Reference no: EM132371441
Assessment Documents
1. You will require the following documents to begin the assessment
• Appendix 1 - Video Manuals
• Appendix 2 - Settings
• Practice Set
• Bank Statements of May 2019
• Chart of Accounts
2. The video manuals in Appendix 1 will introduce you to the Xero accounting software, help you with the Xero navigation, help desk and some sample transactions (highlighted in colour blue in practice set along with the video references). It is highly recommended to watch the videos and note the necessary steps and tips advised by the Xero educator.
3. You will be required to process the transactions in Practice Set using your accounting concepts learnt in the respective subject and generate financial reports.
4. By the end of this practice set, you will have obtained real-world experience in using Xero. Good Luck!
Practice Set
Max Supplies is a new start-up, sole-trader B2B organisation, offering an extensive range of office supplies including tech-products, books and printing services, located in the South Melbourne, Australia. During the business setup procedures in May 2019, they have registered for GST. All the transactions are in Australian Dollars.
You have been hired as a Junior Accountant to set up and record Max Supplies business transactions for the month of May 2019 and then at the end, generate financial reports to complete a one-month accounting cycle. You should be able to perform many activities in the Max Supplies business that are commonly performed by professional accountants.
Practice Set
Max Supplies is a new start-up, sole-trader B2B organisation, offering an extensive range of office supplies including tech-products, books and printing services, located in the South Melbourne, Australia. During the business setup procedures in May 2019, they have registered for GST. All the transactions are in Australian Dollars.
You have been hired as a Junior Accountant to set up and record Max Supplies business transactions for the month of May 2019 and then at the end, generate financial reports to complete a one-month accounting cycle. You should be able to perform many activities in the Max Supplies business that are commonly performed by professional accountants.
Reports Required
• Accounts Transactions Report for the month of May 2019
• Profit and Loss Statement for the month ended 31 May 2019
• Balance Sheet as at 31 May 2019
Bank Reconciliation
Complete the provided Bank Statement template for the month of May 2019. In Bank Statement, the credit figure is reflected as (-) or within (brackets). Do not change the basic settings or format originally provided in the .csv file.
Once you have reflected the transactions' dual entry system impact on the bank, you have to import it.
Starting on the Dashboard or Business Bank Account page > click on the Manage Account Reconcile column in the pop-up menu > select Import a Statement > Click on the Browse button
> Open the .csv file > Click on Import.
Following the import of bank statement, you will be required to perform bank Reconciliation which has four options.
• Match - This tab allows you to search for invoices and bills that have already been entered. Xero will suggest a match if it finds a transaction that fits the criteria on the bank transaction.
Attachment:- Xero Assessment.rar
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