MYOB AccountRight Practice Set
Australian Edition 3, Updated for MYOB v19
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Bank reconciliation
It is now the first of February 2021
You meet Isabella who reminds you to back up your work in MYOB
regularly. You promise her that you will back up the company file
immediately. Isabella then asks you to prepare a bank reconciliation
of the cheque account for January and provides you with the following
reports:
Bank Statement ~ January
The bank statement for January 2021 is shown below:
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MYOB Learning Centre
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MYOB Learning Centre
Quick reference guide
Information from previous pages
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Welcome page
General instructions
Navigating your practice set
Accounting policies and procedures
Creating the company file
Setup information
Spend money (first transaction)
Transactions list (to 31 January)
Trial balance (at 31 January)
Melbourne branch
Account No.
48251158
Page No.
1
Isabella Davis
376 Brough Avenue
Melbourne, VIC 3000
The Digital Village
Date Particulars
Debit
Credit
Balance
1 JAN BALANCE BROUGHT FORWARD
$69,291 CR
2 JAN 4032
$1,230
3 JAN 4034
$3,850
3 JAN DEPOSIT - Hypertronics
4 JAN 4036
$68,061 CR
$64,211 CR
$12,640
$76,851 CR
$2,090
4 JAN DEPOSIT - Turbo Tech
$74,761 CR
$14,202
$88,963 CR
4 JAN 4033
$5,200
$83,763 CR
7 JAN 4037
$9,031
$74,732 CR
9 JAN 4035
$2,900
11 JAN DEPOSITS
18 JAN 4039
$71,832 CR
$20,574
$92,406 CR
$17,270
$100,876 CR
$8,800
24 JAN DEPOSIT - Cash sales
30 JAN 4040
31 JAN TRANSACTIONS FEE
$83,606 CR
$3,696
$97,180 CR
$10
$97,170 CR
31 JAN INTEREST
Last statement to
31/12/2020
$774
This statement to
31/01/2021
Total debits
$36,807
Total credits
$65,460
$97,944 CR
Final balance
$97,944 CR
Proceeds of cheques will not be available until cleared.
All entries for the last business day are subject to verification and authorisation.
Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement.
Bank Reconciliation Statement ~ December
Below is last month's bank reconciliation statement that was manually prepared by Isabella before the business converted
to a computerised accounting system using MYOB. As such, any reconciling items appearing on last month's bank
reconciliation statement have not been entered as separate transactions into your MYOB software. You are therefore
required to manually check those reconciling items against the bank statement as part of the bank reconciliation process.
The Digital Village
Bank Reconciliation Statement
As at 31 December 2020
Balance as per bank statement:
69,291 CR
Add:
deposit in transit from Turbo Tech
14,202
deposit in transit from Hypertronics
12,640
26,842
96,133 CR
Less:
outstanding cheque
No. 4033
5,200
outstanding cheque
No. 4032
1,230
6,430
Adjusted bank balance
89,703 CR
Balance as per ledger account
89,703 DR
Once you have prepared the January bank reconciliation for the cheque account, Isabella tells you that she will ask you to
answer several questions about account reconciliation in MYOB.
Instructions
1. Remember to back up your company file for The Digital Village.
2. Use MYOB to prepare a bank reconciliation as of 31 January
2021 for The Digital Village in MYOB. To do this you will need to
prepare two special entries for the transactions fee and interest
earned amounts as follows:
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transactions fee entry: you are required to use the FRE
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form SCDDMMYY
("SC" stands for service charge and DDMMYY is a date).
interest earned entry: you are required to use the ITS
tax code and input the ID# for this entry that is
automatically generated by MYOB of the form IEDDMMYY
("IE" stands for interest earned).
3. Use MYOB to print the reconciliation report for the ledger
account called Cheque Account as of 31 January 2021 and
transcribe your answers into the reconciliation report provided
below.
4. Note that if MYOB presents numbers in brackets, you must
enter those numbers as negative numbers below.
5. Answer all of the questions about MYOB that Isabella asks
below.
Reconciliation Report ~ January
The Reconciliation Report of the cheque account is provided below:
The Digital Village
Reconciliation Report
ID#
Date
Memo/Payee
Deposit
Withdrawal
Cheque Account: 1-1110 - Cheque Account
Date of Bank Statement: 31 January 2021
Reconciled Cheques
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
Total: $
$
$
$
$
$
$
$
$
$
Reconciled Deposits
Total: $
$
$
$
$
$
$
$
$
$
$
$
$
$
Total: $
$
$
$
$
$
Total: $
$
Outstanding Cheques
Outstanding Deposits
Reconciliation
Balance on 31/01/2021: $
Add:
: $
Subtotal: $
Deduct:
: $
Expected Balance on Statement: $
Questions on MYOB
(Q=504.F.M.BR.P1.Q1)
After you have completed the reconciliation report, Isabella asks you to explain the meaning of one of the terms that can
appear on the reconciliation report.
From your company's perspective, which of the following shows the correct description of the term outstanding cheques:
cheques issued by your company and recorded in the company's accounts but not yet cleared by the bank
cheques issued by your company and cleared by the bank but not yet recorded in the company's accounts
cheques received from customers and cleared by the bank but not yet recorded in your company's accounts
cheques received from customers and recorded in your company's accounts but not yet cleared by the bank
(Q=504.F.M.BR.P2.Q2)
Isabella then asks you to open the Reconcile Accounts window by following the steps below:
1. Go to the Banking Command Centre and click Reconcile Accounts.
2. In the Account field, select '1-1110' (Cheque Account).
3. In the Bank Statement Date field, enter '31/01/2021'.
Select the correct statement about the Reconcile Accounts window that appears after the above steps are performed:
It shows information about all credit sales and purchases.
It mentions the amounts of deposits received from customers in the Withdrawals column.
It lists the amounts of cheques issued to the suppliers in the Deposits column.
It displays the Out of Balance amount as the amount in the Calculated Statement Balance field minus the amount
in the New Statement Balance field.
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.
(Q=504.F.M.BR.P3.Q2)
Isabella also asks you to identify the field that is not available in the Reconcile Accounts window:
To open the Reconcile Accounts window, go to the Banking Command Centre and click Reconcile Accounts.
Which of the following shows the field that is not in the Reconcile Accounts window:
New Statement Balance
Account
Bank Statement Date
Bank Reconciliation Date
Note: After answering this question, click the Cancel button to close the Reconcile Accounts window without saving.
Specific agreement
I understand that I should regularly back up the company file for The Digital Village and am required to complete the
bank reconciliation statement and answer all of the questions on this page of the practice set. I am fully aware that if
I choose not to follow the above instructions, I will not be able to successfully complete the rest of my practice set.
Submit answers
MYOB AccountRight Practice Set, Australian Edition 3, Updated for MYOB v19 (VMA3t.19)
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