Assignment Task

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 broken 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 library 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 correct GST codes:

Step 3

Process the following transactions:

Receipt from Jane – on 01.07.22 Jane deposited $5000.00 from 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.

Payments are usually made by cheque and you need record the following cheques for June:

Step 4

Record the following outstanding creditors at 31 ^st July 2022:

28.07.22 $376.54 Invoice no. 8436 Coffee Van fuel owed to Local Service Station Ltd (Includes GST)

31.07.22 $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.

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:

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. 

Step 9

Reconcile the completed BAS with financial statements by completing the following table.

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 brief 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 currently sufficient funds in the bank account to make the payment (check the current 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 arrangement 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 correct.

Task 2 – 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 letter
• 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 her Jane needs

Task 3 - Amending a BAS

Aussie Replica Engines Limited (ABN 12 345 678 910) is 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 error was discovered in which the following invoice was found to have the wrong tax code used:

As this was an export sale there was no GST on this sale and the correct 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.

b. 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.

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