Clover Cellars: An Accounting Practice Set Using MYOB Accounting Plus v.14

About the Book

Clover Cellars using MYOB is a two-way accounting practice set for completion manually, using Excel or using MYOB v.14 software. A Quickbooks version is also available.

Students undertaking the manual/MYOB version first will achieve a thorough grounding in the accounting process while the Quickbooks version introduces students to a general business package. The perpetual stocktake system is used and no prior knowledge of MYOB is assumed. Students are also provided with full background information about the business.

Completion of this practice set will help introductory students of accounting enhance their understanding of:

- the accounting cycle
- the chart of accounts
- recording transactions
- identifying transactions from original source documents
- recording transactions in the general and special journals
- double-entry accounting
- posting transactions from journals into the general and subsidiary ledgers
- preparation of a trial balance
- end-of-period adjustments
- preparing a bank reconciliation statement
- closing entries
- compilation of financial information on a worksheet
- preparation of accounting reports, including the profit and loss statement and balance sheet
- preparing a post-closing trial balance
- exposure to real-world computerised accounting systems


Table of Contents:
Clover Cellars: An Accounting Practice Set Overview of ‘Clover Cellars’ .......... 1 Accounting Introduction .......... 1 Source Documents .......... 3 Bank Statement .......... 18 Manual Section .......... 19 Accounting Procedures .......... 21 The Accounting Period .......... 22 Accounting Process .......... 22 ‘Clover Cellars’ Accounting Information .......... 23 Requirements .......... 27 Chart of Accounts .......... 29 Sales Journal .......... 30 Purchases Journal .......... 30 Cash Receipts Journal .......... 31 Cash Payments Journal .......... 32 General Journal .......... 34 Petty Cash Book .......... 37 Accounts Receivable Subsidiary Ledger Accounts .......... 38 Schedule of Accounts Receivable .......... 39 Accounts Payable Subsidiary Ledger Accounts .......... 40 Schedule of Accounts Payable .......... 41 Inventory Cards .......... 42 Cost of Goods Sold Record Cards .......... 44 Schedule of Inventory .......... 45 General Ledger Accounts .......... 46 Bank Reconciliation .......... 58 Worksheet .......... 59 Statement of Financial Performance .......... 61 Statement of Financial Position .......... 62 Computerised Section .......... 63 Accounting Procedures and Installing the Software .......... 64 The Accounting Period .......... 69 Accounting Process .......... 70 ‘Clover Cellars’ Accounting Information .......... 70 Requirements .......... 82 Credit Purchases .......... 84 Credit Sales .......... 89 Cheque/EFT Payments .......... 92 Petty Cash .......... 95 Inventory Purchases .......... 96 Cash Sales .......... 100 Make Deposits .......... 104 Pay Creditors .......... 107 Bank Reconciliation .......... 110 Journal Entries .......... 112 Reports .......... 113

About the Author :
Abdel Halabi teaches Introductory Accounting at Monash University. He has published a number of referred articles in accounting and distance education journals and has a PhD in accounting education. Robyn Dyt is an Assistant Lecturer in accounting at Monash University and was involved in the partnership of an accounting practice. She has an excellent knowledge of accounting software packages, plus the intricacies of GST and electronic funds transfers as they relate to small business. Her research interests include small businesses.