PMGT601

Follow each step:

To start with we need to account for opening balances as appearing in balance sheet:

To enter the opening balances from your balance sheet in MYOB, follow these steps:

• Go to the " Reports under More Tab and click Accounts list report menu. Then customize the accounts below accordingly.


• For each account listed in your opening balance sheet, enter the opening balance as follows:

Current Assets:

1. Cheque Account ($45,000): Find the account for your cheque account, and enter $45,000 in the "Debit" column.


2. Petty Cash ($2,000): Find the account for petty cash, and enter $2,000 in the "Debit" column.


3. Inventory ($16,000): Find the account for inventory, and enter $16,000 in the "Debit" column.

Non-Current Assets:

1. Building ($90,000): Find the account for the building, and enter $90,000 in the "Debit" column.


2. Office Equipment ($5,000): Find the account for office equipment, and enter $5,000 in the "Debit" column.


3. Motor Vehicle ($52,000): Find the account for the motor vehicle, and enter $52,000 in the "Debit" column.

Current Liabilities:

1. Creditors ($6,600): Find the account for creditors, and enter $6,600 in the "Credit" column.


2. GST ($600): Find the account for GST, and enter $600 in the "Credit" column.

Non-Current Liabilities:

1. Bank Loan ($13,000): Find the account for the bank loan, and enter $13,000 in the "Credit" column.


2. Mortgage ($63,000): Find the account for the mortgage, and enter $63,000 in the "Credit" column.

Capital:

1. Capital ($128,000): Find the account for capital (usually an equity account), and enter $128,000 in the "Credit" column.

After entering all the opening balances, make sure that the total of debits equals the total of credits, which should be the case if the opening balances are correct. If there is a discrepancy, review your entries and correct any errors.

Click "Record" to save the opening balances.

Other tha that at the same place you will find the inventory register where you will enter the inventory chart given in your assignment.

NOW ENTER THE TRANSACTION FOR JULY 2022. [ make sure to check the date on every step]

July 2: Sold 1 x 602, 2 x 302 to Andy's Repairs, their Order No 4632 for $7,700, including GST.

Generate a sales order:

1. Go to the "Sales" command center and click "Enter Sales."


2. In the "Enter Sales" window, select "Sales Order" from the "Type" dropdown menu.


3. Choose the customer you're creating the sales order for by selecting their name from the "Customer" dropdown menu or clicking the "Add New Customer" button to add a new customer.


4. Enter the order date, delivery date, and any other relevant details in the appropriate fields.


5. In the "Items" section, add the goods or services you're selling by selecting them from the "Item Number" dropdown menu. Enter the quantity, description, price, and any applicable discounts or taxes.


6. Review the order and ensure all information is accurate. Click "Record" to save the sales order.

Convert the sales order to an invoice:

1. Go to the "Sales" command center and click "Sales Register."


2. In the "Sales Register/ Sales Order" window, click the "Orders" tab to view your sales orders.


3. Find the sales order you want to convert into an invoice, and click the white arrow next to the order number to open it.


4. In the "Enter Sales" window, change the "Type" dropdown menu from "Sales Order" to "Invoice."


5. Confirm that the invoice details are correct, such as the invoice date and the items delivered or services rendered. Make any necessary adjustments.


6. Click "Record" to save the invoice.

July 5: Sold 1 x 602, 1 x 302, 3 x 804 to Auto Repairs, their Order No. 326 for $6,160 including GST,

(Same steps as above 2 July)

July 8: Received goods and Invoice No. 11415 from Smith Ltd for 3 x602 @ $2,000 each plus total $6,600, including GST.

Generate a purchase order:

1. Go to the "Purchases" command center and click "Enter Purchases."


2. In the "Enter Purchases" window, select "Purchase Order" from the "Type" dropdown menu.


3. Choose the supplier you're creating the purchase order for by selecting their name from the "Supplier" dropdown menu or clicking the "Add New Supplier" button to add a new supplier.


4. Enter the order date, expected delivery date, and any other relevant details in the appropriate fields.


5. In the "Items" section, add the goods or services you're ordering by selecting them from the "Item Number" dropdown menu. Enter the quantity, description, price, and any applicable discounts or taxes.


6. Review the order and ensure all information is accurate. Click "Record" to save the purchase order.

Convert the purchase order to a bill:

Once the goods or services have been received, you can convert the purchase order into a bill.

1. Go to the "Purchases" command center and click "Purchases Register."


2. In the "Purchases Register" window, click the "Orders" tab to view your purchase orders.


3. Find the purchase order you want to convert into a bill, and click the white arrow next to the order number to open it.


4. In the "Enter Purchases" window, change the "Type" dropdown menu from "Purchase Order" to "Bill."


5. Confirm that the bill details are correct, such as the invoice date, invoice number, and the items received or services rendered. Make any necessary adjustments.


6. Click "Record" to save the bill.

July10: Returned goods to stock, 1 x 804 from Auto Repairs, their original Order No. 326 (05/08), plus GST. Our Credit Note No. C156 for $220.

Apply the credit note to an invoice (optional): [ WE ONLY HAVE THIS OPTION IN MYOB SEPRATE CRN CANNIOT BE GENERATED.

If you want to apply the credit note to an outstanding invoice, follow these steps:

1. Go to the "Sales" command center and click "Receive Payments."


2. In the "Receive Payments" window, select the customer you issued the credit note to from the "Customer" dropdown menu.


3. Find the invoice you want to apply the credit note to and click the checkbox next to it to select it.


4. In the "Amount Applied" column, enter the amount of the credit note as a negative value.


5. Confirm that the "Total Deposit" field at the bottom of the window equals the remaining balance on the invoice after applying the credit note.


6. Click "Record" to save the transaction.

July 12: Received goods, 3 x 302, @ $1,000 each on Invoice No. WC11861 from Wheels Ltd for $3,300, including GST.

(Same as July 8th transaction)

July 13: Paid Local Real Estate for Monthly Rent. Our Cheque No.3351780 for $1,100 including GST.

Set up an expense account for rent payments (if not already done):

1. Go to the "Accounts" command center and click "Accounts List."


2. In the "Accounts List" window, check if you have an expense account for rent payments. If not, create one by clicking the "New" button.


3. Select the "Expense" account type and click "Continue."


4. Enter the account number, account name (e.g., "Rent Expense"), and other relevant details. Click "OK" to save the new account.

Record the rent payment using a cheque:

1. Go to the "Banking" command center and click "Spend Money."


2. In the "Spend Money" window, select the bank account you're using to pay the rent from the "Pay From Account" dropdown menu.


3. Enter the date of the rent payment and the cheque number in the appropriate fields.


4. Choose the payee (landlord or property management company) by selecting their name from the "Card" dropdown menu or clicking the "Add New Card" button to add a new payee.


5. In the "Memo" field, enter a description for the transaction, such as "Rent payment for [month]."


6. In the "Amount" field, enter the total rent payment amount.


7. In the "Account" column, select the rent expense account you set up in step 1.


8. Review the transaction and ensure all information is accurate. Click "Record" to save the rent payment.

July 18: Paid Excellent Pty Ltd for outstanding Invoice No. 4728. Our Cheque No. 3351781 for $6,600, including GST.

Paying Excellent Pty Ltd for outstanding Invoice No. 4728 with Cheque No. 3351781 for $6,600, including GST:

Go to the "Purchases" command center and click "Pay Bills."

In the "Pay Bills" window, select "Excellent Pty Ltd" from the "Supplier" dropdown menu.

Find and select Invoice No. 4728 by clicking the checkbox next to it.

Enter the payment details:

1. In the "Pay From Account" dropdown menu, select the bank account you're using to pay the bill.


2. Enter the date of the payment (July 18) in the "Date" field.


3. Choose "Cheque" as the payment method from the "Payment Method" dropdown menu and enter the cheque number (3351781) in the "Cheque Number" field.


4. In the "Amount Paid" field, enter the total payment amount ($6,600, including GST).

Review the payment transaction and ensure all information is accurate. Click "Record" to save the payment.

July 20: Issued Receipt No. 4001 to Andy's Repairs, for payment of our Invoice No. 3601, their Order No. 4632 for $7,700.

Issuing Receipt No. 4001 to Andy's Repairs for payment of Invoice No. 3601, their Order No. 4632 for $7,700:

Go to the "Sales" command center and click "Receive Payments."

In the "Receive Payments" window, select "Andy's Repairs" from the "Customer" dropdown menu.

Find and select Invoice No. 3601 by clicking the checkbox next to it.

Enter the payment details:

1. In the "Deposit to Account" dropdown menu, select the bank account you're receiving the payment into.


2. Enter the date of the payment (July 20) in the "Date" field.


3. Choose the payment method from the "Payment Method" dropdown menu.


4. In the "Amount Received" field, enter the total payment amount ($7,700).


5. In the "Memo" field, add a note or description for the transaction, such as "Receipt No. 4001, Order No. 4632."

Review the payment transaction and ensure all information is accurate. Click "Record" to save the payment.

July 20: Paid Power Ltd for Electricity. Our Cheque No. 3351782 for $880, including GST.

1: Paying Power Ltd for Electricity with Cheque No. 3351782 for $880, including GST:

Go to the "Purchases" command center and click "Pay Bills."

In the "Pay Bills" window, select "Power Ltd" from the "Supplier" dropdown menu.

If there is an outstanding invoice for electricity, find and select it by clicking the checkbox next to it. If not, proceed to the next step to record a general payment.

Enter the payment details:

1. In the "Pay From Account" dropdown menu, select the bank account you're using to pay the bill.


2. Enter the date of the payment (July 20) in the "Date" field.


3. Choose "Cheque" as the payment method from the "Payment Method" dropdown menu and enter the cheque number (3351782) in the "Cheque Number" field.


4. In the "Amount Paid" field, enter the total payment amount ($880, including GST).

Review the payment transaction and ensure all information is accurate. Click "Record" to save the payment.

July 24: Paid Smith Ltd for outstanding Invoice No. 11415. Our Cheque No.3351783 for $6,600, including GST.

Go to the "Purchases" command center and click "Pay Bills."

In the "Pay Bills" window, select "Smith Ltd" from the "Supplier" dropdown menu.

Find and select Invoice No. 11415 by clicking the checkbox next to it.

Enter the payment details:

1. In the "Pay From Account" dropdown menu, select the bank account you're using to pay the bill.


2. Enter the date of the payment (July 24) in the "Date" field.


3. Choose "Cheque" as the payment method from the "Payment Method" dropdown menu and enter the cheque number (3351783) in the "Cheque Number" field.


4. In the "Amount Paid" field, enter the total payment amount ($6,600, including GST).

Review the payment transaction and ensure all information is accurate. Click "Record" to save the payment.

July 26: Sold 3 x 602, 2 x 703, 2 x 804 to Panel Kings Pty Ltd, on our Invoice No. 6303, their Order No. 105 for $12,540, including GST.

• Go to the "Sales" command center and click "Enter Sales."


• In the "Enter Sales" window, select "Invoice" from the "Type" dropdown menu.


• Choose "Panel Kings Pty Ltd" from the "Customer" dropdown menu or click the "Add New Customer" button to add "Panel Kings Pty Ltd" as a new customer if it's not already on the list.


• Enter the invoice date (July 26), invoice number (6303), and any other relevant details in the appropriate fields, such as their Order No. 105.


• In the "Items" section, add the goods you sold by selecting the item numbers (602, 703, and 804) from the "Item Number" dropdown menu. If an item is not in the list, you can add it by clicking the "Add New Item" button and filling in the item details. Enter the quantities (3 x 602, 2 x 703, 2 x 804), descriptions, and prices in the appropriate fields.


• Apply GST by selecting the appropriate tax code for the transaction in the "Tax" column. MYOB will calculate the GST amount based on the tax rate associated with the tax code. Make sure the total amount, including GST, equals $12,540.

Review the invoice and ensure all information is accurate. Click "Record" to save the invoice.

July 27: Issued Receipt No. 4002 to Auto Repairs, for payment of their Order No326_ our Invoice No. 6302 for $5,940.

Go to the "Sales" command center and click "Receive Payments."

In the "Receive Payments" window, select "Auto Repairs" from the "Customer" dropdown menu.

Find and select Invoice No. 6302 by clicking the checkbox next to it.

Enter the payment details:

1. In the "Deposit to Account" dropdown menu, select the bank account you're receiving the payment into.


2. Enter the date of the payment (July 27) in the "Date" field.


3. Choose the payment method from the "Payment Method" dropdown menu.


4. In the "Amount Received" field, enter the total payment amount ($5,940).


5. In the "Memo" field, add a note or description for the transaction, such as "Receipt No. 4002, Order No. 326."

Review the payment transaction and ensure all information is accurate. Click "Record" to save the payment.

July 30: Received goods and Invoice No. 11493 from Smith Ltd for 3 x 602 @ $2,000 each plus GST, total $6,600, including GST.

To record the received goods and Invoice No. 11493 from Smith Ltd in MYOB, follow these steps:

• Go to the "Purchases" command center and click "Enter Purchases."


• In the "Enter Purchases" window, select "Bill" from the "Type" dropdown menu.


• Choose "Smith Ltd" from the "Supplier" dropdown menu or click the "Add New Supplier" button to add "Smith Ltd" as a new supplier if it's not already on the list.


• Enter the invoice date (July 30), invoice number (11493), and any other relevant details in the appropriate fields.


• In the "Items" section, add the goods you received (3 x 602) by selecting the item number (602) from the "Item Number" dropdown menu. If the item is not in the list, you can add it by clicking the "Add New Item" button and filling in the item details. Enter the quantity (3), description, and price ($2,000 each) in the appropriate fields.


• Apply GST by selecting the appropriate tax code for the transaction in the "Tax" column. MYOB will calculate the GST amount based on the tax rate associated with the tax code. Make sure the total amount, including GST, equals $6,600.

Review the bill and ensure all information is accurate. Click "Record/save" to save the bill.

July 31: Received Credit Note for $2,200, including GST, from Smith Ltd for Return of Damaged Goods, 1 x 602, their Invoice No. 11493.

Go to the "Purchases" command center and click "Enter Purchases."

In the "Enter Purchases" window, select "Debit Note" from the "Type" dropdown menu.

Choose "Smith Ltd" from the "Supplier" dropdown menu.

Enter the credit note date (July 31) and any other relevant details in the appropriate fields. In the "Memo" field, add a note or description for the transaction, such as "Return of Damaged Goods, 1 x 602, Invoice No. 11493."

In the "Items" section, add the returned goods (1 x 602) by selecting the item number (602) from the "Item Number" dropdown menu. If the item is not in the list, you can add it by clicking the "Add New Item" button and filling in the item details. Enter the quantity (1), description, and price in the appropriate fields. The price should reflect the value of the goods returned, which in this case is the proportion of the original invoice amount attributed to the damaged item (one-third of $6,600, excluding GST).

Apply GST by selecting the appropriate tax code for the transaction in the "Tax" column. MYOB will calculate the GST amount based on the tax rate associated with the tax code. Make sure the total amount, including GST, equals $2,200.

Review the debit note and ensure all information is accurate. Click "Record" to save the debit note.