment Note
Class Sports Co. ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 To: The Shoe Cage Date: 17/8/CY Address:: 117 Nathan Drive Adjustment Note No: 1258 City: HORN NEST NSW 2451 Purchase No: 42 ABN: 17 897 546 213 |
|
| Particulars | Total |
| Shoes returned as incorrect colour Reference Invoice No: 1257 | $150.00 |
| Freight
Sub total 150.00 GST 15.00 Total including GST $165.00 Reason for return: Incorrect colour Authorised: Josh Lane |
|
Task 7 – Enter the following payments received from customers
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
Receipt |
||
|
Payer: |
Shark Fishing Tours |
Date: |
11/8/CY |
| The sum of: | Six hundred and ninety seven
dollars 75c |
||
| Receipt No: | 121 | ||
| $ | 697.75 | ||
| Being for: | Payment on the Account | ||
| Discount Allowed: | |||
| Payment authorised by: Amy Warwick | |||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
Receipt |
||
| Payer: | The Shoe Cage | Date: | 19/8/CY |
| The sum of: | One thousand seven hundred
dollars |
||
| Receipt No: | 122 | ||
| $ | 1,700.00 | ||
| Being for: | Payment on the Account | ||
| Discount Allowed: | $0.00 | ||
| Payment authorised by: Amy Warwick | |||
| Class Sports Co.
ABN: 19 123 785 621 15-21 Loren Road ERINA NSW 2231 Telephone: (02) 5587 4215 Facsimile: (02) 5587 4455 |
Receipt |
||
|
Payer: |
The Shoe Cage |
Date: |
21/8/CY |
| The sum of: | Two hundred and seventy six
dollars and ninety eight cents |
||
| Receipt No: | 123 | ||
| $ | 276.98 | ||
| Being for: | Payment on the Account
Invoice 1257 |
||
| Discount Allowed: | $9.02 | ||
| Payment authorised by: Amy Warwick | |||
Task 8 – Produce MYOB reports
Follow the instructions below to produce and save your MYOB reports for submission. Complete this Task before completing the remaining tasks in this assessment.
MYOB Reports for submission:
- Purchases and Payables Journal report (01/08/CY to 30/08/CY)
- Payables Ageing Detail report as at 30/08/CY
- Banking Cash Disbursements report (01/08/CY to 30/08/CY)
- Sales and Receivables Journal report (01/08/CY to 30/08/CY)
- Sales Ageing Detail report as at 30/08/CY
- Banking Cash Receipts report (01/08/CY to 30/08/CY)
Instructions to produce and save your MYOB reports:
- Customise your reports using Report option in MYOB
- Display your report on the screen
- Select ‘Send to’ button and select ‘Excel’
- Save your reports as Excel files on your computer
- Name each of your report file appropriately
- Place all your report files in a folder
- Name your folder appropriately
- Zip (or compress) your folder and upload it on the OLS for marking
Task 9 – Reconcile supplier’s statement
You have received Sports Clothing Wholesalers’ monthly statement showing their business activities with your company during the month.
| Sports Clothing Wholesalers
1 Ali Road BRAYBY NSW 2250 ABN: 44 160 342 601 |
||||||
| Statement as at | 30 August CY | |||||
| To: | Class Sports Co 15-21 Loren Road
ERINA NSW 2095 |
|||||
| Date | Particulars | Debit $ | Credit $ | Balance $ | ||
| 1 August | Opening Balance | $850.00 | ||||
| 25 August | Invoice 54817 | $1,705.00 | $2,555.00 | |||
| 27 August | Adjustment Note 5487 | 41.25 | $2,513.75 | |||
Company Policy (extracts)
- All statements received from suppliers must be promptly checked against the company record for errors and omission, if
- Any identified discrepancy in a supplier’s statement must be attended promptly by contacting the supplier for
- All communication and action must be documented in the supplier’s
Task requirements:
- Manually reconcile supplier’s statement for the month against the company
- Write a business memo dated 31 August CY to your accountant Ms Kim including the
- State the purpose of your memo
- Provide the name of the MYOB report you have used to reconcile the supplier’s statement
- Itemise the missing item on the supplier statement
- Provide the reasonable cause for the missing item
- Recommend the appropriate action in accordance with the Company Policy above
- Save your memo in a word file
- Name your file as ‘Statement reconciliation’ for submission
Task 10 – Reconcile bank statement
Reconcile the bank statement for the month using MYOB. Produce and save a bank reconciliation report as at 30/08/CY for submission.
| Business Cheque Account | |||||
| Branch name and address: | East Coast Bank 2 Sydney Road
ERINA NSW 2095 |
||||
| Customer Number: | 72400 | Date: 30 Aug CY | |||
| BSB and Account Number | 808-720-345 | ||||
| Account Name: Class Sports Co for the period 1 August to 30 August | |||||
| Date | Description of transaction | Debit | Credit | Balance | |
| 1 Aug | Opening Balance | $20,020.30 | |||
| 11 Aug | Deposit | $697.75 | $20,718.05 | ||
| 13 Aug | 14565 | $695.00 | $20,023.05 | ||
| 19 Aug | Deposit | $1,700.00 | $21,723.05 | ||
| 27 Aug | 14566 | $700.00 | $21,023.05 | ||
| 30 Aug | Bank fee | $35.00 | $20,988.05 | ||
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