Prepare, match and process receipts (FNSICACC303A)

In this unit you are required to prepare, match and process a range of financial receipts.

Receive, identify and record receipt: Check all receipts for accuracy against remittance document, all receipts are accurately recorded, remittance types are accurately identified to ensure correct allocation, processing is completed

Match receipts to documentation: All receipts are checked and matched to documentation accurately. Unmatched receipts are noted for follow-up

Enter data to systems: All receipts are accurately allocated to appropriate chart of account areas, data is entered to systems without error and within time requirements, all receipts are accurately matched to system debit, reconciliations are completed and discrepancies between general ledger and sub systems are resolved

File documentation: All documentation is filed promptly and the location of filed documentation is traceable


Exercise 1:

Open the word files titled “Alexandra’s Time” and then open the QuickBooks data file and complete the exercise.

Exercise 2:

Fred is the proprietor of the trading business called “Fred’s Footballs” which is located, at the Apollo Shopping Centre, at Main Road, Apollo Parklands 3088 ABN92555666777

Fred purchases the footballs in bulk, amongst other pieces of sporting equipment, and resells to the public.

Task 1: Establish a new QuickBooks data file for Fred’s Footballs.

The Balance Sheet as at March 1, 2010 included:

ASSETS
Current assets
Cash at bank
Petty Cash
Debtors
Stock
Non-current assets
Delivery van
Office equipment
Cash Register
Shelving
TOTAL ASSETS / $
1200
200
500
30000
4500
2000
250
1000
39650 / EQUITIES
Current Liabilities
Creditors
Heidelberg Finance Co – Loan
Non-current liabilities
Loan – Plenty Credit Union
Owner’s Equity
Capital – Fred
TOTAL EQUITIES / $
300
2000
20000
17350
39950

The stock details as at March 1 were as follows:

Number on hand: 1000

Football Purchase Price: $30.00 plus GST

Football Selling Price: $65.00 plus GST

Debtors as at March 1 included:
John’s Sports Shop ABN39101254441
Mary’s Sports Barn ABN54888777666
Diamond Creek Football Club ABN65006555444
Plenty Football Club ABN84555666777
Creditors as at March 1 included:
Sherrin’s Special Footballs ABN95117266144
Super Delux Footballs ABN10195355426 / 125
150
75
150
150
150

During March, Fred undertook the following transactions:

March 1: Purchased, on credit, 150 Footballs from Sherrin’s Special Footballs

March 2: Fred withdrew one Football for his own use.

March 3: Received from John’s Sport Shop, on account $100

March 4: Received from Plenty Football Club, on account $100

March 5: Cash sales to various customers – 50 Footballs

March 6: Paid Sherrin’s Special Footballs $150

March 7: Paid Susie’s Advertising for advertising $50 + gst

March 8: Cash sales to various customers – 60 Footballs

March 9: Credit sales to Mary’s Sports Barn - 35 Footballs

March 10: Purchased spare light globes $3 + gst

March 11: Paid for Shop Window cleaning $20 +gst

March 12: Paid Optus telephone expenses $45 +gst

March 13: Paid Super Delux Footballs the amount owing

March 14: Purchased tea, sugar & biscuits for morning teas $10 +gst

March 15: Received from Mary’s Sports Barn, on account $50

March 16: Received from Diamond Creek Football Club, on account $75

March 17: Fred contributed a further $300 to the business

March 18: Purchased 450 Footballs from Super’s Delux Footballs

March 19: Cash sales to various customers – 25 Footballs

March 20: Paid for petrol for the delivery van $60 +gst

March 21: Cash sales to various customers – 50 Footballs

March 22: Paid Ivanhoe Printing for new office stationary $100 +gst

March 23: Purchased a Fax machine from Ivanhoe Office Supplies for $450 +gst

March 24: Paid Eastern Energy for lighting $55 +gst

March 25: Credit sales to John’s Sports Shop’s – 50 Footballs

March 26: Paid the Ivanhoe News for advertising $80 +gst

March 27: Cash drawings $300

March 28: Purchased milk for morning teas $2

March 29: Credit sales to Plenty Football Club – 55 Footballs

March 30: Credit sales to Diamond Creek Football Club – 100 Footballs


Task 3:

Print the following reports:

*** Use the date selection process to view each of the following reports daily or weekly or monthly.

From the Reports Centre:

Select a type of report: Select a Report

Company & Financial Profit & Loss - standard

Customers & Receivables A/R Aged - Summary

Customer Balance Summary

Suppliers & Payables A/P Aged - Summar

Sales Sales by Item Summary

Sales Graph

* To view your inventory valuation in detail, select the Home screen:

Items & Services/Reports/Reports All Items/Inventory/Inventory Valuation Detail

Task 4:

* Outline the basis of your filing system

* Complete a hierarchical flowchart of your organisation, indicating your role within this organisation.

Notes prepared for Quicken by Ken Boyle – Educational Consultant Page 2