Processing Financial Transactions and Reports: FNSACC301A Assignment

This assignment, FNSACC301A, focuses on processing financial transactions and extracting interim reports using MYOB AccountRight. The assessment is divided into two parts: a written/oral section with questions on verifying documentation, bank reconciliations, petty cash systems, invoices, journals, data entry, deposit facilities, and trial balances; and a practical exercise. The practical part involves simulating a retail stationery shop, 'Office Supplies Shop,' where the student is required to perform tasks such as setting up company information, recording sales orders and tax invoices, processing customer payments, creating sales adjustment notes, managing purchase orders, paying bills, and preparing a trial balance. The assignment emphasizes the accurate recording of financial data, adherence to organizational procedures, and the generation of financial reports. The provided solution demonstrates how to complete these tasks within the MYOB AccountRight software, including creating customer and supplier cards, and making journal entries.

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FNSACC301A - Process Financial Transactions and Extract Interim Reports
Name of Participant:........................................... Date:.............................
Element of Competency
1. Check and verify suppporting documentation
2.Prepare and process banking and petty cash documents
3. Prepare and process invoices for payment to creditors and for debtors
4. Prepare journals and batch monetary items
5. Post journals to ledger
6. Enter data into system
7. Prepare deposit facility and lodge flows
8. Extract a trial balance and interim reports
Requirements:
 Access to MYOB AccountRight
Enterprise V19.
 Backup disk/flash drive.
 Office Supplies Shop V19 2013.MYO
Part A: Written / Oral (Question and Answer)
(a) Information from documents is identified, checked and before being recorded. Tick
your choice.
TRUE FALSE
(b) List six (6) actions you can take to examine supporting documentation in order to
establish its accuracy, completeness and authorisation?
 Purchase order from a customer
 General Journal entry book
 Purchase order given to a supplier
 Supplier’s Bill
 Bank Statement
 Credit card receipt
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(c) List three (3) areas of cheques which need to be confirmed for completeness and
accuracy before banking.
 Fees
 Not sufficient Funds checks
 Recording errors
(d) What is the purpose of bank reconciliation?
Bank Reconciliation Statement help in comparing records if there is any differences
between the two sets of records for the cash transactions. This statement need to be
completed to look if any customer checks have bounced or issues were altered or
stolen. By using bank reconciliation statement, fraud detection becomes easier.
(e) Describe what is involved in setting up and maintaining an impressed petty cash
system. Include the documentation and process of using the system in your
answer.
An imprest petty cash system reveals that the general ledger account will remain
dormant for given amount. In order to establish a new petty cash fund or increasing the
amount of funds in existing petty cash fund, it is important for the agency to send a
request to the Office of the State Controller.
(f) Outline 6 items which need to be recorded accurately on invoices prior to recording
them.
1. Business Name and Address details
2. Unique invoice reference or number that will relate to this invoice only
3. Total amount for the invoice
4. Payment terms for the invoice
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5. Customer Purchase Order Number
6. List of products or services
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(g) Once invoices are accurately recorded the documentation needs to be filed for
auditing purposes. Tick your choice.
TRUE FALSE
(h) From the list below, indicate your choices about preparing and posting journals in
order for the journals to be prepared accurately and completely. Tick your choices.
 Batched into organisational
timelines
 Allocated to appropriate accounts
 Authorised before being entered  May require tax codes to allocate
GST accurately
 Computerised batches match
source documents
 Posted to the ledger within
organisational timeframes
(i) When entering data into accounting systems/applications, what actions can you do
to ensure the transactions are accurate and in accordance with organisational
procedures to ensure that you maintain the integrity of relationships between
different financial systems/applications.
Many actions can be taken that can help in maintaining high level of accuracy. The first
action is supporting as well as training the staff members when implementing any new
software program. The second action is preparing checklist that can be used for
maintaining high level of accuracy. The third actions are involving in cross references for
sourcing documents. For instance- Checking Totals of GST. The fourth action is data
testing and data comparison with reports.
(j) A deposit facility could be the ‘un-deposited’ funds account. Tick your choice.
YES NO
(k) List three methods of payment which customers could use with a deposit facility?
1. Credit Card
2. Debit Card
3. Cheque
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(l) What security and safety precautions could be taken when conducting the banking
in accordance with organisational policy and industry and legislative requirements?
There are several security and safety precautions that had been taken to ensure safety
to the customers and abide by the organizational policy and legislative requirements.
The password needs to be confidential and not to be shared with anyone. Individual
should have strong computer expertise as it helps in improving the level of safety that
need proper attention.
(m) What could be proof of lodgement of banking?
When individual deposit money at a bank, firstly the bank teller will be checking the
details of transactions done either by cash or cheques or credit card. After that, the
teller then stamps a copy of the deposit as proof of evidence that the deposit has been
made. Furthermore, the stamped deposit slip is the main proof of lodgement when it is
returned to the bank. The proof of lodgement need to be presented at the accounts
section that needs to be checked as well as filed at the same time.
(n) Outline below what will be shown in a Trial Balance report.
In a Trial Balance Report, there is a list of closing balances of ledger accounts for
specific date as well as first step towards preparing financial statements. This statement
is prepared at the end of an accounting period for assisting at the time of drafting
financial statements. The Trial Balance is prepared by the accountants while preparing
financial statements. This statement helps in identifying and rectifying errors.
(o) From the list below, indicate what is required for a trial balance to be accurate?
 Debits equal the credits  Errors do need to be fixed
 Any special transactions are
processed accurately
 Figures are verified against other
reports to ensure accuracy.
 Only shows sales figures  Source documents need to filed for
reference and auditing purposes.
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Part B: Practical Exercise / Evidence
This practical exercise will consolidate your skills and knowledge to Process Financial
Transactions and Reports in AccountRight. You will simulate that you own retail shop
which sells stationery.
Use the instructions in the previous units to assist you in completing the consolidation
exercise.
 Assessment Details
Office Supplies Shop is owned by Richard Herbert, it
is a retail shop.
In this data file you will be working in July 2012.
Extract from Office Supply Shop Procedures Manual
Procedures
All supporting documentation is to be checked against computerized entries. The
supporting documentation must be authorized by Richard Herbert. Then it is to be filed
in the Accounts filing cabinet.
Banking Deposits & Receipts
All customer receipts or deposits must be entered into the undeposited funds account.
The bank deposits will then be processed into the Cheque Account. Two copies of the
Bank Deposit report must be taken to the bank and be stamped. A stamped copy must
be returned in the office and filed in cabinet.
All customer cheques need to be checked for correctness before they are processed.
Account Reconciliations
Reconciliations of the Cheque Account must be conducted upon receipt of the Bank
Statement.
The Petty Cash Account must be reconciled each time that a reimbursement cheque is
drawn.
Copies of the Reconciliation Reports must be stored with their source documents in arch
lever folders in the Accounts department.
Petty Cash
All entries over $20 must be authorized by Richard otherwise the Bookkeeper can
authorize and process the transactions. Vouchers are to be completed only when
money is reimbursed to the purchaser.
Journal Entries
All journals must be authorised by Richard with his initials in the memo field. Entries are
to be batched together and recorded at the end of month or end of quarter
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Assessment Tool Page 8 of 16 TASK 1 – Accessing data
(a) Open the company data file ‘Office Supplies Shop V19.MYO’.
(b) Go to Setup on the Menu Bar, Company Information and add your name
before Office Supplies Shop, click OK to return to the Command Centre.
(c) Set / confirm the following Preferences from Setup on the Menu Bar.
Tab
Name
Checkbox
On / Off
Preference Description
Windows Off Select Account Names not Account Numbers
Sales On Retain Original Invoice Number on Backorders
On Retain Original Invoice Number when Quotes/Orders
change to Invoices
On Delete Quotes upon changing to Orders/Invoices
Purchase Off Warn if Supplier does not have ABN for Purchases
Greater than $75 Tax Inclusive
On Show Supplier Invoice number in Supplier Payments
Security Off Transactions Cannot be Changed they must be Reversed
Off Prompt for a Session Report when Closing
On Check Data File for Errors Before the Backup Process
PRINTOUT 1 – Trial Balance
(d) Print a Trial Balance report for July 2012 to be able to view the figures which
you will commence this assessment task. Include account numbers. TASK 2 – Recording Sales Orders and Tax Invoices
(a) Create the following Tax Inclusive Item Orders. All Orders will have the comment
‘Thank you’ and each need to have $10.00 freight charged. You may need to add
new customer cards, create your own address details.
(b) Convert the Orders (referred in Task 2) to Invoices via the Sales Register using
the Date 9/7/12. No other details have changed.
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Customer Harris Painters Bayside Bicycles Advanced Training
Centre
Date 7/7/12 8/7/12 9/7/12
Invoice # 2 3 4
Order # 321 781 322
Items 1 x Epson Soho
Laser Fax/Copier
1 x 1m x 1m
Whiteboard
1 x Sharp SE-A102
Cash Register
1 x Cork Notice
Board
1 x Smartboard
Ship Via Courier Federal Express Courier
Total Amt $326.50 +$330.00 $175.00 + $180.00 $1,100.00

Assessment Tool Page 9 of 16 TASK 3 – Customer Payments
(a) Record the following customer payments into the “Group with Undeposited
Funds” Account.
Date Received 9/7/12 14/7/12 15/7/12
Customer Advanced
Training
Centre
Sunshine
Regional
Council
Harris Painters
Amt Received $1,110.00 $500.00 $500.00
Payment Method &
Details
Cheque #
456897
Visa Cheque #
456899
Apply Against Invoice #4 Invoice #1 Invoice #2  TASK 4 – Sales Adjustment Note
(a) Create a service adjustment note #5 dated 14/7/12 for Sunshine Regional
Council as 2 metres of the Power Extension was damaged. Create a new
expense account called spoilage/wastage to allocate the damaged portion.
The amount should include GST. Apply the adjustment note for 14/7/12
against original invoice #1. Change the Journal Memo field to say ADJ
Sunshine Regional Council.  TASK 5 – Purchase Orders
(a) Record the following purchase orders dated 10/7/12. Create a New Supplier
card as necessary (add your own contact details). Add a $10 freight charge to
each order.
(b) Convert the orders into Bills dated 12/7/12. Enter in the following Supplier
Invoice numbers.
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Supplier Printers Galore Boards R Us
P/O # 3 4
Items 2 x Sharp SE-A102
Cash Register
2 x 1m x 1m
Whiteboards
Ship Via Courier Wards
Total Amt $99.00 each $150.00 each
Supplier Printers Galore Boards R Us
Supplier
Invoice
Number
3105 987

Assessment Tool Page 10 of 16 TASK 6 – Paying Bills
(a) Record the following Pay Bills transactions from the General Cheque Account
butts. These are all tax inclusive entries. TASK 7 – Spend Money Transactions
11. Record the following Spend Money transactions from the General Cheque
Account butts. These are all tax inclusive entries. Where relevant, create the new
supplier card and make up any contact details. 
TASK 8 – Recording and checking Journal Entries
(a) Record a tax inclusive general journal entry to move (a portion of the cheque #
005694 to Officeworks) of $20.00 allocated to 6-3000 Stationery now to a new
account expense cleaning. Date this entry 15/7/12.
(b) Viewing the Transaction Journal for 1/7/12 until 30/6/13, you will find that two
inventory journal entries have been entered with the wrong dates (year
ending 2012 for a damaged shredder and fax/phone taken from stock),
change the dates to be current end of the quarter (30/9/12) as per the
procedures.
PRINTOUT 2 – Transactions Listing showing All types for
1/7/12 until 30/9/12
(c) Print the Transaction Listing for All type of Journals for the current quarter to
show the changes in Task 8(b).
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Supplier Printers Galore Boards R Us
Cheque # 005691 005692
Date 12/7/12 13/7/12
Amount $640.00 $310.00
Apply Against
Supplier Invoice #
2478 987
Supplier Officeworks Telstra Coles
Cheque # 005694 EFT 005695
Date: 10/7/12 14/7/12 17/7/12
Memo Stationery Office Phone Staff Amenities
Account
Allocation
6-3000 6-3500 6-3300
Amt $64.85 - GST $139.00 - GST $ 9.00 - FRE
$ 36.00 - GST

Assessment Tool Page 11 of 16 TASK 9 – Preparing a Bank Deposit
(a) Prepare a Bank Deposit for 9/7/12 and 15/7/12. Print the Bank Deposit Slips
for both dates.
PRINTOUT 3 – Print the Bank Deposits for 9/7/12 and
15/7/12. TASK 10 – Reconcile the Bank Account
(a) Reconcile the Bank Statement up until 15 July 2012. Use the Statement
details below. Print the Bank Reconciliation Report for your records.
(b) Should you find any discrepancies from your data entry, you are required to
correct them.
NAB Bank
23 Pier Street
Blackburn VIC 3130
Bank Statement
Office Supplies Shop
General Cheque Account
Account Number: 87965
From 1 Jul 2012 To 15 July 2012
Date Transaction Details Debit
(Withdrawals)
Credit
(Deposits)
Balance
1/7 Brought forward 8000.00
9/7 Bank deposit 1110.00 9110.00
10/7 Cheq 5694 64.85 9045.15
10/7 EFT Comp Sales/Serv 4455.00 4590.15
12/7 Cheq 5691 640.00 3950.15
13/7 Chq 5692 310.00 3640.15
14/7 EFT Telstra 139.00 3501.15
15/7 Bank Deposit 1000.00 4501.15
PRINTOUT 4 – Print the Bank Reconciliation15/7/12. TASK 11 – Setup and Process a Petty Cash
(a) Transfer $100 from the Cheque account to the Petty Cash Account on 16/7/12.
(b) Enter the following Petty Cash dockets and where necessary create new
accounts as you go along:
Date Description ID Number
10/7 A Jackson – flowers for office - $15 Voucher 1
10/7 T Hay taxi fare - $19 Voucher 2
12/7 M Max – stamps - $30 Voucher 3
14/7 M Croft – courier = $18 and staff amenities
$12 (Free of GST)
Voucher 4
(c) Check your entries to ensure they are entered correctly.
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(d) On 16/7/12 and using Spend Money, record an EFT transfer to reimburse the
account for the total of the 4 vouchers you have just entered.
(e) Reconcile the Petty Cash Account to ensure that it balances to $100 on 16/7.
Print the Reconciliation Report.
PRINTOUT 5 – Print the Bank Reconciliation16/7/12 for the
Petty Cash Account. TASK 12 – Printing Reports
(a) Print the following reports:
PRINTOUT 6 – Print the Profit & Loss Report (Accrual)
from 1/7/12 to 30/9/12 including account
numbers.
PRINTOUT 7 – Print the Standard Balance Sheet as at
September this year.
PRINTOUT 8 – Print the Transaction Listing of All entries from 1/7/12 to
30/9/12.
PRINTOUT 9 – Print the Prepare the GST Detailed Cash Report for the period
1/7/12 to 30/9/12.
PRINTOUT 10 – Print the Trial Balance to 30/9/12. TASK 13 – Finalising the project
(a) Back up your data file.
(b) Ensure you have saved all your reports as PDF files, named according to the
instructions.
(c) Submit this assessment, printouts and back up to your Supervisor/Coach/Trainer for
assessment. It is recommended that you attach your printouts in numerical order.
Congratulations you have completed this project.
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Part C: Observation Checklist:
To be completed at your workplace or a simulated environment. You are required to
demonstrate your competence in the following elements.
Element Did the Participant demonstrate skill and
knowledge in…
Not
Observed
Give details if
Not Yet
Competent
1. Check and
verify
supporting
documentation
 Information from documents is
identified, checked and recorded
 Supporting documentation is
examined to establish accuracy
and completeness and to ensure
authorisation by appropriate
personnel
2. Prepare and
process
banking and
petty cash
documents
 Deposits and withdrawals are
accurately entered and balanced
according to organisational
procedures
 Cheques and card vouchers are
checked for validity before
processing
 Banking documentation is
reconciled with organisation's
financial records
 Petty cash claims and vouchers
are checked, processed and
recorded and the petty cash book
is balanced according to
organisational procedures
3. Prepare
and process
invoices for
payment to
creditors and
for debtors
 Invoices are prepared in
accordance with organisational
procedures
 Invoices are checked against
source documents for accuracy and
any errors corrected
 All invoices and related documents
are filed for auditing purposes
4. Prepare
journals and
batch monetary
items
 Journals are prepared accurately
and completely and items batched
within organisational timelines
 Batch items are precisely matched
to initial receipt records
 Journals are authorised in
accordance with organisational
policy and procedures
5. Post
journals to
ledger
 Journals are posted to ledger
accurately and in accordance with
organisation input standards with
transactions correctly allocated to
system and accounts
6. Enter data
into system
 Data is entered into system
accurately and in accordance with
organisation input standards with
transactions correctly allocated to
system and accounts
 Related systems are updated to
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Element Did the Participant demonstrate skill and
knowledge in…
Not
Observed
Give details if
Not Yet
Competent
maintain the integrity of
relationships between financial
systems
7. Prepare
deposit facility
and lodge flows
 A deposit facility is selected
appropriate to the banking method
to be used
 Batch is balanced with deposit
facility without error
 Security and safety precautions are
taken appropriate to the method of
banking in accordance with
organisational policy and industry
and legislative requirements
 Proof of lodgement is obtained and
filed so that it is easily accessible
and traceable
8. Extract a trial
balance and
interim reports
 Any special transactions are
processed accurately
 Cash and credit journals are
completed and posted to general
ledger
 A trial balance is extracted and
checked and other required reports
prepared
 Any errors are found and corrected
Part D: Third Party Verification
The Participant’s Manager or Team Leader must sign and date each verification
statement below as evidence of the Participant’s ability to perform the specified tasks.
Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can check and verify all supporting
documentation before and whilst recording
transactions
Signed:...........................................
Date:...............................................
FNSACC301A 1 ALL
Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can prepare and process banking and
petty cash documents according to
organisational procedures.
Signed:..............................................................
Date:
FNSACC301A 2 ALL
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Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can prepare and process invoices for
payment to creditors and debtors according to
organisational requirements and ensuring the
highest integrity of data amongst other financial
systems.
Signed:..............................................................
Date:
FNSACC301A 3
6
ALL
ALL
Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can batch and post journals to the
ledger according to organisational requirements
and ensure the highest integrity of data amongst
other financial systems.
Signed:..............................................................
Date:
FNSACC301A 4
5
ALL
ALL
Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can prepare and lodge deposits
safety and securely taking into account any
organisational policies or legislation
requirements.
Signed:..............................................................
Date:
FNSACC301A 7 ALL
Verification Task Unit Element Perf.
Criteria
I,..................................................... verify that the
Participant can extract a trial balance and interim
reports.
Signed:..............................................................
Date:
FNSACC301A 8 ALL
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Part E: Outcome:
Assessment Matrix
Element of Competency Comp/NYC Give details if Not Yet
Competent
1. Check and verify suppporting
documentation
2. Prepare and process banking and petty
cash documents
3. Prepare and process invoices for payment
to creditors and for debtors
4. Prepare journals and batch monetary items
5. Post journals to ledger
6. Enter data into system
7. Prepare deposit facility and lodge flows
8. Extract a trial balance and interim reports
Participant is  Competent  Not Yet Competent
Participant Details Name: _________________________________
Signature: _________________________________
Date: _________________________________
W/Assessor Details: Name: _________________________________
Signature: _________________________________
Date: ___________________________________
Further action / strategies if Participant is deemed Not Yet Competent:
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
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