This assignment is based on the MYOB assignment developed at the Australian National University for the course BUSN 7008 – Financial Statements and Reporting. The original assignment was authored by Dr. Rebecca Tan. We would like to thank Dr. Rebecca Tan, Dr. Lijuan Zhang, and Menghe (David) Zhao for their contributions, which we have adapted for educational purposes to benefit the broader accounting community.
Assignment Weighting
30% of your final mark
Submission Deadline
This individual assignment will be submitted to the LearnJCU Dropbox before the end of week 8. Late assignments should be approved by the lecturer prior to the deadline. The Learning, Teaching and Assessment Procedure (3.1.8d) outlines a uniform formula of penalties imposed for submission of an assessment item after the due date. This formula is 5% of the total possible marks for the assessment item per day including part-days, weekends, and public holidays. If submitted after 20 days, the assessment item thus would be awarded 0 marks (i.e., 5% x 20 = 100% of total possible marks in penalties). For assessment items weighted 0%, and submitted after 10 days a DNS (Did Not Submit) grade is awarded.
MYOB is a leading Australian bookkeeping, tax, and accounting software company. MYOB provides a range of products including Essentials Payroll, MYOB Essentials for sole traders and individuals, startups, small and medium businesses, enterprises and accountants and bookkeepers. It has recently updated to provide a cloud-based option for users. Students are expected to self-learn the software and complete an assignment individually. A supplementary manual has been uploaded to LearnJCU to facilitate learning. This assignment requires students to assume the role as an accountant for a company that has high level of mundane realism to conduct a series of learning tasks. The skills students learn will range from setting up of company data file to creation of financial statements. Upon completion of this assignment, students will be able to perform basic bookkeeping services with accounting software of similar nature.
The Company: Queensland Professional
Jessica and Jim recently resigned from their public service positions to start a consulting firm. You have been recently recruited to work under Jessica and Jim as an accountant. Jessica asked you if you are aware of any accounting software in the Australian market. You recommended MYOB to her. She asked you to create a few financial statements based on the accounting information that Queensland Professional has for the July of 2026. You will need to set up everything from beginning to accommodate to their business needs. The following sections detail the relevant business information for setting up accounts and creating financial statements.
Company Name: Queensland Professional
Address: 500 Flinders Street, Townsville QLD 4810
Phone: (07) 2000 6666
Financial Period: 1 July 2025 to 30 June 2026
MYOB's built-in list for the industry of professional services industry is a good stating point. Using the template, you decided on the following chart of accounts for Queensland Professional. You will need to edit some of the account names, delete others and create some new accounts based on the template provided by MYOB. Some accounts may not be deleted-these will just have a zero balance. For some of the accounts, you will just rename through the "Edit accounts" function under the "Accounting" and "Chart of accounts" tab.
Queensland Professional
Queensland Professional-Chart of Accounts
| Code | Account Name | Sub-account | |
| 1-0000 | Assets | ||
| 1-1000 | Current Assets | ||
| 1-1100 | Cash On Hand | ||
| 1-1110 | Business Bank Account Cash Account | ||
| 1-1200 | Accounts Receivable | ||
| 1-1210 | Other Receivable | ||
| 1-1400 | Prepaid Insurance | ||
| 1-1550 | Office Supplies | ||
| 1-1700 | Prepaid Rent | ||
| 1-1962 | Deposits to Suppliers | ||
| 2-1000 | Non-current Assets | ||
| 1-2100 | Computers & Office Equipment | ||
| 1-2100 | Office Equipment at Cost | ||
| 1-2120 | Office Equipment Accumulated Depreciation | ||
| 1-2200 | Furniture and Fixtures | ||
| 1-2210 | Furniture and Fixtures at Cost | ||
| 1-2220 | Furniture and Fixtures Accumulated Depreciation | ||
| 2-0000 | Liabilities | ||
| 2-1000 | Current Liabilities | ||
| 2-1100 | Credit Cards | ||
| 2-1200 | Accounts Payables | ||
| 2-1350 | PAYG Witholding Payable | ||
| 2-1355 | Superannuation Payable | ||
| 2-2000 | Non-current Liabilities | ||
| 2-2100 | Bank Loans | ||
| 2-2200 | Other Non-current Liabilities | ||
| 3-0000 | Equity | ||
| 3-1000 | Owner's Equity | ||
| 3-1100 | Owner's Capital | ||
| 3-1200 | Owner's Drawings | ||
| 3-8000 | Retained Earnings | ||
| 3-9000 | Current Year Earnings | ||
| 3-9999 | Historical Balancing | ||
| 4-0000 | Income | ||
| 4-1000 | Services Revenue | ||
| 6-0000 | Expenses | ||
| 6-1200 | Travelling Expense | ||
| 6-1300 | Depreciation Expense | ||
| 6-1500 | Office Supplies Expense | ||
| 6-3100 | Advertising Expense | ||
| 6-4100 | Cleaning Supplies Expense | ||
| 6-4200 | Postage Expense | ||
| 6-4350 | Insurance Expense | ||
| 6-4400 | Rent Expense | ||
| 6-4500 | Telephone Expense | ||
| 6-4600 | Water Expense | ||
| 6-4700 | Electricity Expense | ||
| 6-5100 | Employment Expenses | ||
| 6-5120 | Superannuation | ||
| 6-5130 | Wages & Salaries | ||
| 8-0000 | Other Income | ||
| 8-1000 | Interest Income | ||
| 9-0000 | Other Expenses | ||
| 9-1000 | Interest Expense |
| Account | Debit ($) | Credit ($) |
| Cash | 10,000 | |
| Furniture and Fixtures at Cost | 3,000 | |
| Office Equipment at Cost | 4,000 | |
| Cleaning Equipment at Cost | 3,500 | |
| Cleaning Supplies | 800 | |
| Owners' Capital | 21,300 |
Sales Layout: Service
Income: Service Revenue
Payment Method: Cash
Linked Account: 1-1110 Cash Account
Payment Method: Cash
Linked Account: 1-1110 Cash Account
Supplier Cards
| Card ID | Name |
| OFFICE0001 | The Office World |
| OFFICE0002 | Conference Solutions |
Queensland Professional purchases office supplies including pens, papers, ink etc. from The Office World. Queensland Professional uses the IT and conference arrangement services from Conference Solutions.
Employees are new hires who started on 1 July 2026 with full-time contracts. Employees were paid weekly.
| First Name | Last Name | Annual Salary |
| Peter | Davis | $65,000 |
| Henry | Smith | $55,000 |
| Kelly | Murphy | $75,000 |
Queensland Professional provides the following services:
| Service Number | Name of Services Provided | Unit Measure | Price |
| CLT001 | Strategy Consulting | Each Project | $15,000 |
| CLT002 | Management Consulting | Each Project | $8,000 |
| CLT003 | Operations Consulting | Each Project | $8,000 |
| CLT004 | HR Consulting | Each Project | $5,000 |
| CLT005 | Financial Advisory | Each Project | $20,000 |
| CLT006 | IT Consulting | Each Project | $10,000 |
Queensland Professional uses the accrual accounting method. Depreciation expenses are recorded monthly at the end of each month. Queensland Professional prepares end-of-period adjustments on a monthly basis. You will complete all the necessary adjusting entries via the Create General Journal option under the Accounting tab. Queensland Professional services are provided for cash unless otherwise stated. All the purchases made by Queensland Professionals are on credit. For the purposes of this assignment, ignore company tax.
July 1 Queensland Professional (QP) paid rent for the small office space for the period from 1 July to 31 December at $20,000.
July 1 QP Paid quarterly insurance (for the period 1 July to 30 September) at $3,000 cash.
July 1 QP purchased and paid office supplies of $600.
July 1 QP purchased and received conference services from Conference Solutions on credit at $1000.
July 2 QP paid online advertising expense at $500.
July 6 QP received revenue from clients as follows (cash received):
For the assignment purpose, you can simply create client names such as "Clients" to record the transactions.
July 6 Business paid weekly salaries to all employees (Payment Date: 7th July for the period of 1 July – 7th July).
July 12 Paid cash for purchases of conference services made on July 1.
July 14 QP paid weekly salaries to all employees (Payment Date: 14th July for the period of 8th July – 14th July).
July 15 Paid advertising expense of $500.
July 16 QP completed the services for clients as follows:
July 21 QP paid weekly salaries to all employees (Payment date: 21st July for the period of 15th July-21st July).
July 25 QP paid the postage expense at $200.
July 27 QP paid the telephone expense at $50.
July 28 QP paid the electricity expense at $3000.
July 28 QP paid weekly salaries to all employees (Payment Date: 28th July; Payment period: 22nd July - 28th July).
July 31 QP completed the services for clients as follows:
July 31 Physical counts show that there are $200 office supplies remaining on hand.
July 31 Depreciation for the month: Furniture and Fixtures $20. Office Equipment $30.
Please complete adjusting entries for office supplies, prepaid insurance, prepaid rent, and depreciation. Round calculated numbers to the nearest dollar. (To simplify calculation, there is no need to adjust salaries for the period of 29th – 31 July).
Record all the necessary entries including end-of-period adjustments for August. Prepare and print the following reports for the period ending on the 31 July 2026 by clicking on the "Reporting" tab:
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