Tasks

Last week you made a resolution to get your finances organized and just began to try a free software called “KMyMoney”. It’s 3:00 in the afternoon of a Sunday. You picked up your mail and sat down to do some of your pending paper work and manage your finances for the week.  

You have learnt from the marketing material that KMyMoney:

1.       Strives to be easy to use,

2.       Provides all important features commercial systems provide and

3.       Uses double entry accounting principles to ensure accounts are kept in correct order.

Last week you have set up KMyMoney to suit your requirements. The following is the description of the settings you applied:

-          Created your KMyMoney file

-          Added accounts with starting balances

-          Entered few expenses

-          Choose basic categories to track expenses

So, as you come back today you have few tasks lined that you want to do in KMyMoney that are as follows:

Task 1

“You have paid your monthly apartment rent today by check, now please create a reminder to enter it every month, and enter this month’s rent payment and verify to see it is entered in the system.”

Use the following data:

1.       Rent = $800

2.       Paid from your checking account BoA1

3.       Check was written to Woodland Apartments.

	·         Create a reminder to pay your rent monthly ·         Enter this month’s rent that you have paid today in the system ·         Verify that it has been entered in the system

 

Task 2

“You got your cash back for a new laptop you bought recently from Staples. You have deposited that cheque yesterday, entered it into the system. Earlier today you found from your online bank statement that the cheque you deposited got cleared. Please change the entry appropriately.”

Use the following data:

1.       Refund amount: $100

2.       Account to which you posted the money was : BoA1-Checking

	·         Change the cheque details appropriately.

 

Task 3

“In your mail today, you got your bank statements. Using them now, in order to make sure you have done you book keeping right, you want to confirm/correct the entries for your checking account BoA1.”

Use the following data:

The Bank statement is as follows:

BoA1 Checking - 12345678 From: 11/21/09 Through: 11/28/09     Starting Balance: $382.62     -13 Withdrawals: -$1,534.00     +2 Deposits: $1,374.74     Ending Balance: $223.36

1. 

2. 

Date	Description	Withdrawal	Deposit	Balance
11/27/09	CHECK 1321	-$120.00		$223.36
11/26/09	ONLINE BANKING TRNSFR TO SAVINGS 12345678	-$700.00		$343.36
11/25/09	REG SALARY ABC Corp.98765432		$687.37	$1,043.36
11/24/09	CHECK 1335	-$30.00		$355.99
11/23/09	KEEP THE CHANGE TRANSFER TO ACCT 5678 FOR 11/22	-$0.78		$385.99
11/22/09	PURCHASE 90631029011479844262401 ON 10/29 AT BARNS AND NOBEL SEATTLE WA	-$11.22		$386.77
10/22/09	ONLINE BANKING TRNSFR TO SAVINGS 12345678	-$600.00		$397.99
10/21/09	REG SALARY XYZ Corp.98765662 CHECK 1378		$687.37	$997.99
10/21/09	KEEP THE CHANGE TRANSFER TO ACCT 5678 FOR 10/21	-$0.19		$310.62

	·         Confirm/correct the entries for your checking account BoA1 based on your bank statement.

 

Task 4

“As you are trying to have a full control on your finances, you are excited and created a budget plan you would like to stick with for the coming year 2010. You planned your next year’s budget as given below, please enter that budget plan into your system for the next year and view the allocated budget as a pie chart.”

Use the following data:

Here is your budget plan for 2010:

1.       Monthly income from ABC corp: $5000

2.       Monthly income from XYZ corp: $1000

3.       Monthly apt rent: $800 until June

4.       Monthly food: $300

5.       Vacation/trips: $3000

6.       Auto Insurance twice a year: $300

·         Enter the budget plan for next year (2010). ·         View this budget as a pie chart.