ACCT103 An Introduction to Accounting and Taxation MYOB Project Assessment Instructions S1 2025

Instructions of ACCT103:

This assessment is worth 20% of your grade for the course. The due date for your submission is Friday 16 May 2025, 7:00pm. It will be marked out of 100. The submission box is located under "Assessment" on the ACCT103 LEARN site.

Print out this document and read all instructions before you attempt to complete the MYOB project.

Warning: In previous semesters, some students have made irreversible errors and caused glitches in MYOB. And, I've had to advise them to restart the project. So, follow these instructions carefully! 

Best advice for successfully completing this project: As you record transactions in MYOB and then prepare reports in Microsoft Excel, use a red pen to tick off the steps and transactions detailed in this document. Doing so will minimise the chance of making a mistake. 

After completing the instructions found in this document, you are required to submit oneMicrosoft Excel file with multiple sheets, where each sheet contains the following documents for [Insert your last name] Wholesalers Ltd:

• The trial balance report for both February and March 2025(5 marks). 
• The journal entries report for the period 1 February 2025 to 31 May 2025 (60 marks). 
• The general ledger for the three bank accounts for the month of March 2025 (5 marks). 
• Items register report for the month of March 2025 (5 marks). 
• The profit and loss (or income) statement for the yearended 31 March 2025 (5 marks). 
• The balance sheet as at 31 March 2025 (5 marks). 
• The statement of cash flow for the monthended 31 March 2025 - generated by MYOB (5 marks)
• The statement of cash flow for the monthended 31 March 2025 along with a note on cash flow from operating activities - prepared by you (10 marks). 
• Use the direct method for preparing cash flow from operating activities in the statement of cash flow and then use the indirect method for preparing cash flow from operating activities in the note. 

The MYOB project is to be completed individually.You may discuss the MYOB project with others. However, you must not directly copy from other student's work when completing your MYOB project or have another person or AI (e.g. ChatGPT) complete the MYOB project for you.

Seeking assistance with the MYOB Project ACCT103 :

Neil Crombie (neil.crombie@canterbury.ac.nz; (03) 3693769; Meremere 521) is available to assist if you have difficulty with the MYOB project. However, you should endeavour to use the instructions and other resources (e.g. "Guidance on how to use MYOB" document on LEARN; MYOB online help; etc.) to resolve any issues in the first instance. Finding and fixing errors is discussed on page 10 of this document. Further, Neil will be discussing common issues in the lecture on Monday 5 May. Please email Neil about any issues prior to this lecture.

ACCT103 Guidance on how the MYOB Project will be assessed

The MYOB project involves setting up a business in MYOB, entering transactions into MYOB for that business and then preparing a range of financial documents in Microsoft Excel. There is a precise answer for the MYOB Project. As a result, the MYOB Project is marked on a negative basis: Students begin with 100 marks and then marks are deducted for errors or omissions in the calculations, journal entries and presentation of financial documents. 1 mark is deducted for each minor error or omission. Several marks may be deducted for each egregious error or omission. 

ACCT103 Overview of the business

The business is [Insert your last name] Wholesalers Ltd. It sells two products to retailers: Large and small boxes of toys. The business has an owner-manager, five employees, four suppliers, and four customers (see page 11 of this document for a list of contacts and employee records).

Katrina Bowman, owner-manager of [Insert your last name] Wholesalers Ltd, has decided to hire an accounting firm to assist with recording events and transactions and preparing annual financial reports. Imagine that you are an accountant at the accounting firm. 

Imagine that the date is 1 April 2025. A partner at the accounting firm has asked you to work with Katrina Bowman. You recommend to Katrina that her company adopts MYOB for recording its transactions and preparing financial statements. She agrees and has provided you with a range of financial records and information for the year ended 31 March 2025 (see pages 11-19 of this document). Now, the work begins!