Performance Task 1

Background

You are to assume the role of Joan Jacks, a Senior Accountant preparing the financial accounts at WAMco. The management at WAMco havee decided to create a subsidiary risk management consultancy company as at 1 July 20XX. The subsidiary company is named Riskco Pty Ltd. Your tasks are to create the company in MYOB, process transactions for two reporting periods, and produce a series of reports in the integrated system.

WAMco has contributed an equity amount of $299,626 into what they hope to be a very profitable subsidiary. Management believes that risk management is becoming a lucrative business as many businesses are increasing their risk management expenditure. You receive several emails from Bob Banks, the Chief Financial Officer (CFO) of WAMco, which include important information in relation to the setup of the subsidiary.1

HINT

When using MYOB, insert the current year instead of 20XX.

To learn more about how to use MYOB Business:

• Online software support:https://help.myob.com/wiki/display/myob
• YouTube channel with learning playlists:https://www.youtube.com/@MYOBAustralia/playlists

Additional resources are available athttps://academy.myob.com/. Sign up for free, and then complete the short video tutorials relating to the tasks you need to do.

Scenario

Email

To:

From:

Date:

1 July 20XX

Subject:

Riskco company set up instructions

Attachments:

Trial Balance 1 July 20XX

Dear Joan,

Using MYOB, I would like you to set up a new company for Riskco as at 1 July 20XX. You must enter supplier, customer, and employee information. Then, using the software, I would like you to set up a chart of accounts for Riskco based on the above details. Please copy an existing chart of accounts for this exercise (use existing service-based list and add/modify the accounts). A professional service firm will be the closest to this business type. Please ensure that you use the correct dates, supplier, customer, and employee details.

I have provided you a Trial Balance for the new subsidiary as at 1 July 20XX. Load up the opening balances for Riskco as at 1 July 20XX as a general journal entry. Ensure that the GST amounts are entered as NT (for this journal entry only). It seems obvious but when you have completed this activity, check that the Trial Balance for 1 July 20XX actually balances!

I will be sending you more instructions in due course. Thank you in advance for what you are about to do!

For your convenience I have summarised the company details in this table:

Business details

Specification	Details
Company name	Riskco Pty Ltd
MYOB industry classification	Management advice and related consulting services
Date of formation	1 July 20XX
Company type	Risk management consultancy
Number of employees	2
Company ABN	11 111 111 111
Company ACN	22 22 22 222
Company address	Level 4, 23 Hunter Street, SYDNEY, NSW 2000
Company website	www.riskco.com.au
Company email
Company telephone number	1300 050 544
Registered for GST	Yes
GST and tax reporting	Cash basis, BAS prepared quarterly
Financial statement preparation	Quarterly
Wholly owned subsidiary of	WAMco
Bank account details	Wealth Bank BSB 111 111 Account Number: 123 111 Branch: Sydney NSW 2000

MYOB note: Before entering your employees, you need to enter your general payroll information.

• Choose Payroll settings from the Riskco drop down menu.
• Choose a 40 hour week and use "Spectrum Super" - the default fund.
• To enter your employees, go to the payroll drop down menu and choose Create Employee.

Employee details 1 for card file

Information	Details
Name	Rita Jones
Salutation	Ms
Date of birth	30/09/1990
Start date	01/07/20XX
TFN	111 111 112
Resident for tax purposes	Yes
Is the employee claiming the tax free threshold?	Yes
Study and training support loan debt	No
Email address for pay slip
Postal address	15 Jersey Lane, Mays Hill, PARRAMATTA, NSW 2150
BSB	121 111
Bank account number	122 222 2222
Bank account name	Rita Jones
Super guarantee	Minimum required % of salary
Superannuation fund	Spectrum
Complying super fund	Yes
Superannuation fund member number	2456
Employment type	Full time
Job title	Office manager
Salary	$50,000 per annum
Payment frequency	Monthly, pay period start first day of month and end the last day of month
Allowances	None
Entitlements	4 weeks annual leave (4/52) and 10 (2/52) days sick leave per annum
Hours of work per week	40 hours per week
Super payment frequency	Quarterly as per ATO guidelines
PAYG remittance to ATO frequency	Monthly

Employee details 2 for card file

Information	Details
Name	Naa Jones
Salutation	Mrs
Date of birth	01/11/1990
Start date	01/07/20XX
TFN	311 111 121
Resident for tax purposes	Yes
Is the employee claiming the tax free threshold?	Yes
Study and training support loan debt	No
Email address for pay slip
Postal address	15 Jans Avenue, PARRAMATTA NSW 2150
BSB	123 113
Bank account number	522 222 2224
Bank account name	Naa Jones
Super guarantee	Minimum required % of salary
Superannuation fund	Spectrum
Complying super fund	Yes
Superannuation fund member number	2356
Employment type	Full time
Job title	Risk manager
Salary	$126,000 per annum
Payment frequency	Monthly, pay period start first day of month and end the last day of month
Allowances	None
Entitlements	4 weeks annual leave (4/52) and 10 (2/52) days sick leave per annum
Hours of work per week	40 hours per week
Super payment frequency	Quarterly as per ATO guidelines
PAYG remittance to ATO frequency	Monthly

Frequently used suppliers

Note: you will also have to add suppliers as you receive new invoices.

Information	Details
Supplier name	Naw Pty Ltd
Address	56 Strawberry Lane, SYDNEY NSW 2000
ABN	11 111 112 311
Phone	2234 6756
Email
Website	www.naw.com.au
Contact person	Rodget Jan
Payment instructions	Direct debit set up
Bank account information

Information	Details
Supplier name	Teleweb MCI Pty Ltd
Address	Level 60, 23 Hunter Street, SYDNEY NSW 2000
ABN	22 111 111 155
Phone	4567 3242
Email
Website	www.telewebmci.com.au
Contact person	Nickolas Sma
Payment instructions	Direct debit set up
Bank account information

Frequently used customers

Information	Details
Customer name	Wana Pty Ltd
Address	Level 4, 23 Hunter Street, SYDNEY NSW 2000
ABN	11 223 344 411
Phone	1000 000 000
Email
Website	www.wana.com.au
Contact person	Madge Nap
Trading terms	30 days

Information	Details
Customer name	Stal Pty Ltd
Address	Level 4, 23 Hunter Street, SYDNEY NSW 2000
ABN	11 223 344 555
Phone	2000 000 000
Email
Website	www.stal.com.au
Contact person	Erick Joy
Trading terms	30 days

Please let me know if you are not sure of anything.

Thank you and regards,

Bob Banks

CFO, WAMco

Phone: (02) 2222 2222

MYOB note: To add an account to the Chart of Accounts, go to the Accounting drop down menu and choose Chart of Accounts. Click on Create account.

ATTACHMENT

Riskco Trial Balance as at 1 July 20XX

Description	Debit	Credit
Petty cash	$600.00
Cash at bank - Wealth Bank	$50,002.00
Bada Cash Management Account	$80,000.00
Fixed Assets - Plant & Equipment	$163,024.00
Rental bond	$6,000.00
Owners' equity - WAMco		$299,626.00
Total	$299,626.00	$299,626.00

Meeting transcripts

On Monday 1 June at 9:00 a.m. you attended a short meeting with Naoki Sanjay, the Systems Accountant at WAMco. Below is the transcript of the meeting:

Speaker	Transcript
Naoki Sanjay	Hello. How are you, Joan?
Joan Jacks	I am well thanks.
Naoki Sanjay	Thank you for accepting the task of setting up Riskco in MYOB. I have some instructions regarding the security set up. I'd like you to set up the following: Restrict Rita Jones from viewing the payroll information. Allow Naa Jones access to the customer/sales information in MYOB only.
Joan Jacks	Where in MYOB do I go to select these options?
Naoki Sanjay	To create users in MYOB, go to the Riskco drop down menu and choose Users and then Create user. You will need to send an email to invite them to attend but you can do this at a later date.
Joan Jacks	Thanks. I will let you know if I have any issues.
Naoki Sanjay	Okay. I'll talk with you later.

The following day, you had a short meeting with Bob Banks, CFO at WAMco, relating to future reporting. See transcript of meeting below:

Speaker	Transcript
Bob Banks	Good morning, Joan.
Joan Jacks	Good morning, Bob.
Bob Banks	You wanted to talk about future tasks, not included in my tasks.
Joan Jacks	Yes.
Bob Banks	For the fixed assets, simply place the total under the fixed assets account - plant and equipment.
Joan Jacks	But don't we need a fixed asset register?
Bob Banks	Yes, they will be classified later, and depreciation entries and other adjustments will be made for the September quarter accounts.
Joan Jacks	How about tax?
Bob Banks	A quarterly BAS will be prepared in September and a complete tax calculation will be prepared for the September 20XX accounts. Please disregard tax for this exercise. However, please ensure you have accurate dates, GST amounts, ABN numbers, account codes, etc. to ensure accurate tax information.
Joan Jacks	Okay. What about the intercompany entries?
Bob Banks	Yes, various intercompany entries will be created. Katie Lu, in accounts, will prepare these. Don't worry about those for this exercise.
Joan Jacks	Okay. Thanks.

WAMco Payroll Policy and Procedure

These payroll policies and procedures are applicable to WAMco and all of its subsidiary companies.

• Employee data should be entered in MYOB.
• For new starters, ensure that you have the employees signed contracts on file.
• Ensure that the tax declaration is signed and record the employee's tax file number in the card file.
• From the tax declaration form, you must check whether the employee has chosen the tax-free threshold.
• Ensure that the correct rate of pay entered in the system.
• If the employee has not selected a superannuation scheme, please check with them before placing them on the default superannuation account Spectrum.
• Ensure that you enter all the superannuation fund details. This includes the superannuation fund website, SPINN Number, employee number, member number and website.
• Once you have completed the new employee set up in the system, notify Bob Banks by email and he can check your employee details for accuracy. Bob Banks will send an email verifying the information.
• WAMco process pays monthly. Prior to the pay run you must check any leave entered into the MYOB system.
• WAMco staff are paid monthly on the last business day of the month.
• Once you have entered the payroll data for that month send the payroll details to Bob Banks via email for approval. Once he has approved the pays you may go ahead and process the pays.
• After inputting leave/adjustments in MYOB select process pays.
• Annual pay increases occur in January. Bob Banks must be contacted prior to processing the January pays to check for any pay increases.
• At the end of the pay run, payroll slips must be produced and emailed to staff.
• If a staff has any pay discrepancy you must reply back to them within one business day. If the employee has been underpaid a special pay run must be performed.

Instructions

1. Use the details provided to start a new company file in MYOB for Riskco as at 01/07/20XX. Save the file where you can access it later.
2. Enter the company details for Riskco Pty Ltd.
3. Use an existing chart of accounts for a MYOB professional services company and add/modify the accounts codes as necessary.
4. Enter the opening balances as at 01/07/20XX for Riskco via the General Journal entry.
5. Check the opening balance details for accuracy by producing a Trial Balance Report as at 01/07/20XX.
6. Add employees, and create contacts for suppliers, and customers.
7. From the "Users" area take screenshots of:
   • Restrict Rita Jones from viewing the payroll information
   • Give Naa Jones access to customer/sales information.

Evidence required

Upload the following files:

• Trial balance for Riskco as at 1 July 20XX
• Contacts report (Choose "All" for the contact type and from the report options choose "accounts with zero balances").
• Screen shot restricting Rita Jones from viewing the payroll information
• Screen shot giving Naa Jones access to customer/sales information

THERE IS NO MISSING INSTRUCTIONS/ATTATCHMENTS THIS IS ALL INFO