Task 1 – Enter Cash Sales, Cash Receipts, Petty Cash and Credit Card Transactions… 1 answer below »
Task 1 – Enter Cash Sales, Cash Receipts, Petty Cash and Credit Card Transactions Instructions Open your computer accounting software. Open the company file FNSACC416_AE_Kn_1of4_Task1NINA.myo Enter your name in the business address field (From Setup drop-down menu – Company information). You are required to record two weeks transactions from the following source documents and generate (to pdf) and submit the reports listed at the end of this task. You are also required to submit your data file.
Business background Nina’s Nails is owned and operated by Nina, a sole trader. As this is a service company with little stock on hand, all purchases will be immediately expensed and not held or accounted for as Inventory items. Nina sub-leases part of her Salon to Bella’s Beauty Services, a Beautician and receives some rent from this. All goods purchased are subject to GST. All sales are subject to GST. All expenses are subject to GST. All deposits are allocated to Undeposited Funds account as actual banking is done on a bi-weekly basis. All transactions should be entered using the day of the month provided and the actual month/year that you complete this assessment. TIP: use the Banking Command Centre in MYOB to enter the transactions.
“Spend Money” for the payments made and “Receive Money” for the cash register takings and rental income.