You are a senior registered bookkeeper servicing a small business by performing a BAS service. You work
Question:
You are a senior registered bookkeeper servicing a small business by performing a BAS service. You work onsite as part of a team consisting of the Accounts Receivables Officer, the Accounts Payables Officer, the Payroll Officer, and yourself.
The Business reports the following taxes on a quarterly BAS -
GST; PAYG Tax withheld. Using GST accounting method - Accrual basis
Part A
Instructions - Draft a Work Plan
In this part, required to develop a work plan for the upcoming quarter for your team. In drafting the work plan using the template below you are required to do the following:
Determine and allocate the tasks to be completed by each team member according to their job role and responsibilities, from the list of bookkeeping tasks given below.
Assign priorities and document the due dates for each task to ensure all tasks are completed before the end of the quarter.
Choose the appropriate resources from the box below, that your team will require to complete their work, and list these against the assigned work activities.
Random list of work tasks to be completed during the quarter Oct-Dec 20XX -
- Record all the cash and credit sales for that week into the accounting system - End of each week
- Email all the tax invoices to all the customers - End of each week
- Make payments to employees electronically by Friday each week - End of each week
- Record all the invoices for cash purchases made during the week - End of each week
- Finalize time sheet summary each week for all the employees - End of each week
- Ensure the pay run is done accurately every Friday using the information from the Timesheet summary - End of each week
- Record all cash and credit purchases made during the week - End of each week
- Record all payments received for credit sales during the month - End of each month
- Reconcile the Cash receipt Journal with the Receivables Reconciliation report - End of each month
- Generate the Payroll Summary Report - End of each month
- Generate monthly Aged Receivables report and Detailed report - End of each month
- Apply all payments for the credit purchases made during the month - End of each month
- Generate monthly Aged Payables Summary and Detailed report - End of each month
- Reconcile the Purchases and Payables Journal with the Payables Reconciliation report - End of each month
- Generate and Reconcile Payroll Activity Report and Payroll Register report - End of each month
- Reconcile the Gross wages; PAYG withholding and Superannuation amounts from the Payroll Summary report with the Profit and Loss Statement - End of each month
Resources required to complete these tasks -
Accounting program - MYOB Accounts Right 2018.3; Supplier's records database; Customers records database; Supplier Invoices; Customer Invoices; Receipts; Timesheets; Payroll Register; Employee data - TFNs; Bank details; Approved Leave request forms.
Expand the work plan below as required.
Work Plan for October - December 20XX | |||||
Persons Responsible | Work Tasks & Activities | Resources Required | Due Date | Priority | Status of Completion |
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young