BUACC5937 AIS Assignment Version 4 Table of Contents Your tasks3 Create a Company in XERO4 Setup your Company7 Creating Contacts and Inventory12 Entering Transactions15 Bank Reconciliation19...

I HAVE ATTACHED THE DETAILS AND PLEASE CONFIRM THE ACCEPTANCE ONLY IF YOU CAN DO THIS.


BUACC5937 AIS Assignment Version 4 Table of Contents Your tasks3 Create a Company in XERO4 Setup your Company7 Creating Contacts and Inventory12 Entering Transactions15 Bank Reconciliation19 Manual Journals21 Printing Reports22 Report to the Company owner22 Getting Help:23 Created by: Beverley Jones BUACC5937 Assessment 2017/17Page | 2 Your tasks Note: The assignment is individual A. Create a company in Xero – Free Trial (2 marks) · You should note that the FREE Trail is only available for 30 days after you start. · You should use you Federation University student email account · Company Name: BUACC5937GroupX (where X is the group number assigned to you by your lecturer/tutor) B. Setup your company (3 marks) · Financial Settings · Organisation Settings · Bank Account C. Create Contacts and Inventory (8 marks) D. Entering Transactions – Using the Business menu (29 marks) · Bills to pay – purchases from you Suppliers · Invoices – invoices for your Customers · Purchase Orders – good order from your Suppliers for delivery in the future · Credits for good returned to your suppliers (Bills to pay) · Credits for goods returned from your customers (Invoices) · Payments sent to your supplier (Bills to Pay) · Payments received from your customers (Invoices) E. Bank Reconciliation – from the Dashboard (8 marks) oOther expenses (from the Bank Account on the Dashboard) F. Manual Journals – from the Accounting Menu (4 marks) G. Printing reports – from the Accounting Menu (6 marks) H. Write a brief 500-word report about who would use the reports you printed from G. This report should be properly referenced using APA style. (10 marks) Create a Company in XERO 2 Marks 1. Login into Xero - https://www.xero.com/au/ 2. Click on Free Trial 3. Enter the details required NB: Use your FEDERATION University email address · Click on Get Started 4. Go to your Federation email · Open the email from XERO · Click on “Yes, it’s me” 5. Create a password Create your Business · BUACC5937 – Group X (where x is the group number assigned to you) · Industry – Other Store based retailing · Enter the required details · Country – Australia · No employees · Yes – calculate GST · Click Start Now Setup your Company 3 marks 1. Financial Settings · From the Accounting menu · Advanced · Financial Settings · GST Accounting method – Accruals Basis · Tax File Number – 65006043306 · GST Calculation – Quarterly (Option 1) · Tax defaults – Tax inclusive · NB: No other details are required · Save 2. Organisation Settings: · Click on your company name · Settings · Organisation Details · Check: · Display name and Legal/Trading name: BUACC5937 Group X (where X is your group number) · Line of Business: Other Store based retailing · Enter/Select · Organisation Type – Company · Contact details: i. Postal Address 1. 123 Parramatta Road 2. Parramatta NSW 2150 3. Australia · Attention: Put your name here · Physical Address – same as postal · SAVE 3. Chart of Accounts - From the main Menu Select · Accounting · Chart of Accounts · We will use the default chart of accounts · Add Bank Account · Bank Account · Bank - ANZ · Account Name – Business Account · Account Code – 600 · Account Type – Everyday o BSB – 456-123 · Account Number – 987456 · CONTINUE Creating Contacts and Inventory 8 Marks You are now required to read the following instructions and create the new contacts and inventory items as listed below: - don’t forget to SAVE 1. Add CONTACTS for New Suppliers by entering the details below:(4 marks) Contact Type Supplier Contact Name Blue Security Company Primary Person Joanne Blue Phone 08 4444 3333 Postal Address (Street address is the same) 456 Milson Street City Northlands State WA Postcode 6905 Country Australia Purchase Settings Tax inclusive No other details are required to be entered Contact Type Supplier Contact Name Harbour City Cameras Pty Ltd Primary Person Bruce Black Phone 02 3333 7777 Postal Address (Street address is the same) 55 Main Street City Sydney State NSW Postcode 2000 Country Australia Purchase Settings Tax inclusive No other details are required to be entered Add a CONTACTS for a New Customers by entering the details below:(4 marks) Contact Type Customer Contact Name Devonport Spareparts Pty Ltd Primary Person Vanessa Opal Phone 03 2222 7777 Postal Address (Street address is the same) 85 Bass Road City Devonport State TAS Postcode 7310 Country Australia Sales Settings Tax inclusive No other details are required to be entered Contact Type Customer Contact Name Barossa Discount Wines Primary Person Annie Garnet Phone 08 7777 8888 Postal Address (Street address is the same) 98 Valley Heights View City Tanunda State SA Postcode 5352 Country Australia Sales Settings Tax inclusive No other details are required to be entered Add INVENTORY items by entering the details below: 2. don’t forget to SAVE Using BUSINESS - Products and Services– create 4 new inventory items as listed in the table below: Item Code: IC520 SC1400 Name: IC520 Internet Camera SC1400 Security Camera I track this item Tick Tick Inventory Asset Account 630-Inventory 630-Inventory I Purchase This Item Tick Tick Unit Cost: $325 $250 COGS Account 310 - Cost of Goods Sold 310 - Cost of Goods Sold Tax Rate GST on Expenses GST on Expenses Purchase Description IC520 Internet Camera SC1400 Security Camera I Sell This Item Tick Tick Unit Price: $520 $460 Sales Account 200-Sales 200-Sales Tax Rate GST on Income GST on Income Sales Description IC520 Internet Camera SC1400 Security Camera Item Code: IC250 SC1560 Name: IC250 Internet Camera SC1560 Security Camera I track this item Tick Tick Inventory Asset Account 630-Inventory 630-Inventory I Purchase This Item Tick Tick Unit Cost: $750 $750 COGS Account 310 - Cost of Goods Sold 310 - Cost of Goods Sold Tax Rate GST on Expenses GST on Expenses Purchase Description IC250 Internet Camera SC1560 Security Camera I Sell This Item Tick Tick Unit Price: $1120 $1120 Sales Account 200-Sales 200-Sales Tax Rate GST on Income GST on Income Sales Description IC250 Internet Camera SC1560 Security Camera Entering Transactions 29 Marks You are now required to enter and process the following new transactions: Note: the transactions are in Date order Note: The PDF files with save in your Downloads Folder Trans Particulars 1 2 marks You are purchasing inventory items from a supplier Select - Bills to Pay Click - New Bill From: Harbour City Cameras Pty Ltd (select) Date: 3rd June Due Date in 14 days (hint +14) Reference: HCC1 Amounts are: tax Inclusive (check) Item: IC250 Internet Camera (select from drop arrow) Description: IC250 Internet Camera (automatic) Quantity: 5 units Unit Price: $750 each (Tax Inclusive) (automatic) Item: SC1560 Security Camera (select from drop arrow) Description: SC1560 Security Camera (automatic) Quantity: 15 units Unit Price: $750 each (Tax Inclusive) (automatic) APPROVE, - then PRINT AS PDF NB: PDF files will save in Downloads 2 2 marks Try it by yourself Purchased (Bill to Pay) following items on credit from Blue Security Company, Reference BSC1: · Date: 3rd June - Due in 14 days of purchase · 9 units IC520 Internet Camera at $325 each (Tax Inclusive) · 5 units SC1400 Security Camera at $250 each (Tax Inclusive). APPROVE and PRINT AS PDF 3 2 marks You are selling goods to a customer Select: Invoices Click: New Invoice To: Barossa Discount Wines (select) Date: 5th June Due date: +14 Invoice No: 7005 Reference: BDW1 Amounts are: Tax inclusive (check) Item: IC250 Internet Camera Description: IC250 Internet Camera (automatic) Quantity: 2 Unit Price: $1120 (check) APPROVE and PRINT AS PDF (Mark as sent) 4 3 marks Try it by yourself Invoiced Devonport Spareparts Pty Ltd, Reference No. DS1, Invoice No. 811: · Date 7th June – due in 14 days · 10 units SC1560 Security Camera at $1120 each (Tax Inclusive). · Payment was sent with the order as they are first time customers. · After you approve input the payment – bank it to the Business Bank account APPROVE, input payment then PRINT AS PDF (Mark as sent) 5 2 marks Try it by yourself Invoiced Devonport Spareparts Pty Ltd for goods sold. Reference No. DS2, Invoice No. use default: · Date: 9th June - Due in 14 days of sale · 4 units IC520 Internet Camera for $520 each (Tax Inclusive) APPROVE and PRINT AS PDF (Mark as sent) 6 2 marks Try it by yourself Sent a purchase order to Blue Security Company, Reference No. BSC2, Purchase Order No. use the default: · Date: 11th June – required on 5th July. · 10 units SC1400 Security Camera at $250 each (Tax Inclusive). APPROVE and PRINT AS PDF (Mark as sent) 7 2 marks Try it by yourself Sold following items on credit to Barossa Discount Wines, Reference: BDW2; Invoice No. use the default · Date: 13th June - Due in 14 days of sale · 2 units IC250 Internet Camera at $1120 each (Tax Inclusive) · 3units SC1560 Security Camera at $1120 each (Tax Inclusive). APPROVE and PRINT AS PDF (Mark as sent) 8 3 marks You returned goods that were originally purchased on 3rd June, Select: Bills to Pay Click: New Credit To: Harbour City Cameras Pty Ltd (select) Date: 16th June Reference: HCC1 Item: SC1560 Security Camera Description: SC1560 Security Camera (automatic) Quantity: 1 APPROVE Allocate that credit note to original Bill to Pay. PRINT AS PDF (after the allocation). 9 2 marks Try it by yourself Sold following items on credit to Devonport Spareparts Pty Ltd, Reference No. DS2; Invoice No. use the default · Date: 17th June - Due in 14 days of sale · 2 units IC520 Internet Camera at $520 each (Tax Inclusive) · 3 units SC1400 Security Camera at $460 each (Tax Inclusive). APPROVE and PRINT AS PDF (Mark as sent) 10 3 marks Try it by yourself On 20th June Devonport Spareparts Pty Ltd returned goods - 1-unit/s of SC1400 Security Camera for credit that were originally purchased on 17th June, You are required to issue a Credit Note for the return of the above item Don’t forget to APPROVE, then ALLOCATE and PRINT AS PDF 11 3 marks On 20th June you sent a payment from the Business Bank Account to Blue Security Company in full payment of their account (ie: all invoices that are outstanding) Reference: PN 850 . Payment was made from the Business Bank Account Go to BILLS TO PAY, open the invoice/s and make a payment 12 3 marks Try it by yourself On 24th June you received a payment from Devonport Spareparts Pty Ltd in full payment of their account (ie: all invoices and credits that are outstanding) Reference: RN 650. Payment was banked to the Business Bank Account Go to INVOICES – open the invoices/s and receive a payment Bank Reconciliation 8 Marks On the 30th June you check your online bank statement. You then proceed to mark all the payments you have made and received 1. Reconcile the Bank Account (2 marks) · Dashboard · Open the Business Bank Account by clicking on the name · Click on the first unreconciled item (you should note