Data Entry to Trial Balance Using Software Assignment Help

Level 2 Bookkeeping Assessment 3 Report: Computerised Accounts Setup, Data Entry & Reporting for The Genealogy Store

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This assessment consists of two sections:

Section One: Completion of a number of bookkeeping reports

Section Two: Uploading your reports and completing the ‘Own Work Declaration’

Please ensure that you download the pdf document ‘Important Information’ as this gives explicit instruction on how to proceed with this assessment.

Assessment Criteria

This assessment will be graded at Distinction, Merit, Pass or Fail.

Any error will lead to a reduction in total marks. An error could include posting to the wrong nominal code, VAT being incorrectly coded, incorrect accounts coded to the wrong section of the chart of accounts etc.

This assessment can be completed on any computerised software package, but you need to ensure that the reports saved contain all of the information requested.

Instructions to candidates

As a general rule, unless the task asks for a specific financial report e.g. Trial Balance, Aged Debtors Analysis, etc., your report(s) should provide the examiner with sufficient information to show that you have completed the task correctly and should therefore include the nominal accounts and VAT categories used in all transactions posted. Please identify to which task each report belongs.

The tasks that you will need to complete are set out below together with the total marks attainable for each task.

Scenario

You are the bookkeeper for The Genealogy Store, a family history research and retail business, run as a sole tradership, owned by Fenella Andersen. Fenella undertakes some research in North West England and also sells a small range of genealogy charts and stationery which are brought in from various suppliers.

The owner has prepared the books for several years using a combination of spreadsheets and manual records; however under the new requirements for filing VAT via digital software, it is necessary that from the financial year start date of 1 April 2020, computerised record keeping is essential.

The business uses the standard system of accounting for VAT and the VAT Number is 864981521. VAT quarter end months are June, September, December and March.

Task 1 – Set up the company

From the information given above, set up the company details in your accounting system.

Fenella rents a ground floor unit at an office park. She sublets one room to another individual who operates as a web designer. There are no fixed assets shown in the accounts. The office furniture and computer are second hand and have all been claimed for in earlier taxation years, so these items do not appear in the trial balance.

Edit your chart of accounts to display a sales account called General Sales, into which all sales will be posted, and two nominal accounts to reflect purchases called “External contractors” and “Other Purchases”. You will also need to set up a nominal account in the income section to record the rent paid by the tenant, and an expense account for printing and stationery. Note: for the purposes of this assessment there are no purchases of fixed assets.

There are no credit sales in this situation. Sales are either paid for by cash, debit card or credit card (all of which are posted to their respective ‘bank’ accounts – a till/cash register account, debit card receipts account and credit card receipts account). Amounts from the cash register are banked into the current bank account on a weekly basis. Fenella also uses a separate petty cash account for small purchases related to the office. Debit and credit card receipts are transferred regularly from the relevant card company to the current bank account. If you do not already have such accounts set up as bank accounts in your chart of accounts, you should set them up before commencing this assessment.

Check that you have the relevant expense accounts set up.

Required

Provide evidence that you have correctly set up the company details including the VAT number and the VAT scheme used. If your software does not produce the relevant report, a screen shot of the information will suffice.

Task 2a – Set up supplier account information

Enter the following suppliers’ names and addresses together with opening balances and the VAT rates that have been applied to the invoices.

Required

Having completed the above data entry, provide a report showing the above information. Include as a minimum, supplier name and address. A separate report should be included showing the current supplier balances.

Task 2b – Opening Trial Balance

You have been given the following trial balance as at 1 April 2020. The opening balances need to be posted into your software.

Note: depending on how your software records debtor and creditor opening balances, you will need to deal with the balances on the creditors’ control account above appropriately. If your software uses separate accounts for sales tax and purchase tax, then use a VAT liability account for the opening balance.

Required

Having completed the data entry, provide a trial balance as at 1 April 2020.

Task 3 – Inputting cash sales

Input the following sales details. As sales are all standard rated, income shown below is gross of standard rate VAT. Cash sales are posted through the till/cash register account whilst debit and credit card sales are posted through the relevant card receipts account. All items are posted into the nominal account you set up called General Sales.

Post the following as bank transfers (or payments/receipts depending on how your software deals with such transfers) from the debit and credit card receipts accounts into the current bank account

Credit card receipts

Debit card receipts

Required

Provide reports showing details of all transactions in this task.

Task 4 – Posting supplier invoices and credit notes

Post the following invoices that have been received during April into your system. Northern Stationery Ltd and Cartridges RUs invoices should be recorded against the printing and stationery expense account. John Jackson is an external contractor. All other invoices are Other Purchases.

Post the following credit notes. For the purposes of this assessment, post the credit notes to the relevant purchase accounts rather than set up separate purchase returns accounts.

Required

1. Provide a report showing details of the above invoices and credit note. Your report should show the nominal code to which the relevant document has been posted and also the VAT category used.
2. Provide a report showing an Aged Creditors analysis as at 30 April 2020.

Note: your report should show individual outstanding invoice balances due and not just a summary total figure.

Note: your report should show that all credit notes have been offset against relevant invoices.

Task 5 – Receipts and payments

Post the following amounts received into and paid from the current bank account to the appropriate customers’ and suppliers’ accounts. All payments and receipts are made via BACS or by debit card.

Bank transfers made to suppliers:

Other sundry bank payments and receipts

Post the following as either bank payments or receipts depending on how your software deals with such items.

Required

Provide report(s) showing

1. the above supplier payments that have been processed and that the relevant invoices/credit notes have been cleared.
2. details of the other sundry bank payments

Task 6 – Petty Cash

The following amounts are small petty cash payments. Each week the cash payments are posted through a petty cash account on the relevant date and first thing on a Monday morning the cash re-imbursement is taken directly from the till, restoring the balance in the petty cash to £100. Post the following payments and the weekly cash re-imbursements. You should use the following expense accounts only: cleaning and sundries

Required

Having completed the data entry and the transfer of the required amount from the bank on the relevant dates to replenish the petty cash, produce a report to show details of all items posted.

Note: your report must show the nominal account posting and the treatment of VAT.

Task 7 – Banking cash

Fenella decides that, after the re-imbursement to the petty cash, she should bank cash from the till, each Monday, such that this leaves a balance of £200 in the till. Enter the necessary bank transfers.

Required

Provide a report showing details of these weekly transfers.

Task 8 – Wages and salaries

Below is the relevant information regarding wages and salaries for the month of April 2020. Note: all staff are on zero hours contracts and none earn enough to be registered into a workplace pension scheme.

Having set up any new accounts that may be required in the ledger, enter the relevant wages and salaries journal for the month ending 30 April 2020.

Required

Provide a report showing the above journal entries.

Task 9 – Bank reconciliation

You have received the following bank statement from your bankers. You will need to reconcile this bank statement with the bank account, updating your accounts as appropriate to enter any items in the statement which are not in your accounts already.

Second National plc
199-202 Nantwich Road
Chester
Cheshire Account of: The Genealogy Store Statement Date 30 April 2020.
Account number 00458712 Statement No 85
Sort code 63-61-90

Required

Provide a report (or reports) showing that the above reconciliation has been correctly carried out. If your software produces a full bank reconciliation report, then this will suffice but if not, you should provide a report that identifies both reconciled and unreconciled items. The report you choose will depend on what is available within your system.

Task 10 – produce reports

In addition to the reports already produced for earlier tasks, you should produce the following:

1. Report(s) showing the full set of nominal accounts and where they appear in the chart of accounts.
2. Trial Balance as at 30 April 2020

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