BFA504 - Accounting System and Process: MYOB Assignment Solution

This assignment focuses on implementing an accounting system using MYOB software for a small to medium-sized enterprise (SME), LookinGood Clothes Pty Ltd. The task involves setting up the company with opening balances, supplier, customer, and employee cards, and item setup for stock. Students are required to enter all provided transactions for January 2019, mirroring the bank statement, using either MYOB AccountRight Plus or MYOB AccountRight Enterprise v19.6. The goal is to demonstrate proficiency in using MYOB to record financial data and generate financial reports for the business's two stores. The solution addresses the requirements of the assignment, including company setup, transaction entries, and the generation of necessary financial reports, showing how to effectively manage accounting processes within MYOB.

Running head: ACCOUNTING SYSTEME AND PROCESS
Accounting System and Process
Name of the Student:
Name of the University:
Author’s Note:

1ACCOUNTING SYSTEM AND PROCESS
Executive Summary:
This report is prepared to explain the benefits MAYOB accounting information system and its
security issues in practice. MAYOB is an advanced and widely used desktop-based accounting
information system. It can be used in large organization as well as in small business
organizations. In this report its advantages and issues has been described briefly.

2ACCOUNTING SYSTEM AND PROCESS
Table of Contents
MAYOB is an Appropriate Information System:............................................................................3
Security Threats and MAYOB Internal Control System:................................................................3
Conclusion:......................................................................................................................................3
References:......................................................................................................................................5

3ACCOUNTING SYSTEM AND PROCESS
MAYOB is an Appropriate Information System:
MAYOB is a computerized accounting system, which can be used for recording business
transactions for large business organizations as well as for small business organizations. It has
various advantages, which make it a complete and appropriate information system. It is easy to
record transaction in MAYOB and very much user-friendly to operate. It is having various
internal control systems, which can improve the accuracy and efficiency of the accounting
information. It can generate various meaningful information and reports for managerial decision-
making purpose. All this features and uses of MAYOB make it an appropriate accounting
information system (Belfo and Trigo 2013).
Security Threats and MAYOB Internal Control System:
MAYOB is a completely automated and computerized accounting software package. It
can be accessed and operated from remote platform also using user ID and access codes. As it is
completely a computerized system, there is a security threat of information in accounting system.
It may so happen that the information may get mismanaged and incorrect transactions may be
entered into the accounting system. In addition, some key business information may be shared
with the competitors by some dishonest employees of the organization. to prevent from such
errors and security threats, MAYOB has its own security control system. It can generate audit
trial for checking errors and mistakes in transactions and session reports can be generated for
checking the last access and transactions entered by any employees (Tam 2013).

4ACCOUNTING SYSTEM AND PROCESS
Conclusion:
From the above discussion, it can be concluded that, the MAYOB is an advanced and
improved accounting information system, which can be used successfully in any business
organization for recording their business transactions and generating meaningful information for
use of the management as well as for use of other information users.

5ACCOUNTING SYSTEM AND PROCESS
References:
Belfo, F. and Trigo, A., 2013. Accounting information systems: Tradition and future
directions. Procedia Technology, 9, pp.536-546.
Tam, T., 2013. What IT knowledge and skills do accounting graduates need?. New Zealand
Journal of Applied Business Research, 11(2), p.23.