Student ID = 8 Digits, ABN = 11 Digits, so your

ABN should be “12345678000” or

“00012345678” to avoid error messages

Financial Year: 2021, Conversion Month: June,

do not forget to change this (otherwise all of
your entries will be in the wrong year!)
<Page 18>

DO NOT create your own set of accounts,

Choose standard option: RETAIL for this Case
Study to avoid missed linked accounts!
(E.g. AR, AP, Cash, Inventory) <Page 19>

Save the file <Page 19>

If you are using UTS Computers. SAVE ONTO
USB (not desktop)!
 Customise Accounts first <Pages 32-34>

DO NOT delete accounts, it is easier to

rename them instead. Make sure headers are
correct (e.g. Cash at Bank is under Current
assets, Depreciation is under Expenses, etc.)

Naming convention is flexible (e.g. Cash =

Cash at bank) BUT account names must be
specific (e.g. Interest Payable, not “Accrued
expenses”), and the account must sit under
the correct category.
Do not create your Enter Opening Balances <Pages 34-36>
own set of accounts
from scratch! There
are lots of linked Dr. Assets / Cr. Liability / Cr. OE = positive
accounts which are
hard to replicate. Cr. Assets / Dr. Liability / Dr. OE = negative
E.g. enter Accounts Payable as “$49,000.00”
or “Accumulated Depreciation – Delivery
Trucks” as “$-20,000.00”
CHECK: Amount to be allocated = $0.00
Otherwise you will see a historical balance
error in the equity section and future balance
sheet accounts will be wrong!

Why? All Debits = Credits

A = L + OE
 Set up Sales Module: <Pages 50-56>
Making sure:
• Payments are linked to Cash at Bank
• Use random names for Customers (ensuring each is unique!)
• Add Historical Sales to each customer <Page 54>
• CHECK: DO NOT PROCEED UNTIL “Out of Balance Amount = $0.00”
(This means the Accounts Receivable Sub Ledger = General Ledger)
• Selling dates are correct (these should all be around Mar-May 2021)
Before you proceed make sure
you have confirmation:
“Congratulations” Your total
invoices equal balance of your
linked receivable account

Set up Purchases Module: <Pages 56-64>

Making sure:
• Accounts for paying bills is linked to Cash at Bank; Expense
account to be linked to Inventory or relevant Expense account
(e.g. Advertising Expense or Telephone Expense)
• Use random names (ensuring each is unique!) and be sure to
enter an ABN (ensuring each is unique) for each supplier!
Before you proceed make sure
you have confirmation:
• Add Historical Purchases to each supplier <Page 64>
“Congratulations” Your total • CHECK: DO NOT PROCEED UNTIL “Out of Balance Amount =
outstanding purchase equal
the balance of your linked $0.00” (This means the Accounts Receivable Sub Ledger =
payables account
General Ledger)
 Set up Inventory Module: <Pages 66-72>
Making sure:
• Tick “I buy”, “I sell”, “I Inventory” this item (to ensure it appears in
sales and purchase module)
• Link COGS, Sales, Inventory to the correct accounts (based on what
account number you have allocated)
• Enter Base Selling Price EXCLUDING GST
• Check all GST fields are ticked correctly (Tax code when bought or
sold = GST)
• Enter Opening balances (as at 1st June) excluding GST <Page 70>
• CHECK to make sure total opening balance = GL ($71,690)

Enter purchases: <Pages 74-88>

• “On Account” or no mention of cash paid = $0 Paid today (this should

automatically go to Accounts Payable as a liability)
• Don’t forget to exclude GST in invoices, E.g. 19 Jun = $440 Stationery
expense, $48 GST Paid (Tax Code “GST”)
• If there are Credit notes from Suppliers <Page 79> enter negative
units, $0 paid today
• Made an error? Edit via Transaction Journal <Page 85>
 Enter Sales: <Pages 90-112>

• Cash sales will go to a new customer card <Pages 98-101>

for the full amount
• Credit sales = $0 Paid today (this should automatically go to
Accounts Receivable as an asset)
• Made an error? Edit via Transaction Journal <Page 105>

Cash Receipts: <Pages 114-128>

• Make sure to apply the amount paid to each invoice

• “Balance owing as at 1st June” = Opening balance
• Note: Dividend revenue does not incur GST
• Made an error? Edit via Transaction Journal <Page 124>

Fixed Asset Sale entries, refer to <Page 122> for example.

Don’t forget GST collection on sale.
 Cash Payments: <Pages 130-144>

• Make sure to apply the amount paid to each invoice

• “Balance of the account as at 1 June” = Opening balance
• Create or re-label accounts if necessary where the expense item
does not fit into any of the existing accounts
• GST Obligation = Opening balance for GST Collected less GST Paid
(i.e. net of these balances from the Opening balances provided)
• Made an error? Edit via Transaction Journal <Page 142>
 Depreciation entries - refer to <Page 155>
Note: You must calculate depreciation based on the method and
guidance provided (e.g. using the days of the month = 30/365)
Sales Commission entries - refer to <Page 156>
Prepaid Insurance adjustments – refer to <Page 157>
Note: 10 months remaining on this policy

Interest on Loans entries – refer to <Page 159>

Accrued Electricity entries – refer to <Page 160>
Bank Reconciliation: <Pages 144-150>
2 Way Check
• Tick off MYOB – for any entries that appear on the bank
statement (same/similar date AND the same $ to the cent)
• Tick off Bank Statement – every time you tick off an item in MYOB

Enter anything that might be on the bank statement but not the GL
(e.g. Periodic leases, bank charges, interest)

Go back and edit any entries that do not match to the cent!
This is your sanity check that every sale/purchase/cash movement
has been recorded correctly

ENTER “NEW STATEMENT

BALANCE” as closing balance
of Bank statement <Page 147>

160,635.00
160,635.00
31/07/2020 0.00 GOAL: Out of
Balance = $0.00