Need someone to complete the in paper sections and then upload the data into NetSuite. Will provide all pages neccessary.
SUA AND NETSUITE PROJECT Instructor: Becca Baaske (AIS Summer 2020) Background: Over the course of the next few weeks, we will simulate a business acquisition where two DIFFERENT types of Accounting Information Systems (AIS) must be integrated to accurately reflect all business transactions of a new consolidated company. Specifically, our simulation has been designed so that you get exposure to a manual AIS (i.e., Systems Understanding Aid) and IT-based AIS (i.e., NetSuite) In our simulated environment, you are to assume that Gill, Inc. acquired Warren Sports Supply in December of the current year, 2020 (the use of this future date was designed purposefully so that you could get exposure to both the month-end procedures and year-end procedures). Gill, Inc., the parent company, uses a mid-tier ERP system (NetSuite) to record business transactions. The acquired company, Warren Sports Supply, a small ‘mom and pop’ company, has always used a manual AIS to record business transactions. Management at Gill, Inc. has been working tirelessly to implement the company’s ERP system at Warren Sports Supply. However, as is the case in the real world, the process has taken longer than expected. Therefore, all daily transactions from Warren Sports Supply must be manually entered into Gill’s already established ERP system in order to accurately report on the December 2020 consolidated financials. Since Gill, Inc. is the acquiring company, Gill’s management has decided that all transactions being recorded from Warren Sports Supply must ALSO be input into Gill’s ERP system using Gill’s transaction recording policies and procedures and coding conventions. While working through this simulation, you will be manually processing the business transactions that occur at Warren Sports Supply (using your Systems Understanding Aid materials) and subsequently recording all relevant transactions into Gill’s IT-based ERP system (applying those transaction to NetSuite and using the NetSuite Transactions Posting Guide). Instructions: The purpose of this project is to apply the concepts from each financial transaction cycle by using the Systems Understanding Aid (SUA) and NetSuite. The SUA provides an example of how financial transactions are input, processed, and output in an Accounting Information System without the use of technology. NetSuite, a mid-tier Enterprise Resource Planning (ERP) software, provides you with a hands-on learning opportunity of how transactions can be input, processed, and output with the use of technology. You will be completing ALL the financial transactions on the SUA Transaction List *blue Document No. 1* using (1) a manual AIS (by following the relevant flowcharts and preparing documents in the Document Folder from the SUA packet) and (2) an automated AIS (adapting and entering these same transactions from the SUA Transaction List into NetSuite). Following this, you may be expected to create financial reports or perform some analysis. To assist with navigating NetSuite, there are several step-by-step examples of how to do various things in the NETSUITE TUTORIALS (Part 1 thru 5) that I provided via Canvas. I highly recommend referencing these tutorials as you complete the requirements in each Module assignment. The NetSuite Transactions Posting Guide (also on Canvas) will help as reference guide to adapt all SUA transactions to NetSuite, and will guide you directly to the NETSUITE TUTORIAL that will assist with each transaction. It is your responsibility to keep up with materials. DO NOT wait until the last minute to complete each module as this is an involved project! Important note: Given the nature of our simulation, there are three important adaptations that will need to be made in order to properly record all transactions from Warren Sports Supply manual AIS (i.e., Systems Understanding Aid) to Gill’s IT-based AIS (i.e., NetSuite): 1. All transactions will be recorded in NetSuite using the CURRENT YEAR 2020 instead of 2017 (SUA uses year-end December 31, 2017 because that is when it was published). 2. The chart of accounts in NetSuite is not the same as it is in the SUA because we are dealing with two companies that were independent of each other prior to the acquisition. a. Refer to the Chart of Accounts – SUA to NetSuite provided via Canvas for the mapping. b. Note: if the SUA account number is not listed on the mapping, you will need to create the account in NetSuite, Gill’s ERP system (see NETSUITE TUTORIAL Part 2 for an example of how to create a new account). 3. Any other deviations that should be considered will be listed in the file labeled NetSuite Transactions Posting Guide. MODULE 1: REVENUE CYCLE (SALES AND CASH RECEIPTS) Steps for completion: 1. Complete NetSuite tutorial part 1 and part 2-0 (setting up accounting periods) before beginning the first module! 2. Complete the manual process of all the Sales and Cash Receipts transactions from the SUA Transactions List *blue Document No. 1* using the SUA flowcharts and documents in the SUA Document Folder. a. You do not need to record journal entries and update ledgers using the paper files in the SUA for the purposes of this project (we are skipping iv. And v. on page 11 of the Instructions, Flowcharts, & Ledgers SUA booklet) 3. Record all the Sales and Cash Receipts transactions from the SUA Transactions List *blue Document No. 1* into NetSuite. This is where the NetSuite Transactions Posting Guide and NETSUITE TUTORIALS will be your best friend! 4. Create an Accounts Receivable Aging (financial report) in NetSuite as of December 2020. a. Reports Customer/receivable AR aging Required deliverables on Canvas: 1. Completion of STEP 2 will be based on the honors system. However, I will randomly select ONE of the completed SUA paper copy documents from the Revenue Cycle to upload to Canvas with your other deliverables (taking a photo of the paper copy source document will be sufficient). 2. To evidence your completion of STEP 3, export all the following files and append them into one PDF1. Please append them in order of transaction date before uploading to Canvas. a. Journal entry(ies) (Tutorial Part 2-2) b. Sales order(s) (Tutorial Part 4-3) c. Packing slip(s) (Tutorial Part 4-5) d. Invoice(s) (Tutorial Part 4-6) e. Payment receipt(s) (Tutorial Part 4-7) 3. To evidence your completion of STEP 4, export your Accounts Receivable Aging to Excel. Expand the cells so they are readable, add Excel formulas to validate the mathematical accuracy of the exported file, and add in a calculation of each bucket as a percentage of the total amount. Upload to Canvas as an xls or xlsx file. 1 You can use DocHub or Acrobat Pro DC (free from USF) to combine documents into one PDF. In Acrobat Pro DC navigate to File Create Combine Files into Single PDF. To move pages navigate to Tools Organize Pages. Module 1 Rubric: Deliverable: Points: Upload of completed SUA paper copy document photo 5 Recording of all transactions to NetSuite and uploading all required documents into one PDF 15 AR Aging – Excel file 5 Total 25 MODULE 2: EXPENDITURE CYCLE (PURCHASES AND CASH DISBURSEMENTS) Steps for completion: 1. Complete NetSuite tutorial part 3-2 before beginning the second module! 2. Complete the manual process of all the Purchases and Cash Disbursements transactions from the SUA Transactions List *blue Document No. 1* using the SUA flowcharts and documents in the SUA Document Folder. a. You do not need to record journal entries and update ledgers using the paper files in the SUA for the purposes of this project (we are skipping iv. And v. on page 11 of the Instructions, Flowcharts, & Ledgers SUA booklet) 3. Record all the Purchases and Cash Disbursements transactions from the SUA Transactions List *blue Document No. 1* into NetSuite. This is where the NetSuite Transactions Posting Guide and NETSUITE TUTORIALS will be your best friend! 4. Create an Accounts Payable Aging (financial report) in NetSuite as of December 2020. a. Reports Vendors/payables AP aging Required deliverables on Canvas: 1. Completion of STEP 2 will be based on the honors system. I will randomly select ONE of the completed SUA paper copy documents from the Expenditure Cycle to upload to Canvas with your other deliverables (taking a photo of the paper copy source document will be sufficient). 2. To evidence your completion of STEP 3, export all the following files and append them into one PDF2. Please append them in order of transaction date before uploading to Canvas. a. Purchase order(s) (Tutorial Part 3-3) b. Check(s) (Tutorial Part 3-6 and 3-7) 3. To evidence your completion of STEP 4, export your Accounts Payable Aging to Excel. Expand the cells so they are readable, add Excel formulas to validate the mathematical accuracy of the exported file, and add in a calculation of each bucket as a percentage of the total amount. Upload to Canvas as an xls or xlsx file. 2 You can use DocHub or Acrobat Pro DC (free from USF) to combine documents into one PDF. In Acrobat Pro DC navigate to File Create Combine Files into Single PDF. To move pages navigate to Tools Organize Pages. Module 2 Rubric: Deliverable: Points: Upload of completed SUA paper copy document photo 5 Recording of all transactions to NetSuite and uploading all required documents into one PDF 15 AP Aging – Excel file 5 Total 25 MODULE 3: PAYROLL CYCLE Steps for completion: 1. NetSuite does not have a payroll module. Therefore, you will need to download the Payroll calculations Excel file provided via Canvas prior to beginning module 3 (the Excel file will be used to calculate current period payroll expenses based on the SUA transactions and then record the resulting journal entries into NetSuite). 2. In the Excel file, add 2 data integrity controls (see Textbook Chapter 10) to the payrate history tab and subsidiary ledger tabs. Then, add a tab into your Excel file named “Controls” where you will describe the 2 data integrity controls you added (what is the control, what does it do, and what threat/risk is it mitigating?)