Bank Reconciliation for MYOB AccountRight Practice Set - Australian Edition 3

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:
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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Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement.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