Cara Input Bukti Memorial (Adjusment) || Myob PT. SEJAHTERA || Part. 7

Summary

This video walks viewers through the process of preparing financial reports for PT Sejahtera using MYOB accounting software. The focus is on creating adjustment journal entries for the year-end, covering various transactions such as supplies, bank reconciliation, bad debt provisions, prepaid expenses, depreciation, utility expenses, and income tax. The tutorial also includes the steps for generating key financial reports, such as profit and loss, balance sheet, and cash flow statements. It's a comprehensive guide for anyone looking to understand financial reporting and adjustments in a business setting.

Takeaways

• 😀 The session focuses on the financial reporting process of PT Sejahtera, specifically addressing the preparation of financial statements using MYOB accounting software.
• 😀 The meeting discusses the importance of adjusting journal entries and memorial evidence for proper financial reporting.
• 😀 The first topic covered is the inventory reconciliation as of December 31, 2018, where no adjustment is necessary for the trading inventory due to matching figures between the actual and recorded balances.
• 😀 An adjustment is made for office supplies, where a discrepancy is found between the estimated and actual balances, leading to an adjustment for the supply expense.
• 😀 The script also covers reconciling the cash balance by comparing the company’s bank balance with the accounting records, and adjustments for unrecorded bank income and expenses are made.
• 😀 There is a discussion on bad debt provisions, where 5% of the accounts receivable is calculated as the estimated allowance for doubtful accounts, leading to an adjustment in the allowance for bad debts.
• 😀 The session explains adjustments for prepaid expenses, such as rent and insurance, where amounts for December are recorded as expenses in the books, reducing prepaid amounts.
• 😀 Depreciation adjustments are made for fixed assets, including buildings and equipment, by recording depreciation expenses and updating accumulated depreciation accounts.
• 😀 The recording of utility and telecommunication expenses for December is covered, noting that these costs are accrued as liabilities since they are to be paid in January.
• 😀 The final adjustment involves calculating corporate tax payable based on the gross revenue, with a 1% tax rate applied to the total revenue to determine the tax liability for December.

Q & A

What is the main objective of the meeting in the script?

The main objective of the meeting is to discuss and create financial reports for PT Sejahtera, specifically focusing on adjusting journal entries (Memorial Entries) and finalizing the year-end financial statements using MYOB accounting software.

What is the reason for creating adjustment journal entries for PT Sejahtera?

The adjustment journal entries are created to reflect accurate financial data for the year-end, ensuring that the accounts are properly adjusted to match the actual balances of inventories, prepaid expenses, accruals, and other financial transactions that may have been overlooked during the year.

How is the inventory adjustment handled in the script?

The inventory adjustment is done by checking the inventory balance. Since the stock opname (inventory count) matches the inventory ledger, no journal entry is needed for inventory, and no further action is required.

What actions are taken regarding supplies and their usage?

The supplies are estimated to have a value of IDR 3,608,960. The journal entry records the expense related to the usage of supplies, with the corresponding credit to the supplies account to adjust for the consumption.

What causes the discrepancy in the cash balance between the company and the bank?

The discrepancy is due to unrecorded transactions, including bank interest income and bank administrative fees, which had not been previously entered into the company’s records. These are adjusted through the bank reconciliation process.

How is the bad debt provision calculated in the script?

The bad debt provision is calculated as 5% of the trade receivables at the end of the period. This results in a required adjustment for the provision, with a corresponding journal entry to record the bad debt expense.

What is the purpose of recording prepaid rent and insurance in the financial statements?

Prepaid rent and insurance are adjusted to reflect the expenses for December 2018. Since these are prepaid expenses, the journal entries ensure that the appropriate portion is recognized as an expense in the current period.

What adjustments are made for depreciation of assets in the script?

Depreciation expenses for buildings and equipment are recorded based on the company’s accounting policy. The depreciation is calculated and recorded as an expense for the period, with corresponding entries to accumulate the depreciation on the assets.

How are accrued expenses such as electricity, water, and telephone handled in the script?

Accrued expenses for electricity, water, and telephone are recognized as liabilities since they will be paid in January. The journal entry records the expense and the corresponding liability for these accrued costs.

How is the income tax for December 2018 calculated, and what is the entry made?

The income tax is calculated as 1% of the gross revenue, which is IDR 717,493,000. The calculated amount of IDR 7,171,076 is recorded as an income tax expense and the corresponding liability (income tax payable) is recognized, to be paid in January.