What is historical balancing account in myob

Business Name: “J&J Manufacturing – 11701700”

Industry: there is no need to select anything (the default setting may be manufacturing).

Click on the box that states "I'm using this business as a teaching or student resource". This is important, when you click on this box then it will fade out the industry option.

Question 1, Part a: Initial Set-up

After signing up for MYOB Essentials, click on your business name on the top right-hand side of the MYOB dashboard menu. This will open up the menu you will need to enter all of the following details and settings.

If you have made an error in entering your business name when registering, you can also edit that via this menu.

Business Address: “Church Ln, Melbourne VIC 3000”

Financial year settings for J&J the financial year is ‘July to June’, resulting in an opening balance date of 1 June 2019.

Once completed, take a screen shot of your Business Details page for submission.

GST Settings: for J&J are:

 Yes they "are you registered for GST?"

 They are accounting for GST on an Accruals basis.

 GST reporting occurs Monthly.

Once completed, take a screen shot of your GST Settings page for submission.

REPORTING FOR QUESTION 1 PART A: When you complete your set up, a screen shot of your 'Business Details' and 'GST Settings' pages must be combined into a single word or pdf file and submitted to satisfy the requirements for part a.

Check your initial set up details prior to proceeding to part b as an error can affect all of your reports.

Question 1, Part b: Chart of Accounts

The chart of accounts should be set up via the business name in the top right hand side of the MYOB Dashboard menu.

Opening Balances are entered via Accounts List / Edit Accounts. You must delete and/ or edit accounts already listed and prepare your own chart of accounts. You must correctly classify each of these accounts when preparing your chart of accounts. Do not leave excess unused accounts.

Locked Accounts: You will notice that there are certain accounts that cannot be deleted. These accounts have a lock symbol next to them. These accounts can still be edited with relevant Account No. and opening balance details.

You must correctly identify which of these are relevant to your task and make necessary edits.

MYOB Essential locked accounts include (cannot be deleted but can be edited):

• Discount received

• Discounts given

• Superannuation expense

• Wages and salaries

• Accounts receivable

• ABN withholding credits

• ABN withholdings payable

• Accounts payable

• GST Collected

• GST Paid

• PAYG withholdings payable

• Payroll deductions

• Superannuation payable

• Allocate me - Withdrawal

• Allocate me - Deposit

• Historical balancing

• Current year earnings

• Retained earnings

Question 1, Part d: Reports

Once you have completed your set up (part a), prepared your chart of accounts (part b) and entered the transactions for June (part c), generate the required reports from MYOB. These can be found in the dashboard by clicking on Reports then All Reports.

REPORTING FOR QUESTION 1 PART D:

Generate and submit the following reports for J&J as at 30 June 2020:

• General Ledger

• Trial Balance

• Balance Sheet

• Profit and Loss

Question 2

Question 2 of this assessment item uses the reports you have generated above in Question 1. Prior to commencing Question 2, review your reports to see if they make sense. If you have made a mistake, go back and correct your errors and regenerate your reports. If you are unsure, use the discussion board or email your Lecturer to ask questions.