Bank Reconciliation for MYOB AccountRight Practice Set - Australian Edition 3

This page provides instructions to prepare a bank reconciliation for MYOB AccountRight Practice Set - Australian Edition 3. It also includes questions on MYOB and the meaning of outstanding deposits. The page includes a bank statement for January and a bank reconciliation statement for December. The page is completed by CarolineAye17 and includes feedback and grading outcomes.

10/9/2017 Bank reconciliation
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Bank reconciliation
This is a feedback page. Please review this page carefully. It includes the original questions along with grading of your
responses and detailed feedback. After you have reviewed this feedback page, click Continue at the bottom of this page
for the next page of your practice set.
It is now the first of February 2017
You meet Leonardo who reminds you to back up your work in MYOB
regularly. You promise him that you will back up the company file
immediately. Leonardo then asks you to prepare a bank reconciliation
of the cheque account for January and provides you with the following
reports:
Bank Statement ~ January
The bank statement for January 2017 is shown below:
Bookmark Previous pages Completed By: CarolineAye17 Bookmark Status: Saved

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General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to 31 January)
Trial balance (at 31 January)
Melbourne branch
Leonardo Downing
132 Mealing Lane
Melbourne, VIC 3000
Account No.
10340260
Page No.
1
Intermaweb Computer
Date Particulars Debit Credit Balance
1 JAN BALANCE BROUGHT FORWARD $68,875 CR
2 JAN DEPOSIT - Hypertronics $14,220 $83,095 CR
4 JAN 4021 $6,300 $76,795 CR
4 JAN 4022 $800 $75,995 CR
5 JAN 4024 $3,200 $72,795 CR
6 JAN DEPOSIT - Pikea $7,570 $80,365 CR
7 JAN 4023 $4,400 $75,965 CR
8 JAN 4025 $1,980 $73,985 CR
9 JAN 4026 $10,098 $63,887 CR
11 JAN DEPOSITS $23,393 $87,280 CR
17 JAN 4028 $6,600 $80,680 CR
26 JAN DEPOSIT - Cash sales $26,730 $107,410 CR
30 JAN 4029 $3,762 $103,648 CR
31 JAN TRANSACTIONS FEE $12 $103,636 CR
31 JAN INTEREST $713 $104,349 CR
Last statement to
31/12/2016
This statement to
31/01/2017
Total debits
$37,152
Total credits
$72,626
Final balance
$104,349 CR
Proceeds of cheques will not be available until cleared.
All entries for the last business day are subject to verification and authorisation.
Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement.
Bank Reconciliation Statement ~ December
Below is last month's bank reconciliation statement that was manually prepared by Leonardo before the business converted
to a computerised accounting system using MYOB. As such, any reconciling items appearing on last month's bank
reconciliation statement have not been entered as separate transactions into your MYOB software. You are therefore
required to manually check those reconciling items against the bank statement as part of the bank reconciliation process.
Intermaweb Computer
Bank Reconciliation Statement
As at 31 December 2016

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Balance as per bank statement: 68,875 CR
Add:
deposit in transit from Hypertronics 14,220
deposit in transit from Pikea 7,570 21,790
90,665 CR
Less:
outstanding cheque No. 4021 6,300
outstanding cheque No. 4022 800 7,100
Adjusted bank balance 83,565 CR
Balance as per ledger account 83,565 DR
Once you have prepared the January bank reconciliation for the cheque account, Leonardo tells you that he will ask you to
answer several questions about account reconciliation in MYOB.
Instructions
Remember to back up your company file for Intermaweb
Computer.
Use MYOB to prepare a bank reconciliation as of 31 January
2017 for Intermaweb Computer in MYOB. To do this you will
need to prepare two special entries for the transactions fee and
interest earned amounts as follows:
transactions fee entry: you are required to use the FRE
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form SCDDMMYY
("SC" stands for service charge and DDMMYY is a date).
interest earned entry: you are required to use the ITS
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form IEDDMMYY
("IE" stands for interest earned).
Use MYOB to print the reconciliation report for the ledger
account called Cheque Account as of 31 January 2017 and
transcribe your answers into the reconciliation report provided
below.
Note that if MYOB presents numbers in brackets, you must
enter those numbers as negative numbers below.
Answer all of the questions about MYOB that Leonardo asks
below.
Reconciliation Report ~ January
The Reconciliation Report of the cheque account is provided below:
Intermaweb Computer
Reconciliation Report
ID# Date Memo/Payee Deposit Withdrawal

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Cheque Account: 1-1110 - Cheque Account
Date of Bank Statement: 31 January 2017
Reconciled Cheques
4023 2/01/2017 $ 0 $ 4400
4024 3/01/2017 $ 0 $ 3200
4025 4/01/2017 $ 0 $ 1980
4026 6/01/2017 $ 0 $ 10098
4028 15/01/2017 $ 0 $ 6600
4029 29/01/2017 $ 0 $ 3762
SC310117 31/01/2017 $ 0 $ 12
$ $
Total: $ 0 $ 30052
Reconciled Deposits
CR000004 7/01/2017 $ 23393 $ 0
CR000006 21/01/2017 $ 26730 $ 0
IE310117 31/01/2017 $ 713 $ 0
$ $
Total: $ 50836 $ 0
Outstanding Cheques
4027 15/01/2017 $ 0 $ 8250
4030 31/01/2017 $ 0 $ 2720
4031 31/01/2017 $ 0 $ 2975
4032 31/01/2017 $ 0 $ 1210
4033 31/01/2017 $ 0 $ 1870
4034 31/01/2017 $ 0 $ 230
Total: $ 0 $ 17255
Outstanding Deposits
CR000008 31/01/2017 $ 11000 $ 0
$ $
Total: $ 11000 $ 0
Reconciliation
Balance on 31/01/2017: $ 98094
Add: Outstanding Cheques : $ 17255
Subtotal: $ 115349
Deduct: Outstanding Deposits : $ 11000
Expected Balance on Statement: $ 104349
Feedback

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Intermaweb Computer
Reconciliation Report
31 January 2017
ID# Date Memo/Payee Deposit Withdrawal
Cheque Account: 1-1110 - Cheque Account
Date of Bank Statement: 31 January 2017
Reconciled Cheques
4023 2/01/2017 Purchase of Equipment $4,400
4024 3/01/2017 MOON for Purchase #344 $3,200
4025 4/01/2017 Purchase of Office Supplies $1,980
4026 6/01/2017 JCN for Purchase #341 $10,098
4028 15/01/2017 Prepaid Rent $6,600
4029 29/01/2017 JCN $3,762
SC310117 31/01/2017 Transactions fee $12
Total: $0 $30,052
Reconciled Deposits
CR000004 7/01/2017 Bank Deposit $23,393
CR000006 21/01/2017 Bank Deposit $26,730
IE310117 31/01/2017 Interest Earned $713
Total: $50,836 $0
Outstanding Cheques
4027 15/01/2017 JCN for Purchase #346 $8,250
4030 31/01/2017 Paycheque $2,720
4031 31/01/2017 Paycheque $2,975
4032 31/01/2017 Electricity Bill $1,210
4033 31/01/2017 Phone Bill $1,870
4034 31/01/2017 Interest on Bank Loan $230
Total: $0 $17,255
Outstanding Deposits
CR000008 31/01/2017 Bank Deposit $11,000
Total: $11,000 $0
Reconciliation
Balance on 31/01/2017: $98,094
Add: Outstanding Cheques: $17,255
Subtotal: $115,349
Deduct: Outstanding Deposits: $11,000

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Expected Balance on Statement: $104,349
Note that the Memo/Payee column is not graded.
Questions on MYOB
(Q=504.F.M.BR.P1.Q2)
After you have completed the reconciliation report, Leonardo asks you to explain the meaning of one of the terms that
can appear on the reconciliation report.
From your company's perspective, which of the following shows the correct description of the term outstanding deposits:
cheques that are not yet received from customers
deposits cleared by the bank but not yet recorded in the company's accounts
deposits recorded in your company's accounts but not yet cleared by the bank
deposits that are deemed to be uncollectible
(Q=504.F.M.BR.P2.Q2)
Leonardo then asks you to open the Reconcile Accounts window by following the steps below:
Go to the Banking Command Centre and click Reconcile Accounts.
In the Account field, select '1-1110' (Cheque Account).
In the Bank Statement Date field, enter '31/01/2017'.
Select the correct statement about the Reconcile Accounts window that appears after the above steps are performed:
It shows information about all credit sales and purchases.
It mentions the amounts of deposits received from customers in the Withdrawals column.
It displays the Out of Balance amount as the amount in the Calculated Statement Balance field minus the amount
in the New Statement Balance field.
It lists the amounts of cheques issued to the suppliers in the Deposits column.
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.
(Q=504.F.M.BR.P3.Q2)
Leonardo also asks you to identify the field that is not available in the Reconcile Accounts window:
To open the Reconcile Accounts window, go to the Banking Command Centre and click Reconcile Accounts.
Which of the following shows the field that is not in the Reconcile Accounts window:
Bank Statement Date
Account
New Statement Balance
Bank Reconciliation Date
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.

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Specific agreement
I understand that I should regularly back up the company file for Intermaweb Computer and am required to complete
the bank reconciliation statement and answer all of the questions on this page of the practice set. I am fully aware
that if I choose not to follow the above instructions, I will not be able to successfully complete the rest of my practice
set.
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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