Create Customers, Suppliers and Inventory - MYOB AccountRight Practice Set

10/9/2017 Create customers, suppliers and inventory
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MYOB Learning Centre
MYOB Learning Centre
Quick reference guide
Information from previous pages
Welcome page
Academic honesty
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Create customers, suppliers and inventory
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.
Setting up other items
Now that you have completed the set up of the general ledger for
Intermaweb Computer, Leonardo provides you with a further list of
items that he also wants you to set up in MYOB.
Leonardo then tells you that while you are setting up those items in
MYOB, he will ask you to answer several questions about the setup
process in MYOB.
Instructions
Please take care to set up your own MYOB company files using
the exact information provided on this page. Every student has
different setup information and will receive different sets of
transactions to record. All questions on this page and
subsequent pages of your practice set are tailored to your
unique MYOB company files. Your answers will be graded as
incorrect if you use the company files of any other student to
complete the given questions.
Remember to perform the final reconcilation task when you are
prompted to by the instructions below. If you fail to reconcile
the totals in the company file you have created, you may
record transactions into accounts with inaccurate balances
resulting in a loss of points. Do not let this happen to you!
Details of the remaining setup tasks
a. Customers and sales details
Use the appropriate windows in the Sales Easy Setup Assistant to set
up the default information for Intermaweb Computer' customers. Do
not change other information in that setup assistant.
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General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Window or Field Details
Layout - Choose sale layout
Choose Your Default Sales Layout: Item
Selling Details - Decide on selling details
Income Account: 4-1100 (Sales Revenue)
Credit limit: $90,000
Tax Codes - Assign tax codes to your customers
Tax Code: GST (Goods & Services Tax)
Payment Information - Set up payment information
Payment Method: Cheque
Payment is Due: In a Given # of Days
Discount Days: 0
Balance Due Days: 0
% Discount for Early Payment: 0%
% Monthly Charge for Late Payment: 0%
Linked Accounts - Select the accounts to track customer receipts
Account for Customer Receipts: 1-1110 (Cheque Account)
Account for Undeposited Funds: 1-1180 (Undeposited Funds)
From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build
your customer list' window. Next, use that window to set up the customers of Intermaweb Computer as listed below:
Tab or Field Details
Profile tab
Card Type Customer Customer Customer
Designation Company Company Company
Name: Pikea Radio Hut Turbo Tech
Card ID: PIKE RADI TURB
Address: 521 Dench Boulevard 439 Baker Lane 763 Holland Street
City,
State, Postcode:
Melbourne,
VIC, 3046
Melbourne,
VIC, 3020
Melbourne,
VIC, 3068
Country: Australia Australia Australia
Phone#1: 4600 3812 5780 9864 6378 7147
Contact: Maria Jensen Antonio Mather Isabella Hall
Selling Details Tab
A.B.N.: 78 428 988 128 20 142 749 163 68 266 326 396

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Next, in the Sales Easy Setup Assistant, click Historical Sales from the list of options provided on the left side of the Setup
Assistant to open the 'Enter historical sales for your customer' window. Then, click the Add Sale button to open the
Historical Sale window where you are asked to record details of the outstanding sales that have not been paid in full as of
the first day of the conversion month (1 January 2017):
Customer Name Invoice # Date Total Including Tax
Pikea 3093 14 December 2016 $11,000
Radio Hut 3094 16 December 2016 $6,193
Turbo Tech 3095 22 December 2016 $19,162
b. Suppliers and purchases details
Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for
Intermaweb Computer' suppliers. Do not change other information in that setup assistant.
Window or Field Details
Layout - Choose purchase layout
Choose Your Default Purchase Layout: Item
Buying Details- Decide on buying details
Expense account: Leave this blank
Credit Limit: $90,000
Tax Codes - Assign tax codes to your suppliers
Tax Code: GST (Goods & Services Tax)
Payment Information - Set up payment information
Payment Method: Cheque
Payment is Due: In a Given # of Days
Discount Days: 0
Balance Due Days: 0
Discount for Early Payment: 0%
Linked Accounts - Select the account to pay your supplier bills
Account for Paying Bills: 1-1110 (Cheque Account)
Leonardo Downing has decided not to create supplier cards for all of his suppliers in MYOB. Instead, he has asked you to
create a supplier card for each of the inventory suppliers only. Leonardo tells you that these suppliers allow the business to
purchase items on account. Over the month of January, you will need to record transactions with these inventory suppliers
as well as with other suppliers that Intermaweb Computer transacts with less often.
In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup
Assistant to open the 'Build your supplier list' window. Then, use that window to set up the three inventory suppliers to
Intermaweb Computer as shown below:
Tab or Field Details
Profile Tab
Card Type: Supplier Supplier Supplier
Designation: Company Company Company
Name: JCN Electrical Moon Megasystems Pony
Card ID: JCN MOON PONY