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Assessment 1 –Written Questions

Task 1
Procedure of setting up and operate MYOB
There are two ways to install MYOB accounting system into a computer.

1. Insert the software CD in a computer’s CD drive.


2. Download AccountRight from the MYOB website.

Register Registering AccountRight will ensure you receive the entitlements that come with your software,
such as introductory support and company file activation entitlements. It also means MYOB can notify
you when there are software updates.

To register your software:

1 Start your web browser and go to my.myob.co.nz

2 In the Business Product Registration section, click Register now.

3 Complete the online registration form.

Create Company File:

Have this information to hand before you begin:

 Your financial year: This is the financial year you want to start recording transactions in your
company file. It does not need to be the financial year that your business is currently operating in.
For example, select 2018 to enter transactions in the financial year that runs from 1 April 2017 to
31 March 2018.
 Your conversion month: This is the month you want to start entering transactions. For example, if
you want to start entering transactions from January, your conversion month is January, and you
won’t be able to enter transactions dated before that month.
 Start your AccountRight software. A welcome window appears.
 Click Create a company file. The New Company File Assistant appears.

Enter your company information:

1. Click Next. The Company Information page appears.


2. Enter your business and registration details.
3. Click Next. The Financial Year page appears.
4. Select your financial year and conversion month.

Select your accounts list:

 Click Next. The Accounts List Options page appears.


 Select the Start with an accounts list provided by MYOB option
 Click Next. The Accounts List Selection page appears.
 Select the industry that best matches your own business. An accounts list suitable for the selected
industry is displayed. The accounts list helps a business categorize what it owns, owes, receives
and pays for. After creating your file you can tailor the list to meet the needs of your business.

Create the company file:

1 Click Next. The Create Company File page appears.

2 The name and library of the new company file is displayed. You can change these details if you want.

3 Click Create Company File. Your company file is created and the Conclusion page appears.

4 Click Easy Setup Assistant if you want to continue setting up your company file, otherwise click
Command Centre.

Activate the company file:

1. The Activation Assistant appears before your new company file is opened. NOTE : Do you need to
activate? If you are creating a company file for evaluation or testing purposes, you don’t need to activate
it—select then I use this company file for practice, evaluation or study purposes option and click Next.
You can ignore the rest of this procedure.

2. Click I use this company file to record or edit my business transactions.

3. Choose how you want to activate: Online (the quickest and easiest way to activate):

a Ensure you are connected to the internet.

b Choose Activate online and then click Next. The Activate Online window appears.

c If you have not previously entered your serial number, type it in the Serial Number field and press TAB.
d Click Activate.

5. Click Close.

Processing a transaction - Converting a purchase order to a credit purchase:


The process of converting a purchase order to a credit purchase in your MYOB software involves
converting the previously recorded purchase order to a purchase invoice (bill). To do this, first you need
to find the purchase order in your MYOB software. In the Purchases Command Centre, select Purchases
Register.

This opens the Purchases Register window. The following screenshots and reference table show step-by-
step instructions on how to convert the purchase order to a purchase invoice (bill). Note that each step is
assigned a reference number to help you identify the appropriate field or icon in the screenshots.

Producing reports:

1. Go to the Reports menu (at the top of the AccountRight window) and choose Index to Reports. The Index
to Reports window appears.
2. Click the tab corresponding to the type of report you want to display. A list of report headings appears.
3. Click the required report group and then click the report you want to display.
4. Enter or select the date range or period for which you want to view the report. Note that this option is not
available for some reports.
5. Click Display Report. The Report window appears.
6. You can now filter and modify the report. Click the appropriate tab in the Report window's ribbon:
 Click the Filters tab to sort and filter the information that appears on the report. After
selecting your filters, click Run Report to apply the changes.

 Click the Print Preview tab to change the page or margin size of the document, and to see
how the report will print or be saved.

 Click the Insert/Modify tab to add or remove report fields and columns, insert a picture or
include additional text. See Customizing reports.

7. Click the Print Preview tab to see how your changes look if the report is printed, exported or emailed.
8. You can save the changes you've made to the report's appearance, so that it's available in the same format
next time.
9. You can print or email the report, or export the report information to an Excel, text or PDF file.
The Integrity Check performs these functions:
 Attempts to obtain single user access, logs an error if it is unable to perform this task and if other users are
logged in they are reported in the log file.
 Checks file consistency and integrity.
 Checks folder integrity.
 Checks ownership and resets invalid fields.
Task 2
1. Key features of desktop and cloud-based computerized accounting systems

Traditionally, accounting was executed using software hosted locally on a desktop computer’s hard drive
(e.g., Quickbooks Desktop). Cloud accounting, on the other hand, is accounting that is executed using
software that is hosted remotely on the cloud – i.e., online.

The cloud accounting software landscape encompasses many solutions designed to serve a number of
accounting/bookkeeping functions. For instance, Xero is cloud-based accounting software,
whereas Expensify is a cloud-based solution to help manage employee expenses.

Although benefits will vary between solutions, on a general level, some of the benefits of cloud
accounting applications include the following:

 The ability to automate many manual accounting and bookkeeping processes. These automation
capabilities enable accountants/bookkeepers and their clients to save time and increase efficiency,
allowing them to spend more time on business growth.
 The ability for data to be accessed regardless of location or device. This facilitates remote
services and “anytime” communication, which will help to build stronger relationships between
an accountant/bookkeeper and their clients.
 The ability for data to be updated in real-time. Being able to access financial data and information
quickly (i.e., in real time) will empower businesses to make informed decisions sooner rather than
later.
 The ability to easily scale to meet growing business needs. Let’s say your business currently
makes 0-100 transactions per month, but experiences rapid growth that causes this number to
jump to 10,000+ transactions per month. Your cloud accounting software should be able to easily
support this growth.

 The ability to facilitate a paperless environment. This will eliminate the need to physically store
and manage paper documents, which is not only beneficial from a cost and office space
perspective, but also for the environment.
 The ability to provide automatic updates. This will help to further improve the functionality of the
application and better enforce security.
 The ability to reduce costs. Cloud-based software does not incur the costs associated with
traditional software (including maintenance, upgrades, system administration, etc.).

2. Key features of organizational policies and procedures relating to setting up and


operating a computerized accounting system;

Procedural Characteristics
Accounting procedures range from simple tasks such as reconciling petty cash or posting a credit payment
to creating complex financial reports. Though the complexity of a business and its accounting system
determines which specific procedures the business follows, procedures should not only be consistent but
also provide for comparability. Consistency applies when there’s more than one acceptable option for
recording financial information. Although each option may be correct on its own, flipping between
options can lead to inaccuracies and create confusion. An example is consistently using the same method
of inventory valuation, such as last-in, first-out or first-in, first-out, and sticking with that method.
Comparability is an external characteristic referring to the ease with which lenders, investors and the
general public can compare the financial statements of one business with another.
Procedural Controls
Procedural controls make up the majority of an accounting system’s security measures. These include the
establishment of responsibility, segregation of duties and internal independent verification. Establishing a
single point of authority for an accounting procedure and segregating duties are essential controls. This
includes, for example, designating one employee to accept cash payments, another to record payments in
the cash receipts journal and a third to deposit cash in the bank. Procedural controls can also focus on
documentation procedures such as using pre-numbered receipts and invoices and requiring all financial
transactions to have supporting documentation. Random and scheduled internal auditing of financial
records, either by the business owner or someone from outside the department, provides for independent
verification control.

3. Key requirements of financial services industry legislation relating to information privacy


when using computerized accounting systems;

Accounting systems contain confidential information that should be kept safe and secure at all times. The
consequences of unauthorized access can be devastating--from identity theft problems to loss of
irreplaceable data. When accounting data is changed or deleted on purpose or by chance, it creates havoc
in the accounting department, calling into question the reliability or accuracy of all data.

Physical Security
A small business should safeguard its computer systems against losses and theft. Keep systems and
servers in a safe place not exposed to the elements. Usually accounting equipment is kept inside offices
where doors can be locked, limiting unauthorized access. Make sure cables connecting accounting
equipment are safe and away from people tripping on them or rodents destroying them. Keep cables and
switches in a locked environment.
If you're using wireless connections for network or Internet access, follow security protocols; it is
relatively easy to hack into wireless systems.
If you use laptop computers, consider purchasing software that tracks the whereabouts of the computer. In
2008, a laptop computer was stolen every 53 seconds from restaurants, airport lounges and hotel rooms,
according to the Gartner Group. To manage this risk, many businesses use a LoJack for computers that
can be downloaded from the Internet.
Authentication
All your systems should have login IDs and passwords that authenticate the user, confirming that he is
allowed to use the computer. Do not share passwords and change them periodically. Many systems can be
set up to automatically request a password change after 90 days, for example.
The authentication process usually involves giving rights to users; not all users have access to all
information. Profiles can be set up giving certain users access only to the accounts payable module, while
others can have access to reports only, limiting the risk of misuse of data.

4. Key features and characteristics of information included in source documents of financial


data;
Performing financial analysis on your business with incorrect data is one of the worst things a business
can do. Properly accounting for each and every individual transaction is extremely important. It is the
summation of every individual transaction that culminates in a set of financial statements.
Many different aspects go into ensuring that an accountant has the means and ability to post a transaction
properly. Training of the staff, timeliness of processing paperwork, a functional accounting system, and
efficient workflows all contribute to seamless processing of accounting transactions. Proper maintenance
of source documentation is a key and often overlooked factor to ensure proper and accurate transactions
are posted to the accounting system.
Each time a company makes a financial transaction, a paper trail is generated. This paper trail is
called source documents. If a small business processes payroll for its staff, for example, the source
document is the payroll report with approved timecards.
Source documents contain the details that accountants need to post transactions correctly and allow for
senior accounting staff members to perform effective internal controls. Additionally, source documents
are the evidence that a financial transaction occurred during audit.

Good source documents should describe all the basic facts of the transaction such as the amount of the
transaction, the parties involved, the purpose of the transaction, and the date of the transaction.

Good examples of common source documents include:


 Canceled checks/Check vouchers

 Invoices

 Leases & contracts

 Credit memos for a customer refund

 Time cards

 Deposit slips (not Bank Statements)


Assessment 2 – Observation/ Practical
Activity
Assessment 3 – Project Activity
Question
Project (Question 1)
Business Details
Accounts List
Assets Contributed into the Business

Sales Information
Purchases Information

Employee Information
Inventory Information
Project (Question 2)
Inventory
References
https://tgg-accounting.com/why-source-documents-are-important/

https://smallbusiness.chron.com/accounting-information-systems-security-3955.html

https://yourbusiness.azcentral.com/importance-confidentiality-accounting-23560.html

https://smallbusiness.chron.com/key-characteristics-proper-procedures-accounting-system-related-

controls-76276.html

https://help.myob.com/wiki/display/ar/Displaying+a+report

http://help.myob.com/wiki/pages/viewpage.action?pageId=28486944

http://help.myob.com/wiki/display/ea/Basic+setup

http://myob.com/images/support_notes/NZ_ARB_GettingStarted2.pdf