only excel and reckon file. No quiz.
QUEENSLAND UNIVERSITY OF TECHNOLOGY
QUT Business School
School of Accountancy
AYN416 Financial Accounting Processes
Semester 1, 2020
Integrated Accounting Project
(Weighted Total – 20%)
Due: Thursday 30 April, 2020 by 11.59pm
Submissions: 1. Electronic submission through Blackboard/ Assessment/ Assessment Item 2/ Integrated Accounting Submission link of a) Excel file
b) Combined 1 PDF file of 8 Reckon Reports or zipped folder or PDF files of 8 individual reports and
c) Reckon file with file extension .QBW.
2. Completion of Reckon quiz in Blackboard
3. Completion of Excel quiz in Blackboard
Students should regularly check the Announcements of the AYN 416 Blackboard site for updates and clarifications to the Project.
This assessment item assesses the following learning outcomes:
Knowledge & Technical Skills (KS)
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
QUT’s late assignment policy applies for all units. If you do not hand in your assignment by the due date, it will not be marked and you will receive a grade of 1 or 0%. You may apply for an extension BEFORE the due date. If you do not have an approved extension (i.e. if you have applied but have not heard, or if your application for an extension has been denied), submit the work you have completed by the due date and it will be marked against the assessment criteria.
You should be aware of the MOPP in relation to academic integrity specifically http://www.mopp.qut.edu.au/C/C_05_03.jsp. Failure to maintain academic integrity also includes resubmission of your own work.
Assessments submitted after the due date without an approved extension will not be marked and will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. If you don’t have an approved extension you should submit the work you have completed by the due date and it will be marked against the assessment criteria
AYN416 Integrated Accounting Project (to be completed individually)
The objectives of this project are for students to demonstrate:
1. Skills and knowledge in the preparation of manual financial statements using Excel (AOL KS 1.2)
2. Incorporate use of a computerised accounting package (AOL KS 1.2)
3. Compare and reconcile the manual and computerised financial statements (AOL HO 2.1)
This Project consists of completing the accounting cycle for a sole trader retail business for April 2020 using both Reckon accounting software and Excel.
1. Required files for the assignment must be submitted via Blackboard no later than 11.59pm on Thursday 30 April 2020. (Refer assessment section: Assessment Item 2.)
2. Reckon Quiz: Complete the 20 minute 15 question quiz* relating to the Reckon component on Blackboard using your printed Reckon reports no later than 11.59pm on Thursday 30 April 2020. (Refer quiz link under the assessment section: Assessment Item 2).
3. Excel Quiz: Complete the 20 minute 15 question quiz** relating to the Excel component on Blackboard using your printed Excel worksheet no later than 11.59pm on Thursday 30 April 2020. (Refer quiz link under the assessment section: Assessment Item 2).
It is recommended to start the submission and quizzes approximately 2 hours before the due date and time as creating pdfs and the submission can take time and late submissions are not accepted.
*The Reckon quiz, Reckon file (.QBW) and Reckon reports must be submitted for Part A – The Reckon mark is from your quiz mark based on your answers from your Reckon reports. If you submit a Reckon file and/ or reports only, without completing the Reckon quiz, you will receive 0 for Part A. If you submit the Reckon quiz, without submitting the Reckon file and reports, you will receive 0 for Part A.
**Both the Excel quiz and spreadsheet must be submitted for Part B – The Excel mark is from your quiz mark only based on your answers from your spreadsheet. If you submit an Excel file only without completing the Excel quiz, you will receive 0 for Part B. If you submit the Excel quiz only without submitting the Excel spreadsheet, you will receive 0 for Part B.
Please upload via Blackboard:
Note: keep all file names to less than 15 characters e.g. ‘Excel Template’ as Blackboard does add your student number automatically to the file name:
- Combined 1 PDF file of 8 Reckon Reports or zipped folder of 8 Reckon reports or PDF files of 8 Reckon reports* with file names less than 12 characters * (eg TB.pdf) (see page 12) (the quiz on the Reckon component is completed via Blackboard) and
- your Reckon file with file extension .QBW. (Files with .TLG and .ND extensions are not needed) - your Excel file (the quiz on the Excel component is completed via Blackboard) Requirements:
The Assignment worth 20% has three (3) compulsory parts – Part A (7.5%), B (7.5%) and C (5%).
The total assessment for this Assignment is based on Assurance of Learning Criteria and is worth 20% of the total marks for the semester. The CRA sheet is provided at the end of this document.
Part A – (7.5% weighting): Reckon assessed by Reckon Quiz
Complete the requirements set out in the task. You will demonstrate a comprehensive understanding of relevant concepts, using Reckon software. Demonstration videos, exercises and materials are in Learning Resources/ Reckon Software Materials on Blackboard.
Reckon is assessed by a 20 minute, 15 question quiz on Blackboard using your printed Reckon reports. Students are required to type in answers without formatting if it is a number (e.g. no $ or , or decimals) or enter free text. Do not insert any symbols. Your quiz responses must match your reports. Example: how many categories of inventory are shown on the Inventory Valuation Summary? 3
Part B – (7.5% weighting): Excel assessed by Excel Quiz. You will demonstrate a comprehensive understanding of relevant concepts, principles and practice in the manual preparation and presentation of financial statements, using Excel. An Excel worksheet template is available under the assignment folder in the assessment section on Blackboard.
Excel is assessed by a 20 minute, 15 question quiz on Blackboard using your printed Excel worksheet pages. Students are required to type in answers without formatting if it is a number (e.g. no $ or , or decimals) or enter free text (e.g. x for question 3 below). Do not insert any symbols. Your quiz responses must match your Excel.
Excel Quiz Question Examples & Answers (no number formats such as $, decimals or any other formatting such as symbols used)
1. What is the total sales revenue for the month of April? 132360
2. What is the total of the non-current assets as at 31 March on the Comparative Statement of Financial Position? 24212
3. What Posting Reference appears below the total of the “Other Accounts” column in the Cash Payments Journal? A cross or x
4. What is the amount of the credit posting in the accounts receivable general ledger account on 30 April? 43200
5. What is the balance of the accounts receivable general ledger account on 30 April? 113350
6. How much did Snowy Resort owe to Power Sports as at 2 April? 44000
7. How many individual Administrative Expenses are listed in the Classified Income Statement? 8
8. In the Accounts Receivable general ledger account, what is the posting reference in the Jnl Ref column for the credit entry on 30 April? CRJ17
Part C – Compulsory (5% weighting): Reconciliation of Reckon and Excel
Part C requires you to critically evaluate Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
When and where should I start?
Start Reckon (Part A) as soon as possible after topic 2. (Refer page 8 for preparation). It is recommended to list which area in Reckon each transaction is to be recorded (e.g. Customer/ create sales receipts).
Start Excel (Part B) any time after topic 5. (Refer page 12 for preparation). It is recommended to list which journal each transaction is to be recorded and whether daily or monthly posting is required.
Purpose: to get the Reckon and Excel records to reconcile. Once you have completed Reckon, you can use the Reckon trial balance to enable you to check against your Excel trial balance and identify differences. Helpful steps and tips and check figures including the correct profit are included. Allow plenty of time before submission to ensure that you can complete both Reckon and Excel components and get the 2 sets of records to agree, including the correct profit.
BACKGROUND AND FACTS: RECKON AND EXCEL
Rosie Chen is the owner of Power Sports, a retail sports equipment business located in Toowong. She established the business 3 years ago and operates as a sole trader. Rosie submits the Business Activity Statements (GST Return) quarterly on an accruals basis.
Rosie is currently using a manual system to prepare the financial records. She has come to you to implement Reckon software. To ensure the accuracy of the software implementation, she has asked you to prepare both manual records and records in Reckon for the month ending 30 April 2020.
Refer to Chart of Accounts below when preparing journals for the account numbers and names used.
Chart of Accounts and Trial Balance as at 31 March 2020
Account No. Account Name Balance
101 Cash at Bank – ANZ 27,580
110 Accounts Receivable 36,518
112 Inventory 93,540
115 Prepaid Insurance -
118 Office Supplies 1,520
130 Computer Equipment 24,460
131 Accumulated Depreciation - Computer Equipment 15,288
135 Store Equipment 29,080
136 Accumulated Depreciation - Store Equipment 14,040
200 GST Clearing (Tax Payable GST)** 12,450
201 Accounts Payable 28,970
203 Wages Payable -
205 PAYG Tax Payable* 5,180
307 Profit or Loss Summary
401 Sales Revenue
402 Sales Returns & Allowances
501 Cost of Sales
503 Bank Charges
505 Depreciation Expense - Computer Equipment
506 Depreciation Expense - Store Equipment
520 Insurance Expense
522 Marketing Expense
542 Office Supplies Expense
560 Rent Expense
580 Telephone and Internet Expense
582 Utilities Expense
585 Wages Expense
*PAYG Tax Payable is tax withheld from staff wages owed to the government.
**GST Clearing (Tax Payable GST) is the account set up for the GST owing.
Reckon will also add another account named Tax Payable as you process transactions with GST. You will have 2 GST accounts when your assignment is complete: GST Clearing (Tax Payable) will have a zero balance and Tax Payable should have the same balance as your 1 general ledger account for GST in Excel.
Accounts Receivable Subsidiary Ledger as at 31 March
Dawson Training 23,120
Indigo Sports Centre 7,448
Mainstream Adventures 0
Snowy Resort 0
Weston High School 5,950
Accounts Payable Subsidiary Ledger as at 31 March
Ballistic Sports 16,500
Heavy Duty Weights 0
Insight Computers 4,520
Odin Training & Recruitment 1,100
Premium Accountants 3,850
Sports Wholesalers 3,000
Inventory Balances as at 31 March
Power Sports sells three types of inventory and uses a perpetual inventory system. The stock take at 31 March showed:
Item Description Units on Hand Unit Cost
(excluding GST) $ Total Value
(excluding GST) $ Unit Selling Price
(excluding GST) $
Weights packs 64 320 20,480 640
Kettle bell packs 23 220 5,060 440
Weights stations 17 4,000 68,000 8,000
Cost price of inventory items remains constant for the month and thus the inventory cost flow method is irrelevant for this assignment.
The business uses the following specialised journals to record its business transactions:
• A Sales Journal is used to record the sale of inventory on credit during the month (not sales returns).
• A Cash Receipts Journal is used to record all cash received.
• A Cash Payments Journal is used to record all cash paid.
• A Purchases Journal is used to record all purchases of inventory on credit (not purchase returns).
• A General Journal is used to record all other transactions. All invoices received for expenses incurred and owing are recorded in the general journal at the time of receiving the invoice. (Narrations are not required for general journal transactions.)
The business uses a general ledger, an accounts receivable subsidiary ledger and an accounts payable subsidiary ledger. The 4 column running balance form of ledger account is used.
The business does use a Sales Returns and Allowances account in the Excel to record sales returns from customers. Note that there is no ability in our Reckon student version software to record Sales Returns separately. Instead the software will process a sales return as a reduction from Sales Revenue. Do not create a separate Sales Returns account in Reckon.
NOTE: There is an extra column in the ledger accounts to make a note of source document numbers etc. We do not have such information so leave this column blank.
Financial statements are prepared monthly. Reckon software is to be used to prepare computerised records. An Excel template is available on Blackboard to be used to complete the Excel task. Reckon and Excel records must reconcile to each other.
April 2020 Transactions to enter into both Reckon and Excel:
The business transactions that occurred in April 2020 are as follows: (refer chart of accounts for account names and numbers. Do not make up your own account names).
1. April 1 Paid rent for April $4,400 with cheque number 46 (including GST $400).
2. April 1 Purchased an Apple computer on credit from Insight Computers for $1,342 (including GST $122)
3. April 2 Purchased office supplies with cheque number 47 for $770 (including GST $70). Power Sports records purchases of office supplies in the Office Supplies account.
4. April 2 Sold 5 weights stations on credit to Snowy Resort, invoice number AB32 $44,000 (including GST $4,000).
5. April 3 Purchased 40 weights packs on credit from Heavy Duty Weights $14,080 (including GST $1,280).
6. April 4 Paid for prepaid insurance of $1,320 for 12 months effective 1 April (including GST $120) with cheque number 48.
7. April 4 Sold 23 kettle bell packs, 6 weights packs and 1 weights station as a cash sale for $24,156 (including GST $2,196)
8. April 4 Rosie withdrew $8,000 cash for her personal use with cheque number 49 (no GST.)
9. April 4 Paid the monthly net wages of $10,400 with cheque number 50 (no GST applicable.)
10. April 10 Sold 4 weights stations and 20 weights packs on credit to Mainstream Adventures, Invoice Number AB33 $49,280 (including GST $4,480).
11. April 10 Signed a 6 month agreement to rent additional storage space from June 1, 2020 for $1,045 monthly (including GST $95)
12. April 11 Purchased 50 kettle bell packs and 5 weights stations on credit from Sports Wholesalers $34,100 (including GST $3,100).
13. April 14 Paid Premium Accountants the balance owing of $3,850 with cheque number 51.
14. April 21 Paid Ballistic Sports $15,400 with cheque number 52 as part payment of prior month purchases of inventory.
15. April 21 Issued a credit note to Mainstream Adventures for return of 2 weights packs, Credit Number 14 $1,408 (including GST $128). (Retain as an available credit in Reckon.)
16. April 22 Received $15,200 from Dawson Training as payment on account.
17. April 26 Paid the monthly telephone and internet expense with cheque number 53 for $275 (including GST $25).
18. April 26 Invoiced Dawson Training for 40 weights packs, Invoice Number AB34 for $28,160 (including GST $2,560).
19. April 28 Received $6,000 on account from Indigo Sports Centre.
20. April 28 Returned 5 kettle bell packs to Sports Wholesalers and received a credit of $1,210 (including GST $110).
21. April 30 Rosie lodged her quarterly Business Activity Statement (BAS return) and paid cheque number 54 to the ATO for a total of $17,630. This represented the previous quarter GST Clearing (Tax Payable GST) of $12,450 and also the previous month PAYG tax payable of $5,180. (Record GST Clearing and PAYG Tax Payable on a separate line in Excel).
22. April 30 Received $22,000 from Snowy Resort as payment on account.
23. April 30 Paid April marketing expenses: cheque number 55 for $814 (including GST $74).
24. April 30 Paid April utilities expense with cheque number 56 for $616 (including GST $56).
25. April 30 Hired a new staff member who will commence on May 15 with an annual salary of $75,000.
26. April 30 Bank Statement: Paid bank charges of $25 (no GST applicable).
27. April 30 Record a general journal entry for $2,590 for the total PAYG tax withheld on the monthly wages. (Debit wages expense and credit PAYG Tax Payable). (PAYG tax payable is tax withheld from staff wages owed to the government.)
28. April 30 Rosie contributed $2,500 of capital into the business bank account.
April 2020 Adjusting Entries: adjusting entries are prepared monthly
A) Accrued Wages
Wages owing as at 30 April are $3,300.
Noted in the transactions above, Rosie prepaid 12 months of insurance on April 4.
C) Depreciation – Store Equipment
Annual Depreciation on Store Equipment has been calculated at $5,616.
D) Depreciation – Computers
Annual Depreciation on Computers has been calculated at $6,840.
E) Office Supplies Expense
On 30 April, Rosie performed a stocktake of office supplies and noted that there was $370 of supplies remaining.
Part A Reckon Accounting Task Instructions (1 – 12) 7.5%
Before Starting Reckon Component:
It is vital that you complete the 2 Essential Reckon exercises under Learning Resources/ Reckon Support Materials before you start the Reckon component of this assignment.
Reckon software is to be used to prepare computerised records to ensure they agree with Excel. It is important to save and backup regularly to your QUT student network drive or other secure location rather than relying on a USB or to the local drives of QUT computers which are cleared as users log off. Do not rely on one file location in case there is a problem such as corruption, losing USB etc. Reckon will name your original files with the extension. QBW and the backup files .QBB.
Marks will be allocated, where students have produced correct reports that reconcile to the required values. Remember, key figures such as profit are provided and the client is expecting you to ensure Reckon and Excel agree. If they dont agree or you don’t allow enough time and only achieve the initial set up process, low marks will result because you havent achieved assessment or client requirements.
1) Establish a new data base in Reckon.
Step 1 Company Information. On the Reckon menu bar, click File New company.
Click Start Interview
Enter Company Name and add your student number and surname and to the end of the company name. (e.g. Power Sports 9084574 Marsland). Leave other fields blank.
Note: Click Next at each step of the interview to move on.
Step 2: Select your industry. Select Product Sales/ Retail
Step 3: How is your company organised? Select Individual Tax Return
Step 4: Select the first month of your financial year. Select: July
Step 5: Ignore passwords
Step 6: Create your company file, indicating a directory to save to. Click Save.
Step 7: Customising
In the interview process, choose the Preferences below. Take care to enter carefully as you can’t change these preferences and would otherwise need to start again:
Field Select Then
What do you sell? Products only Click Next
Do you track tax? Yes Click Next
Do you want to create estimates in Reckon? No Click Next
Do you want to track sales orders before you tax invoice your customers? No Click Next
Do you want to use sales receipts in Reckon? Yes Click Next
Do you want to use billing statements in Reckon? No Click Next
Do you want to use invoices in Reckon? Yes Click Next
Do you want to use progress invoicing? No Click Next
Field Select Then
Do you want to keep track of the bills you owe? Yes Click Next
Do you want to track inventory in Reckon? Yes Click Next
Do you want to track time in Reckon? No Click Next
Do you have employees? No Click Next twice
Select a start date to start tracking your finances Enter 31/3/2020 Click Next
Would you like to add an existing bank account? Yes Click Next
Key in ANZ Bank Account for the name of the bank account. Click on or after 31/3/2020. Click Next three times. Click Finish to complete the initial set up process.
2) Set up preferences for banking for all receipts and payments to process to the ANZ Bank Account (otherwise they will default to Undeposited Funds). (Edit Preferences.)
3) Important: Set up user for Audit Trail Log to enable production of an Audit Trail Report.
Click on Company. Click on Set Up Users. Click on Add User.
Enter your student number followed by your surname (e.g. 9084574 Marsland). Record exactly what you have typed safely as you will use it to log in and record all of the assignment transactions.
Do not enter Passwords. Click Next. Click No that you do not want to enter a password.
Click on All Areas of Reckon Accounts (for the user to enable access).
Click Yes to confirm that you do wish to allow the user to access all areas of Reckon. Click Finish. Click Close.
4) Choose the option File/ Close Company/(Log Off and Open the Power Sports.QBW File that you have established. Now log into Reckon using the User Name that you established earlier.
(if you forget your username, log in as Admin and note down the user name and repeat the log in process).The Administration User is not to be used in any of the assignment process, otherwise you will receive 0 for the Reckon component.
Set up lists and Opening Balances for Inventory, Customers and Suppliers as at 31 March 2020. (Addresses are not required for this project for customers or suppliers).
5) Run an Audit Trail Report 1/1 to today’s date to ensure that you can see your User Name in all the transactions (not the Admin user). If you fail to submit an Audit Trail Report or submit an Audit Trail with the Admin user only recorded, you will receive 0 for the Reckon component.
6) Enter opening balances for all other accounts as at 31 March 2020.
7) Run a trial balance as at 31 March 2020 to ensure all opening balances are accurate. Process a general journal entry to correct the items in the trial balance which require adjustment including an entry to correct Uncategorised income, Uncategorised expenses and Opening Balance (equity).
8) Save your file. Also, backup your Reckon file using the Save Copy or Backup function (which will name it with the extension.QBB).
9) Record the April transactions in Reckon, opening new accounts as necessary. For Reckon, you do not need to use the account numbers provided in the Chart of Accounts.
• GST codes: where payments have GST included, use the tax code NCG for expenses and CAG for the purchase of the computer.
• Bank Accounts: Check each receipt and payment is processed to the ANZ bank account, not Undeposited Funds).
• Dates: ensure that dates are entered correctly in the month of April.
• Names: are required if the transactions involve Accounts Receivable or Accounts Payable but for other transactions such as Cash Sales and Cash Cheques, you can simply enter “Cash Sale” or “Cash” respectively.
• For transaction 15 involving the credit note choose the option ‘Retain as an available credit’ in Reckon.
• For transaction 21 involving the payment of GST and PAYG tax payable, use the Write Cheques function in Reckon.
• For transaction 26 involving bank charges, use the Write Cheques function in Reckon.
Regularly save and backup your files. Do not rely on 1 backup in case there is a problem such as corruption, losing USB etc. Reckon will name your original files with the extension. QBW and the backup files .QBB.
10) Prepare a trial balance as at 30 April 2020 and ensure all account values agree to the unadjusted manual trial balance prepared in Part A except for Sales and Sales Returns. (Reckon Trial Balance total should be $368,271 as Sales Returns is netted off against Sales in Reckon not displayed separately as it is in Excel). Note that there is no ability in our Reckon student version software to record Sales Returns separately. Instead the software will process a sales return as a reduction from Sales Revenue. Do not create a separate Sales Returns account in Reckon.
11) Process the adjusting entries above in Reckon.
12) Print to pdf the following reports from Reckon. Combine into 1 pdf or zipped folder of 8 Reckon reports if possible for ease of marking. Please name your report files for submission to Blackboard with a file name less than 12 characters so that we can download them for marking.(e.g. TB.pdf). See below
1. JNL: Journals: 1 April to 30 April 2020 (Reports Accountant)
2. TB: Trial Balance as at 30 April 2020 (Reports Accountant)
3. PL: Profit and Loss Standard: 1 to 30 April 2020* (Reports Company & Financial)
4. BS: Balance Sheet as at 30 April 2020 (Reports Company & Financial)
5. INV: Inventory Valuation Summary as at 30 April 2020 (Reports Inventory)
6. CUS: Customer Balance Detail as at 30 April 2020 (Reports Customers & Receivables)
7. SUP: Supplier Balance Detail as at 30 April 2020 (Reports Suppliers & Payables)
8. AUD: Audit Trail Report (Date Range: 1/1 to today’s date) (Reports Accountant: Audit Trail)
* Note Profit and Loss does not need to be classified into Business Function for Reckon.
Closing entries are not required in Reckon as they are done automatically by the software.
RECKON CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of Unadjusted Trial Balance (due to netting off sales returns in sales) $368,271
Total of Adjusted Trial Balance (due to netting off sales returns in sales) $372,609
Net profit for April $40,687
Reckon Report Printing Instructions to pdf:
If you don’t have access to Adobe software you can use the Windows Snipping Tool or manually print then scan into pdf or use QUT computer labs or other computers which have the full version of Adobe which allows saving to pdf rather than just opening a pdf. IT Helpdesk can also assist with PDF creation.
Some helpful instructions re printing or saving to pdf:
1) Maximise the report to the whole screen
2) Choose File Print Report. Then choose Printer: Microsoft Print to PDF (or Choose File Save as PDF and Printer Adobe Pdf.
Please tick the box to fit report to 1 page wide so it can be marked.
Combine into 1 pdf if possible for ease of marking. See above for screenshots to fit your printing to 1 page in width so that it can be marked.
Before Starting Excel Component:
Please ensure you have done all the homework questions for topics 2 to 5 especially topic 5 special journals before attempting this assignment. The Collaborate example for topic 3 is helpful to show the entire accounting process including adjusting entries, closing entries and the worksheet.
It is vital to complete PSA6.6 from the textbook, which covers special journals and the required postings before you start the Excel component as the assignment follows the same process. Useful Tips
• Proofs have been inserted in the journals to help you identify that Total Debits = Total Credits. (Each Proof should display 0).
• Formulas exist in some areas of the template to assist students but other formulas are required
(e.g. general ledger accounts balances for Income Summary, drawings, revenue and expenses)
• To insert a v for your subsidiary ledger postings, use Insert Symbol and scroll down to find the tick.
• To minimise errors and maximise efficiency, it is recommended to enter values in the journals only, then use Excel formula to post to general and/or subsidiary ledger and other areas of the template.
• The 2nd column of the General Ledger and Subsidiary Ledger accounts is to be left blank.
• Enough space has been provided in the Excel template – do not insert extra rows or columns.
Part B EXCEL Accounting Task Instructions (1 – 9) 7.5%
1) Open up the Excel student template provided on Blackboard and enter your name and student number into the footer section on the first tab (Chart of Accounts)
2) Record the April transactions in the following journals: cash payments, cash receipts, purchases, sales and general journal. (1 April balances are in the general ledger and subsidiary accounts).
Postings are done either daily or monthly. Post daily to the subsidiary ledgers. Post daily from the general journal. Post the monthly totals of the special journals to the general ledger. Include posting references in the journals. (There will be only 2 postings to ANZ Bank Account – total receipts and total payments). NOTE: For posting reference purposes in the ledgers, please use the journal page numbers indicated next to the journal title (e.g. SJ18, PJ18, CPJ25, CRJ17, GJ62, GJ63, and GJ64).
3) Prepare a trial balance as at 30 April 2020, in the trial balance columns of the worksheet.
4) Complete the worksheet using the required adjusting entries above for the month of April :
6) Prepare and post the adjusting entries for the month of April.
7) Prepare the following statements for month ended 30 April in accordance with AASB 101:
- a classified income statement classified by business function (expense classification below) - a statement of changes in equity, and
- a classified statement of financial position (or balance sheet) with comparative values as at 31 March. (Use separate columns to compare 31 March values with 30 April values).
There is a need to split Sales and Sales Returns separately in Excel.
For Income Statement business function expense classification, use the following 3 classifications:
1. Selling Expenses: Wages
2. Administrative Expenses: Depreciation – Computer Equipment, Depreciation – Store Equipment, Insurance Expense, Marketing Expense, Office Supplies Expense, Rent Expense, Telephone and Internet Expense, Utilities Expense
3. Finance Expenses: Bank Charges
8) Prepare and post the closing entries.
9) Prepare a post-closing trial balance and confirm whether the total of the subsidiary ledgers agree with the relevant control accounts in the general ledger for accounts receivable and accounts payable.
EXCEL CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of the Unadjusted Trial Balance Columns of the Worksheet $369,551
Total of the Adjustments Columns of the Worksheet $6,288
Total of the Adjusted Trial Balance Columns of the Worksheet $373,889
Net profit for April $40,687
Part C Reconciliation of Manual and Reckon Accounting Task 5%
Ensure all Reckon reports agree with Excel (except for different treatment of Sales Returns in Reckon as Sales Returns is netted off Sales in Reckon not displayed separately as it is in Excel.)
Note that there are minor differences in the naming in Reckon (e.g. Trade Receivables, Trade Creditors and Tax Payable have equivalent names to the Excel Chart of Accounts and don’t need to be altered).
Similarly, the order of accounts must be logical and in the correct categories within Current Assets,
Fixed Assets, Current Liabilities and Equity. Ensure that the Balance Sheet displays Original Cost of Fixed Assets above Accumulated Depreciation and that Capital displays above Drawings. (These can be altered in the Chart of Accounts as demonstrated in the sample exercises).
In Reckon, there is no need to remove accounts with a zero balance: just leave them. For Reckon, you do not need to use the account numbers provided in the chart of accounts.
Check that the Reckon and Excel Check Values match those provided earlier.
Check the following items to ensure they are the same in both Excel and in Reckon:
- Gross Profit
- Net Income or Net Profit
- Total Assets
- Total Equity
- Accounts Receivable and Accounts Payable
There is nothing additional needed to be supplied or typed for Part C as the marker will confirm that Reckon and Excel do reconcile.
• Materials are on Blackboard to assist with Reckon and Excel
• Consultation with Staff and Postgraduate Learning Advisors who are able to assist
• Frequently Asked Questions on Blackboard to enable any clarifications or answer any common questions – this will be an iterative document that will be developed as students make enquiries
• IT Helpdesk can assist with installation of Reckon on computers operating with Windows.
Frequently Asked Questions and Answers:
• Are we allowed to change the account titles? E.g. -Trade receivable- to -Accounts Receivable- so that we have the same name as in the instructions? Answer: You can but you dont need to - just leave as is because Reckon calls them slightly different names
• Are we allowed to create new accounts like -Prepaid Insurance- because there are no prepaid accounts in Reckon yet? Answer: Yes - you need to
• Do we have to add the account numbers in Reckon? Answer: No - no need for account numbers in Reckon (see page 10 instructions)
• Some account names are too long in Reckon like -Accumulated Depreciation - Store Equipment-. How do we abbreviate the names best? Answer: Accum Depcn - Store
• Why is there a second Tax account (-PAYG Tax Payable*-)? I dont know what that transactions affect this account. Answer: PAYG is the tax withheld from staff wages which we owe to the government. All transactions you need for this account are described in the instructions so you can deal with it.
• I have been trying to set up my chart of accounts for Reckon and I am unsure on entering the GST Clearing (Tax Payable GST) opening balance. Is this even the correct account to enter the opening balance? Does all the GST paid and received automatically post to here – I can’t see anywhere that would indicate this also? Answer: That is why we created a slightly different name - if you create this account exactly as it is named in the assignment, you can add an opening balance as a general journal just like the other opening balances. We will just then pay this balance. The remainder of the GST transactions Reckon will process to another account simply called Tax Payable.
• Why do I have Uncategorised Income and Uncategorised Expenses with values on my Trial Balance? Answer: follow the steps in the Essential Reckon Exercises to show you how to deal with these accounts.
• I am not sure how to enter the information into the special journals and subsidiary ledgers. Answer: follow the steps in PSA6.6 from the textbook and use this format to complete your Excel template.
AYN416 Sem 1 2020 AYN416 FINANCIAL ACCOUNTING PROCESSES – ASSIGNMENT CRITERIA SHEET
Student Name: …………………………………………………. Student No.: ………………. Date: ……………..
Part A – Reckon Accounting Task (7.5% weighting) Assessed using Blackboard Reckon Quiz: 15 questions in 20 minutes using your printed Reckon reports
Criteria 4 ( 50%) 4 (50% - 64%) 5 (65% - 74%) 6 (75% - 84%) 7 ( 85% ) Mark
Skills (KS1.2) Demonstrated a lack of proficiency in the use of accounting software and summarising results.
Demonstrated some competence in the use of accounting software and summarising results.
Demonstrated competence in the use of accounting software and summarising results.
Demonstrated proficiency in the use of accounting software and summarising results.
Demonstrated high proficiency in the use of accounting software and summarising results.
Part B – Excel Accounting Task (7.5% weighting) Assessed using Blackboard Excel Quiz: 15 questions in 20 minutes using your complete printed Excel template
Criteria 4 4 5 6 7 Mark
Skills (KS 1.2) Demonstrated little understanding of relevant concepts, principles and practices in Excel. Major inaccuracies evident.
Demonstrated some understanding of relevant concepts, principles and practices in Excel. Some inaccuracies evident.
Demonstrated a good understanding of relevant concepts, principles and practices with some minor inaccuracies in Excel.
Demonstrated a good understanding of relevant concepts, principles and practices in Excel.
Demonstrated a comprehensive understanding of relevant concepts, principles and practices in Excel.
Part C – Reconciliation of Reckon and Excel (5% weighting): Need to submit both Reckon and Excel
Criteria 4 4 5 6 7 Mark
(HO2.1) Demonstrated a lack of proficiency of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other. Demonstrated some competence of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated competence of critical evaluation
between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated proficiency of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated high level of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Total Marks (20% weighting) Marks