Part A

1Set up a company

Set system date1/1/2020

Company details:E&F ltd (example: Tom sets up a company called Tom Ltd

)ABN32 885 123 678

Address Ballarat Road, Footscray, VIC 3012

Phone(03) 1234 5678 Fax(03)1234 5679Emailyourname@yournames.com.au (example: tom@eandf.com.au)Financial year01/01/2020 to 31/12/2020Conversion month1/7/2020No. of accounting periods13Industry classificationretailType of businessretail2Set up accounts moduleEdit an account2-2100 - business loan #1, change to Long term borrowings2-1420 - superannuation fund #1, change to VUsuper2-1430 -superannuation fund #2, Industrysuper2-1440 superannuation fund #3, change to retailsuperAdd an account6-3600 COGS3Delete an account1-1130 business bank account #3, delete this accountEntering opening balances1-1110 = $40000; 1-1310 = $17600; 2-1210 = $1600; 3-1000 = $560004Set up sales moduleSales Layout for Invoicesno defaultCredit limit$20,000Tax codeGSTPayment methodbank cardPayment dueIn a Given # of DaysBalance Due Days75Set up customer cardsABC, ABN: 32 333 666 567, 216 Wharf St, Sunset, VIC 3011, phone: 03 1111 2222, email: Jeff@abc.com.au. Payment method: bank card, card no. (4 last digits): 1234, name on card: abc ltd. Income account: 1-1110.DEF, ABN: 32 456 789 222, 206 Wharf Crt, sundown, vic, VIC 3013, phone: 03 2222 1111, email: jane@def.com.au. Payment method: EFTPOS. Card no. (last 3 digits): 5678, name on card: def ltd, Income account: 1-1110Enter a customer's opening balanceABC, invoice no.: 108, date: 30/06/2020, Total including tax: $17600, Tax code: GST.6Set up purchases modulePurchase layout for invoicesItemSupplier credit limit$20,000Tax code for suppliersGSTPayment methodbank cardPayment dueIn a Given # of DaysDiscount days0Balance due7% Discount early payment0Set up supplier cardsGHI, 196 Wharf Blv, Sunrise, VIC 3014, phone: 03 5555 4444, ABN: 32 566 778 999, email: joe@ghi.com.auJKL, 186 Wharf Ln, Sunsilk, VIC 3015, phone: 03 7777 6666, ABN: 32 777 444 321, email: con@jkl.com.au 7Set up inventory moduleEnter item profile dataItem no. 4401, name: standard cabinet, status: buy, sell and inventory, COGS account: 6-3600, Income account: 4-1000, Inventory account: 1-1320, buying unit of measure: each, number of items per buying unit: 1, tax code: GST,minimum level of restocking alert: 5, primary supplier: GHI, supplier item number: 4401, default reorder quantity: 10, base selling price: $350, selling unit of measure: each, number of items per selling unit: 1, tax code: GST.Item no. 5502, name: deluxe cabinet, status: buy, sell and inventory, COGS account: 6-3600, Income account: 4-1000, Inventory account: 1-1320, buying unit of measure: each, number of items per buying unit: 1, tax code: GST,minimum level of restocking alert: 5, primary supplier: JKL, supplier item number: 5502, default reorder quantity: 10, base selling price: $550, selling unit of measure: each, number of items per selling unit: 1, tax code: GST.8Enter transactionsPurchase of inventoryTax invoice: 6482, supplier: GHI, description: 4 standard cabinets at $200 each, invoice amount: $880 (GST exclusive), tax code: GST, date: 24 August 2020.Purchase of inventoryTax invoice: 88763, supplier: JKL, description: 5 deluxe cabinets at $300 each, invoice amount: $1650 (GST exclusive), tax code: GST, date: 09 September 2020.Sale of productTax invoice: 109, order: h101, customer: ABC, 2 standard cabinets, invoice amount: $700 (GST exclusive), tax code: GST, date: 09 October 2020.Sale of productTax invoice: 110, order: PO3789, customer: DEF, 3 deluxe cabinets, invoice amount: $1815 (GST exclusive), tax code: GST, date: 10 November 2020.Payment from customerReceipt no.: 1, customer: ABC, ID#: CR001, payment method: bank card, amount: $17600, tax code: GST, date: 21 october 2020.Expense paymentCheque no. 1, supplier: Domino, payee: Domino insurance, amount: $3300 (GST inclusive), tax code: GST, date: 03 August 2020, acc. No. 6-7100.9Print reportsTrial balance - 13th Period 2020Balance Sheet as of 31 December 2020Profit and Loss Statement (Accrual) January 2020 - December 2020Account Transactions (Accrual) 01/01/20 to 31/12