King's Own Institute ACC203 Activity Report: MYOB Software

This activity report details a student's experience using MYOB accounting software within the context of the ACC203 Accounting Information Systems course at King's Own Institute (KOI). The report covers the practical application of accounting principles through various chapters. The student documents the process of setting up a company file, preparing accounting lists, journal entries, and posting transactions related to sales, banking operations, inventory, and payroll. The report highlights challenges faced, such as differentiating between service and sales invoices and cash receipts versus electronic transfers, and the strategies used to overcome them. The student reflects on the learning gained, emphasizing increased confidence in completing accounting transactions using MYOB software.

Running head: ACTIVITY REPORT
Activity Report
Name of the Student:
Name of the University:
Author’s Note:

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ACTIVITY REPORT
Introduction
The key and competitive talents that are required in order to complete the job is
associated to accountancy distinctively explains the fact that knowledge and discussion of the
efficient utilization of the accounting software which is known as MYOB. The efficient
knowledge and explanation of MYOB can be reached from various sources and one of the key
sources has been the use of the websites that are inclusive of seminars and online tutorials.
Chapter 2
In order to proceed with the process I had to undertake the fundamental and the general
guidelines and after proceeding with the same established the enterprise. An accounting list was
prepared after the initial step was completed. One of the critical and complex sections has been
the deduction symbol which was posted next to the depreciation and doubtful debts. The issue
was made simpler with the assistance taken from the books and this helped me with the ease to
gain the actual knowledge and rectify the issues after which the preparation of trial balance was
completed.
Chapter 3
It is seen that one of the key part of this section has been journal entries with respect to
the motor vehicle and doubtful debt provisions. The process that I had undertaken has been with
the help of the various values and this supported me to understand the fact that the values that I
was entering in the software relied specifically on the estimations that can be incorrect.

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ACTIVITY REPORT
Chapter 4
The exercises and the practice related to this part have been on the basis of the real life
activity. The primary step was related to a transaction that had to be posted with extreme care in
order to ensure that the next transactions which would be posted will become simpler for me to
post. Hence, the entire posting process that took place in this section became much easier for me.
Chapter 5
In this section, I had primary constructed a list of the expected clients and then posted the
transactions that are associated to sales There came a scenario that was confusing due to the
difference that was observed within the service and sales invoice. However, by taking help of the
previous sections the problem was addressed and thereafter rectified.
Chapter 6
This section tried to highlight the transactions related to banking operations. I faced a
problem at the time of maintaining a difference between the cash receipt and electronic transfers.
The accounting treatment was not similar and was different for all the financial reports. I had a
benefit due to the fact that I had knowledge about the subject as I read the book and hence could
understand the answer to the problem with the help of which the answer had been entered at the
time of future transactions.
Chapter 7
This section is associated to the various kinds of entries for the items that are new to the
inventory. The entries are same as the entries which have been posted in the earlier Chapters.

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ACTIVITY REPORT
The part where the calculation of the discounts has been done is a key part and this assisted me
in gaining knowledge of how to solve it.
Chapter 9
This part is related to payroll. With respect to the previous sections, this part has its
uniqueness with respect to the challenges and problems.
Conclusion
The completion of the solution has increased my motivation and therefore has created a
positive attitude and hence I can say that I am confident in completing any sorts of accounting
transactions by taking assistance of MYOB software.