A Step-by-Step Million Accounting Workbook

Transcription

1 This workbook is designed according to the latest version of MILLION Accounting Software. It is catered mainly for companies which would like to computerise their account departments. The simple step-by-step guide aids beginner understanding. It is in every confidence that this workbook will beneficial to all. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means; electronic, mechanical, photocopying, recording and or otherwise, without the prior written permission of Million Software Sdn Bhd No patent liability is assumed with respect to the use of the information contained herein. Every precaution has been made to supply complete and accurate information. However, Million Software.neither resumes responsibility for its use, nor for any infringement of patents or other rights of third parties which would result. COPYRIGHT Million SOFTWARE Sdn Bhd (Last Modified on June 2014) Published By: MILLION SOFTWARE SDN BHD Head Office: 35A, Jalan Kebudayaan 4, Taman University, Skudai, Johor Bahru, Johor. Tel :+6(07) Fax :+6(07) Branch Office: 72-2,Persiaran Bayan Indah, Bayan Bay, Bayan Lepas Penang. Tel: +6(04) Website: support@million.my / sales@million.my Copyright of Million Software Sdn Bhd Page 1

2 1. System Requirements Before we continue, please ensure that your computer has the minimum specifications mentioned below. Processor Type Processor Speed Operating System Memory (RAM) Hard Disk Display Other Devices Pentium 4 or higher 1GHz or higher Microsoft Windows XP or later 1GB or more Approximately 1GB of available hard-disk space Super VGA (1024 X 768) or higher-resolution video adapter or monitor Mouse or compatible pointing devices Copyright of Million Software Sdn Bhd Page 2

3 CONTENTS Page 1. Preface 1 2. System Requirement 2 3. Content 3 4. Lesson 1 - Setting Company Profile Create chart of accounts - Create Debtor & Creditor account - Organise batches - Add / Edit / Delete Transaction - Print Reports - Assignment 1 5. Lesson 2 - Open Item Debtor & Creditor Foreign Currency Transaction - Enter opening balance - Maintain Stock Value - Post Dated Cheques - Bank Reconciliation Statement - Transaction involving period 13 - Year End Processing - Assignment 2 6. Lesson 3 - Departmental Account Assignment 3 7. Lesson 4 - Manufacturing Account Maintain Multiple Stock Value - Assignment 4 8. Lesson 5 - Non Profit Organization Account Assignment 5 9. Lesson 6 GST Assignment Answers for Assignments Appendix I - Sample Chart of accounts Trading Company - Manufacturing Company - Non-Profit Organisation Account Copyright of Million Software Sdn Bhd Page 3

4 Lesson 1 Objectives: Learn how to: (1) Set up Company Profile (2) Create Chart of Accounts (3) Debtor and Creditor File Maintenance (4) Maintain Batches (5) Be able to differentiate between Single and Fast Entry at GL Transaction (6) Print the Chart of Accounts, General Ledger and Trading and Profit & Loss Account (7) Learn the correct way to backup your directory (8) Edit Chart of Accounts (9) Learn how to Search for a Transaction Edit a Transaction Delete a Transaction Copyright of Million Software Sdn Bhd Page 4

5 ASSIGNMENT 1 Go to System General Setup Company, to add the following company profile Company Name : Sunrise Trading Sdn Bhd Registration No. : A Accounting Period : 01/01/ /12/2012 Actual Start Date : 01/01/2012 Set the format type for the accounts codes: Account Format: XXXX/XXXX ( System General Setup Options ) 1. Create the following Chart of Account Numbers: (Go to General GL Accounts Add the below general chart of accounts.) Account Number A/C Description A/C Group Classified As 1000/0000 Capital Capital & Reserves /0000 Retained Earning Capital & Reserves Retained Earning 1051/0000 Current Profit & Loss Capital & Reserves Current Year Profit / (Loss) 3000/0000 Trade Debtors Current Assets Debtor 3010/0000 Bank Current Assets Bank 3020/0000 Cash In Hand Current Assets Cash 4000/0000 Trade Creditors Current Liabilities Creditor 5000/0000 Sales Revenue Sales 6010/0000 Purchases Cost Of Goods Sold Purchases 9001/0000 Discount Allowed Expenditure /0000 Salaries Expenditure /0000 Telephone Expenditure /0000 Water & Electricity Expenditure - 2. Add the following Debtors: (Go to Debtors Debtor Maintenance Add) Phone Debtor No. Name Billing Address Numbers 3000/M001 Maya Plastic Trading 112, Jalan Payu, Tampoi, JB /M002 Microsoft Sdn Bhd No. 5, Jalan Harimau, KL /S001 Sakura Communication Co 333, Jalan Bintang, Penang Add the following Creditors: (Go to Creditors Creditor Maintenance Add) Phone Creditor No. Name Address Numbers 4000/A001 Aloha Corporation No. 10, Jalan Suria 19, JB /T001 Time Dotcom Sdn Bhd No. 56, Jalan Merah, KL Copyright of Million Software Sdn Bhd Page 5

6 4. Create the following batches: (General Batch Add) Code Description Batch Type 10 CREDIT SALES Sales 20 CREDIT PURCHASES Purchases 30 BANK Bank 40 CASH Cash 50 CN / DN Journal (Select From Month = January To January Year = 2012 Generate Yes) 5. Add the following Credit Sales Transactions (Go to Debtors Invoice Add ) Ref. No. RM 02/01/2012 Sales to Maya Plastic Trading Inv , /01/2012 Sales to Microsoft Sdn Bhd Inv2002 3, /01/2012 Sales to Sakura Communication Co Inv , Add the following Credit Purchases Transactions ( Go to Creditors Purchases Invoice Add ) Ref. No. RM 01/01/2012 Purchased from Aloha Corporation Inv , /01/2012 Purchased from Time Dotcom Sdn Bhd I , Add the following Bank Transactions (Go to General Cash Book Payment Add) Ref. No. RM 31/01/2012 Salaries PV0101 1, /01/2012 Telephone PV /01/2012 Water & Electricity PV Add the following Cash Transactions (Go to General Cash Book Receipt Add) Ref. No. RM 21/01/2012 Cash Sales CS /01/2012 Cash Sales CS Copyright of Million Software Sdn Bhd Page 6

7 9. Add the following Receive Transactions. (Go to Debtors Receive Payment Add) Ref. No. RM 21/01/2012 Received Payment from Maya OR , Plastic 10. Add the following Payment Transactions. (Go to Creditors Pay Bills Add) Ref. No. RM 31/01/2012 Paid to Time Dotcom Sdn Bhd PV0104 5, Add the following Credit Note to Journal (Go to Debtors Credit Note Add ) Ref. No. RM 31/01/2012 Being discount allowed to Maya CN Plastic Trading for Invoice No.: Inv View the following Reports: (i) Print Batch of Transactions (General More Report Print Batch Of Transaction) (ii) Bank Ledger (General View Ledgers) (iii) Trial Balance (General Trial Balance) (iv) Trading And Profit & Loss Account (General Profit & Loss Account) 13. Save a copy of data into hard disk (C drive), or others drive. (i) Go to System Backup Database (ii) Enter the directory path as C:\BACKUP\SUNRISE\ (iii) Click on the Backup button to backup. Experiments 1. Change the Account Description from Telephone to Telephone Charges. (Go to General GL Accounts Filter Edit) 2. Change the Sales amount for Maya Plastic Trading from RM13, to RM13, (Go to Debtors Invoice Filter Edit Reverse) 3. Delete the entire transaction for Cash Sales No. CS 0001 of RM (Go to General Cash Book Receipt Delete) 4. Change the Bank Account Number from 3010/000 to 3050/0000. (Go to System Administrative Tools Change Data User ID & Password: Admin Accounts) Copyright of Million Software Sdn Bhd Page 7

8 Lesson 2 Objectives: (1) Maintain Company Profile - Set the Accounting Year (2) Generate Sample Chart of Accounts -Trading Company (3) Debtor / Creditor - Maintain Debtor / Creditor accounts - B/F Transactions - Sales Invoice / Purchase Invoice - Receive Payment / Pay Bills - Knock off Bills (4) Enter Foreign Currency transaction (5) Cash Book entry - Payment - Receipt (6) Maintain Closing Stock Value (7) Post Dated Cheque (8) View Reports - Debtor Statement - Aging Reports - Payment Due (9) Year End Processing - Backup Copyright of Million Software Sdn Bhd Page 8

9 ASSIGNMENT 2 Company Profile (System General Setup Company) Company Name : Wong Long Sdn Bhd R.O.C. No. : A Address Accounting Year : 01/01/ /12/2012 Actual Starting Date : 01/11/2012 : 123 Jalan Seroja 39, Taman Johor Jaya, Johor Bahru Set the format type for the accounts codes: Account Format: XXXX/XXXX ( System General Setup Options ) 1. Create a Sample Chart Of Account (General GL Accounts Sample Trading Account Generate enter admin user name & password Login Yes OK) 2. Maintain Debtors Accounts (Debtors Debtor Maintenance Add) Debtor A/C Name 3000/S001 Sakura Trading Sdn Bhd 3000/S002 Seng Tech Sdn. Bhd. 3000/U001 United Co. Sdn Bhd 3000/V001 Victor Pte. Ltd Currency: SGD Currency Rate: 2.30 * (Go to General Miscellaneous Currency SGD Exchange Rate Add Date from 01/11/2012 To 30/11/2012 Save) 3. Creditors Accounts (Creditors Creditor Maintenance Add) Creditor A/C Name 4000/L001 Lee C.S. Sdn Bhd Copyright of Million Software Sdn Bhd Page 9

10 4. Enter the following opening as at 31/10/2012 (General A/C Opening Balance) Description Debit Credit (RM) (RM) Capital 18, Retained Earning 1, Sakura Trading 9, United Co. S/B 3, Bank PBB A/C 9, Cash Stock 8, Lee C. S. Sdn Bhd 11, , , Note: Lock the opening balance. 5. The Company has two debtors and their Unpaid Bills till 31/10/2012 are shown below (Debtors B/F Transaction Add) Date Account No. Bill No. Description Amount (RM) 01/09/ /S001 I 9801 Sales 2, /09/ /S001 I 9802 Sales 1, /10/ /S001 I 9803 Sales 3, /10/ /S001 I 9804 Sales 1, /08/ /U001 I 9805 Sales 1, /08/ /U001 I 9806 Sales 1, Note: Use the List button to check whether there is difference between debtor opening balance and total B/F transaction. 6. Generate Lee C. S. Sdn Bhd Outstanding Bills from opening balance (Creditors B/F Transaction List Generate Yes) 7. Generate a set of Batches for November 2012 (General Batch Add Sample Yes OK ) Code Description Batch Type 10 Sales Sales 20 Purchases Purchase 30 Bank Bank 40 Cash Cash 50 Journal Journal (Select From Month = November to December Year = 2012 Generate Yes) Copyright of Million Software Sdn Bhd Page 10

11 8. Enter the following transactions for the month of November 2012 Batch: Sales (Debtors Invoice Add) Date Description Ref No. Amount 01/11/2012 Sakura Trading I , /11/2012 United Co. I , /11/2012 United Co. I /11/2012 Seng Tech Sdn Bhd I /11/2012 Victor Pte. Ltd I 9824 $ (Currency Rate : 2.30) 9. Batch: Purchases (Creditors Purchase Invoice Add) Date Description Ref No. Amount 07/11/2012 Lee C. S. S/B , /11/2012 Lee C. S. S/B , Batch: Bank (Debtors Receive Payment Add) Date Description Chq No. Ref No. Amount 02/11/2012 Sakura Trading PBB OR0001 2, Pay For:I /11/2012 United Co. RHB OR0002 1, Pay For:I /11/2012 United Co. RHB OR Pay For:I /11/2012 Sakura Trading PBB OR0005 4, Pay For:I 9803 & I /11/2012 Seng Tech Sdn Bhd TLB OR Pay For:I /11/2012 Victor Pte.Ltd SBB OR0007 $ Pay For:I 9824 (Currency Rate : 2.20) 01/12/2012 Sakura Trading PBB OR0009 1, Pay For:I /12/2012 United Co. RHB OR Pay For:I (General Cash Book Receipt Add) Date Description Chq No. Ref No. Amount 08/11/2012 Rental Income BOC OR0004 1, /12/2012 Sundry Income PBB OR /12/2012 Rental Income BOC OR0011 1, Copyright of Million Software Sdn Bhd Page 11

12 12. (General Cash Book Payment Add) Date Description Chq No. Ref No. Amount 05/11/2012 Water & Electricity PBB PV /11/2012 Salary PBB PV0002 1, /12/2012 Salary PBB PV0003 2, Batch: Cash (General Cash Book Payment Add) Date Description Ref No. Amount 20/11/2012 Stationery CV /11/2012 Stamps CV (General Cash Book Receipt Add) Date Description Ref No. Amount 05/11/2012 Cash Sales CS /11/2012 Cash Sales CS Batch: Journal (Debtors Credit Note Add) Date Description Ref No. Amount 28/11/2012 Goods Return from Sakura CN For Invoice no.: I Enter Closing Stock Value for Year 2012 (General Maintain Stock Value Add Save Enter Closing Stock Add ) Opening Stock Value as at 01/11/2012 = RM 8, Closing Stock Value as at 31/12/2012 = RM2, Received a Post Dated Cheques (PDC) from a Debtor (i) Enter the following PDC transaction Batch: Bank Dec 2011 (Debtors Receive Payment Add) Date Description (Pay For) Chq No. Ref No. Amount 25/12/2012 Sakura Trading (I 9802) PBB PDC12/01 1, (ii) View Debtor Statement for 30 Nov 2012 (Debtors Debtor Reports Debtor Statement Print Preview) Copyright of Million Software Sdn Bhd Page 12

13 18. The following is the Bank Statement as at 31/10/2012 (General Bank Reconciliation Select Bank PBB A/C Edit Maintain B/F Trans Add) Bank Reconciliation Statement as at 31/10/2012 Balance as per Bank Statement 7, Add: Deposits Not Credited By Bank 01/10/2012 OR 2145 Sakura Trading Sdn Bhd 2, PBB /10/2012 OR 2166 Rental Received 1, , MBB , Less: Unpresented Cheque 28/10/2012 PV 1897 Water & Electricity PBB /10/2012 PV1854 Rental 1, , PBB Balance as per Bank Account 9, Copyright of Million Software Sdn Bhd Page 13

14 19. The following is the Bank Statement as at 30/11/2012 (General Bank Reconciliation Select Bank PBB A/C Edit Select the Statement Date = November 2012 Refresh) PUBLIC BANK BERHAD (Johor Bahru) Wong Long Sdn Bhd Statement 123, Jalan Seroja 39, (Customer Copy) Taman Johor Jaya, Johor Bahru, Johor. Date Transaction Description Transaction Amount Balance (RM) (RM) Balance B/F 7, /11/2012 Local Cheque Deposit , , /11/2012 Debit Cheque Deposit , , /11/2012 Debit Cheque Deposit , , /11/2012 Debit Cheque Deposit , , /11/2012 Debit Cheque , , Total of debit items : 9, Total of credit items : 1, Note: 1. All items and balances shown above will be considered correct unless the Bank is notified of any discrepancy within 14 days. 2. Please notify us of any change of address in writing. View the Bank Reconciliation Statement as at November 2012 Result: Balance as per Bank Statement = RM 14, Balance as per Bank Account = RM 18, Experiment (i) The bill for United Co. OR 0003 is wrongly knocked off and should be knocked off against Invoice no.: I 9806 instead. Reverse Bills (Debtors Knock Off Bill Edit Reverse) Knock Off again the correct Invoice with the payment. (Debtors Knock Off Bill Edit Edit) 21. View the following debtors reports for Nov 2012 (i) Preview Debtor Statement (Debtors Debtor Reports Debtors Statement OK Statement Date: 30/11/2012) Copyright of Million Software Sdn Bhd Page 14

15 (ii) Preview Debtor Aging (Debtors Debtor Reports Debtors Aging OK To Date: 30/11/2012) Aging by Month ) (iii) Preview Debtor Payment Due (Debtors Debtor Reports Debtors Payment Due OK To Date: 30/11/2012) 22. Enter the following Sales invoice for January 2013 (General Batch Add From/To Month: January Year: 2013 Generate Yes) (General GL Transaction Quick Entry Sales Invoice OK) Batch: Sales Date Description Ref No. Amount 02/01/2013 Sakura Trading Sdn Bhd Inv , /01/2013 United Co. Sdn Bhd Inv , /01/2013 Seng Tech Sdn Bhd Inv , Year end processing for Year 2012 (System Backup Database Backup To: C:\Backup\Wonglong\ Backup) (System Administrative Tools Year End Closing OK enter admin user & password Copyright of Million Software Sdn Bhd Page 15

16 Lesson 3 Objectives: (1) Learn how to use Project Code to handle Departmental Account (2) Learn how to maintain Department Stock Value (3) Learn how to use the Consolidated Account to print out columnised Profit & Loss Account for all the departments. (4) At the end of this assignment, the student should be able to apply the concept to other type of accounts such as contract accounts with many projects, branch accounts, organization with many cost centers, etc. Copyright of Million Software Sdn Bhd Page 16

17 ASSIGNMENT 3 Departmental Account 1. Seng Long Supermarket has 3 departments accounts. The 3 departments are: Ladies, Gents & Children. Their accounting year starts from 01/01/2012 to 31/12/2012. Account Format: XXXX/XXXX ( System General Setup Options ) 2. Using the following codes to maintain the department codes respectively:- (Go to General Miscellaneous Project Add) Project Description Date Start Date Complete LD Ladies 01/01/ /12/2012 GT Gents 01/01/ /12/2012 CD Children 01/01/ /12/ Maintain General accounts. (General GL Accounts Add) A/C No. A/C Description Account Group Classified As 1000/0000 Capital Capital & Reserves /0000 Retained Earning Capital & Reserves Retained Earning 1051/0000 Current Profit / Loss Capital & Reserves Current Year Profit/(Loss) 3010/0000 Cash In Hand Current Assets Cash 3020/0000 Bank Current Assets Bank 3100/0000 Stock Current Assets Closing Stock 4000/0000 Trade Creditor Current Liabilities Creditor 5000/0000 Cash Sales Revenue Sales 6000/0000 Opening Stock Cost Of Goods Sold Opening Stock 6010/0000 Purchases Cost Of Goods Sold Purchases 6100/0000 Closing Stock Cost Of Goods Sold Closing Stock 9010/0000 Salary Expenditure /0000 Insurance Expenditure /0000 Rental Expenditure - 4. Maintain Creditor s accounts (Creditors Creditor Maintenance Add) Creditor No. Company Name 4000/L001 Lee Corporation 4000/R001 R & D Fashion 4000/J001 JJ Fashion Copyright of Million Software Sdn Bhd Page 17

18 5. Organise January s batches (General Batch Add Sample Yes OK ) (Select From Month = January To January Year = 2012 Generate Yes) 6. Enter the following transactions for the respective department: Purchases (Go to Creditors Purchase Invoice Add) Departments Date Description Ref. No. Ladies Gents Children 01/01/2012 Lee Corporation Auto (PI001) 6, , , /01/2012 R & D Fashion Auto 3, , , /01/2012 JJ Fashion Auto 9, , , Cash (Go to General Cash Book Receipt Add) Departments Date Description Ref. No. Ladies Gents Children 11/01/2012 Cash Sales Auto (CS001) 10, , , /01/2012 Cash Sales Auto 5, , , /01/2012 Cash Sales Auto 12, , , Bank (Go to General Cash Book Payment Add) Departments Date Description Ref. No. Ladies Gents Children 21/01/2012 Salary Auto (PV001) 1, , , /01/2012 Insurance Auto /01/2012 Rental Auto The stock value for each department ( Go to General Maintain Stock Value Add ) Ladies Gents Children Total Stock as at 01/01/2012 (Opening) 6, , , , Stock as at 31/01/2012 (Closing) 5, , , , Copyright of Million Software Sdn Bhd Page 18

19 Go to General Maintain Stock Values to enter the above Closing stock values. Project Bal. Sheet Closing Stock Description P&L Opening Stock P&L Closing Stock LD 3100/0000 Stock 6000/ /0000 GT 3100/0000 Stock 6000/ /0000 CD 3100/0000 Stock 6000/ / View reports for each department: (i) View the respective departments Profit and Loss Account; (Go to General Profit and Loss Account Select Project Code) (ii) Print a consolidated Profit and Loss Account that includes all departments; (Go to General More Report Consolidated Account Maintain Generate Generate Project OK) Copyright of Million Software Sdn Bhd Page 19

20 Lesson 4 Objectives: Learn how to: (1) Create a Chart of Account for Manufacturing Account (2) Use the function of Special Account function (3) Maintain Multiple Opening & Closing Stock account (4) Print Manufacturing Account Copyright of Million Software Sdn Bhd Page 20

21 ASSIGNMENT 4 Manufacturing Account CREATIVE INDUSTRIES SDN BHD wishes to control their using Million Accounting System. Their accounting year is from 01/01/2012 to 31/12/2012. Account Format: XXXX/XXXX ( System General Setup Options ) 1. Create the following chart for the Manufacturing Account : A/C No A/C Description A/C Group Classified As Group To 7000/0000 Manufacturing Account Cost Of Goods Sold Cost Of Goods Manufactured 7000/ /1000 Raw Material Cost Of Goods Manufactured / /1010 Opening Stock Raw Cost Of Goods Manufactured Opening Stock 7000/1000 Material 7000/1020 Purchases Of Raw Cost Of Goods Manufactured Purchases 7000/1000 Material 7000/1030 Carriage Inwards Cost Of Goods Manufactured / /1040 Closing Stock Raw Cost Of Goods Manufactured Closing Stock 7000/1000 Material 7000/2000 Direct Labour Cost Of Goods Manufactured / /2010 Product Wages Cost Of Goods Manufactured / /2020 E.P.F. Contribution Cost Of Goods Manufactured /2000 (Production) 7000/2030 SOCSO Contribution Cost Of Goods Manufactured /2000 (Production ) 7000/3000 Factory Overhead Cost Of Goods Manufactured / /3010 Factory Rental Cost Of Goods Manufactured / /3020 Factory Expenses Cost Of Goods Manufactured / /3030 Water & Electricity Cost Of Goods Manufactured /3000 (Factory) 7000/3040 Depreciation of Plant & Cost Of Goods Manufactured /3000 Machinery 7000/4000 Packing Material Cost Of Goods Manufactured / /4010 Opening Stock Cost Of Goods Manufactured Opening Stock 7000/4000 Packing Material 7000/4020 Purchases of Packing Cost Of Goods Manufactured Purchases 7000/4000 Material 7000/4030 Closing Stock Cost Of Goods Manufactured Closing Stock 7000/4000 Packing Material 7000/5000 Work In Progress Cost Of Goods Manufactured /5000 Copyright of Million Software Sdn Bhd Page 21

22 7000/5010 Opening Work In Cost Of Goods Manufactured Opening Stock 7000/5000 Progress 7000/5020 Closing Work In Cost Of Goods Manufactured Closing Stock 7000/5000 Progress 1000/0000 Capital Capital & Reserves / /0000 Retained Earning Capital & Reserves Retained Earning 1050/ /0000 Current Profit & Loss Capital & Reserves Current Year Profit / (Loss) 1051/ /0000 Plant & Machinery Fixed Assets Fixed Assets 2001/ /0050 Accum. Deprn. Plant Fixed Assets Accumulated Depreciation 2001/0000 & Machinery 3010/0000 Cash At Bank Current Assets Bank 3010/ /0000 Stock Current Assets Closing Stock 3020/ /1000 Stock Raw Material Current Assets Closing Stock 3020/ /4000 Stock Packing Current Assets Closing Stock 3020/4000 Material 3020/5000 Stock Work In Progress Current Assets Closing Stock 3020/ Organise January s batches (General Batch Add Sample Yes OK) (Select From Month = January To January Year = 2012 Generate Yes) 3. Add the following transactions for Jan 2012 : (Go to General Cash Book Payment Add) Bank Book Jan 2012 Date Description Ref. No. Amount 01/01/2012 Purchase of Raw Material PV , /01/2012 Carriage Inward PV /01/2012 Production Wages PV2003 5, /01/2012 E.P.F. Contribution (Production) PV /01/2012 SOCSO Contribution (Production) PV /01/2012 Factory Rental PV2006 3, /01/2012 Factory Expense PV /01/2012 Water & Electricity (Factory) PV2008 1, /01/2012 Upkeep of Machinery (7000/3050) PV /01/2012 Purchase of Packing Material PV2010 1, Journal Jan 2012 (General GL Transaction Add) Date Description Ref. No. Amount 31/01/2012 Depreciation of Plant & Machinery JV2001 5, Copyright of Million Software Sdn Bhd Page 22

23 4. The figures for Opening & Closing Stock as at 31/01/2012 are as follows: - ( Go to General Maintain Stock Value Add ) Opening Stock Closing Stock Raw Material 60, , Packing Material 3, , Work-in-progress 10, , Go to General Maintain Stock Values to enter the above stock values. Project Bal. Sheet Closing Stock Description P&L Opening Stock P&L Closing Stock 3020/1000 Stock 7000/ / /4000 Stock 7000/ / /5000 Stock 7000/ / Print the following Financial Reports: - i) Manufacturing Account (General More Reports Manufacturing Account) ii) Profit and Loss Account (General Profit & Loss Account) iii) Balance Sheet (General Balance Sheet) Copyright of Million Software Sdn Bhd Page 23

24 Lesson 5 Objectives: Learn how to: (1) Set up Company Profile (2) Create Chart of Accounts (3) Enter Opening Balance for The first month of financial year (4) Organise Batches (5) Add / Edit Transactions (6) Edit Account Type Description (7) View Report Copyright of Million Software Sdn Bhd Page 24

25 ASSIGNMENT 5 1. Company Profile (System General Setup Company) Company Name Address : XYZ Social Club Accounting Year : 01/01/ /12/2012 Actual Starting Date : 01/01/2012 : 123 Jalan Seroja 47, Taman Johor Jaya, Johor Bahru Set the format type for the accounts codes: Account Format: XXXX/XXXX ( System General Setup Options ) General Accounts Account Number A/C Description A/C Group Classified As 1000/0000 Accumulated Fund B/F Capital & Reserved Retained Earning 1001/0000 Accumulated Fund Capital & Reserved Current Year Profit / Loss 2010/0000 Furniture & Fitting Fixed Assets Fixed Assets 2020/0000 Premises Fixed Assets Fixed Assets 3010/0000 Bank Current Assets Bank 3020/0000 Cash In Hand Current Assets Cash 3030/0000 Subscription in Arrears Current Assets /0000 Subscription in Advance Current Liabilities /0000 Other Creditors Current Liabilities /0000 Member Subscription Other Revenue /0000 Entrance Fees Other Revenue /0000 Donation Other Revenue /0000 Ground Rent Other Revenue /0000 Locker Rent Other Revenue /0000 Social Activities Other Revenue /0000 Rent and Rates Expenditure /0000 Salaries & Wages Expenditure /0000 Telephone Charges Expenditure /0000 Water & Electricity Expenditure /0000 Printing & Stationery Expenditure /0000 Sundry Expense Expenditure /0000 Upkeep of Furniture & Fitting Expenditure /0000 Expenses of Social Activities Expenditure - Copyright of Million Software Sdn Bhd Page 25

26 2. Following are the opening balances as at 01/01/2012: (Go to General Account Opening Balance) Description Debit (RM) Credit (RM) Accumulated Fund B/F 60, Furniture & Fitting 15, Premises 20, Bank 25, Cash In Hand Subscription in Advance , , Organise the batches as follows: (General Batch Add Sample Yes OK) (Select From Month = January To January Year = 2012 Generate Yes) Code Description Batch Type 10 Bank Receipts Bank 20 Bank Payments Bank 30 Cash Receipts Cash 40 Cash Payments Cash 50 Journal Journal 4. Following are the transactions for January 2012 Bank Receipts Jan 12 (Go to General Cash Book Receipt Add) Date Description Bill No. Cheque No. Amount 01/01/2012 Ground Rent OR 2001 SBB , /01/2012 Members Subscription OR 2002 PBB , /01/2012 Donation OR 2003 RHB , /01/2012 Entrance Fees OR 2004 PBB , /01/2012 Members Subscription OR 2005 PBB , /01/2012 Social Activities OR 2006 CBB , Bank Payments Jan 12 (Go to General Cash Book Payment Add) Date Description Bill No. Cheque No. Amount 15/01/2012 Desks and Chairs (F&F) BPV 1001 PBB , /01/2012 Rental BPV 1002 PBB , /01/2012 Salaries BPV 1003 PBB , /01/2012 Upkeep of Furniture & Fitting BPV 1004 PBB Copyright of Million Software Sdn Bhd Page 26

27 15/01/2012 Water & Electricity BPV 1005 PBB /01/2012 Expenses of Social Activities BPV 1006 PBB , Cash Receipts Jan 12 (Go to General Cash Book Receipt Add) Date Description Bill No. Amount 01/01/2012 Members Subscription OR /01/2012 Entrance Fees OR /01/2012 Locker Rent OR Cash Payments Jan 12 (Go to General Cash Book Payment Add) Date Description Bill No. Amount 31/01/2012 Cleaning Fee CPV 001 1, /01/2012 Upkeep of Furniture & Fitting CPV /01/2012 Sundry Expenses CPV 003 1, /01/2012 Stationery CPV Experiments i) Change the Bank Received from Members Subscription on 31/01/2012 from RM4, to RM4, ii) Change the Word Other Revenue to Income ( Go to System Administrative Tools Account Group ) iii) Change the Trading And Profit And Loss Account to Income And Expenditure Account NET PROFIT/(LOSS) to Accumulated Fund and RETAINED PROFIT/(LOSS) to Accumulated Fund B/F ( Go to General Profit and Loss Account Print Edit Report Wording ) 6. View the following information: (i) Chart of Accounts; (ii) Trial Balance as at 31/01/2012; (iii) Trading And Profit & Loss for the month ended 31/01/2012; (iv) Balance Sheet as at 31/01/2012; Copyright of Million Software Sdn Bhd Page 27

28 Lesson 6 Objectives: Learn how to: (1) Set up GST code (2) Transaction with GST Debtor Invoice Creditor Invoice (3) View GST report GST Transaction Listing GST FORM 3 Generate GAF GST Accrual report Copyright of Million Software Sdn Bhd Page 28

29 ASSIGNMENT 6 Company Profile (System General Setup Company) Company Name : Wonderful Sdn Bhd R.O.C. No. : H TAX No. : Address Accounting Year Actual Starting Date : 12 Jalan Permas Jaya 2/10, Taman Permas Jaya, Johor Bahru : 01/01/201x 31/12/201x : 01/11/201x Set the format type for the accounts codes: Ensure Account Format: XXXX/XXXX and GST entry is set up (System General Setup Options select GST Format MY) 1. Create a Sample Chart Of Account (General GL Accounts Sample Trading Account Generate enter admin user name & password Login Yes OK) 2. Set up GST code (General Miscellaneous GST Sample Select GST Output tax/input tax A/C No. Generate) 3. Maintain Debtors Accounts (Debtors Debtor Maintenance Add) Debtor A/C Name Default GST 3000/A001 Apple Trading Sdn Bhd SR 3000/T002 Tomato Design Sdn. Bhd. ZR 3000/U001 United Co. Sdn Bhd SRI 4. Creditors Accounts (Creditors Creditor Maintenance Add) Creditor A/C Name Default GST 4000/C001 Lee C.S. Sdn Bhd TX6 5. Add the following Nominal Accounts: Some account codes may have already been set up. Check and set up new accounts as required. (General GL Accounts Add) Copyright of Million Software Sdn Bhd Page 29

30 GL Number Account Name Account Type Account Group Classified as GST Code 9050/0000 Vehicle Repairs &Maintenance P&L Expenditure - TXI 6. Enter the following opening as at 31/10/201x (General A/C Opening Balance) Description Debit Credit (RM) (RM) Capital 23, Retained Earning 2, Apple Trading 8, United Co. S/B 3, Bank PBB A/C 5, Cash 1, Stock 5, Lee C. S. Sdn Bhd 2, , , Note: Lock the opening balance. 7. The Company has two debtors and their Unpaid Bills till 31/10/201x are shown below (Debtors B/F Transaction Add) Date Account No. Bill No. Description Amount (RM) 01/09/201x 3000/A001 INV 7801 Sales 2, /09/201x 3000/A001 INV 7802 Sales 1, /10/201x 3000/A001 INV 7803 Sales 3, /08/201x 3000/U001 INV 7804 Sales 1, /08/201x 3000/U001 INV 7805 Sales 1, Note: Use the List button to check whether there is difference between debtor opening balance and total B/F transaction. 8. Generate Lee C. S. Sdn Bhd Outstanding Bills from opening balance (Creditors B/F Transaction List Generate Yes) 9. Generate a set of Batches for November 201x (General Batch Add Sample Yes OK ) Code Description Batch Type 10 Sales Sales 20 Purchases Purchase 30 Bank Bank 40 Cash Cash 50 Journal Journal Copyright of Million Software Sdn Bhd Page 30

31 (Select From Month = November to December Year = 201X Generate Yes) 10. Enter the following transactions for the month of November 201x (Debtors Invoice Add) Date Description Ref.No. Amount GST type 01/11/201x Sales to Apple Trading INV , SR 02/11/201x Sales to Tomato Design INV ZR 26/11/201x Sales to United Co. Pte Ltd INV , SRI 28/11/201x Sales to Seng Tech INV 8923 USD ZR * Exchange Rate: Enter the following transaction of Purchase (Creditors Purchase Invoice Add) Date Description Ref No. Amount GST type 07/11/201x Lee C. S. S/B , TX6 21/11/201x Lee C. S. S/B , TX6 12. Enter the following transaction of Receive Payment (Debtors Receive Payment Add) Date Description Cheque No. Ref.No. Amount 28/12/201x Apple Trading PBB OR0001 2, Pay For:INV /12/201x United Co. RHB OR0002 1, Pay For:INV /12/201x Tomato Design. RHB OR Pay For:INV Create the following customer credit note: On 23 Nov 201x, Issue a Credit Note No 100 to United Co. due to overcharges RM100 for the Invoice No. INV7805 (Debtors Credit Note Add) 14. Enter the following Petty Cash Transactions: (General Cash Book Payment Add) Copyright of Million Software Sdn Bhd Page 31

32 Petty Cash Voucher No. Date Details Amount RM Tax PCV x Office Stationery Including tax PCV x DHL Courier Including tax PCV x Coffee & Sugar Zero-rated 15. Enter the following Bank Transactions: (General Cash Book Payment Add) Reference No Date Details Amount RM Tax RH x Fire Insurance No RH x No Van repairs RH x Forward Telecom Telephone bill Including GST 6% Excluding GST 6% Including GST 6% RH x Advertising No Including GST 6% RH x Paid Mr Chin Dec 201x Commission RH x Shop Rent Dec 201x No RH x Accounting Fees No 4455 Dec 201x Out of Scope (N-T) 1, Excluding GST 6% Excluding GST 6% RH x Sosco Dec 201x Out of Scope (N-T) RH x EPF Dec 201x Out of Scope (N-T) Copyright of Million Software Sdn Bhd Page 32

33 ANSWERS FOR LESSON * All the provided answers are for reports printed after the experiments / adjustments. LESSON 1 Copyright of Million Software Sdn Bhd Page 33

34 Copyright of Million Software Sdn Bhd Page 34

35 LESSON 2 Copyright of Million Software Sdn Bhd Page 35

36 Copyright of Million Software Sdn Bhd Page 36

37 Copyright of Million Software Sdn Bhd Page 37

38 LESSON 3 Copyright of Million Software Sdn Bhd Page 38

39 Copyright of Million Software Sdn Bhd Page 39

40 LESSON 4 Copyright of Million Software Sdn Bhd Page 40

41 Copyright of Million Software Sdn Bhd Page 41

42 Copyright of Million Software Sdn Bhd Page 42

43 LESSON 5 Copyright of Million Software Sdn Bhd Page 43

44 Copyright of Million Software Sdn Bhd Page 44

45 Copyright of Million Software Sdn Bhd Page 45

46 APPENDIX I: SAMPLE CHART OF ACCOUNT TRADING COMPANY Account Description Account Type Account Group Classified As 1000/0000 Capital Balance Sheet Capital & Reserves /0000 Drawing Balance Sheet Capital & Reserves /0001 Retained Profit / (Loss) Balance Sheet Capital & Reserves Retained Earning 1050/0002 Current Year Profit / (Loss) Balance Sheet Capital & Reserves Current Year Profit / (Loss) 2010/0000 Furniture & Fitting Balance Sheet Fixed Assets Fixed Assets 2010/0005 Accum. Depn. Furniture & Fitting Balance Sheet Fixed Assets Accumulated Depreciation 2020/0000 Office Equipment Balance Sheet Fixed Assets Fixed Assets 2020/0005 Accum. Depn. Office Equipment Balance Sheet Fixed Assets Accumulated Depreciation 2030/0000 Motor Vehicle Balance Sheet Fixed Assets Fixed Assets 2030/1000 Motor Vehicle JEL 5368 Balance Sheet Fixed Assets Fixed Assets 2030/1050 Accum. Depn. M/V JEL5368 Balance Sheet Fixed Assets Accumulated Depreciation 2030/2000 Motor Vehicle JFL 613 Balance Sheet Fixed Assets Fixed Assets 2030/2050 Accum. Depn. M/V JFL 613 Balance Sheet Fixed Assets Accumulated Depreciation 3000/0000 Trade Debtors Balance Sheet Current Assets Debtor 3005/0000 Other Debtors Balance Sheet Current Assets /0000 Bank PBB Balance Sheet Current Assets Bank 3020/0000 Cash In Hand Balance Sheet Current Assets Cash 3030/0000 Stock Balance Sheet Current Assets Closing Stock 3040/0000 Deposit & Prepayment Balance Sheet Current Assets /1000 Deposit Water & Electricity Balance Sheet Current Assets /2000 Prepayment Insurance Balance Sheet Current Assets /0000 Trade Creditors Balance Sheet Current Liabilities Creditor 4005/0000 Other Creditors Balance Sheet Current Liabilities /0000 Accruals Balance Sheet Current Liabilities /0000 H. P. Creditors -PBB FINANCE (JFL 613) Balance Sheet Current Liabilities /0000 Term Loan MBB BANK Balance Sheet Current Liabilities /0000 Sales P&L Revenue Sales 5010/0000 Return Inwards P&L Revenue Sales Adjustment 5020/0000 Discount Allowed P&L Revenue Sales Adjustment 6000/0000 Opening Stock P&L Cost Of Goods Sold Opening Stock 6010/0000 Purchases P&L Cost Of Goods Sold Purchases Copyright of Million Software Sdn Bhd Page 46

47 6020/0000 Carriage Inwards P&L Cost Of Goods Sold Purchases Adjustment 6030/0000 Closing Stock P&L Cost Of Goods Sold Purchases Adjustment 9010/0000 Advertisement P&L Expenditure /0000 Bank Charges P&L Expenditure /0000 Depreciation of Fixed Assets P&L Expenditure /0000 Salaries P&L Expenditure /0000 Travelling P&L Expenditure /0000 Upkeep of Motor Vehicle P&L Expenditure /0000 Printing & Stationery P&L Expenditure /0000 Rental P&L Expenditure /0000 Water & Electricity P&L Expenditure /0000 Telephone Charges P&L Expenditure /0000 EPF Contribution P&L Expenditure /0000 SOCSO Contribution P&L Expenditure /0000 Taxation P&L Expenditure - Copyright of Million Software Sdn Bhd Page 47

48 MANUFACTURING COMPANY Account Description Account Type Account Group Classified As 1000/0000 Capital Balance Sheet Capital & Reserves /0001 Retained Profit / (Loss) Balance Sheet Capital & Reserves Retained Earning 1050/0002 Current Year Profit / (Loss) Balance Sheet Capital & Reserves Current Year Profit / (Loss) 2000/0000 Fixed Assets Balance Sheet Fixed Assets Fixed Assets 2000/1000 Furniture & Fitting Balance Sheet Fixed Assets Fixed Assets 2000/1050 Accum. Depn. Furniture & Fitting Balance Sheet Fixed Assets Accumulated Depreciation 2000/2000 Office Equipment Balance Sheet Fixed Assets Fixed Assets 2000/2050 Accum. Depn. Office Equipment Balance Sheet Fixed Assets Accumulated Depreciation 2000/3000 Motor Vehicle JEL 5368 Balance sheet Fixed Assets Fixed Assets 2000/3050 Accum. Depn. M/V JEL5368 Balance Sheet Fixed Assets Accumulated Depreciation 2000/4000 Plant & Machinery Balance Sheet Fixed Assets Fixed Assets 2000/4050 Accum. Depn. Plant & Machinery Balance Sheet Fixed Assets Accumulated Depreciation 2000/5000 Factory Equipment Balance Sheet Fixed Assets Fixed Assets 2000/5050 Accum. Depn. Factory Equipment Balance Sheet Fixed Assets Accumulated Depreciation 2010/0000 Goodwill Balance Sheet Fixed Assets /0000 Trade Debtors Balance Sheet Current Assets Debtor 3005/0000 Other Debtors Balance Sheet Current Assets /0000 Bank PBB Balance Sheet Current Assets Bank 3020/0000 Cash In Hand Balance Sheet Current Assets Cash 3030/0000 Stock Balance Sheet Current Assets Closing Stock 3030/1000 Stock Raw Material Balance Sheet Current Assets Closing Stock 3030/4000 Stock Packing Material Balance Sheet Current Assets Closing Stock 3030/5000 Stock Work In Progress Balance Sheet Current Assets Closing Stock 3030/6000 Stock Finished Goods Balance Sheet Current Assets Closing Stock 3040/0000 Deposit & Prepayment Balance Sheet Current Assets /1000 Deposit Water & Electricity Balance Sheet Current Assets /2000 Deposit Telephone Balance Sheet Current Assets /3000 Prepayment Insurance Balance Sheet Current Assets /0000 Fixed Deposit PBB ( ) Balance Sheet Current Assets /0000 Trade Creditors Balance Sheet Current Liabilities Creditor 4005/0000 Other Creditors Balance Sheet Current Liabilities /0000 Accruals Balance Sheet Current Liabilities /0000 H. P. Creditor - PBB FINANCE (JFL 613)Balance Sheet Current Liabilities /0000 Term Loan MBB BANK Balance Sheet Current Liabilities - Copyright of Million Software Sdn Bhd Page 48

49 5000/0000 Sales P&L Revenue Sales 5010/0000 Return Inwards P&L Revenue Sales Adjustment 5020/0000 Discount Allowed P&L Revenue Sales Adjustment 6000/0000 Opening Stock Finished Goods P&L Cost Of Goods Sold Opening Stock 6010/0000 Closing Stock Finished Goods P&L Cost Of Goods Sold Closing Stock 7000/0000 Manufacturing Account P&L Cost Of Goods Sold Cost Of Goods Manufactured 7000/1000 Raw Material P&L Cost Of Goods Manufactured /1010 Opening Stock Raw Material P&L Cost Of Goods Manufactured Opening Stock 7000/1020 Purchase Of Raw Material P&L Cost Of Goods Manufactured Purchases 7000/1030 Carriage Inwards P&L Cost Of Goods Manufactured /1040 Customs Duties P&L Cost Of Goods Manufactured /1050 Closing Stock Raw Material P&L Cost Of Goods Manufactured Closing Stock 7000/2000 Direct Labour P&L Cost Of Goods Manufactured /2010 Production Wages P&L Cost Of Goods Manufactured /2020 E. P. F. Contribution P&L Cost Of Goods Manufactured /2030 Socso Contribution P&L Cost Of Goods Manufactured /3000 Factory Overhead P&L Cost Of Goods Manufactured /3010 Factory Rental P&L Cost Of Goods Manufactured /3020 Factory Expenses P&L Cost Of Goods Manufactured /3030 Water & Electricity (Factory) P&L Cost Of Goods Manufactured /3040 Depn. Plant & Machinery P&L Cost Of Goods Manufactured /3050 Upkeep of Factory Machinery P&L Cost Of Goods Manufactured /3060 Upkeep of Factory Equipment P&L Cost Of Goods Manufactured /3070 Security Charges P&L Cost Of Goods Manufactured /4000 Packing Material P&L Cost Of Goods Manufactured /4010 Opening Stock Packing Material P&L Cost Of Goods Manufactured Opening Stock 7000/4020 Purchase of Packing Material P&L Cost Of Goods Manufactured Purchases 7000/4030 Closing Stock Packing Material P&L Cost Of Goods Manufactured Closing Stock 7000/5000 Work-In-Progress P&L Cost Of Goods Manufactured /5010 Opening Work-In-Progress P&L Cost Of Goods Manufactured Opening Stock 7000/5020 Closing Work-In-Progress P&L Cost Of Goofs Manufactured Closing Stock 8000/0000 Fixed Deposit Interest Received P&L Other Revenue /0000 Gain on Disposal Of Fixed Assets P&L Other Revenue /0000 Admin. Selling & General Exp. P&L Expenditure /0005 Advertisement P&L Expenditure /0100 Audit Fee P&L Expenditure /0150 Bonus P&L Expenditure /0200 Bank Interest & Charges P&L Expenditure - Copyright of Million Software Sdn Bhd Page 49

50 9000/0250 Director s Remuneration P&L Expenditure /0300 Depreciation Of Fixed Assets P&L Expenditure /0350 Entertainment P&L Expenditure /0400 E.P.F. Contributions P&L Expenditure /0450 General Expenses P&L Expenditure /0500 Hire Purchase Interest P&L Expenditure /0550 License Fee P&L Expenditure /0600 Medical Fee P&L Expenditure /0650 Office Rental P&L Expenditure /0700 Office Refreshment P&L Expenditure /0750 Postages & Stamps P&L Expenditure /0800 Printing & Stationery P&L Expenditure /0850 Road Tax & Insurance P&L Expenditure /0900 Socso Contributions P&L Expenditure /0950 Secretarial Fee P&L Expenditure /1000 Staff Salaries & Allowances P&L Expenditure /1050 Travelling Expenses P&L Expenditure /1100 Telephone P&L Expenditure /1150 Upkeep of Motor Vehicle P&L Expenditure /1200 Water & Electricity P&L Expenditure - Copyright of Million Software Sdn Bhd Page 50

51 NON-PROFIT ORGANISATION ACCOUNT Account Description Account Type Account Group Classified As 1000/0000 Accumulated Fund B/F Balance Sheet Capital & Reserves Retained Earning 1001/0000 Accumulated Fund Balance Sheet Capital & Reserves Current Year Profit / (Loss) 2010/0000 Motor Vehicle Balance Sheet Fixed Assets Fixed Assets 2010/0005 Accum. Depn. Motor Vehicle Balance Sheet Fixed Assets Accumulated Depreciation 2020/0000 Office Equipment Balance Sheet Fixed Assets Fixed Assets 2020/0005 Accum. Depn. Office Equipment Balance Sheet Fixed Assets Accumulated Depreciation 2030/0000 Office Renovation Balance Sheet Fixed Assets Fixed Assets 2030/0005 Accum. Depn. Office Renovation Balance Sheet Fixed Assets Accumulated Depreciation 3010/0000 Bar Stock Balance Sheet Current Assets Closing Stock 3020/0000 Subscription In Arrears Balance Sheet Current Assets /0000 Cash At Bank Balance Sheet Current Assets Bank 4000/0000 Bar Creditor Balance Sheet Current Liabilities Creditor 4010/0000 Subscription In Advance Balance Sheet Current Liabilities /0000 Sales P&L Revenue Sales 6000/0000 Opening Stock P&L Cost Of Goods Sold Opening Stock 6010/0000 Purchases P&L Cost Of Goods Sold Purchases 6020/0000 Closing Stock P&L Cost Of Goods Sold Closing Stock 8010/0000 Member Subscription P&L Other Revenue /0000 Entrance Fees P&L Other Revenue /0000 Donation P&L Other Revenue /0000 Grand Ball Receipts P&L Other Revenue /0000 Ground Rent P&L Other Revenue /0000 Locker Rent P&L Other Revenue /0000 Rent And Rates P&L Expenditure /0000 Printing & Stationery P&L Expenditure /0000 Affiliation Subscription P&L Expenditure /0000 Water & Electricity P&L Expenditure /0000 Salaries & Wages P&L Expenditure /0000 Lighting P&L Expenditure /0000 Prizes P&L Expenditure /0000 Sundry Expenses P&L Expenditure /0000 Telephone Charges P&L Expenditure /0000 Office Maintenance P&L Expenditure /0000 Depreciation P&L Expenditure - Copyright of Million Software Sdn Bhd Page 51