(FNSICACC305A) Process payment documentation



Process payment documentation (FNSICACC305A)

This unit involves processing financial payment documents.

Enter data to system: Data is entered into systems without error, data is allocated to correct systems and accounts, and related systems are updated.

Create payment facility: Payment facility is processed accurately, all documentation is maintained in a secure manner to protect the privacy and interests of all parties

Verify payments against documentation: All Information on payment facility matches approved documentation

Effect payment: All payments are made within agreed credit arrangements, all payment instruments are signed in accordance with relevant authority levels, and all related systems are updated promptly to ensure that the integrity of accounting systems are maintained

File documentation: All documentation is filed promptly.

Exercise 1:

THE SETTING:

It is May 1, 2009 and you are the proprietor of the service business called “Apollo Mobile Mechanical Services”.

Your business is located at 99 Main Rd, Apollo Parklands 3088. ABN 92555666777

Task 1: Establish a QuickBooks data file.

You charge $50.00 per hour for your services.

Your assets include:

Apollo Credit Union cheque account $5000

Various tools 4500

Hydraulic Lift 15000

Task 2: Process the following transactions

WRITING CHEQUES:

|Cheque No: 4501 |DATE: May 2, 2009 |

|Balance b/d |To: Better Design |

| | |

|Amount: $275.00 |For: sign writing for van |

|Includes gst $25 | |

|Balance c/f | |

|Cheque No: 4502 |DATE: May 3, 2009 |

|Balance b/d |To: Australia Post |

| | |

|Amount: $18.00 |For: Stamps |

|+ gst free | |

|Balance c/f | |

FURTHER CHEQUES TO PAY

|Cheque No: 4503 |DATE: May 4, 2009 |

|Balance b/d |To: Ampol Centre |

| | |

|Amount: $165.00 |For: fuel for van 50 |

|includes gst $15 |oil/grease for services 100 |

|Balance c/f | |

|Cheque No: 4505 |DATE: May 6, 2009 |

|Balance b/d |To: Apollo Newsagency |

| | |

|Amount: $49.50 |For: stationery |

|includes gst $4.50 | |

|Balance c/f | |

|Cheque No: 4504 |DATE: May 5, 2009 |

|Balance b/d |To: Acme Newspapers |

| | |

|Amount: $132.00 |For: display ad in local paper |

|includes gst $12 | |

|Balance c/f | |

|Cheque No: 4506 |DATE: May 7, 2009 |

|Balance b/d |To: Apollo Engineering |

| | |

|Amount: $1100.00 |For: tools for car servicing |

|includes gst $100.00 | |

|Balance c/f | |

Receipts?

|Mr/Mrs/Ms: various customers |

|Company: DATE: May 8 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services | |

|Family car service 300.00 |Apollo Mobile Mechanical Services |

|4WD vehicle service |THANKYOU |

|GST 30.00 | |

| |330.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 1-15 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

FURTHER PRACTICE IN PROCESSING TRANSACTIONS

|Cheque No: 4507 |DATE: May 9, 2009 |

|Balance b/d |To: Civic Engineering |

|Amount: $550.00 | |

|includes gst $50.00 |For: shelves for van |

|Balance c/f | |

|Cheque No: 4508 |DATE: May 10, 2009 |

|Balance b/d |To: Repco |

|Amount: $220.00 | |

|includes gst $20.00 |For: part for use in repairs |

|Balance c/f | |

|May 11, 2009 |Dick Smith Pty Ltd |

|Item Mob4455667 |Telstra mobile phone |

|Item cost: | |

|GST: |$125.00 |

|Total cost: |$12.50 |

|Amount tendered: |$137.50 |

| |$150.00 |

|Change: | |

| |$12.50 |

|Cash Register 2322 | |

|Mr/Mrs/Ms: various customers |

|Company: DATE: May 12 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services 400.00 | |

|Family car service |Apollo Mobile Mechanical Services |

|4WD vehicle service |THANKYOU |

|GST 40.00 | |

| | 440.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 16-24 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

|Cheque No: 4510 |DATE: May 13, 2009 |

|Balance b/d |To: Ampol Centre |

| | |

|Amount: $44.00 |For: fuel for van |

|includes gst $4.00 | |

|Balance c/f | |

|Cheque No: 4511 |DATE: May 14, 2009 |

|Balance b/d |To: Vic Roads |

| | |

|Amount: $330.00 |For: Van registration |

|includes gst $30.00 | |

|Balance c/f | |

|Cheque No: 4512 |DATE: May 15, 2009 |

|Balance b/d |To: Watson’s Holden |

| | |

|Amount: $165.00 |For: special parts for repairs |

|includes gst $15.00 | |

|Balance c/f | |

|Mr/Mrs/Ms: various customers |

|Company: DATE: May 16 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services 150.00 | |

|Family car service 200.00 |Apollo Mobile Mechanical Services |

|4WD vehicle service 150.00 |THANKYOU |

|GST 50.00 | |

| | 550.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 25-35 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

|Cheque No: 4513 |DATE: May 17, 2009 |

|Balance b/d |To: Repco |

| | |

|Amount: $220.00 |For: part for use in repairs |

|includes gst $20.00 | |

|Balance c/f | |

|Mr/Mrs/Ms: Wayne Carey |

|Company: DATE: May 18 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services | |

|Family car service |Apollo Mobile Mechanical Services |

|4WD vehicle service 350.00 |THANKYOU |

|GST 35.00 | |

| | 385.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 36 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

|Cheque No: 4514 |DATE: May 19, 2009 |

|Balance b/d |To: Telstra |

| | |

|Amount: $198.00 |For: telephone calls |

|includes gst $18.00 | |

|Balance c/f | |

|Cheque No: 4516 |DATE: May 21, 2009 |

|Balance b/d |To: Ampol Centre |

| | |

|Amount: $44.00 |For: fuel for van |

|includes gst $4.00 | |

|Balance c/f | |

|Cheque No: 4515 |DATE: May 20, 2009 |

|Balance b/d |To: Ampol Centre |

| | |

|Amount: $220.00 |For: grease & oil for services |

|includes gst $20.00 | |

|Balance c/f | |

|Cheque No: 4517 |DATE: May 22, 2009 |

|Balance b/d |To: Acme Newspapers |

| | |

|Amount: $22.00 |For: classified ad- local paper |

|includes gst $2.00 | |

|Balance c/f | |

|Cheque No: 4518 |DATE: May 23, 2009 |

|Balance b/d |To: Yellow pages |

| | |

|Amount: $220.00 |For: Display listing |

|includes gst $20.00 | |

|Balance c/f | |

|Mr/Mrs/Ms: various customers |

|Company: DATE: May 24 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services 200.00 | |

|Family car service 250.00 |Apollo Mobile Mechanical Services |

|4WD vehicle service 100.00 |THANKYOU |

|GST 55.00 | |

| | 605.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 37-50 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

|Cheque No: 4519 |DATE: May 25, 2009 |

|Balance b/d |To: Repco |

| | |

|Amount: $154.00 |For: part used in servicing |

|includes gst $14.00 | |

|Balance c/f | |

|Cheque No: 4520 |DATE: May 26, 2009 |

|Balance b/d |To: Ampol Centre |

| | |

|Amount: $44.00 |For: fuel for van |

|includes gst $4.00 | |

|Balance c/f | |

|Mr/Mrs/Ms: various customers |

|Company: DATE: May 27 |

|Address: |

|City & State: Post Code: 3095 |

|Phone: (Res) | |Phone (Bus) |

|Small car services 200.00 | |

|Family car service |Apollo Mobile Mechanical Services |

|4WD vehicle service 150.00 |THANKYOU |

|GST 35.00 | |

| | 385.00 |Cash Fees Receipts |

|RECEIVED FROM CLIENT | |NO: 37-50 |

|CASH |( | |

|CHEQUE |( |Deposited By: |

|VISA/MC/AM EX |( | |

Task 3: REPORTS AND GRAPHS

Print the following reports for the month of May

From the Reports Centre:

Select a type of report: Select a Report

Company & Financial Profit & Loss – May

[pic]

Sales Sales by Item - Summary

[pic]

Sales Graph

[pic]

Net Worth? Are you better off running your own business or should you work for someone else?

Outline the basis on which you file all of the above documentation.

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