University Finance Course: MYOB Accounting Software Activity Report

This activity report reflects on the experience of using MYOB accounting software to perform various accounting functions. The report details the process of learning to use the software, starting with fundamental requirements and preparing an accounting list. It highlights challenges faced, such as understanding the treatment of doubtful debts and depreciation, and how these were overcome with the help of available resources. The report further discusses the practical application of the software, including journal entries, customer management, bank transactions, and inventory entries. It emphasizes the importance of accurate data entry and the application of knowledge gained in previous chapters. The report concludes with a sense of increased confidence in handling MYOB software and an understanding of the importance of transaction execution and posting. Desklib offers a wealth of similar solved assignments and study resources for students.

Running head: ACTIVITY REPORT
Activity Report
Name of the Student:
Name of the University:
Author’s Note

1
ACTIVITY REPORT
Introduction
In order to effectively perform the functions and effectively apply the skills and
knowledge which are associated with accounting are essential in case of MYOB software which
is a accounting based software. In order to derive the necessary skills and effective knowledge
for handling the software, internet websites can be used and in addition to this, there are various
online tutorial videos which are related to the same.
Chapter 2
In order to effectively use the software for accounting, I had to follow all fundamental
requirements and had to prepare an accounting list. The presence of the minus sign next to
doubtful debts and depreciation amount proved to be the difficult part for me. The references
which was available from the book guided me through the accounting treatments and I was able
to construct the Trial Balance from the same.
Chapter 3
In this part, the journal entries of provision for doubtful debts and motor vehicles was one
of the important section of this chapter. I understood that the values which are being entered in
the accounting software was entirely based on assumptions which were not much accurate.
Chapter 4
In this chapter, I cam across practices which were mostly related to practical life
activities. The first step was important in this chapter which required entering a transaction
details which would make other related transactions much easier to record. Therefore, the
entering of values which I did in this chapter made the later processes much easier.

2
ACTIVITY REPORT
Chapter 5
This chapter was related mainly with making a list of probable customers of the business
and thereby makes the entering of transactions relating to such customers much easier. In this
part, a confusion had arisen with relation to the differentiation between sales invoices and
service. However, the same was also resolved with the help of some guidance.
Chapter 6
This chapter had the focus towards addressing the transactions which were related to
activities which are associated with banks. I faced a problem while doing this chapter which was
related to making a differentiation among the cash receipts and receipts of electronic transfer.
The issue was resolved as I had reference of the book and was able to effectively post the
transactions and the same will also be helpful for me in future.
Chapter 7
This chapter was related to various entries which are related to new items in relation to
inventory. The entries which were entered as I progressed through this chapter were quite similar
to the entries of Chapter 4 and Chapter 5. The critical part of this section was the calculations
which were related to discounts which I was able to handle.
Chapter 8
In this chapter, I had to apply my knowledge which I had gathered in previous chapters
relating to treatment and posting of different transactions. This chapter was crucial as I was able
to apply my knowledge relating to all important sections which I did in previous chapters. This

3
ACTIVITY REPORT
chapter was a basically revision for me but the same had to be done without any guideline which
I was able to manage without any difficulty.
Chapter 9
This section is associated with accounting for payroll and this section had unique
challenges and effectively tested my skills.
Conclusion
The assignment relating to handling of MYOB Software has boasted my confidence and I
am positive that now I will be able to handle any transactions in the MYOB Software. The
assessment also taught me the importance of execution and posting of transactions which are
equally important and the same can make work a bit easier.