Assessment item 2 back to topCloud On-line AccountingValue:10%Due Date:25-Aug-2018Return...

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Assessment item 2	back to topCloud On-line AccountingValue:10%Due Date:25-Aug-2018Return Date:14-Sep-2018Length:Submission method options:Alternative submission methodTask	back to topPart A, 7 marks	You are working as an accountant in a local accounting firm. You have been approached by Oliver and Sydney, the owner of Sugariffic, a start-up wholesaler. They have chosen Xero as their cloud based accounting system and have employed you to set up their company in Xero and enter the first month’s transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the start up of their business. All information has been supplied by the business owner for you to input. The set up and transactional data will be provided in Interact Resources.	Taskrequirements:	Process your clients' transactions for August 2018. Generate and submit the following reports to your client for the month of August 2018;	Profit&Loss	BalanceSheet	TrialBalance	AgedPayables(detail)	AgedReceivables(detail)	Inventory Item Summary.Part B, 3 marks	Whilst your client has requested the 6 reports detailed above, Xero has a range of other reports available. Review the other reports which can be generated from Xero and prepare an executive summary for your client providing advice on 2 other reports they could generate from Xero to facilitate their decision making. In your summary, consider the following:	Which other, specific reports from Xero should your client generate and use for decision making?	What decisions would your client use each of these reports for?To support your discussion, run the reports you are recommending for the month of August and include them with your report.	The marks assigned for both parts of this assessment include correctness of information and presentation of your reports. Your report needs to look professional, as though it could be provided to your client.

Pulkit · Accepted Answer

Client Name:
Client Name:		Name of Accountant:		Xero Software reports		Date:	
Executive Summary
Xero is the accounting software which is well known for the kind of exhaustive reports that it provides. Not only the basic reports such as Profit and Loss account, Trial Balance and the Balance Sheet that Xero is able to generate there are other specialized reports as well like Aged receivables reports, aged payables reports etc. which the Xero software can generate. The reports are the financial outcomes of the raw data of transactions which are processed using the Xero accounting software. The whole accounting exercise would go into vain if no proper and appropriate reporting is available in the software. The reports are not only useful from the perspective of compliance with various authorities but also it is important with regard to the decision making.
Apart from the six reports which have been generated by the software as asked by the client, there can be some other reports as well which can also be provided by the software and they can be used well by the client for decision making. These reports are as under:
1. Activity Statement: Activity Statement is the report required by revenue authorities for seeking the details of GST and PAYG of the client. The software has inherent feature of providing such report and this report can be used by the client for making compliance with the authorities. This report can also be used for making decisions on the GST and PAYG of the client.
2.

Assessment item 2 back to top Cloud On-line Accounting Value: 10% Due Date: 25-Aug-2018 Return Date: 14-Sep-2018 Length: Submission method options: Alternative submission method Task back to top Part...

Assessment item 2

Cloud On-line Accounting

Task

Part A, 7 marks

Part B, 3 marks

Answer To: Assessment item 2 back to top Cloud On-line Accounting Value: 10% Due Date: 25-Aug-2018 Return Date:...

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