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Academic and software topics covered

The accounting cycle

The MYOB Practice Set requires students to use MYOB to complete a one month accounting cycle for one business from a range of fictional retail businesses that supply electronic goods.

The practice set is a large activity that is expected to take between 12 to 20 study hours to complete over many days or weeks. Students can bookmark their current position in the practice set and return to that same place the next time they are ready.

During the process of completing this one month accounting cycle, students will:

  • Create and setup a company file in MYOB
  • Apply AASB (Australian Accounting Standards Board) standards
  • Work on a business that is set up as a proprietory limited company
  • Use the perpetual inventory system and the weighted average method
  • Include transactions that are subject to GST
  • Record adjusting entries
  • Perform a bank reconciliation
  • Generate aged receivables and aged payables reports
  • Prepare financial statements
  • Become familiar with the screens and functionality of MYOB set out below

Please contact us if you would prefer an alternate approach to the accounting cycle (for example, a different inventory system or the exclusion of GST).

MYOB software functionality being tested

MYOB Accounting Plus Version 18

Perdisco's MYOB practice set focuses on the icon-based command centres of MYOB Accounting Plus Version 18 (pictured) and AccountRight Plus Version 19 and asks students to interact with those icons to achieve the required tasks.

A screen shot of each command centre is shown below to illustrate the concept along with the icons and tasks being tested, where:

Use Icon = Students use, and are tested on, the functionality of this icon
Not Included Icon = Not included in this version of the practice set

Command Centre (taken from v18) Icon/Task Tested
Accounts
Accounts Command Centre
Send to Accountant Use Icon
MoneyController/Transfer Money Not Included Icon
Accounts List Use Icon
Record Journal Entry Not Included Icon
Transaction Journal Not Included Icon
BASLink Use Icon
Company Data Auditor Use Icon
Banking
Banking Command Centre
Spend Money Use Icon
Prepare Electronic Payments Alternate Icon
Print/Email functionality Not Included Icon
Bank Register Not Included Icon
Reconcile Accounts Use Icon
Transaction Journal Use Icon
Receive Money Use Icon
Prepare Bank Deposit Not Included Icon
Sales
Sales Command Centre
Print/Email functionality Use Icon
Sales Register Not Included Icon
Enter Sales Not Included Icon
Transaction Journal Not Included Icon
Receive Payments Alternate Icon

 
 
 

 
 
 
Purchases
Purchases Command Centre
Pay Bills Use Icon
Prepare Electronic Payments Not Included Icon
Print/Email functionality Not Included Icon
Purchases Register Not Included Icon
Enter Purchases Alternate Icon
Transaction Journal Alternate Icon

 
 

 
 
Payroll
Payroll Command Centre
Payroll Categories Use Icon
Prepare Electronic Payments Not Included Icon
Print/Email functionality Not Included Icon
Enter Timesheet Use Icon
Process Payroll Not Included Icon
Transaction Journal Use Icon
Pay Liabilities/Superannuation Not Included Icon
Inventory
Inventory Command Centre
Build Items Alternate Icon
Auto-Build Items Not Included Icon
Items Register Not Included Icon
Items List Alternate Icon
Receive Items Use Icon
Transaction Journal Use Icon
Adjust Inventory Alternate Icon
Set Item Prices Use Icon
Count Inventory Not Included Icon
Card File
Card File Command Centre
Cards List Not Included Icon
Print Mailing Labels Not Included Icon
Create Personalised Letters Use Icon
Contact Log Not Included Icon
To Do List Use Icon
Find Transactions Not Included Icon
Reports Not Included Icon
Analysis Use Icon