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ACCT11-100 Accounting Principles
MYOB Project
ACCT11-100 2
The Assignment – MYOB Project
Overview
In this assignment, you are to create a business profile and record day to day transactions using
MYOB Essentials. This assignment is designed to introduce you to using accounting software for a
small business. It covers many of the common business transactions, including those which we
have covered in class. This assignment will also include Goods and Services Tax (GST)
calculations, as this is embedded in the accounting software. At the end of the project, you are
required to submit a number of reports that you generate through MYOB.
Parameters
This is an individual assignment. Always use your own legal name, student ID and university e-
mail account when required.
Weighting: 15%
Due date/time: Sunday March 5, Week 7, 11.59PM
Submission: You are required to submit the electronic files only.
Required
1. You are required to generate and submit the following documents by using MYOB Essentials:
(90% of assignment grade)
1) A Quote generated for a customer on request,
2) Journals – a list of all journal entries,
3) Trial balance – a list of all account balances
4) Financials - Profit and Loss Statement and Balance Sheet for a specific period.
2. Complete the multiple-choice test found in the assessment tab on iLearn.
(10% of assignment grade)
Further information
Background – your business
It is assumed that you own and run your sole trader business, selling one type of specialised
industrial alarm system (Home Defender) and also provide installation, maintenance and repair
services. Your business is based in Robina. You have no employees. Your business is registered
for GST on the accrual (invoice) basis and prepares GST every quarter. You have some regular
suppliers and customers. The financial year of your business runs from 1 January to 31 December.
Since you have learnt accounting as a part of your accounting subject, you have decided to use a
cloud-based accounting software package to account for your own business. Your task is to set up
your business profile, record and process daily transactions of your business using MYOB
Essentials and consider how easy / complex a cloud-based accounting system is to use.
ACCT11-100 3
MYOB Essentials
MYOB Essentials is an easy online accounting software that can assist reporting requirements for
a small business. It is a fast and easy way to manage cash flow and ATO compliance
requirements.
More details about MYOB Essentials can be found at: https://www.myob.com/au/accounting-
software/essentials
You must register for MYOB Essentials for free at: https://www.myob.com/au/campaign/education-
trial
Since MYOB Essentials is a cloud-based software package, you can work on this assignment
anytime and anywhere where internet is available. MYOB Essentials can be accessed via a range
of devices, but it is NOT recommended that you use your mobile phone for completing this
assignment.
‘Chrome’ is the preferred browser.
This assignment is to be completed entirely by your self-instructed learning. Note that this
assignment is an individual assignment. Bond University policies about the conduct of student
assessments apply.
Technical assistance
There will be classes during Week 7 facilitated by academic staff members of the subject. Most of
Week 7 is dedicated to you working on this project, and there will be no new content during this
week. You may want to use these class hours to ask particular questions, or you can make use of
this time slot to complete some tasks of this assignment.
There will be no dedicated lecturing time and tutorials on the specific tasks of this assignment
during the semester. The assignment explores how well you can translate the skills you have
learned about the manual accounting process to learn an accounting software package on your
own.
Certification
In addition to your marks achieved from the successful completion of this assignment, you will
receive a certificate of proficiency jointly issued by MYOB and Bond University.
All the best for your MYOB Project!
ACCT11-100 4
Section 1: Setting up the business account
It is assumed that you own and run a sole-trader’s business in Robina. You are to use MYOB
Essentials to create your business profile.
MYOB Essentials is a cloud-based system. You can log out and log in to continue working on the
project at any time as long as internet is available.
*Make sure you allow screen pop-ups.
Step 1: Registration
Please use your student e-mail address to register for access to MYOB Essentials by following this
link:
https://www.myob.com/au/campaign/education-trial
Step 2: Student to set up file online
Go to www.myob.com/au/accounting-software/essentials – follow steps to set up trial file for MYOB
Essentials.
When you log into MYOB, make sure you choose to log in to the software pack of ‘MYOB
Essentials’.
Create the business name by using your own name (preferably your Surname) and the following
information. For example, if your name is Tim Hasso, your business will be named ‘Hasso
Security Systems and Services’. Choose your industry as ‘Retail’ and select the role of ‘Student
or teacher’. Here are screenshots of these settings:
Then click ‘Get down to business” to continue.
Step 3: Entry of business details
Open the ‘Business settings’ page to update your business information. This can be accessed
via clicking on the business name on the top-right of the screen to open up the account settings.
Select ‘Business details’.
ACCT11-100 5
Use the following information to complete the required sections.
Business name Hasso Security Systems and Services
(the name you have created previously)
Trading Name As Above
ABN Number 12 345 567 789
GST Branch 001
ACN Number 123 456 789
Client code NSS 001
Specific industry code Leave blank
Contact Details Your choices
Financial Year 2022
Last month in financial year December
Opening balance date January 2022 - Do not lock the date
ACCT11-100 6
Step 4: GST settings
Stay on this page and click on the ‘GST settings’ Tab. Ensure your settings are the same as
below:
Step 5: 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 any time change these options within the report.
Set the setting to appear as below. Any others should be left as the default.