Reference no: EM133121969

Assessment Task: Project

This task requires you to analyse and use financial information and accounting software for a case study business, resolve discrepancies and interpret and report on operational activity.

You will need access to:
• your learning resources and other information for reference
• a printer and accounting software
• yourFinancial Data and Reports Pack.

Activities

Complete the following activities.

1. Carefully read the following scenario
You are the manager of a business, called Boho Dreams, in the weddings and events industry. You have been asked by the manager to complete some of the financial data entries, review the figures for the previous month (July 20XX) and then prepare the monthly report for them. Most of the data has been entered for the past month - you will need to complete the final transactions. You need to submit the report to the owner, Andrew, within a certain timeframe - your assessor will provide you with the specific timeframe required.
As you are the manager, you do not need to request approval for any discrepancies you may resolve.

2. Access and interpret financial information
Access and review the Financial Data and Reports Pack which provides you with details of the case study along with the following reports:
• Bank statement
• Credit card statement
• Customer invoices
• Bank deposit slip
• EFT slips and summary
Access the accounting software system provided to you by your assessor. Extract and print the following report and study the information contained within:
• Banking Transactions Report
When reviewing the information, look for:
• Items on the bank statement and credit card statement that have not been entered yet.
• Any discrepancies between source documents and data from the reports.

3. Process transactions and reconcile discrepancies
Enter the following transactions into the accounting software:
• Item on bank statement not yet entered.
• Item on credit card statement not yet entered.
• Bank deposit slip amount - this was a cash payment received for chair cover rental on 31 July 2020 and has not yet been recorded.
• Invoice to Tables and Chairs on 31 July for chair hire $480.52.
• Invoice to Kingscliff Events on 31 July for a Style Package $1,020.00.
• Reconcile any errors found and pass journals accordingly.

4. Extract reports
Once you have entered all the above transactions and you are satisfied that this has been done correctly, extract the following reports for the month from the accounting software:
• Trial balance
• Bank account transactions report
• Balance Sheet
• Profit and Loss Statement
• Business Activity Statement
• Accounts Payable Summary
• Accounts Receivable Summary

5. Develop a report (600-700wrds)
Develop the monthly financial monitoring report for the owner of the business.
Provide a summary of the month's activity and your findings about potential impacts to future operational activity. You may develop a report in your own template or format.
Include specific information on:
• A summary of sales for the month and performance in relation to the various streams of revenue
• Average customer spend
• Labour costs
• Amount spent on stock purchased for the month
• Accounts payable trends and information
• Accounts receivable trends and information
Ensure you use correct financial terminology when compiling your report.
 
6. Send an email to the owner
Compose an email to the owner and attach your report, along with all the print outs of each report you have made from the accounting software.

Ensure your email is polite and professional in nature, sent by the correct date and ask for a reply as soon as possible.

Attachment:- Assessment_Task.rar