Creating the company file

The following list sets out basic information about Hi-Fi Way's business that is required to create the company file in MYOB using the New Company File Assistant. Each step in this list corresponds to a window in the New Company File Assistant.

a.Enter your 12 digit MYOB product serial number. Jessica asks you to leave the Serial Number field blank.

Enter information about your company. The table below shows the contact details and A.B.N. for Hi-Fi Way.

Please take the time to enter these details carefully and accurately into MYOB because they vary for every student and will be used to identify your personalised MYOB company file.

Company Name:	Hi-Fi Way (insert your full name)*
A.B.N.:	68 937 543 792
Address:	283 Wenden Drive Canberra, ACT, 2600 Australia
Phone Number:	1800-105-2987
Fax Number and E-mail Address	(leave those fields blank)

*Remember, if your full name was Chris Smith, your company name would be 'Hi-Fi Way (Chris Smith)'.

b.Tell us about your accounting year. The date on which you are setting up the company file is assumed to be 1 January 2021 (the first day of the current month). Therefore, the current financial year for Hi-Fi Way is 2021 which starts in July 2020 and ends in June 2021. In the Current Financial Year field, Jessica tells you to select the year in which the company's financial year ends. Jessica then asks you to select January as the conversion month because you will begin recording transactions for the month of January. She mentions that there should be 12 accounting periods per financial year so that each month matches a calendar month. She also asks you to review your entries because you will not be able to change them after the company file is created.

c.Build your accounts list. Jessica tells you to create an accounts list (chart of accounts) starting from one of the lists provided by MYOB Accounting. This will ensure you select the appropriate default accounts list for Hi-Fi Way.

d.Select your accounts list. In the select your accounts list, Jessica asks you to select 'Other' for the industry classification of Hi-Fi Way and select 'Retail Business, Other' for the type of business.

e.Create your company file. In the New Company File Assistant, before pressing the Next button in the 'Create your company file' window, answer the questions below about setting up your company file in MYOB.

Questions on entering basic company information

(Q=110.F.M.CC.P1.Q2)

In the New Company File Assistant, before pressing the Next button in the 'Create your company file' window, Jessica wants to confirm some of the company settings you selected when creating the company file in MYOB.

Jessica asks you to select the correct options that appear throughout the New Company File Assistant that correspond to the company settings required for Hi-Fi Way in MYOB:

	June as the conversion month and a financial year starting in January
	12 accounting periods and 'Retail Business, Other' as the industry classification of the business
	12 accounting periods and 'Other' as the industry classification of the business
	January as the conversion month and a financial year ending in July

(Q=110.F.M.CC.P2.Q2)

Select the information that cannot be changed after a company file is created in MYOB:

	names of accounts in the accounts list
	the company's phone number
	conversion month
	all of the above options cannot be changed after creating the company file

(Q=110.F.M.CC.P3.Q1)

Select the step that is not included in the New Company File Assistant:

	Selecting the industry classification of your business
	Selecting the conversion month in which to begin entering transactions
	Identifying the company's current financial year
	Entering the company's customers and suppliers

Questions on the default accounts list

(Q=110.F.M.CC.P4.Q1)

Now that you have finished entering information into the New Company File Assistant in MYOB, Jessica asks you to press the Next button in the the 'Create your company file' window and select Command Centre to exit the New Company File Assistant.

Jessica then asks that you print the Accounts List Detail report customised to include $0.00 balances and to display Level 4 as the report level. To check that you have the correct accounts list, Jessica requests you use that report to identify the number of times each of the following words appear under the Type column:

Type	Number of times
Liability
Accounts Receivable
Other Asset
Equity
Income
Cost of Sales

(Q=110.F.M.CC.P5.Q1)

Use the the Accounts List (Detail) report to specify the account number of each of the detail accounts listed below:

Account Name	Account #
Cheque Account	-
GST Collected	-
Retained Earnings	-
Historical Balancing	-
Rent	-
Interest Expense	-

(Q=110.F.M.CC.P6.Q2)

For each of the accounts listed below, specify the account type listed under the Type column in the Accounts List (Detail) report:

Account Name	Account Type
Undeposited Funds	AssetInventoryBankAccounts ReceivableFixed AssetOther Asset
Less Prov'n for Doubtful Debts	AssetAccounts ReceivableCredit CardFixed AssetOther Asset
Payroll Accruals Payable	LiabilityAccounts PayableLong Term LiabilityOther Liability
Historical Balancing	AssetBankLiabilityEquity
Interest Income	EquityIncomeOther IncomeRevenue
Purchases Type A	EquityCost of SalesIncomeExpense