MYOB AccountRight: Customer, Supplier & Inventory Setup - Practice Set

This MYOB AccountRight practice set provides detailed instructions for setting up customers, suppliers, and inventory within the software. It guides users through the Sales and Purchases Easy Setup Assistants, including configuring default information, creating customer and supplier cards, and entering historical sales and purchases. The practice set also covers payroll details, including tax tables and employee setup, and inventory management, including item creation and quantity adjustments. The final step involves reconciling the data file to ensure accuracy. The assignment emphasizes using the provided information to set up the company files correctly and perform the final reconciliation task to avoid recording transactions into accounts with inaccurate balances.

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Remaining pages: up to 5.50 hours
Time frames are only a guide. You may take
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MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
Feedback: Create customers, suppliers and inventory
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.
Setting up other items
Now that you have completed the set up of the general ledger for
Intermaweb Computer, Leonardo provides you with a further list of
items that he also wants you to set up in MYOB.
Leonardo then tells you that while you are setting up those items in
MYOB, he will ask you to answer several questions about the setup
process in MYOB.
Instructions
Please take care to set up your own MYOB company files using
the exact information provided on this page. Every student has
different setup information and will receive different sets of
transactions to record. All questions on this page and
subsequent pages of your practice set are tailored to your
unique MYOB company files. Your answers will be graded as
incorrect if you use the company files of any other student to
complete the given questions.
Remember to perform the final reconcilation task when you are
prompted to by the instructions below. If you fail to reconcile
the totals in the company file you have created, you may
record transactions into accounts with inaccurate balances
resulting in a loss of points. Do not let this happen to you!
Details of the remaining setup tasks
a. Customers and sales details
Use the appropriate windows in the Sales Easy Setup Assistant to set
up the default information for Intermaweb Computer' customers. Do
not change other information in that setup assistant.
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General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Window or Field Details
Layout - Choose sale layout
Choose Your Default Sales Layout: Item
Selling Details - Decide on selling details
Income Account: 4-1100 (Sales Revenue)
Credit limit: $90,000
Tax Codes - Assign tax codes to your customers
Tax Code: GST (Goods & Services Tax)
Payment Information - Set up payment information
Payment Method: Cheque
Payment is Due: In a Given # of Days
Discount Days: 0
Balance Due Days: 0
% Discount for Early Payment: 0%
% Monthly Charge for Late Payment: 0%
Linked Accounts - Select the accounts to track customer receipts
Account for Customer Receipts: 1-1110 (Cheque Account)
Account for Undeposited Funds: 1-1180 (Undeposited Funds)
From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards to open the 'Build
your customer list' window. Next, use that window to set up the customers of Intermaweb Computer as listed below:
Tab or Field Details
Profile tab
Card Type Customer Customer Customer
Designation Company Company Company
Name: Pikea Radio Hut Turbo Tech
Card ID: PIKE RADI TURB
Address: 521 Dench Boulevard 439 Baker Lane 763 Holland Street
City,
State, Postcode:
Melbourne,
VIC, 3046
Melbourne,
VIC, 3020
Melbourne,
VIC, 3068
Country: Australia Australia Australia
Phone#1: 4600 3812 5780 9864 6378 7147
Contact: Maria Jensen Antonio Mather Isabella Hall
Selling Details Tab
A.B.N.: 78 428 988 128 20 142 749 163 68 266 326 396

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Next, in the Sales Easy Setup Assistant, click Historical Sales from the list of options provided on the left side of the Setup
Assistant to open the 'Enter historical sales for your customer' window. Then, click the Add Sale button to open the
Historical Sale window where you are asked to record details of the outstanding sales that have not been paid in full as of
the first day of the conversion month (1 January 2017):
Customer Name Invoice # Date Total Including Tax
Pikea 3093 14 December 2016 $11,000
Radio Hut 3094 16 December 2016 $6,193
Turbo Tech 3095 22 December 2016 $19,162
b. Suppliers and purchases details
Use the appropriate windows in the Purchases Easy Setup Assistant to set up the following default information for
Intermaweb Computer' suppliers. Do not change other information in that setup assistant.
Window or Field Details
Layout - Choose purchase layout
Choose Your Default Purchase Layout: Item
Buying Details- Decide on buying details
Expense account: Leave this blank
Credit Limit: $90,000
Tax Codes - Assign tax codes to your suppliers
Tax Code: GST (Goods & Services Tax)
Payment Information - Set up payment information
Payment Method: Cheque
Payment is Due: In a Given # of Days
Discount Days: 0
Balance Due Days: 0
Discount for Early Payment: 0%
Linked Accounts - Select the account to pay your supplier bills
Account for Paying Bills: 1-1110 (Cheque Account)
Leonardo Downing has decided not to create supplier cards for all of his suppliers in MYOB. Instead, he has asked you to
create a supplier card for each of the inventory suppliers only. Leonardo tells you that these suppliers allow the business to
purchase items on account. Over the month of January, you will need to record transactions with these inventory suppliers
as well as with other suppliers that Intermaweb Computer transacts with less often.
In the Purchases Easy Setup Assistant, click Supplier Cards from the list of options provided on the left side of the Setup
Assistant to open the 'Build your supplier list' window. Then, use that window to set up the three inventory suppliers to
Intermaweb Computer as shown below:
Tab or Field Details
Profile Tab
Card Type: Supplier Supplier Supplier
Designation: Company Company Company
Name: JCN Electrical Moon Megasystems Pony
Card ID: JCN MOON PONY

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Address: 750 Devitt Boulevard 488 Wenden Avenue 717 Ferris Road
City,
State, Postcode:
Melbourne
VIC, 3013
Melbourne
VIC, 3023
Melbourne
VIC, 3034
Country: Australia Australia Australia
Phone#1: 2456 1082 3518 7390 4747 5679
Contact: Lennox Fowler Francisca Anderson Audrey Cornell
Buying Details Tab
A.B.N: 47 319 652 259 39 584 551 469 57 434 342 952
From the list of options that are available on the left side of the Purchases Easy Setup Assistant, click Historical Purchases
to view the 'Enter historical purchases for your suppliers' window. Then, click the Add Purchase button to open the
Historical Purchase window where you are asked to enter details of the outstanding purchases that have not been paid in
full as of the first day of the conversion month (1 January 2017):
Supplier Name PO # Date Total Including Tax
JCN Electrical 341 9 December 2016 $10,098
Moon Megasystems 342 18 December 2016 $6,600
Pony 343 24 December 2016 $19,932
c. Payroll details
The table below shows the information that you must enter into various windows in the Payroll Easy Setup Assistant. Do
not change other information in that setup assistant.
Window or Field Details
Tax Tables: Load payroll tax tables into your company file
Load Tax Tables: Click the Load Tax Tables button
Payroll Year: Enter your payroll year
Current Payroll
Year:
2017
Payroll Information - Set up your general payroll information
Full Work Week
Hours:
40
Linked Accounts - Assign linked accounts for your payroll transactions
Account for Cash
Payments:
1-1180 (Undeposited Funds)
Account for
Cheque
Payments:
1-1110 (Cheque Account)
Account for
Electronic
Payments:
1-1190 (Electronic Clearing Account)
Account for
Employer
Expenses:
6-1930 (Salaries Expense)
Account for
Wages Paid:
6-1930 (Salaries Expense)
Account for 2-1420 (PAYG Withholding Payable)

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Deductions &
Expenses:
Payroll Categories - Review your payroll categories
Select Category
Type:
Taxes
PAYG
Withholding:
Click the zoom arrow icon next to PAYG Withholding to display the Tax Table
Information window where you can enter the following information.
Tax Table Information
Linked Payables
Account:
2-1420 (PAYG Withholding Payable)
Next, use the Payroll Easy Setup Assistant to set up the employees of Intermaweb Computer as shown below. To do this,
click Employee Cards from the list of options provided on the left side of the Payroll Easy Setup Assistant. This opens 'Build
your employee list' window where information about the company's employees are recorded. Note that you, the student,
are actually the accountant of Intermaweb Computer and must be set up to be paid your salary at the end of the month.
Do this by using your own personal name when instructed to do so below.
Tab or Field Details
Profile Tab
Card Type: Employee Employee
Designation: Individual Individual
Last Name: Lederman Insert your last name
First Name: Cordelia Insert your first name
Card ID: LEDE Enter the first four digits of
your surname in uppercase
Address: 623 Phillips Boulevard 349 Woodhouse Drive
City, State, Postcode: Melbourne,
VIC, 3055
Melbourne,
VIC, 3072
Country: Australia Australia
Phone#1: 8596 5380 8248-8826
Payroll Details Tab
Personal Details
Start Date: 13 September 2016 2 January 2017
Employment Basis: Individual Individual
Employment Category: Permanent Permanent
Employment Status: Full Time Full Time
Wages
Pay Basis Salary Salary
Annual Salary: $38,400 $42,000
Pay Frequency: Monthly Monthly
Wages Expense Account: 6-1930 (Salaries Expense) 6-1930 (Salaries Expense)
Taxes
Tax File Number 866 868 246 870 312 667
Payment Details Tab

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Payment Method: Cheque Cheque
d. Inventory details
Use the Items List functionality provided in the Inventory Command Centre to set up the inventory items of Intermaweb
Computer:
Tab or Field Details
Profile Tab
Item Number: BLUEB DK800 NR759 SWISH
Name: BlueBerry
phones
DK800 desktop
computers
NR759 video
recorders
Swish Phones
I Buy This Item Tick Tick Tick Tick
I Sell This Item Tick Tick Tick Tick
I Inventory This
Item
Tick Tick Tick Tick
Cost of Sales
Account:
5-1100
(Cost of Sales)
5-1100
(Cost of Sales)
5-1100
(Cost of Sales)
5-1100
(Cost of Sales)
Income Account for
Tracking Sales:
4-1100
(Sales Revenue)
4-1100
(Sales Revenue)
4-1100
(Sales Revenue)
4-1100
(Sales Revenue)
Asset Account for
Item Inventory:
1-1300
(Inventory)
1-1300
(Inventory)
1-1300
(Inventory)
1-1300
(Inventory)
Buying Details Tab
Standard Cost: $1,140 $1,460 $820 $1,250
Buying Unit of
Measure
Each Each Each Each
Number of Items
per Buying Unit
1 1 1 1
Tax Code When
Bought:
GST GST GST GST
Selling Details Tab
Base Selling Price: $1,980 $2,530 $1,430 $2,101
Selling Unit of
Measure
Each Each Each Each
Number of Items
per Selling Unit
1 1 1 1
Tax Code When
Sold:
GST GST GST GST
Inclusive/Exclusive: Tick
Prices are tax
inclusive
Tick
Prices are tax
inclusive
Tick
Prices are tax
inclusive
Tick
Prices are tax
inclusive
Calculate Sales Tax
on:
Actual Selling
Price
Actual Selling
Price
Actual Selling
Price
Actual Selling
Price
Next, use the Count Inventory functionality in the Inventory Command Centre to enter the quantity of each inventory item
and its unit cost as at 1 January 2017:
Window or
Field
Details

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Count Inventory
Item Number: BLUEB DK800 NR759 SWISH
Counted: 9 23 34 21
Adjustment Information
Default Adjustment Account: Leave this field blank and then click the Continue button.
Next, click the Opening Balances button to open the Adjust Inventory window.
Adjust Inventory
Inventory Journal Number: IJ000001
Date: 1/1/2017
Unit Cost: $1,140 $1,460 $820 $1,250
e. Reconcile the data file you have created
Before completing the setup procedures for inventory, use the Adjust Inventory window to check that the total of the
Amount column is equal to the opening balance of the Inventory account in the trial balance report. If you fail to reconcile
the totals, you may record transactions into accounts with inaccurate balances, resulting in a loss of points.
Question on setting up customer records
(Q=115.F.M.CS.C.Q1)
After you have finished setting up customer records for Intermaweb Computer, Leonardo asks you to perform the
following steps in MYOB and then indicate the name of the window that appears after those steps have been completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Sales icon to open the Sales Easy Setup Assistant.
From the list of options provided on the left side of the Sales Easy Setup Assistant, click Customer Cards.
In the 'Build your customer list' window that appears within the Sales Easy Setup Assistant, click the New button.
The name of the window that appears after the above steps are performed is:
Customer Information
New Customer Card
Add Customer Card
Card Information
Question on setting up supplier records
(Q=115.F.M.CS.S.Q2)
After you have finished setting up the supplier records for Intermaweb Computer, Leonardo asks you to perform the
following steps in MYOB and then identify the tab that is part of the window that appears after those steps have been
completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Purchases icon to open the Purchases Easy Setup
Assistant.
From the list of options provided on the left side of the Purchases Easy Setup Assistant, click Supplier Cards.
In the 'Build your supplier list' window that appears within the Purchases Easy Setup Assistant, click the New button.
Select the tab that is part of the window that appears after the above steps are performed:
Card ID
Bank Account Number

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Selling Details
Buying Details
Question on setting up employee records
(Q=115.F.M.CS.P.Q2)
After you have finished setting up employee records for Intermaweb Computer, Leonardo asks you to perform the
following steps in MYOB and then identify the field that is not part of the window that appears after those steps have
been completed:
From the main menu bar, click Setup and select Easy Setup Assistant.
In the Easy Setup Assistant window that appears, click the Payroll icon to open the Payroll Easy Setup Assistant.
From the list of options provided on the left side of the Payroll Easy Setup Assistant, click Employee Cards.
In the 'Build your employee list' window that appears within the Payroll Easy Setup Assistant, click the Edit button.
This opens the Card Information window for one of the existing employees. Next, click the Profile tab.
Select the field that is not part of the window that appears after the above steps are performed:
Location
Card Type
Designation
Payroll Type
Question on setting up item records
(Q=115.F.M.CS.I.Q2)
After you have finished setting up inventory item records for Intermaweb Computer, Leonardo asks which of the
following shows the correct series of actions to open an MYOB window that must be used to enter the opening quantities
of inventoried items.
Command centre icon Flowchart task icon
Purchases Purchases Register
Card File Cards List
Inventory Inventory Register
Inventory Count Inventory
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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