Computer Skills for Accountants

Computer Skills for Accountants
Assignment – SAGE 50
Weighting – 40%
Submission date: 13th May 2019 at 11.59 pm
File format: MS Word file only
Assignment to be completed individually
Computer Skills for Accountants AC40034E
Learning outcomes assessed:
• LO4. Set up a company on a computerised accounting package and record a range of
transactions.
• LO5. Produce appropriate reports using a computerised accounting package.
• LO6. Demonstrate an understanding of the costs and benefits of a computerised
accounting package for a small business.
• LO7 Demonstrate knowledge of the principles of business information systems.
Task 1: New Company Setup and Opening Trial Balance
You are required to set up a new company on your accounts system with the
following information:
Company Name: (Your ID) Phoenix Finance Services Ltd
Example: if your ID is 203456687, your
company name should be: 203456687 Phoenix
Finance Services Ltd.
Address: 6, Hazel Avenue,
Brentford
TW8 9GW
VAT number: 445678231
Email address: [email protected]
Tel no: 020 1536 4321
Note that the financial year starts – 1st January 2018
Reference : Opening Balance Journal Date: 1st January 2018
Nominal Description N/C DR CR
Tax
Code
Office equipment 0030 £20,500.00 T9
Office equipment depreciation 0031 £2,500.00 T9
Motor vehicles 0050 £9.800.00 T9
Motor vehicles depreciation 0051 £3,100.00 T9
Computer Skills for Accountants AC40034E
You need to produce an opening Period Trial Balance and make a print screen of
this as your evidence
Task 2: Editing Nominal Codes
The accounts system now needs to be customized and to do this some of the nominal
codes need to be changed.
(i) Amend the description for the following nominal codes and
(ii) produce a print screen of the amended nominal codes
Task 3: Customer and Supplier Accounts
a) Set up the following customer accounts with £2,000.00 credit limit for each
customer with terms agreed, and produce a screenshot of the Customer Address
List.
Note: The standard tax rate (T1) should be 17.5%.
Prepayments 1103 £1,950.00 T9
Accruals 2109 £3,000.00 T9
Bank current account 1200 £1,000.00 T9
Petty Cash 1230 £250.00 T9
Loans 2300 £10,000.00 T9
Ordinary Shares 3000 £4,500.00 T9
Reserves 3100 £3,000.00 T9
Profit and Loss 3200 £7,400.00 T9
Nominal Code Nominal Activity
4000 Changes to Financial Planning
4001 Changes to Mortgage Advice
4002 Changes to Tax Planning
CUSTOMER
NAME
DATE
ACCOUNT
OPENED
ACCOUNT
REFERENC
E
ADDRESS N/C Description
Miss Hannah
White 01/01/2018 HNW001
33, Oxford
Street,
London,
W1D 1AU
4000 Financial Planning
Tax
code T1
Computer Skills for Accountants AC40034E
Mr
Jeremiah
Byrne
01/01/2018 JRB001
9, Monmouth
Grove ,
Oxford,
OX3 0WG
4001 Mortgage Advice
Tax
code T1
Mrs Polly
Smith 01/01/2018 MRSPOLLY
15, Plum Garth,
Cambridge,
CB2 1TR
4002 Tax Planning
Tax
code T1
United
Motors 01/01/2018 UNM001
21, Apple
Close,
Ealing,
W5 2NU
4000 Financial Planning
Tax
code T1
Computer Skills for Accountants AC40034E
b) Set up the following supplier accounts and produce a screenshot of the Supplier
Address List. All terms have been agreed.
SUPPLIER NAME DATE ACCOUNT
OPENED
ACCOUNT
REFERENC
E
ADDRESS N/C Description
The Soho Stationery
Store 01/01/2018 SOH001 2, Margaret
Court,
750
4
Office
Stationery
Fitzrovia
London W1W
8EU
O2 01/01/2018 O2001
Unit 60, Ealing
Broadway
Centre
750
2 Telephone
The Broadway
London W5 5JY
Scottish Power 01/01/2018 SCP001 1, Tudor Street
720
0 Electricity
London
EC4Y 0AH
Russell Collins 01/01/2018 RUC001 72, Ealing Road
710
0 Rent
London
W5 4QB
Computer Skills for Accountants AC40034E
Task 4: Supplier Invoices and Credit Notes
a) Post the following invoices to the supplier’s ledger. Note that all amounts
are inclusive of VAT.
b) Post the following credit notes to the supplier’s ledger. Note that all amounts are
inclusive of VAT.
SUPPLIER
NAME
DATE OF
INVOICE
ACCOUNT
REFERENCE
INVOICE
NUMBER Description AMOUNT Tax
Code N/C
Russell
Collins
02/01/201
8 RUC001 1254 Rent £5,000.00 T1 7100
The Soho
Stationer
y Store
24/01/201
8 SOH001 1367 Stationery £250.00 T1 7504
Scottish
Power
29/01/201
8 SCP001 1452 Electricity £311.00 T1 7200
SUPPLIER
NAME
DATE OF
INVOICE
ACCOUNT
REFERENCE
CREDIT
NOTE
NUMBER
Descriptio
n
AMOUN
T
Tax
Code N/C
The Soho
Stationer
y Store
30/01/20
18 SOH001 C200/23
Overchar
ge
January £67.00 T1
750
4
(i) Produce a print screen of a Detailed Supplier Activity Report from 01/01/2018 –
31/12/2018
(ii) Produce a print screen of a Detailed Aged Creditors Analysis report from
01/01/2018 – 31/12/2018
Computer Skills for Accountants AC40034E
Task 5: Customer Invoices and Credit Notes
(a) You are required to post the following invoices and credit notes to the
customer’s ledger. Note that all amounts are inclusive of VAT.
CUSTOMER
NAME
DATE OF
INVOICE
ACCOUNT
REFERENC
E
INVOICE
NUMBE
R
Description AMOUNT N/C Tax
Code
Miss
Hannah
White
01/01/201
8 HNW001 1001 Financial
Planning £640.00 4000 T1
Miss
Hannah
White
20/01/201
8
HNW001 1002 Mortgage
Advice £600.00 4001 T1
Miss
Hannah
White
25/01/201
8
HNW001 1003 Tax
Planning £300.00 4002 T1
United
Motors 02/01/201
8 UNM001 1004 Financial
Planning £680.00 4000 T1
United
Motors 10/01/201
8 UNM001 1005 Tax
Planning £500.00 4002 T1
United
Motors 15/01/201
8 UNM001 1006 Financial
Planning £200.00 4000 T1
Mr
Jeremiah
Byrne
09/01/201
8 JRB001 1007 Financial
Planning £420.00 4000 T1
Mr
Jeremiah
Byrne
15/01/201
8
JRB001 1008 Mortgage
Advice £350.00 4001 T1
Mrs Polly
Smith 28/01/201
8
MRSPOLL
Y 1009 Tax
Planning £400.00 4002 T1
Mrs Polly
Smith 29/01/201
8
MRSPOLL
Y 1010 Financial
Planning £250.00 4000 T1
Computer Skills for Accountants AC40034E
(b) Post the following credit notes to the customer’s ledger.
Mr
Jeremiah
Byrne
22/01/201
8
JRB001 1011 Tax
Planning £750.00 4002 T1
CUSTOMER
NAME
DATE OF
INVOICE
ACCOUNT
REFERENC
E
CREDIT
NOTE
NUMBER
Descriptio
n
AMOUNT N/C Tax
Code
Miss
Hannah
White
30/01/2018 HNW001 C1012
Overcharg
e – Inv
1001
£220.00 4000 T1
United
Motors 30/01/2018 UNM001 C1013
Incorrect
Charge –
Inv 1005
£200.00 4002 T1
(i) Produce a print screen of a Detailed Customer Activity
Report from 01/01/2018 – 31/12/2018
(ii) Produce a print screen of a Summary Aged Debtor Analysis
as at 31/12/2018
Computer Skills for Accountants AC40034E
Task 6: Receipts and Payments
(i) You are required to post the following receipts from
customers
CUSTOMERS RECEIPT DATE INVOICE
PAID PAYING IN REFERENCE AMOUNT
PAID
Miss Hannah
White 15/01/2018 1001 10001 £410.00
United Motors 15/01/2018 1004 10002 £500.00
Mr Jeremiah
Byrne 18/01/2018 1008 10003 £350.00
Mrs Polly
Smith 30/01/2018 1010 10004 £200.00
United Motors 30/01/2018 1006 10005 £200.00
Miss Hannah
White 30/01/2018 1003 10006 £200.00
(ii) You are required to post the following cheque payments to the
supplier ledger
SUPPLIER NAME DATE OF PAYMENT INVOICE
PAID CHEQUE NUMBER AMOUNT
PAID
Russell
Collins 10/01/2018 1254 100501 £5000.00
Scottish
Power 30/01/2018 1452 100502 £300.00
The Soho
Stationery
Store
30/01/2018 1367 100503 £150.00
(a) Produce a print screen of a Summary Aged Creditors Report as
at 31/12/2018
Computer Skills for Accountants AC40034E
Task 7: Petty Cash Payments
(b) Produce a print screen of a Detailed Aged Debtors Report from
01/01/2018 – 31/12/2018
(c) Which customers have not been settled in
full and how much is outstanding for each of
them?
Post the following cash payments into the ledger and produce a print screen of the
Detailed Petty Cash Payment Report from 01/01/2018 – 31/12/2018.
Note that the standard rate VAT is 17.5% unless stated otherwise, all amounts inclusive
of VAT.
Date Description Voucher No Amount VAT rate
09/01/201
8 Train fare 001 £28.00 Zero
12/01/201
8 Refreshments 002 £5.00 Zero
15/01/201
8 Cleaning supplies 003 £35.00 Standard
20/01/201
8 Entertainment (UK) 004 £20.00 Zero
24/01/201
8 Postage 005 £2.40 Exempt
28/01/201
8 Fuel 006 £30.00 Standard
30/01/201
8
Monthly magazine
subscription 007 £6.50 Zero
Computer Skills for Accountants AC40034E
Marking Criteria
Marks
Task 1 New company setup and period trial balance 5
i. Set up a new company on your accounts
ii. Produce a period opening Trial Balance
and make a print screen of this as
your evidence.
Task 2 Edit nominal codes 5
i. Amend the description for the nominal
codes advised and
ii. Produce a print screen of the amended
nominal codes
Tasks 3 (a) and (b) Customer and supplier accounts 10
i. Set up the customer accounts with
£2,000.00 credit limit for each customer.
ii. Set up the following supplier accounts
iii. Produce a print screen of the customer
address list
iv. Produce a print screen of the suppliers
address list
Tasks 4 (a) and (b) Supplier invoices and credit notes 20
i. Post the invoices and credit notes to
the supplier’s ledger
ii. Produce a print screen of a Detailed
Supplier Activity Report
iii. Produce a print screen of a Detailed
Aged Creditors Analysis Report
Tasks 5 (a) and (b) Customer invoices and credit notes 20
i. Post the invoices and credit notes to
the customer’s ledger
ii. Produce a print screen of a Detailed
Customer Activity Report
iii. Produce a print screen of a Summary
Aged Debtor Analysis Report
Tasks 6 (a), (b) and
(c) Receipts and payments 20
Computer Skills for Accountants AC40034E
i. Post the receipts from customers
ii. Post the cheques payments to the
supplier ledger
iii. Produce a print screen of a Summary
Aged Creditors Report
iv. Produce a print screen of a Detailed
Aged Debtors Report
v. Which customers are underpaid and by
how much?
Task 7 Petty cash payments 10
i. Post the cash payments into the
ledger
ii. Produce a print screen of a Detailed
Petty Cash Payment Report.