Part 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 months 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 Task requirements Process your clients' transactions for August 2018 Generate and submit the following reports to your client for the month of August 2018 Profit Loss Balance Sheet Trial Balance Aged Payables (detail) Aged Receivables (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 kindly refer this link for more information https www youtube com watch v ka3h9OR2Z8o Date Type Summary Contact Amount (GST Inclusive) Account Date Paid 01 08 18 P Purchase Storage Shelves and Display Cabinets Best Equipment Co $ 17,820 Furniture and Fittings 01 08 18 P Purchase Office Equipment Office Things $ 1,650 Office Equipment 29 08 18 01 08 18 P Purchase of Stationery Office Things $ 528 Printing and Stationery 29 08 19 01 08 18 P Purchase of Computers and Cash Regsiter Computers Plus $ 11,297 Office Equipment 29 08 19 03 08 18 P 15 x Lime Spider Fizzz Fixxy Drinx Auto Auto 03 08 18 P 150 x Sour Straps, 50 x Bananas Sweet Treats Auto Auto 03 08 18 P 150 x Milk Frogs, 100 x White Frogs, 100 x Clinkers SFC Auto Auto 26 08 18 03 08 18 P 150 x Bananas, 100 x Jelly Beans, 100 x Snakes Sweet Treats Auto Auto 06 08 18 S 10 x Milk Frogs Cash Sales Auto Auto 06 08 18 07 08 18 S 20 x Bananas, 20 x Snakes Decadent D'Quay Auto Auto 21 08 18 09 08 18 S 25 x Clinkers, 30 x White Frogs Nut Meg's Nook Auto Auto 19 08 18 10 08 18 S 50 x Jelly Beans Decadent D'Quay Auto Auto 29 08 18 13 08 18 P 120 x Milk Frogs, 120 x White Frogs, 120 x Clinkers SFC Auto Auto 29 08 18 14 08 18 P 100 x Bananas, 150 x Jelly Beans, 100 x Snakes, 100 x Sour Straps Sweet Treats Auto Auto 15 08 18 S 50 x Milk Frogs, 50 x White Frogs, 50 x Clinkers Nut Meg's Nook Auto Auto 22 08 18 15 08 18 P Staff Wages Staff $2,200 Wages and Salaries 15 08 18 15 08 18 P Monthly Rent Ware We Are $2,200 Rent 15 08 18 16 08 18 S 10 x Milk Frogs, 50 x White Frogs, 50 x Clinkers Tactix Auto Auto 29 08 18 16 08 18 P 250 x Milk Frogs, 150 x White Frogs, 50 x Clinkers SFC Auto Auto 29 08 18 17 08 18 S 80 x Bananas, 20 x Jelly Beans, 100 x Snakes Nut Meg's Nook Auto Auto 28 08 18 20 08 18 S 100 x Clinkers, 300 x Milk Frogs, 50 x White Frogs Decadent D'Quay Auto Auto 21 08 18 S 20 x Milk Frogs, 25 x Bananas, 20 x Jelly Beans, 20 x Snakes Tactix Auto Auto 22 08 18 S 25 x Clinkers, 25 x Bananas, 20 x White Frogs Cash Sales Auto Auto 22 08 18 23 08 18 S 50 x Bananas, 50 x Milk Frogs Lollies Online Auto Auto 29 08 18 24 08 18 P 100 x Milk Frogs, 100 x White Frogs, 100 x Clinkers SFC Auto Auto 29 08 18 24 08 18 S 60 x Snakes, 60 x Sour Straps Cash Sales Auto Auto 24 08 18 27 08 18 S 20 x Milk Frogs, 10 x Clinkers, 5 x White Frogs Lollies Online Auto Auto 28 08 18 S 20 x Milk Frogs, 30 x White Frogs, 25 x Bananas Decadent D'Quay Auto Auto 29 08 18 S 12 x Lime Spider Fizzz Kitten Kaboodle Auto Auto 29 08 18 29 08 18 P Advertising Campaign Parental Consent Required $4,598 Advertising 30 08 18 S 130 x Milk Frogs, 20 x Bananas, 50 x Clinkers, 10 x Sour Straps Tactix Auto Auto 31 08 18 P Staff Wages Staff $2,200 Wages and Salaries 31 08 18

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Part A, 7 marks You are working as an accountant in a local accounting firm. You have been approached by Oliver and Sydney, the owner

Part 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 months 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.

Task requirements:

Process your clients' transactions for August 2018. Generate and submit the following reports to your client for the month of August 2018;

Profit & Loss

Balance Sheet

Trial Balance

Aged Payables (detail)

Aged Receivables (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.

kindly refer this link for more information

https://www.youtube.com/watch?v=ka3h9OR2Z8o

Date	Type	Summary	Contact	Amount (GST Inclusive)	Account	Date Paid
01.08.18	P	Purchase Storage Shelves and Display Cabinets	Best Equipment Co.	$ 17,820	Furniture and Fittings
01.08.18	P	Purchase Office Equipment	Office Things	$ 1,650	Office Equipment	29.08.18
01.08.18	P	Purchase of Stationery	Office Things	$ 528	Printing and Stationery	29.08.19
01.08.18	P	Purchase of Computers and Cash Regsiter	Computers Plus	$ 11,297	Office Equipment	29.08.19
03.08.18	P	15 x Lime Spider Fizzz	Fixxy Drinx	Auto	Auto
03.08.18	P	150 x Sour Straps, 50 x Bananas	Sweet Treats	Auto	Auto
03.08.18	P	150 x Milk Frogs, 100 x White Frogs, 100 x Clinkers	SFC	Auto	Auto	26.08.18
03.08.18	P	150 x Bananas, 100 x Jelly Beans, 100 x Snakes	Sweet Treats	Auto	Auto
06.08.18	S	10 x Milk Frogs	Cash Sales	Auto	Auto	06.08.18
07.08.18	S	20 x Bananas, 20 x Snakes	Decadent D'Quay	Auto	Auto	21.08.18
09.08.18	S	25 x Clinkers, 30 x White Frogs	Nut Meg's Nook	Auto	Auto	19.08.18
10.08.18	S	50 x Jelly Beans	Decadent D'Quay	Auto	Auto	29.08.18
13.08.18	P	120 x Milk Frogs, 120 x White Frogs, 120 x Clinkers	SFC	Auto	Auto	29.08.18
14.08.18	P	100 x Bananas, 150 x Jelly Beans, 100 x Snakes, 100 x Sour Straps	Sweet Treats	Auto	Auto
15.08.18	S	50 x Milk Frogs, 50 x White Frogs, 50 x Clinkers	Nut Meg's Nook	Auto	Auto	22.08.18
15.08.18	P	Staff Wages	Staff	$2,200	Wages and Salaries	15.08.18
15.08.18	P	Monthly Rent	Ware We Are	$2,200	Rent	15.08.18
16.08.18	S	10 x Milk Frogs, 50 x White Frogs, 50 x Clinkers	Tactix	Auto	Auto	29.08.18
16.08.18	P	250 x Milk Frogs, 150 x White Frogs, 50 x Clinkers	SFC	Auto	Auto	29.08.18
17.08.18	S	80 x Bananas, 20 x Jelly Beans, 100 x Snakes	Nut Meg's Nook	Auto	Auto	28.08.18
20.08.18	S	100 x Clinkers, 300 x Milk Frogs, 50 x White Frogs	Decadent D'Quay	Auto	Auto
21.08.18	S	20 x Milk Frogs, 25 x Bananas, 20 x Jelly Beans, 20 x Snakes	Tactix	Auto	Auto
22.08.18	S	25 x Clinkers, 25 x Bananas, 20 x White Frogs	Cash Sales	Auto	Auto	22.08.18
23.08.18	S	50 x Bananas, 50 x Milk Frogs	Lollies Online	Auto	Auto	29.08.18
24.08.18	P	100 x Milk Frogs, 100 x White Frogs, 100 x Clinkers	SFC	Auto	Auto	29.08.18
24.08.18	S	60 x Snakes, 60 x Sour Straps	Cash Sales	Auto	Auto	24.08.18
27.08.18	S	20 x Milk Frogs, 10 x Clinkers, 5 x White Frogs	Lollies Online	Auto	Auto
28.08.18	S	20 x Milk Frogs, 30 x White Frogs, 25 x Bananas	Decadent D'Quay	Auto	Auto
29.08.18	S	12 x Lime Spider Fizzz	Kitten Kaboodle	Auto	Auto	29.08.18
29.08.18	P	Advertising Campaign	Parental Consent Required	$4,598	Advertising
30.08.18	S	130 x Milk Frogs, 20 x Bananas, 50 x Clinkers, 10 x Sour Straps	Tactix	Auto	Auto
31.08.18	P	Staff Wages	Staff	$2,200	Wages and Salaries	31.08.18