MYOB AccountRight: Transaction Practice Set - Intermaweb Computer

This document presents a solved practice transaction within MYOB AccountRight for Intermaweb Computer, focusing on a cash payment transaction. Specifically, it details the issuance of Cheque No. 4023 to 'Office Supplies Warehouse' for the purchase of equipment worth $4,400 on January 2, 2017, with the GST tax code CAP (Capital Acquisitions). The solution provides a replica of the Spend Money window with all the necessary fields populated, including the Pay from Account, Cheque number, Payee, Date, Amount, and allocation to the appropriate account (Property & Equipment at Cost). The exercise emphasizes the importance of accurate data entry, particularly when dealing with suppliers not previously set up in the system, and serves as a practical guide for users learning to navigate and utilize MYOB AccountRight for basic accounting tasks. This document is available on Desklib, which provides various study tools for students.

10/9/2017 Practice transaction
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General instructions
MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Practice transaction
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.
Leonardo is pleased that you have now finished creating and setting
up the company file for Intermaweb Computer. Before asking you to
start entering transactions into MYOB, he wants to make sure that
you understand how a transaction is typically recorded in the Spend
Money window.
First transaction: Leonardo informs you that the first transaction
that you will have to record is a cash payment transaction. On 2
January 2017, Cheque No. 4023 was issued to 'Office Supplies
Warehouse' for the cash purchase of $4,400 worth of equipment. The
GST tax code for this transaction is CAP (Capital Acquisitions).
Instructions
Enter the given transaction into the replica of the Spend Money
window provided below.
Note that Office Supplies Warehouse is not a supplier that the
business uses regularly and therefore you did not set it up as a
supplier in your MYOB company file. This means there is no card ID
for this supplier. Please be careful when entering the name of the
supplier into the Spend Money window because it must match the
name written on the actual cheque.
Note also that, at this stage, you are only asked to input the
transaction details into the replica window that we have provided.
This will allow us to provide you with feedback on how proficient
you are in using MYOB before you enter any transactions directly
into MYOB for the Intermaweb Computer company file that you
have already created.
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10/9/2017 Practice transaction
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1-3110 Property & Equipment at Cost
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Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend Money window
Pay from Account: 1-1110 Cheque Account Balance → $83,565
Group with Electronic Payments Tax Inclusive
Card: Cheque no.: 4023
Payee:
Office Supplies Warehouse
Date: 2/01/2017
Amount: 4400
Four Thousand Four Hundred Dollars and 0 Cents
Memo: Intermaweb Computer
Acct # Name Amount Job Memo Tax
4400 CAP
Total Allocated: 4400
Tax: 400 Cheque Already Printed
Remittance Advice Delivery Status:
To be Printed
Total Paid: 4400
Out of Balance: 0
Feedback
Spend Money window
Below is the replica of the Spend Money window that shows how to record your first cash payment transaction in
MYOB. Any account balances shown on the cheque are as at 2 Jan 2017 BEFORE the recording of this transaction.
Pay from Account: 1-1110 Cheque Account Balance → $83,565
Group with Electronic Payments Tax Inclusive
Card: Cheque no.: 4023
Payee: Office Supplies Warehouse Date: 2/1/2017
Amount: 4,400
Four Thousand Four Hundred Dollars and 0 Cents
Memo:Purchase of equipment Intermaweb Computer
Acct # Name Amount Job Memo Tax

10/9/2017 Practice transaction
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1-3110 Property & Equipment at Cost 4,400 CAP
Total Allocated: 4,400
Tax: 400 Cheque Already Printed
Remittance Advice Delivery Status:
To be Printed
Total Paid: 4,400
Out of Balance: 0
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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