UACS sample assessment

Hey all,

I have my Using Accounting Software exam on Friday. I've taken numerous looks at the sample assessment on the AAT website and I am freaking out a bit.

TASK 3 - where you have to update balances in the nominal ledgers...
I have been using Sage 50 at Pitman Training and on there I can't find a relevant account in the nominal ledger to post the Capital amount to.

Has anyone done this exam yet and knows where I'm coming from and can help me out with this assessment please?
I don't know whether to post the balance to 'Ordinary Shares' or just to create a new account in the nominal ledger window?
The same goes for all the other accounts named 'Office equipment - cost' etc too.

Any help will be greatly appreciated.

Thanks!

Answers

  • JCAATJCAAT Registered Posts: 4
    I am also having the same issue.
    The first two are Computer Equipment Costs and Computer Equipment Depreciation.

    Looking at the answer sheet, it shows you must set them up as new. However it doesnt show which codes were given.

    Upon set up. its confusing as to where to what Type and Category to use because there is an existing nominal code for Telephone and Computer charges under Overheads, yet I would have thought Computer costs it should be set up as a type of Asset?

    Also a depreciation category already exists but its set up under overheads?

    Can anyone shed any light please?
  • andrew96andrew96 Registered Posts: 9
    JCAAT said:

    I am also having the same issue.
    Telephone and Computer charges under Overheads, yet I would have thought Computer costs it should be set up as a type of Asset?

    Hi, it seems you are confusing overheads and capitalising assets: a computer purchase, which in theory should have a useful life greater than one year is capitalised as a non-current asset and posted to the balance sheet.

    Computer expenses like repairs, virus protection etc. are business expenses which are in relation to the general day-to-day running of the business i.e. overheads, are posted to the P&L.



  • JCAATJCAAT Registered Posts: 4
    Thank you for your help on this.

    So to carry out the task correctly as the assessment requests,...

    Q. Set up or amend the nominal codes for the following:
    Computer equipment - cost
    computer equipment accumulative depreciation
    Delivery vehicle - cost
    Delivery Vehicle accumulative depreciation

    Which nominal code range in sage would these be set up in?
  • andrew96andrew96 Registered Posts: 9
    Hi, the accounts should be created in the fixed assets code range which I think are between 0000 - 0999 , I don't use sage so not entirly sure.

    Have a look at the following link, it might help you:
    https://forums.aat.org.uk/Forum/discussion/27932/sage-nominal-codes
  • JoshWest12JoshWest12 Registered Posts: 5
    Hi all,
    Some good responses here. I did this exam last month and still waiting for the result.

    I just changed the titles of existing accounts to suit what the information reflected. This was my logic. Since the system is started as a new business with accounts set up as nil, it shouldn't matter whether you use an existing account or set up a new one.

    As long as the trial balance and audit trail show the correct amounts.

    Fingers crossed my result is a good one and hope this helps.
  • andrew96andrew96 Registered Posts: 9
    Hi Josh, good luck, how many more exams have you got left?
  • JoshWest12JoshWest12 Registered Posts: 5
    Hi Andrew,
    I have the synoptic test left only. Recently got 100% on the elements of costing exam so I'm hoping to carry on this momentum into the final exam.

    Unfortunately these answers came through after my exams so they had no bearing.

    How about yourself?
  • JCAATJCAAT Registered Posts: 4
    Thank you for your help on this.

    So to carry out the task correctly as the assessment requests,...
    Q. Set up or amend the nominal codes for the following:
    Computer equipment - cost
    computer equipment accumulative depreciation
    Delivery vehicle - cost
    Delivery Vehicle accumulative depreciation

    Which nominal code range in sage would these be set up in?
  • JCAATJCAAT Registered Posts: 4
    Thank you again Andrew, (and for the link), it makes sene now.

    I considered amending the existing ones already set up, so perhaps that's the way to go.

    Good luck with your results Josh!
  • andrew96andrew96 Registered Posts: 9
    Hi JC, no worries, happy to help.

    I have only just made a start on AAT level 3, quite a long way to go.
  • JoshWest12JoshWest12 Registered Posts: 5
    Hi all,
    Got my result today (5 weeks to the day)
    managed to score a whopping 95%, I'm really chuffed. Looking at my feedback though and I scored 'Significantly Below' for the Producing Reports skill.

    Has this happened to anyone or does anyone have any idea why this may be?

    Thanks
  • ras16ras16 Registered Posts: 1
    hi all
    i am (self studier).i can't understand exam format(using accounting software).any help me.
    thank you
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