Before you begin this assignment, you should have completed the MYOB Business and Certification Pathways Courses - https://academy.myob.com/ see LMS for details.

Instructions

This assessment task will consist of recording and reporting financial information for a small West Aussie organisation, (Choose your business name - add your student ID to the business name), using MYOB accounting software.  This is an individual assignment.

Business name example: Adriel Enterprise-10844345

Adriel Enterprise - represents the business name

10844345 - is the student number

You are required to:

1.   record and report the financial information for your business using MYOB accounting software; and

2.   add augustine.donkor@murdoch.edu.auas an adviser; and

3.   submit the required documents to the submission portal via LMS.

The following reports will need to be generated and submitted:

1.   A Trial balance at 30 June 2025.

2.   A Statement of Profit & Loss for the month ending 30 June 2025.

3.   A Balance Sheet as at 30 June 2025.

Recording and Reporting Financial Information for your business using MYOB software.

Introduction

Your business is a small organisation (sole proprietorship) that sells catering packaging products to a variety of businesses including cafes, take-aways and restaurants.

The company operates from aretail outlet incorporating a warehouse and office in Murdoch, WA.

The business has been recording all accounting transactions manually, using basic Excel spreadsheets, but has decided to implement MYOB Software into the business.  The business has employed you to manage the implementation of the software.

Instructions for implementing the MYOB Software can be found below:

Section 1: Setting up the business account

MYOB Business Pro™ is a cloud-based system.  You can logout and login to continue working on the project at anytime as long as the internet is available.

*Make sure you allow screen pop-ups.

Step 1: Set up your Business Pro™ online file

Go To https://www.myob.com/au/students/education-trial.

Steps to setup trial file for MYOB Business Pro (Accounting+Payroll). Remember to use your university email address.

Once you have access to your file/account, you will be asked to enter your business name and industry.

Business details

Open the ‘Business details’ page to update your business information. This can be accessed by clicking on the settings symbols  near the business name on the top-right of the screen to open the account settings.  Select ‘Business Details’ .  Use the following information to complete the required sections.

When you have finished, click

Step 2 GST setting

Stay on this page and click on the GST Settings Tab.  Currently this tab is related to the Invoice function – If you say NO your Invoice will simply state “Invoice” if you select YES then your Invoice will state “Tax Invoice” .  The business is registered for GST and reports quarterly.

Your business is registered for GST and reports quarterly.

When you have finished, click 

The MYOB will confirm that the GST information you have just entered is saved.

*MYOB will automatically calculate the GST for you.  You must pay attention to whether amounts are GST-inclusive or exclusive as you work through this assignment.  We will cover GST in more detail in our workshops.  You can check on LMS for more details.

What if I made a mistake?

You can always edit business information and GST settings, just make the required changes and save.

Step 3 Report settings

This is where you can select your Business settings and User preferences for reporting and   pre-set them. Note while generating reports you can at anytime change these options within the report.  This can be accessed by clicking on the settings symbols  near the business name on the top-right of the screen to open the account settings.  Select ‘Reports Settings ’.

Section 2: Chart of Accounts, Tax codes and Opening Balances

Step 1: View the chart of accounts

You can always view and edit the chart of accounts for your business.   Click on the Accounting Tab and down to click on Categories (Chart of accounts).

Take a quick look at this default chart of accounts.   Pay attention to the Account numbers, Account names and Account types.  Although it is not regulated by any black letter accounting standard, a chart of accounts is usually setup by following the convention: Assets start with ‘1’; liability accounts start with ‘2’ and soon.

Since your business is registered for GST the function of recording the input and output GST

is controlled via the Chart, so you need to be sure here you have the correct Tax code

associated to the account. So do a quick review of the Tax Codes, we will keep the ones in the standard chart.

If you wanted to view all the types and corresponding rates go back to the Accounting Tab   and down to Tax codes, here you can view all Tax codes available, linked accounts for tax    collected and tax paid and the relevant rate.  You can click into the purple Tax code and edit as required.

Step 2: Customise the chart of accounts

Use the highlighted functions, as indicated below, to customise the chart of accounts by

editing and adding. To delete accounts, you need to click into the Account name to open that one, then bottom left you can Delete.

Step 3: Enter the opening balances for your business

Make sure you only do this, after you have completed Step 2 Customise the chart of accounts.

Repeat Step 1 View the chart of accounts and use the ‘Edit Accounts’ function to enter the opening balances according to the balance Sheet provided below.

*Note – there maybe the need to rename some of the accounts. Eg. Change Stock on Hand to Stationery on Hand. Name your bank account, etc. or create some new accounts. Eg.

Premises, etc.

Enter the following opening balances:

*Note: enter these amounts as negative.

This video link below maybe useful for learning more about adjusting the chart of accounts - video.

MYOB setting up chart of accounts - Google Search