Student FAQ

When filling in Task 2, please use the transactions date where available.

In task 3, use the period’s end date.

In each journal, there is a column for reference. You will need to choose the appropriate reference for each transaction. We provide you with the options as follow:

1. The numbers: these are the cheque numbers that you can choose from.
2. Cash: Cash transactions
3. DD: Direct Debit from the bank account
4. DC: Direct Credit to the bank account
5. EFT: EFTPOS transactions
6. OB: Online Banking transactions the firm makes.

When filling in Task 2, please use the transactions date where available.

In task 3, use the period’s end date.

For excellence you will need to have correct closing balance on the bank reconciliation.

The closing balance will be made up of closing bank statement, deposits and withdrawals not on the bank statement. Thus, if you see the deposits and withdrawals are marked correct and get the closing balance incorrect, it means the closing bank statement is incorrectly entered.

For the bank ledgers: if the Dr and Cr transactions are in the same date, then you can enter either one first – they are interchangeable and you will not be penalised for it.

For Bank reconciliation, Under “Less withdrawals not on the bank statement”, 2 transactions are also interchangeable.

In the ledger, the running total should not be a negative number. You should keep it as a positive number and then change the Dr or Cr sign.

For example: the running total is $100(Dr).  There is a new transaction of $200(Cr) to be added. Mathematically, the balance will become -$100. In accounting, the balance will become $100(Cr)

It’s a liability. Normally there are 2 options:

1. Have separate ledger accounts for GST received (which is a liability as you need to pay back to the IRD) and GST paid (which is an asset as you will get the refund back from IRD).
2. Have combined GST clearing account as in this assessment. In this case, it should be a liability. The reason is that when a business is a going concern, they should aim at creating revenue and profit, thus paying GST.

This is all done in the sim. There is a split screen for it, and a copy of the CRJ and CPJ will be shown on task 3 as a reference. You can also print out a hard copy if required.

There is a video help on task 3 of Doyle’s Designers showing you how to do it. Students have a working space next to the the table to put their notes into (example: what transactions have already been recorded, which transactions need to be updated, which transactions are not showing on the bank statement, etc).

No. This is a new requirement by NZQA in the new standard. Bank reconciliation needs to relate to journal entries and is not an optional task. This is a major change to the old standard and students receive an additional 1 more credit for learning this.

When starting a new task, teachers and students will have to click on the “Start a New Exercise” button in the main screen to start their Task for Doyle’s Desingers and Click “Start Task 1-3″ for Pete’s Plumbers.

The best option is to save your work, logout and then log back in.