Part A (7 marks)

You are working as an accountant in a local accounting firm. You have been approached by Bob and Jane, the owners of Tyreless Pty Ltd, a start-up retailer seller of motor vehicle tyres. 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 months transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the startup of their business. All information has been supplied by the business owner for you to input. The setup and transactional data are available in Interact under Assessment Resources, Assessment Item 2.

Task requirements:

Process your clients' transactions for August 2021. Generate and submit the following reports to your client for the month of August 2021;

1. Profit and Loss
2. Balance Sheet
3. Trial Balance
4. Aged Payables (detail)
5. Aged Receivables (detail)
6. Inventory Item Summary.

Part B (3 marks)

For the first month of operation, your client provided you with an excel spreadsheet listing all transactions for the month. This was a time-consuming process for them to collate, which is an issue will be exacerbated as their business grows.

Provide a one (1) page recommendation to Bob and Jane detailing how they could efficiently provide relevant data to you (as their accountant) to allow for monthly reporting to occur on a timely basis. Your recommendation should consider what data is required, Xeros functionality and the need to ensure that data is captured accurately.

The marks assigned for both parts of this assessment include the correctness of information and the presentation of your reports. Your report needs to look professional, as though it could be provided to a client.