BFA504: LookinGood Clothes MYOB Accounting Systems and Processes

This document contains a solution for a BFA504 accounting assignment focused on using MYOB software for a small to medium-sized enterprise (SME), LookinGood Clothes Pty Ltd. The task involves setting up the company with provided opening balances, customer, supplier, and employee cards, and items for stock sold. The core of the assignment is to enter all the provided financial transactions for January 2019, including deposits, withdrawals, electronic payments, and cheque payments, as reflected in the bank statement. The assignment requires the preparation of a bank reconciliation statement. The solution demonstrates the practical application of accounting principles within the MYOB environment, providing a comprehensive overview of the financial activities during the specified period. The solution also includes the setup of opening balances, which are crucial for accurate financial reporting. This assignment assesses the student's ability to use MYOB software to record and analyze financial data and generate financial reports.

Caroline
Reconciliation Report
26-05-19
1:40:29 PM
Page 1
ID# Date Memo/Payee Deposit Withdrawal
Cheque Account: 1-1110 Cheque Account
Date of Bank Statement: 31-01-19
Reconciled Cheques
1 02-01-19 Rent paid j44 $1,760.00
2 10-01-19 Edwards Windsor Rentals $2,100.00
3 15-01-19 David Bowman $1,448.00
4 15-01-19 Scarlett O' hara $1,392.00
10 30-01-19 Pyroll liabilities $1,643.36
11 30-01-19 Reimburse petty cash $28.00
5 30-01-19 David Bowman $1,448.00
6 30-01-19 Scarlett O' hara $1,392.00
7 30-01-19 Loan Repayment $584.38
8 30-01-19 COmputer R U's $652.35
9 30-01-19 XYZ Clothes importer $41,215.25
Total: $0.00 $53,663.34
Reconciled Deposits
CR000035 02-01-19 Payment; Woolworths $8,495.00
CR000001 07-01-19 Cash for 00000453 $396.00
CR000005 07-01-19 Cash for 00000460 $138.00
CR000008 07-01-19 Cash for 00000467 $47.20
CR000010 07-01-19 Cash for 00000471 $72.00
CR000014 07-01-19 Cash for 00000478 $405.00
CR000017 07-01-19 Cash for 00000483 $198.00
CR000020 07-01-19 Cash for 00000486 $308.00
CR000024 07-01-19 Cash for 00000495 $188.80
CR000029 07-01-19 Cash for 00000506 $120.00
CR000002 14-01-19 Cash for 00000454 $154.00
CR000007 14-01-19 Cash for 00000464 $188.80
CR000012 14-01-19 Cash for 00000474 $120.00
CR000015 14-01-19 Cash for 00000479 $81.00
CR000018 14-01-19 Cash for 00000484 $220.00
CR000022 14-01-19 Cash for 00000491 $414.00
CR000027 14-01-19 Cash for 00000502 $144.00
CR000031 14-01-19 Cash for 00000510 $135.00
CR000033 14-01-19 Cash for 00000514 $54.00
CR000003 21-01-19 Cash for 00000455 $220.00
CR000006 21-01-19 Cash for 00000461 $368.00
CR000009 21-01-19 Cash for 00000468 $472.00
CR000011 21-01-19 Cash for 00000472 $288.00
CR000016 21-01-19 Cash for 00000480 $405.00
CR000021 21-01-19 Cash for 00000487 $176.00
CR000025 21-01-19 Cash for 00000496 $944.00
CR000026 21-01-19 Cash for 00000499 $188.80
CR000028 21-01-19 Cash for 00000503 $288.00
CR000030 21-01-19 Cash for 00000507 $48.00
CR000004 28-01-19 Cash for 00000456 $44.00
CR000013 28-01-19 Cash for 00000475 $240.00
CR000019 28-01-19 Cash for 00000485 $176.00
CR000023 28-01-19 Cash for 00000492 $138.00
CR000032 28-01-19 Cash for 00000511 $243.00
CR000034 28-01-19 Cash for 00000515 $135.00
CR000036 30-01-19 Payment; Woolworths $2,165.40
CR000037 31-01-19 Interes received $1.75
Total: $18,419.75 $0.00

Caroline
Reconciliation Report
26-05-19
1:40:30 PM
Page 2
ID# Date Memo/Payee Deposit Withdrawal
Cheque Account: 1-1110 Cheque Account
Date of Bank Statement: 31-01-19
Outstanding Deposits
CR000038 31-01-19 $0.00
Total: $0.00 $0.00
Reconciliation
AccountRight Premier Balance on 31-01-19: $79,661.76
Add: Outstanding Cheques: $0.00
Subtotal: $79,661.76
Deduct: Outstanding Deposits: $0.00
Expected Balance on Statement: $79,661.76