Assessment Task
Portfolio of Evidence
FNSTPB401_AT3_PE_TQM_v2.docx
FNSTPB401_AT3_PE_TQM_v2.docx
Task 2 - Practical Exercise – computerised
Introduction
Bean There Coffee Van is a mobile food vendor that provides coffee and snack foods to various commercial premises each day at morning tea, lunch and afternoon tea time. The business is registered for GST and PAYG withholding on an accrual basis and reports monthly.
The business has 2 employees: Jack a part time barista who claims the tax free threshold; and Heidi a casual barista who does not claim the tax free threshold for this job. Wages are reported to the ATO through separate Single Touch Payroll (STP) software. The owner Jane is the authorised signatory for all documentation and must approve any payments made by the business.
A cash register records sales and prints a summary each day of the sales
oken down into GST and GST free categories.
Step 1
The following is a practical exercise requires you to access the MYOB file for Bean There Coffee Van 2022 Template.myox which has been provided.
Note: This exercise is to be done in MYOB AccoutRight Plus Version 2022 as supplied within the Learning Resources in Unit 7. Do not use a different version of MYOB.
Download a copy of this file to your MYOB li
ary and open the file. The username is “Administrator” and there is no password.
Step 2
Check your chart of accounts and edit where necessary to ensure that you have the following accounts with the co
ect GST codes:
Account name
Account type
GST code
Your Bank Account
Asset (Bank account)
N-T
Trade Creditors
Liability
N-T
GST Collected
Liability
N-T
GST Paid
Liability
N-T
ABN Withholding Payable
Liability
N-T
Superannuation Payable
Liability
N-T
PAYG Withholding Payable
Liability
N-T
Owners Capital
Equity
N-T
Owners Drawings
Equity
N-T
Sales Coffee
Income
GST
Sales Other drinks
Income
GST
Sales Fruit
Income
GST Free
Sales Snacks
Income
GST
Purchases coffee & Milk
Cost of goods sold
GST Free
Purchases Other drinks
Cost of goods sold
GST
Purchases Fruit
Cost of goods sold
GST Free
Purchases Snacks
Cost of goods sold
GST
Advertising
Expense
GST
Bank Charges
Expense
FRE
Bookkeeping Fees
Expense
GST
Coffee Van Fuel
Expense
GST
Coffee Van Lease
Expense
GST
Coffee Van registration
Expense
GST Free
Coffee Van insurance
Expense
GST
Telephone
Expense
GST
Coffee Van Stamp Duty
Expense
GST Free
Wages
Expense
N-T
Superannuation
Expense
N-T
Step 3
Process the following transactions:
Receipt from Jane – on XXXXXXXXXXJane deposited $ XXXXXXXXXXfrom her personal funds into the business bank account. Record this transaction in the accounting system.
Other receipts are all in cash and a cash register total is printed on Sunday each week. Cash on hand is reconciled to this then banked. Record the following receipts for July 2022.
Bean There Coffee Van
Bean There Coffee Van
3/07/2022
10/07/2022
Sales Coffee
GST
1255.50
Sales Coffee
GST
1189.50
Sales Softdrinks
GST
322.20
Sales Softdrinks
GST
381.80
Sales Fruit
Free
62.35
Sales Fruit
Free
52.50
Sales Snacks
GST
831.10
Sales Snacks
GST
756.95
Total (incl GST $218.98)
$ XXXXXXXXXX
Total (incl GST $211.66)
$ XXXXXXXXXX
Bean There Coffee Van
Bean There Coffee Van
17/07/2022
24/07/2022
Sales Coffee
GST
1240.70
Sales Coffee
GST
1520.40
Sales Softdrinks
GST
318.45
Sales Softdrinks
GST
510.25
Sales Fruit
Free
70.50
Sales Fruit
Free
81.60
Sales Snacks
GST
910.55
Sales Snacks
GST
946.50
Total (incl GST $224.52)
$ XXXXXXXXXX
Total (incl GST $270.65)
$ XXXXXXXXXX
Bean There Coffee Van
31/07/2022
Sales Coffee
GST
1006.20
Sales Softdrinks
GST
296.30
Sales Fruit
Free
45.00
Sales Snacks
GST
690.40
Total (incl GST $181.17)
$ XXXXXXXXXX
Payments are usually made by cheque and you need record the following cheques for June:
Date
Cheque no.
Amount
Details
XXXXXXXXXX
1201
500.00
Purchases – Stock from previous owner (Coffee $150.00, Softdrinks $120.00, Milk $50.00 and Snacks $ XXXXXXXXXXPrevious owner not registered for GST.(Use tax code GNR)
XXXXXXXXXX
1202
318.00
Purchases – coffee beans
XXXXXXXXXX
1203
200.70
Purchases – Softdrinks $122.50, Plain milk $78.20
XXXXXXXXXX
1204
232.00
Purchases – Plain milk
XXXXXXXXXX
1205
189.65
Purchases – snack foods
XXXXXXXXXX
1206
89.95
Telephone account
XXXXXXXXXX
1207
435.00
Purchases – coffee beans
XXXXXXXXXX
1208
240.00
(net of tax)
Concept Advertising (Tax withheld for no ABN on invoice) Use tax code ABN.
XXXXXXXXXX
1209
150.00
Budget Bookkeeping (Not registered for GST)
XXXXXXXXXX
1210
340.95
Purchases – snack foods $84.45, Plain milk $256.50
XXXXXXXXXX
1211
200.00
Drawings – Jane
XXXXXXXXXX
1212
720.00
Qld Transport Van Registration (including $340.40 for Registration $370.60 for CTP Insurance $9.00 Stamp Duty
XXXXXXXXXX
1213
348.75
Purchases – Softdrinks
Step 4
Record the following outstanding creditors at 31st July 2022:
XXXXXXXXXX $376.54 Invoice no. 8436 Coffee Van fuel owed to Local Service Station Ltd (Includes GST)
XXXXXXXXXX $158.40 Invoice no. D00732 Purchases – Snack foods owed to Allen’s Confectioners (Includes GST)
Step 5
Reconcile the bank account – The following bank statement has been received from Your Bank Ltd. Reconcile the bank account and print a Bank Reconciliation Report as at 31 July 2022.
Your Bank Ltd Account Number XXXXXXXXXX
Bank Statement for July 2022
Opening Balance
Withdrawals
Deposits
Balance
XXXXXXXXXX
Opening Balance
2000.00
XXXXXXXXXX
Deposit
5000.00
7000.00
C
XXXXXXXXXX
EFT - Wages
150.00
6850.00
C
XXXXXXXXXX
Cheque 1201
500.00
6350.00
C
XXXXXXXXXX
Deposit
2471.15
8821.15
C
XXXXXXXXXX
Cheque 1202
318.00
8503.15
C
XXXXXXXXXX
EFT - Wages
675.00
7828.15
C
XXXXXXXXXX
Deposit
2380.75
XXXXXXXXXX
C
XXXXXXXXXX
Cheque 1204
232.00
9976.90
C
XXXXXXXXXX
Cheque 1205
189.65
9787.25
C
XXXXXXXXXX
Deposit
2540.20
XXXXXXXXXX
C
XXXXXXXXXX
EFT - Wages
675.00
XXXXXXXXXX
C
XXXXXXXXXX
Cheque 1206
89.95
XXXXXXXXXX
C
XXXXXXXXXX
Bpay – ATO July BAS
1289.00
XXXXXXXXXX
XXXXXXXXXX
Cheque 1207
435.00
9838.50
C
XXXXXXXXXX
Deposit
3058.75
XXXXXXXXXX
C
XXXXXXXXXX
Cheque 1209
150.00
XXXXXXXXXX
C
XXXXXXXXXX
EFT - Wages
675.00
XXXXXXXXXX
C
XXXXXXXXXX
Direct debit - Your Bank Ltd - coffee van lease
748.00
XXXXXXXXXX
C
XXXXXXXXXX
Cheque 1208
240.00
XXXXXXXXXX
C
XXXXXXXXXX
Cheque 1212
720.00
XXXXXXXXXX
C
XXXXXXXXXX
Bank fee
25.00
XXXXXXXXXX
C
XXXXXXXXXX
Merchant fees
35.20
$ XXXXXXXXXX
C
Step 6
The weekly wages for Bean There Coffee Van are reported through complying Single Touch Payroll (STP) software each pay day. The following report from the STP software summarises the wages and other amounts reported for the month of July:
BEAN THERE COFFEE VAN
Payroll Register Report
01 July 2022 to 31 July 2022
Employee name
Salary & wages
Deductions
PAYG W/H
Net Pay
Superannuation Guarantee
Jack
1620
0
75
1545
170.1
Heidi
810
0
180
630
85.05
Totals
2430
0
255
2175
255.15
a) Reconcile the monthly wages with the payments made from the bank account in the table below:
Net wages paid from bank account
$
Add PAYG withheld
$
Total gross wages in MYOB
$
*
Wages & salaries from STP report
$
*
* These 2 figures must match
a) Record journal entries in MYOB to account for the amounts shown in the STP report above for:
· the PAYG withholding
· the Superannuation Guarantee
Step 7
Print the following reports:
· Profit & Loss (Accrual) for July 2022
· Balance Sheet as at 31 July 2022
· Trial Balance for July 2022
· GST (Detail Accrual) for July 2022
Step 8
From the information in your reports complete the BAS for Bean There Coffee Van for July 2022, to be approved and signed by the authorised person. A blank sample BAS form (G – Monthly BAS) is attached.
Who is required to authorise the lodgement of the BAS?
Step 9
Reconcile the completed BAS with financial statements by completing the following table:
Sales from GST (Detail – Accrual):
Purchase Value from GST (Detail Accrual)
· GST Free
$
· ABN
$
· GST
$
· FRE
$
Less Tax collected in sales
$
· GNR
$
Equals Net sales
*$
· GST
$
Sales from Profit & Loss Statement
*$
Add tax withheld no ABN
$
Less Tax Paid in purchases
$
* These two figures should match
Add Gross wages and super expenses + any business expenses coded to N-T
$
** These two figures should match
**Net Purchases
$
**Purchases from Profit and Loss statement (Cost of Sales plus Total Expenses)
$
Liabilities outstanding on Balance Sheet:
BAS Labels
GST Collected
$
1A
$
Less GST Paid
$
1B
$
PAYG Withholding payable
$
W2
$
ABN Tax Withheld
$
W4
$
Total
$
9
$
Step 10
From your file print a GST (Detail cash) report. Explain why the GST collected and GST paid amounts on this report are different to those on the GST (Detail accrual) report printed to prepare the BAS.
Step 11
Prepare a
ief letter to Jane, the owner, enclosing the BAS for approval and signing. The letter should include:
1. Amount owed
2. Due date and payment options
3. Note if there are cu
ently sufficient funds in the bank account to make the payment (check the cu
ent bank statement balance and compare this to amount owing on the BAS). Enquire if Jane anticipates any cash flow difficulties with making the payment by the due date.
4. Advice to contact you regarding a payment a
angement if there could be a payment problem
5. A section at the bottom of the letter, to be signed by Jane, that is her declaration that:
· she authorises you to lodge the BAS on her behalf and
· the information it contains is true and co
ect.
Task 3 – Oral presentation
In Task 2 you prepared a letter to “Jane”, the business manager. In this task you are required to present your letter to “Jane” and explain the information it contains. In order to demonstrate your competence in doing this you are required to use a smart phone or similar device to record a short video (including sound and approximately 3 to 4 minutes) of you performing this task while a friend/associate plays the part of Jane. The video recording must include:
· Your full explanation to Jane of the information in the lette
· An explanation of why you consider it important to consider the cash flow situation of the business
· At least one question from Jane that requires you to provide further explanation to he
· Jane needs to sign the authorisation at the bottom of your letter once it has been explained to her.
Note: This is a simulated business meeting so you should not be simply reading information prepared beforehand. You need to demonstrate active listening and communication skills. The video file should be submitted as evidence of completion of this task.
Task 4 - Amending a BAS
Aussie Replica Engines Limited (ABN XXXXXXXXXXis registered for GST on an accrual basis. The company has already lodged their BAS for the quarter ended 30 September 2021 and paid the outstanding liability of $36,480. The following month an e
or was discovered in which the following invoice was found to have the wrong tax code used:
XXXXXXXXXXSale to New Zealand Train Tours 1 steam engine $220,000 GST
As this was an export sale there was no GST on this sale and the co
ect code should have been EXP. GST collected on the invoice was actually nil not $20,000 as recorded in the MYOB reports.
Aussie Replica Engines Limited wishes to lodge an amended BAS immediately to recover the overpaid GST. Listed below are the original values at the various labels on the September BAS.
a) Complete the third column to indicate what the new amended figures should be at each label when the amended BAS is prepared for lodgement.
BAS Label
September BAS lodged
Amended September BAS
G1
1760000
G2
0
G10
55000
G11
1358720
1A
160000
8A
160000
1B
123520
8B
123520
9
36480
) Complete an amended paper BAS for Aussie Replica Engines Limited for the September 2021 quarter. A blank sample BAS form (C – Quarterly BAS) is attached.
Assessment Submission:
Follow organisational procedures to develop and submit your documents, including:
·