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Level 2 Bookkeeping Assessment 3 Report: Computerised Accounts Setup, Data Entry & Reporting for The Genealogy Store
| University | Institute of Certified Bookkeepers |
| Subject | Data Entry to Trial Balance Using Software |
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.
| Pass | To gain a Pass, candidates must achieve between 85-89% |
| Merit | To gain a Merit, candidates must achieve between 90-94% |
| Distinction | To gain a Distinction, candidates must achieve between 95-100% |
| Fail | Candidates who achieve less than 85% of the total marks will be failed. |
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.
| Tasks | Activity | Marks |
|---|---|---|
| 1a | Set up company details | 2 |
| 2a | Enter the names and addresses together with opening balances for your suppliers | 14 |
| 2b | Enter the opening balances from the prepared trial balance | 6 |
| 3 | Input till receipts and bank transfers | 10 |
| 4 | Input purchase invoices and credit notes | 22 |
| 5 | Input receipts and payments | 15 |
| 6 | Input petty cash expenditure | 8 |
| 7 | Bank till cash | 8 |
| 8 | Enter a journal for wages and salaries | 6 |
| 9 | Reconcile the bank account with bank statement | 4 |
| 10 | Produce a trial balance | 5 |
| Total | 100 | |
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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.
| Supplier Name | Supplier details | Opening balances | VAT Rate used |
|---|---|---|---|
| England’s People | Simpson House The Broadway Edgbaston Birmingham B6 8UU VAT No: 697481231 |
358789 260.00 |
Standard rated |
| John Jackson Research | 26 Grange Gardens Millom Lancashire LA35 6PD Not VAT Registered |
JJR/04 100.00 |
|
| YourHistory.com | The Old Harbourmaster’s House The Harbour Dartmouth Devon EX15 0AZ VAT No: 169475831 |
INV-6589 255.00 |
Standard rated |
| Genealogy Listings | The Grange Milton Newsome GL26 9AD Not VAT registered |
88-0893 267.00 |
|
| Northern Stationery Ltd | Unit 16 Green way Trafford Park Manchester M23 2TS VAT No: 157852177 |
– | Standard rated |
| General Records Ltd | The Street Market Weighton Yorkshire YO67 4BV VAT No: 356951678 |
B18547 M18548 60.00 90.00 |
Standard rated |
| CartridgesRUs | 199 Hayes Road West Drayton Middlesex UB7 6KK VAT No: 344781469 |
– | Standard rated |
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.
| Dr | Cr |
|---|---|
| Bank Current Account Credit Card Receipts Account Debit Card Receipts Account Till / Cash Register Account Petty Cash Account |
2,650.00 1,926.00 200.00 850.00 100.00 |
| HMRC VAT due HMRC PAYE and NICs due Creditors / Accounts Payable Capital Account |
3,044.00 650.00 1,032.00 1,000.00 |
| Total | 5,726.00 5,726.00 |
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.
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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.
| Week ending | Cash sales | Debit card sales | Credit card sales |
|---|---|---|---|
| 3/4/20 | 680.00 | 2,000.20 | 1,826.00 |
| 10/4/20 | 230.23 | 1,951.00 | 2,950.50 |
| 17/4/20 | 625.00 | 2,852.00 | 2,582.00 |
| 24/4/20 | 595.90 | 3,111.20 | 3,720.60 |
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
| Date | Description | Amount |
|---|---|---|
| 6/04/2020 | Credit card receipts transferred | 3,750.00 |
| 14/04/2020 | Credit card receipts transferred | 2,900.00 |
| 21/04/2020 | Credit card receipts transferred | 2,600.00 |
| 27/04/2020 | Credit card receipts transferred | 3,600.00 |
Debit card receipts
| Date | Description | Amount |
|---|---|---|
| 6/04/2020 | Debit card receipts transferred | 2,000.00 |
| 10/04/2020 | Debit card receipts transferred | 2,100.00 |
| 20/04/2020 | Debit card receipts transferred | 2,800.00 |
| 28/04/2020 | Debit card receipts transferred | 3,200.00 |
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 CartridgesRUs invoices should be recorded against the printing and stationery expense account. John Jackson is an external contractor. All other invoices are Other Purchases.
| Supplier | Description | Invoice Date | Invoice Number | Price (excluding Standard rate VAT as applicable) |
|---|---|---|---|---|
| Northern Stationery Ltd | A4 Paper for general use | 02/04/20 | 685 | 80.00 |
| Northern Stationery Ltd | Pens, pencils and general stationery | 20/04/20 | 699 | 20.00 |
| Northern Stationery Ltd | Printer Ink Cartridges | 24/04/20 | 802 | 38.00 |
| John Jackson Research | Research Carlisle | 05/04/20 | JJR/23 | 70.00 |
| John Jackson Research | Research Cockermouth | 09/04/20 | JJR/25 | 105.00 |
| John Jackson Research | Whitehaven Library | 23/04/20 | JJR/28 | 35.00 |
| England’s People | Search credits | 03/04/20 | 689128 | 20.00 |
| England’s People | Search credits | 09/04/20 | 721100 | 20.00 |
| England’s People | Search credits bulk | 28/04/20 | 833309 | 60.00 |
| YourHistory.com | Plain Family tree charts A0 x 100 for resale | 09/04/20 | INV-7654 | 350.00 |
| YourHistory.com | Certificate binders for resale | 20/04/20 | INV-7722 | 300.00 |
| General Records Ltd | Historical Birth Certificates | 08/04/20 | B25412 | 50.00 |
| General Records Ltd | Historical Death Certificates | 20/04/20 | D26881 | 75.00 |
| CartridgesRUs | Laser Cartridges BW | 02/04/20 | S12987 | 165.00 |
| CartridgesRUs | Laser Cartridges Colour | 17/04/20 | S13014 | 225.00 |
| Genealogy Listings | Timeline charts for resale | 17/04/20 | 88-1479 | 150.00 |
| Genealogy Listings | Decorative 12 pedigree family tree charts | 29/04/20 | 88-1697 | 250.00 |
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.
| Supplier | Description | Credit Note Date | Credit Note Number | Associated Invoice | Price (excluding standard rate VAT as applicable) |
|---|---|---|---|---|---|
| CartridgesRUs | Faulty Cartridge | 28/04/20 | CS12987 | S12987 | 82.50 |
| General Records Ltd | Incorrect birth record supplied | 28/04/20 | C8894 | B25412 | 25.00 |
Required
- 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.
- 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:
| Supplier | Date Paid | Invoice Number Paid | Total Amount Paid |
|---|---|---|---|
| Northern Stationery Ltd | 10/04/20 | 685 | 80.00 plus VAT |
| Northern Stationery Ltd | 28/04/20 | 699 | 20.00 plus VAT |
| John Jackson Research | 15/04/20 | JJR/04 JJR/23 JJR/25 |
275.00 |
| England’s People | 15/04/20 | 358789 689128 |
284.00 |
| YourHistory.com | 15/04/20 | INV-6589 | 255.00 |
| General Records | 30/04/20 | B18547 M18548 B25412 C8894 |
180.00 |
| CartridgesRUs | 30/04/20 | S12987/CS12987 | 99.00 |
| Genealogy Listings | 30/04/20 | 88-0893 | 267.00 |
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Other sundry bank payments and receipts
Post the following as either bank payments or receipts depending on how your software deals with such items.
| Date Paid | Other payments and receipts | Value £ | Notes |
|---|---|---|---|
| 15 April | HMRC (PAYE) | 650.00 | Paid March PAYE and NICs. Paid by BACS transfer. |
| 24 April | Equipment rental payment (expense) | 120.00 | Rental of projector, screen etc. for presentation to local society. Paid for by debit card. Includes standard rate VAT |
| 30 April | HMRC (VAT) | 3,044.00 | Paid previous quarter VAT du. Paid by BACS transfer. |
| 30 April | Rent income for April from tenant | 240.00 | Rental income for room inclusive of VAT at standard rate. Received by BACS transfer. |
| 30 April | Cash drawn | 8,000.00 | Owner’s private drawings, transferred to personal account via BACS. |
Required
Provide report(s) showing
- the above supplier payments that have been processed and that the relevant invoices/credit notes have been cleared.
- 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
| Date | Description of expense | Voucher Number | Value £ | VAT | Notes |
|---|---|---|---|---|---|
| 1st Apr 2020 | Cleaning items | 1 | 11.69 | Includes VAT | |
| 3rd Apr 2020 | Office sundries | 2 | 18.00 | Includes VAT | |
| 6th Apr 2020 | Tea Coffee and Toilet Rolls | 8 | 15.00 | Zero rated | |
| 9th Apr 2020 | Cleaner’s invoice | 10 | 20.00 | Not VAT registered | |
| 13th Apr 2020 | Cleaning items | 12 | 21.63 | Includes VAT | |
| 17th Apr 2020 | Monthly newsagent bill | 15 | 35.00 | Zero rated | |
| 20th Apr 2020 | Key cutting | 16 | 9.00 | Includes VAT | |
| 23rd Apr 2020 | Cleaner’s invoice | 20 | 20.00 | Not VAT registered |
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.
| Description | Amount £ |
|---|---|
| Staff wages and salaries (gross) | 3,900 |
| Employees’ National Insurance | 272 |
| PAYE deductions | 118 |
| Employer’s National Insurance | 255 |
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
CheshireAccount of: The Genealogy Store Statement Date 30 April 2020.
Account number 00458712 Statement No 85
Sort code 63-61-90
199-202 Nantwich Road
Chester
CheshireAccount of: The Genealogy Store Statement Date 30 April 2020.
Account number 00458712 Statement No 85
Sort code 63-61-90
| Date | Details | Receipts | Payments | Balance |
|---|---|---|---|---|
| 01/04/2020 | Balance Brought forward | 2650.00 | ||
| 06/04/2020 | Banked cash | 1300.31 | 3950.31 | |
| 06/04/2020 | Debit card receipts | 2000.00 | 5950.31 | |
| 08/04/2020 | Credit card receipts | 3750.00 | 9700.31 | |
| 10/04/2020 | Debit card receipts | 2100.00 | 11800.31 | |
| 13/04/2020 | Banked cash | 195.23 | 11995.54 | |
| 13/04/2020 | Northern Stationery | 96.00 | 11899.54 | |
| 16/04/2020 | Credit card receipts | 2900.00 | 14799.54 | |
| 17/04/2020 | John Jackson Research | 275.00 | 14524.54 | |
| 17/04/2020 | England’s People | 284.00 | 14240.54 | |
| 17/04/2020 | YourHistory.com | 255.00 | 13985.54 | |
| 17/04/2020 | HMRC (PAYE) | 650.00 | 13335.54 | |
| 20/04/2020 | Banked cash | 568.37 | 13903.91 | |
| 20/04/2020 | Debit card receipts | 2800.00 | 16703.91 | |
| 23/04/2020 | Credit card receipts | 2600.00 | 19303.91 | |
| 23/04/2020 | Northern Stationery | 24.00 | 19279.91 | |
| 27/04/2020 | Banked cash | 566.90 | 19846.81 | |
| 28/04/2020 | Equipment rental | 120.00 | 19726.81 | |
| 28/04/2020 | Debit card receipts | 3200.00 | 22926.81 | |
| 29/04/2020 | Credit card receipts | 3600.00 | 26526.81 | |
| 30/04/2020 | HMRC (VAT) | 3044.00 | 23482.81 | |
| 30/04/2020 | Rent income | 240.00 | 23722.81 | |
| 30/04/2020 | Drawings | 8000.00 | 15722.81 | |
| 30/04/2020 | Bank charges | 35.00 | 15687.81 |
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:
- Report(s) showing the full set of nominal accounts and where they appear in the chart of accounts.
- Trial Balance as at 30 April 2020
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