I need the reckon and excel files to be done
QUEENSLAND UNIVERSITY OF TECHNOLOGY
QUT Business School
School of Accountancy
AYN416 Financial Accounting Processes
Semester 2, 2022
Integrated Accounting Project
(Weighted Total – 20%)
Due: Sunday 18 September 2022 by 11.59pm
Submissions: 1. Electronic submission through Blackboard/ Assessment/ Assessment Item 2/ Integrated Accounting Submission link of a) Excel file
b) Combined 1 PDF file of 8 Reckon Reports or zipped folder or PDF files of
8 individual reports and
c) Reckon file with file extension .QBW.
2. Completion of Reckon quiz in Blackboard
3. Completion of Excel quiz in Blackboard
Type: Individual
Students should regularly check the Announcements of the AYN 416 Blackboard site for updates and clarifications to the Project.
This assessment item assesses the following learning outcomes:
Knowledge & Technical Skills (KS)
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
___________________________________________________________________
QUT’s late assignment policy applies for all units. If you do not hand in your assignment by the due date, it will not be marked and you will receive a grade of 1 or 0%. You may apply for an extension BEFORE the due date. If you do not have an approved extension (i.e. if you have applied but have not heard, or if your application for an extension has been denied), submit the work you have completed by the due date and it will be marked against the assessment criteria.
You should be aware of the MOPP in relation to academic integrity specifically http://www.mopp.qut.edu.au/C/C_05_03.jsp. Failure to maintain academic integrity also includes resubmission of your own work.
Assessments submitted after the due date without an approved extension will not be marked and will receive a grade of 1 or 0%. If special circumstances prevent you from meeting the assessment due date, you can apply for an extension. If you don’t have an approved extension you should submit the work you have completed by the due date and it will be marked against the assessment criteria
1
AYN416 Integrated Accounting Project (to be completed individually)
Objectives:
The objectives of this project are for students to demonstrate:
1. Skills and knowledge in the preparation of manual financial statements using Excel (AOL KS 1.2)
2. Incorporate use of a computerised accounting package (AOL KS 1.2)
3. Compare and reconcile the manual and computerised financial statements (AOL HO 2.1)
This Project consists of completing the accounting cycle for a sole trader retail business for July 2022 using both Reckon accounting software and Excel.
Submission:
1. Required files for the assignment must be submitted via Blackboard no later than 11.59pm on Sunday 18 September 2022. (Refer assessment section: Assessment Item 2.)
2. Reckon Quiz: Complete the 20-minute 15 question quiz* relating to the Reckon component on Blackboard using your printed Reckon reports no later than 11.59pm on Sunday 18 September 2022. (Refer quiz link under the assessment section: Assessment Item 2).
3. Excel Quiz: Complete the 20-minute 15 question quiz** relating to the Excel component on Blackboard using your printed Excel worksheet no later than 11.59pm on Sunday 18 September 2022. (Refer quiz link under the assessment section: Assessment Item 2).
It is recommended to start the submission and quizzes approximately 2 hours before the due date and time as creating pdfs and the submission can take time and late submissions are not accepted.
*The Reckon quiz, Reckon file (.QBW) and Reckon reports must be submitted for Part A – The Reckon mark is from your quiz mark based on your answers from your Reckon reports. If you submit a Reckon file and/ or reports only, without completing the Reckon quiz, you will receive 0 for Part A. If you submit the Reckon quiz, without submitting the Reckon file and reports, you will receive 0 for Part A.
**Both the Excel quiz and spreadsheet must be submitted for Part B – The Excel mark is from your quiz mark only based on your answers from your spreadsheet. If you submit an Excel file only without completing the Excel quiz, you will receive 0 for Part B. If you submit the Excel quiz only without submitting the Excel spreadsheet, you will receive 0 for Part B.
Please upload via Blackboard:
Note: keep all file names to less than 15 characters e.g. ‘Excel Template’ as Blackboard does add your student number automatically to the file name:
- Combined 1 PDF file of 8 Reckon Reports or zipped folder of 8 Reckon reports or PDF files of 8 Reckon reports* with file names less than 12 characters * (e.g. TB.pdf) (see page 12) (the quiz on the Reckon component is completed via Blackboard) and
- your Reckon file with file extension .QBW. (Files with .TLG and .ND extensions are not needed) - your Excel file (the quiz on the Excel component is completed via Blackboard) Requirements:
The Assignment worth 20% has three (3) compulsory parts – Part A (7.5%), B (7.5%) and C (5%).
Assessment Criteria
The total assessment for this Assignment is based on Assurance of Learning Criteria and is worth 20% of the total marks for the semester. The CRA sheet is provided at the end of this document.
When and where should I start? Answer: From topic 1!!! (This does take time…)
Tip: Keep up with your weekly homework as Excel will involve all elements of topics 1 to 5. Read the assignment instructions first. Consider the transactions on pages 6 and 7 and note which ones will need recording in Reckon/ Excel and which ones are not relevant.
Start Reckon (Part A) as soon as possible after topic 1. (Refer page 8 for preparation). It is recommended to note which area in Reckon each transaction is to be recorded (e.g. Customer/ create sales receipts). Aim to have completed Reckon by topic 5 so then you can start Excel which often takes students longer to finish, particularly if all topic 1 to 5 homework hasn’t been completed earlier.
Start Excel (Part B) any time after topic 5. (Refer page 12 for preparation). It is recommended to note which journal each transaction is to be recorded and whether daily or monthly posting is required.
Assignment Goal: to get the Reckon and Excel records to reconcile.
Once you complete Reckon, you can use the Reckon trial balance to enable you to check against your Excel trial balance and identify differences. Helpful steps and tips and check figures including the correct profit are provided. Allow plenty of time before the due date to ensure that you complete both Reckon and Excel and get both sets of records to agree, including the correct profit.
Part A – (7.5% weighting): Reckon assessed by Reckon Quiz
You will demonstrate a comprehensive understanding of relevant concepts, using Reckon software. Demonstration videos and materials are in Support Resources/ Reckon Software Materials.
Reckon is assessed by a 20-minute, 15 question quiz on Blackboard using your printed Reckon reports. Students are required to type in answers without formatting if it is a number (e.g. no $ or , or decimals) or enter free text. Do not insert any symbols. Your quiz responses must match your reports. Example: how many categories of inventory are shown on the Inventory Valuation Summary? 3
Part B – (7.5% weighting): Excel assessed by Excel Quiz.
You will demonstrate a comprehensive understanding of relevant concepts, principles and practice in the manual preparation and presentation of financial statements, using Excel. An Excel template is available under the assignment folder in assessment on Blackboard.
Excel is assessed by a 20-minute, 15 question quiz on Blackboard using your printed Excel worksheet pages. Students are required to type in answers without formatting if it is a number (e.g. no $ or , or decimals) or enter free text (e.g. x for question 3 below). Do not insert any symbols. Your quiz responses must match your Excel.
Excel Quiz Question Examples & Answers (no number formats such as $, decimals or any other formatting such as symbols used)
1. What is the total sales revenue for the month of July? 67080
2. What is the total of the non-current assets as at 30 June on the Comparative Statement of Financial Position? 28021
3. What Posting Reference appears below the total of the “Other Accounts” column in the Cash Payments Journal? A cross or x
4. What is the amount of the credit posting in the accounts receivable general ledger account on 31 July? 20798
5. What is the balance of the accounts receivable general ledger account on 31 July? 77335
6. How much did Wavel Girl Guides owe to Wild and Free as at 30 July? 15295
7. How many individual Administrative Expenses are listed in the Classified Income Statement? 7
8. In the Accounts Receivable general ledger account, what is the posting reference in the Jnl Ref column for the credit entry on 31 July? CRJ27
Part C – Compulsory (5% weighting): Reconciliation of Reckon and Excel
Part C requires you to critically evaluate Reckon and Excel reports to initially identify any differences and to reconcile to each other on 6 specified items including profit (see page 13 for more detail).
WILD & FREE BACKGROUND AND FACTS: RECKON AND EXCEL
Oscar Goodman is the owner of Wild and Free, a retail camping equipment business located in Toowong. He established the business 3 years ago and operates as a sole trader. He does have an approved overdraft facility with ANZ bank.
Oscar uses accrual accounting and prepares monthly adjusting entries and financial statements. Oscar submits the Business Activity Statements (GST Return) quarterly on an accruals basis.
Oscar is currently using a manual system to prepare the financial records. He has come to you to implement Reckon software. To ensure the accuracy of the software implementation, he has asked you to prepare both manual records and records in Reckon for the month ending 31 July 2022.
Refer to Chart of Accounts below when preparing journals for account numbers/names used.
Chart of Accounts and Trial Balance as at 30 June, 2022
Account No. Account Name Balance
DR CR
101 Cash at Bank - ANZ 44,854
110 Accounts Receivable 31,143
112 Inventory 29,400
115 Prepaid Insurance
116 Prepaid Rent 18,000
118 Office Supplies 3,520
130 Store Equipment 32,940
131 Accumulated Depreciation - Store Equipment 20,245
135 Computer Equipment 33,276
136 Accumulated Depreciation - Computer Equipment 17,950
200 GST Clearing (Tax Payable GST)* 6,470
201 Accounts Payable 27,396
203 Wages Payable -
205 PAYG Tax Payable** 3,256
301 Capital 117,816
Total 193,133 193,133
302 Drawings
307 Profit or Loss Summary
401 Sales Revenue
402 Sales Returns & Allowances
501 Cost of Sales
503 Bank Charges
505 Depreciation - Computer Equipment
506 Depreciation - Store Equipment
520 Insurance Expense
542 Office Supplies Expense
560 Rent Expense
580 Telephone and Internet Expense
582 Utilities Expense
585 Wages Expense
*GST Clearing (Tax Payable GST) is the account set up for the GST owing.
Reckon will also add another account named Tax Payable as you process transactions with GST. You will have 2 GST accounts when your assignment is complete: GST Clearing (Tax Payable) will have a zero balance and Tax Payable should have the same balance as your 1 general ledger account for GST in Excel.
**PAYG Tax Payable is tax withheld from staff wages owed to the government.
Accounts Receivable Subsidiary Ledger as at 30 June
Bardon Scouts 12,174
Stafford High School 8,624
Wavel Girl Guides 10,345
Total 31,143
Accounts Payable Subsidiary Ledger as at 30 June
Blue Tongue BBQs 9,454
Camping Wholesalers 1,754
Creative Computers 3,980
Model Training & Recruitment 1,450
Specialised Tents 10,758
Total 27,396
Inventory Balances (Stocktake as at 30 June)
A perpetual inventory system is used and the inventory stocktake results are indicated below:
Item Description Units on Hand Unit Cost $ (excluding GST) Total Value (excluding GST) $ Unit Selling Price $ (excluding GST)
BBQs 24 350 8,400 600
Sleeping Bags 60 70 4,200 120
Tents 35 480 16,800 900
Total 29,400
Cost price of inventory items remains constant for the month and thus the inventory cost flow method is irrelevant for this assignment.
Accounting Information
The business uses the following specialised journals to record its business transactions:
• A Sales Journal is used to record the sale of inventory on credit during the month (not sales returns).
• A Cash Receipts Journal is used to record all cash received.
• A Cash Payments Journal is used to record all cash paid.
• A Purchases Journal is used to record all purchases of inventory on credit (not purchase returns).
• A General Journal is used to record all other transactions. (Narrations are not required for general journal transactions.)
The business uses a general ledger, an accounts receivable subsidiary ledger and an accounts payable subsidiary ledger. The 4 column running balance form of ledger account is used.
The business does use a Sales Returns and Allowances account in the Excel to record sales returns from customers. Note that there is no ability in our Reckon student version software to record Sales Returns separately. Instead the software will process a sales return as a reduction from Sales Revenue. Do not create a separate Sales Returns account in Reckon.
NOTE: There is an extra column in the ledger accounts to make a note of source document numbers etc. We do not have such information so leave this column blank.
Financial statements are prepared monthly. Reckon software is to be used to prepare computerised records. An Excel template is available on Blackboard to be used to complete the Excel task. Reckon and Excel records must reconcile to each other.
July 2022 Transactions to enter into both Reckon and Excel where relevant:
The business transactions that occurred in July 2022 are as follows: (refer chart of accounts for account names and numbers. Do not make up your own account names).
Tip: You need to decide if each transaction involves: a normal Reckon/Excel transaction, an adjusting entry or requires NO transaction at all for the month of July 2022. See page 10 for Reckon Tips.
1. July 1 Paid Model Training & Recruitment the outstanding amount of $1,450 with cheque number 86.
2. July 1 Paid for prepaid insurance of $2,112 for 12 months effective 1 July (including GST $192) with cheque number 87.
3. July 1 Purchased a computer on credit from Creative Computers for $5,775 (including GST $525).
4. July 2 Received $12,174 from Bardon Scouts as payment on account.
5. July 2 Oscar withdrew $4,500 cash for personal use with cheque number 88. (no GST applicable)
6. July 2 Sold 30 sleeping bags on credit to Stafford High School, invoice number CK32 $3,960 (including GST $360).
7. July 2 Paid Blue Tongue BBQ’s $9,000 with cheque number 89 as part payment.
8. July 4 Sold 4 BBQ’s as a cash sale for $2,640 (including GST $240).
9. July 4 Purchased 15 BBQs on credit from Blue Tongue BBQ’s $ 5,775 (including GST $525).
10. July 5 Sold 25 tents on credit to Bardon Scouts, invoice number CK33 $24,750 (including GST $2,250).
11. July 6 Sold 1 BBQ, 4 sleeping bags and 1 tent as a cash sale for $2,178 (including GST $198).
12. July 8 Received $8,624 from Stafford High School as payment on account.
13. July 11 Purchased 30 sleeping bags on credit from Camping Wholesalers $ 2,310 (including GST $210).
14. July 14 Returned 5 tents to Camping Wholesalers and received a credit of $ 2,640 (including GST $240).
15. July 14 Paid the monthly net wages of the staff of $10,466 with cheque number 90 (no GST is applicable.) See transaction 29 for the PAYG tax withheld from staff wages.
16. July 18 Paid Specialised Tents the balance owing of $10,758 with cheque number 91.
17. July 19 Purchased office supplies with cheque number 92 for $1,045 (including GST $95). Purchases of office supplies are recorded in the Office Supplies account.
18. July 19 Purchased 50 tents on credit from Specialised Tents $ 26,400 (including GST $2,400).
19. July 19 Sold 35 tents and 1 BBQ on credit to Stafford High School, invoice number CK34 $35,310 (including GST $3,210).
20. July 21 Issued a credit note to Stafford High School for return of 2 tents, Credit Number 14
$1,980 (including GST $180). (Retain as an available credit in Reckon.)
21. July 23 Paid for July utilities expense with cheque number 93 for $286 (including GST $26).
22. July 24 Signed a 6-month agreement to rent additional storage space from September 1, 2022 for $2,090 monthly (including GST $190)
23. July 27 Paid Creative Computers $3,980 with cheque number 94.
24. July 29 Oscar lodged the quarterly Business Activity Statement (BAS return) and paid cheque number 95 to the ATO for a total of $9,726 for 2 items:
1) GST Clearing (Tax Payable GST) of $6,470 and 2) PAYG tax payable of $3,256.
(Excel: Record each item in a separate row)
(Reckon: Use Write Cheques with a separate line each for GST & PAYG).
25. July 30 Invoiced Wavel Girl Guides with Invoice Number CK35 for $4,950 (including GST $450) for sale of 5 tents on credit.
26. July 30 Paid the monthly telephone and internet expense with cheque number 96 for $858 (including GST $78).
27. July 30 Oscar contributed $2,500 of capital into the business bank account. (no GST).
28. July 31 Record a general journal entry for $2,996 for the total PAYG tax withheld on the monthly wages. (PAYG tax payable is tax withheld from staff wages owed to the government.)
Wages expense Dr $2,996
PAYG Tax Payable Cr $2,996
29. July 31 Bank Statement: Paid Bank charges of $35 (no GST).(Reckon: Use Write Cheques).
30. July 31 Hired a new employee to commence on August 1 with an annual salary of $95,000.
July 2022 Adjusting Entries to enter into Reckon and Excel.
Note: adjusting entries are prepared monthly (i.e. for the month of July)
Use the letters (A) to (F) below in your Excel worksheet for the Letter of Adjustment column to ensure that you have a debit and a matching credit for each adjustment.
A) Accrued Wages
Wages owing as at 31 July are $1,260.
B) Insurance
Noted in the transactions above, Oscar prepaid 12 months of insurance on July 1.
C) Rent
Oscar prepaid 3 months of rent on June 30. (Refer Prepaid Rent general ledger account).
D) Depreciation – Store Equipment
Annual Depreciation on Store Equipment has been calculated at $1,176.
E) Depreciation – Computers
Annual Depreciation on Computers has been calculated at $8,400.
F) Office Supplies Expense
On 31 July, office supplies were counted and there was $3,830 of supplies remaining.
Part A Reckon Accounting Task Instructions (1 – 13) 7.5%
Before Starting Reckon Component:
It is vital that you complete the 2 Essential Reckon exercises under Support Resources/ Reckon Support Materials before you start the Reckon component of this assignment.
Reckon software is to be used to prepare computerised records to ensure they agree with Excel. It is important to save and backup regularly to your QUT student network drive or other secure location rather than relying on a USB or to the local drives of QUT computers which are cleared as users log off. Do not rely on one file location in case there is a problem such as corruption, losing USB etc. Reckon will name your original files with the extension. QBW and the backup files .QBB.
Marks will be allocated, where students have produced correct reports that reconcile to the required values. Remember, key figures such as profit are provided to assist you to ensure that Reckon and Excel agree. If they dont agree or you don’t allow enough time and only achieve the initial set up process, low marks will result because you havent achieved assessment or client requirements.
1) Establish a new data base in Reckon.
Step 1 Company Information. On the Reckon menu, click File New company & Click Start Interview
Enter Company Name and add your student number and surname and to the end of the company name. (e.g. Wild and Free 9084574 Marsland). Leave other fields blank.
Note: Click Next at each step of the interview to move on.
Step 2: Select your industry. Select Product Sales/ Retail
Step 3: How is your company organised? Select Individual Tax Return
Step 4: Select the first month of your financial year. Select: July
Step 5: Ignore passwords
Step 6: Create your company file, indicating a directory to save to. Click Save.
Step 7: Customising
In the interview process, choose the Preferences below. Take care to enter carefully as you can’t change these preferences and would otherwise need to start again:
Field Select Then
What do you sell? Products only Click Next
Do you track tax? Yes Click Next
Do you want to create estimates in Reckon? No Click Next
Do you want to track sales orders before you tax invoice your customers? No Click Next
Do you want to use sales receipts in Reckon? Yes Click Next
Do you want to use billing statements in Reckon? No Click Next
Do you want to use invoices in Reckon? Yes Click Next
Do you want to use progress invoicing? No Click Next
Do you want to keep track of the bills you owe? Yes Click Next
Field Select Then
Do you want to keep track of the bills you owe? Yes Click Next
Do you want to track inventory in Reckon? Yes Click Next
Do you want to track time in Reckon? No Click Next
Do you have employees? No Click Next twice
Select a start date to start tracking your finances Enter 30/6/2022 Click Next
Would you like to add an existing bank account? Yes Click Next
Key in ANZ Bank Account for the name of the bank account. Click on or after 30/6/2022. Click Next three times. Click Finish to complete the initial set up process.
2) Set up preferences for banking for all receipts and payments to process to the ANZ Bank Account (otherwise they will default to Undeposited Funds). (Edit Preferences.) (This needs to be done before you set up your individual user account in step 3 as only the Admin user can change the preferences: if you don’t do this step, your receipts will go automatically to undeposited funds and you can move them later by a general journal). See Reckon New Business Exercise for steps.
3) Important: Set up user for Audit Trail Log to enable production of an Audit Trail Report.
Click on Company. Click on Set Up Users. Click on Add User. Enter your student number followed by your surname (e.g. 9084574 Marsland). Record exactly what you have typed safely as you will use it to log in and record all of the assignment transactions.
Do not enter Passwords. Click Next. Click No that you do not want to enter a password.
Click on All Areas of Reckon Accounts (for the user to enable access).
Click Yes to confirm that you do wish to allow user to access all areas of Reckon. Click Finish & Close.
4) Choose the option File/ Close Company/(Log Off and Open the Wild and Free.QBW File that you have established. Now log into Reckon using the User Name that you established earlier.
(if you forget your username, log in as Admin and note down the user name and repeat the log in process).The Administration User is not to be used in any of the assignment process, otherwise you will receive 0 for the Reckon component.
Set up lists and Opening Balances for Inventory, Customers and Suppliers as at 30 June 2022. (Addresses are not required for this project for customers or suppliers).
5) Run an Audit Trail Report (Reports Accountant: Audit Trail) 1/1 to today’s date to ensure that you see your User Name in all the transactions (not the Admin user). If you fail to submit an Audit Trail Report or your Audit Trail has Admin user only recorded, you will receive 0 for Reckon.
6) Enter opening balances for all other permanent accounts as at 30 June 2022. (Consider the appropriate classification in Reckon: other current assets, other current liabilities, fixed assets etc). Note: temporary accounts will not have opening balances.
7) Run a trial balance as at 30 June 2022 to ensure all opening balances are accurate. Process a general journal entry to correct the items in the trial balance which require adjustment including Uncategorised income, Uncategorised expenses and Opening Balance (equity). See Reckon Essential Exercise – Existing Business for information.
8) Save your file. Also, backup your Reckon file using the Save Copy or Backup function (which will name it with the extension.QBB).
9) Record the July transactions in Reckon, opening new accounts as necessary. For Reckon, you do not need to use the account numbers provided in the Chart of Accounts.
Tips for entering Reckon transactions:
• To edit or delete transactions: Use the magnifying glass function by hovering over a trial balance or other report to identify accounts that are in error (e.g. undeposited funds) and drill down to the original transactions to change or delete. Most transactions can be changed for details such as amounts, dates etc or deleted using Edit Delete. You can also work through transaction types (e.g. Create Invoices) by using the Previous and Next functions to move through and edit or delete as required.
• GST codes: if payments have GST included, use tax code NCG for expenses & CAG for computer purchase.
• Bank Accounts: Check each receipt and payment is processed to ANZ bank, not Undeposited Funds).
• Dates: ensure that dates are entered correctly in the month of July
• Names: are required if the transactions involve Accounts Receivable or Accounts Payable but for other transactions such as Cash Sales and Cash Cheques, you can simply enter “Cash Sale” or “Cash” respectively by adding these items.
Regularly save and backup your files. Do not rely on 1 backup in case there is a problem such as corruption, losing USB etc. Reckon will name your original files with the extension. QBW and the backup files .QBB.
10) Prepare a trial balance as at 31 July 2022. (Reckon Trial Balance total should be $269,332 as Sales Returns is netted off against Sales in Reckon, not displayed separately as it is in Excel). Note that there is no ability in our Reckon student version software to record Sales Returns separately. Instead the software will process a sales return as a reduction from Sales Revenue. Do not create a separate Sales Returns account in Reckon.
11) Process the adjusting entries from page 7 in Reckon.
12) Print to pdf the following Reckon reports (see page 11 for steps). Combine into 1 pdf or zipped folder of 8 Reckon reports for ease of marking. Please name your report files for submission to Blackboard with a file name less than 12 characters so that we can download them for marking.(e.g. JNL, TB, PL, BS, INV, CUS.pdf).
Please name your Reckon report files as indicated below:
1. JNL: Journals: 1 July to 31 July 2022 (Reports Accountant)
2. TB: Trial Balance as at 31 July 2022 (Reports Accountant) ) (This is the final trial balance as it includes adjusting entries. We don’t need Adjusted Trial Balance as they will be the same values).
3. PL: Profit and Loss Standard: 1 to 31 July 2022* (Reports Company & Financial)
4. BS: Balance Sheet as at 31 July 2022 (Reports Company & Financial)
5. INV: Inventory Valuation Summary as at 31 July 2022 (Reports Inventory)
6. CUS: Customer Balance Detail as at 31 July 2022 (Reports Customers & Receivables)
7. SUP: Supplier Balance Detail as at 31 July 2022 (Reports Suppliers & Payables)
8. AUD: Audit Trail Report (Date Range: 1/1 to today’s date) (Reports Accountant: Audit Trail)
* Note Profit and Loss does not need to be classified into Business Function for Reckon.
Closing entries are not required in Reckon as they are done automatically by the software.
13) Check against values provided below to ensure that your Reckon values are accurate.
RECKON CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of Unadjusted Trial Balance (due to netting off sales returns in sales) $269,332
Total of Adjusted Trial Balance (due to netting off sales returns in sales) $271,390
Net profit for July $6,685
Reckon Report Printing Instructions to pdf (Practise these by week 5):
If you don’t have access to Adobe software you can use the Windows Snipping Tool or manually print then scan into pdf or use QUT computer labs or other computers which have the full version of Adobe which allows saving to pdf rather than just opening a pdf. IT Helpdesk can also assist with PDF creation.
Some helpful instructions re printing or saving to pdf:
1) Maximise the report to the whole screen
2) Choose File Print Report. Then choose Printer: Microsoft Print to PDF (or Choose File Save as PDF and Printer Adobe Pdf.
Please tick the box to fit report to 1 page wide so it can be marked.
Combine into 1 pdf if possible, for ease of marking. See above for screenshots to fit your printing to 1 page in width so that it can be marked.
Tip: Ensure to practise printing a Reckon report to pdf by week 5 to ensure that you can complete this necessary step as we need the Reckon reports to allocate marks (we can’t mark only a Reckon file submitted without reports).
Before Starting Excel Component (use Assignment Excel template in Blackboard):
Please ensure you have done all the homework questions for topics 1 to 5 especially topic 5 special journals before attempting this assignment. The in-class example for topic 3 is helpful to show the entire accounting process including adjusting entries, closing entries and the worksheet. There is also sample Excel file under Assessment/ Assignment provided as an example for you with some similar transactions to guide you including use of Excel formulas for efficiency.
It is vital to complete PSA6.6 from the textbook, which covers special journals and the required postings before you start the Excel component as the assignment follows the same process.
Useful Tips using the Assessment Assignment Excel template
• To minimise errors & maximise efficiency, I recommend to enter values in journals tab only, then use Excel formulae to post to general &/or subsidiary ledger & other template areas.
• Proofs have been inserted in the journals to prove Total Debits = Total Credits. (Proof should = 0).
• Formulas exist in some areas of the template, but other formulas are required in some accounts (e.g. general ledger accounts balances for Profit & Loss Summary, drawings, revenue & expenses) • To insert a v for your subsidiary ledger postings, use Insert Symbol and scroll down to find the tick.
• The 2nd column of the General Ledger and Subsidiary Ledger accounts can be left blank.
• Enough space has been provided in the Excel template – do not insert extra rows or columns.
Part B EXCEL Accounting Task Instructions (1 – 9) 7.5%
1) Open up the Excel student template provided on Blackboard and enter your name and student number into the footer section on the first tab (Chart of Accounts)
2) Record the July transactions in the following journals: cash payments, cash receipts, purchases, sales and general journal. (1 July balances are in the general ledger and subsidiary accounts).
Postings are done either daily or monthly. Post daily to the subsidiary ledgers. Post daily from the general journal. Post the monthly totals of the special journals to the general ledger. Include posting references in the journals. (There will be only 2 postings to ANZ Bank Account – total receipts and total payments). NOTE: For posting reference purposes in the ledgers, please use the journal page numbers indicated next to the journal title (e.g. SJ24, PJ22, CPJ38, CRJ27, GJ54, GJ55, and GJ56).
3) Prepare a trial balance as at 31 July 2022, in the trial balance columns of the worksheet.
4) Complete the worksheet using the required adjusting entries above for the month of July :
5) Prepare and post the adjusting entries for the month of July.
6) Prepare the following statements for month ended 31 July in accordance with AASB 101:
- a classified income statement classified by business function (expense classification below)
- a statement of changes in equity, and
- a classified statement of financial position (or balance sheet) with comparative values as at 30 June. (Use separate columns to compare 30 June values with 31 July values). Do not copy the Reckon formats as these are not the same formats required for Excel.
There is a need to split Sales and Sales Returns separately in Excel.
For Income Statement business function expense classification, use the following 3 classifications:
1. Selling Expenses: Wages
2. Administrative Expenses: Depreciation – Computer Equipment, Depreciation – Store
Equipment, Insurance Expense, Office Supplies Expense, Rent Expense, Telephone and Internet Expense, Utilities Expense
3. Finance Expenses: Bank Charges
7) Prepare and post the closing entries to the general ledger accounts to prepare for next month.
8) Prepare a post-closing trial balance and confirm whether the total of the subsidiary ledgers agree with the relevant control accounts in the general ledger for accounts receivable and accounts payable.
9) Check that the values match those below and Reckon for everything except the trial balance totals as Reckon treats sales returns differently so the Reckon trial balance numbers are different.
EXCEL CHECK VALUES TO ASSIST YOU TO COMPLETE THE SET ACCURATELY:
Total of the Unadjusted Trial Balance Columns of the Worksheet $271,132
Total of the Adjustments Columns of the Worksheet $8,858
Total of the Adjusted Trial Balance Columns of the Worksheet $273,190
Net profit for July $6,685
Part C Reconciliation of Manual and Reckon Accounting Task 5%
Ensure all Reckon reports agree with Excel (except for different treatment of Sales Returns in Reckon as Sales Returns is netted off Sales in Reckon not displayed separately as in Excel.)
There are minor differences in Reckon names (e.g. Trade Receivables, Trade Creditors and Tax Payable have equivalent names to Excel Chart of Accounts and don’t need to be altered).
Similarly, the order of accounts must be logical and in the correct categories within Current
Assets, Fixed Assets, Current Liabilities and Equity. Ensure that the Balance Sheet displays Original Cost of Fixed Assets above Accumulated Depreciation and that Capital displays above Drawings. These can be altered in the Chart of Accounts as demonstrated in sample exercises.
In Reckon, there is no need to remove accounts with a zero balance: just leave them. For Reckon, you do not need to use the account numbers provided in the chart of accounts.
Check that the Reckon and Excel Check Values match those provided earlier on pages 10 and 13 (including profit and trial balance totals).
Check the following 6 items to ensure they are the same in both Excel and in Reckon:
1. Gross Profit
2. Net Income or Net Profit (and agrees to provided profit of $6,685)
3. Total Assets
4. Total Equity
5. Accounts Receivable
6. Accounts Payable
Once you have checked these, there is nothing additional needed to be included for Part C as the marker will confirm that Reckon and Excel do reconcile. The items must all reconcile to get the full 5%. If none of the specified items reconcile between Reckon and Excel, no marks will be awarded for part C.
Support Provided:
• Materials are on Blackboard to assist with Reckon and Excel.
• Consultation with Staff and Postgraduate Learning Advisors.
• Frequently Asked Questions and Discussion Boards on Blackboard to enable any clarifications or answer any common questions.
• IT Helpdesk can assist with installation of Reckon on computers operating with Windows or if you have a Mac, setting up VDI (Virtual Desktop Interface) so that you can access the QUT networks.
Frequently Asked Questions and Answers:
Reckon:
• Why do I have Uncategorised Income and Uncategorised Expenses with values on my Trial Balance? Answer: follow the steps in the Essential Reckon Exercise (Existing Business - School Book Supplies) to show you how to deal with these accounts.
• Are we allowed to change the account titles? E.g. -Trade receivable- to -Accounts Receivable- so that we have the same name as in the instructions? Answer: You can but you dont need to - just leave as is because Reckon calls them slightly different names.
• Are we allowed to create new accounts like -Prepaid Insurance- because there are no prepaid accounts in Reckon yet? Answer: Yes - you need to.
• Do we have to add the account numbers in Reckon? Answer: No - no need for account numbers in Reckon.
• Some account names are too long in Reckon like -Accumulated Depreciation - Store Equipment-. How do we abbreviate the names best? Answer: Accum Depcn - Store
• Why is there a second Tax account (-PAYG Tax Payable*-)? I dont know what that transactions affect this account. Answer: PAYG is the tax withheld from staff wages which we owe to the government. All transactions you need for this account are described in the instructions so you can deal with it.
• I have been trying to set up my chart of accounts for Reckon and I am unsure on entering the GST Clearing (Tax Payable GST) opening balance. Is this even the correct account to enter the opening balance? Does all the GST paid and received automatically post to here – I can’t see anywhere that would indicate this also? Answer: That is why we create a slightly different name - if you create this account exactly as it is named in the assignment, you can add an opening balance just like the other opening balances. We will just then pay this balance. The remainder of the GST transactions Reckon will process automatically to another account simply called Tax Payable.
Excel:
• I am not sure how to enter the information into the special journals and subsidiary ledgers.
Answer: follow steps in PSA6.6 from the textbook & use this format to complete your Excel template.
• Is there an example file that I can look at? Answer : Yes: A sample Excel file under Assessment/ Assignment is provided as an example for you with some similar transactions to guide you including use of Excel formulas for efficiency.
• Can I copy the financial statements from Reckon?
Answer: no as these are not the same format that we are using for Excel and the values must flow from your Excel (i.e. general ledger into worksheet into financial statements).
How long will the assignment take? When should I start? When should I aim to finish?
A past student’s advice:
I would conservatively estimate that it took me around 25-30 hours (inclusive of learning Reckon program, setting up database correctly, how-to videos etc.)
I have a bit of experience using MYOB so the Reckon component was actually not too difficult to learn. I already understood the importance of correct dates for reports and entries and inputting data for entries, so outside setting of up the initial database I did not run into many issues. (Approx. 5-10 hours total)
The Excel component took a larger portion of time. I was going slower to limit mistakes and ensure I did not accidentally skip or miss things while navigating between tabs. I found the assignment instructions to be a significant help in this regard, as were the notes on the lecture slides highlighting important sections relevant for the assignment. (Approx. 15-20 hours total)
If I were to give advice to other students I would recommend starting early and getting a good grasp on Reckon on a week-to-week basis so you can spend more time looking at Excel manual entries and understanding how everything flows together.
Aim to finish two to three days before the due date to allow for problems.
I wished I had started earlier in week 1 or week 2 as I didn’t have time to finish and ended up failing on 47. If I had started earlier, I could have done better in the assignment and passed the subject overall.
AYN416 Sem 2 2022 AYN416 FINANCIAL ACCOUNTING PROCESSES – ASSIGNMENT CRITERIA SHEET
Student Name: …………………………………………………. Student No.: ………………. Date: ……………..
Part A – Reckon Accounting Task (7.5% weighting) Assessed using Blackboard Reckon Quiz: 15 questions in 20 minutes using your printed Reckon reports
Criteria 4 ( 50%) 4 (50% - 64%) 5 (65% - 74%) 6 (75% - 84%) 7 ( 85% ) Mark
Knowledge and
Skills (KS1.2) Demonstrated a lack of proficiency in the use of accounting software and summarising results.
Demonstrated some competence in the use of accounting software and summarising results.
Demonstrated competence in the use of accounting software and summarising results.
Demonstrated proficiency in the use of accounting software and summarising results.
Demonstrated high proficiency in the use of accounting software and summarising results.
/ 7.5
Part B – Excel Accounting Task (7.5% weighting) Assessed using Blackboard Excel Quiz: 15 questions in 20 minutes using your complete printed Excel template
Criteria 4 4 5 6 7 Mark
Knowledge and
Skills (KS 1.2) Demonstrated little understanding of relevant concepts, principles and practices in Excel. Major inaccuracies evident.
Demonstrated some understanding of relevant concepts, principles and practices in Excel. Some inaccuracies evident.
Demonstrated a good understanding of relevant concepts, principles and practices with some minor inaccuracies in Excel.
Demonstrated a good understanding of relevant concepts, principles and practices in Excel.
Demonstrated a comprehensive understanding of relevant concepts, principles and practices in Excel.
/ 7.5
Part C – Reconciliation of Reckon and Excel (5% weighting): Need to submit both Reckon and Excel
Criteria 4 4 5 6 7 Mark
Higher Order
Thinking Skills
(HO2.1) Demonstrated a lack of proficiency of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other. Demonstrated some competence of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated competence of critical evaluation
between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated proficiency of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
Demonstrated high level of critical evaluation between Reckon and Excel reports to initially identify any differences and ultimately to reconcile to each other.
/ 5
Total Marks (20% weighting) Marks