Information systems design and development for accountants

Reference no: EM132649727

BUACC5937 Information Systems Design and Development for Accountants - Federation University

Your tasks

Note: The assignment is individual
A. Create a company in Xero - Free Trial
• You should note that the FREE Trail is only available for 30 days after youstart.
• You should use you Federation University student emailaccount
• Company Name: BUACC5937GroupX(where X is the group number assigned to you by your lecturer/tutor)
B. Setup your company
• FinancialSettings
• Organisation Settings
• Bank Account
C. Create Contacts and Inventory
D. Entering Transactions - Using the Business menu
• Bills to pay - purchases from youSuppliers
• Invoices - invoices for yourCustomers
• Purchase Orders - good order from your Suppliers for delivery in thefuture
• Credits for good returned to your suppliers (Bills topay)
• Credits for goods returned from your customers(Invoices)
• Payments sent to your supplier (Bills toPay)
• Payments received from your customers(Invoices)
E. Bank Reconciliation - from the Dashboard
o Other expenses (from the Bank Account on theDashboard)
F. Manual Journals - from the Accounting Menu
G. Printing reports - from the Accounting Menu
H. Write a brief 500-word report about who would use the reports you printed from G. This report should be properly referenced using APA style.

Create a Company in XERO
2 Marks
1. Login into Xero
2. Click on FreeTrial

3. Enter the detailsrequired
NB: Use your FEDERATION University email address

• Click on GetStarted

4. Go to your Federationemail
• Open the email fromXERO
• Click on "Yes, it'sme"

5. Create a password

Create yourBusiness
• BUACC5937 - Group X (where x is the group number assigned toyou)
• Industry - Other Store basedretailing
• Enter the requireddetails
o Country -Australia
o No employees
o Yes - calculateGST
o Click StartNow

Setup your Company

1. FinancialSettings
• From the Accountingmenu
o Advanced
o FinancialSettings
» GST Accounting method - Accruals Basis
» Tax File Number -65006043306
» GST Calculation - Quarterly (Option1)
» Tax defaults - Taxinclusive
» NB: No other details arerequired
o Save

2. OrganisationSettings:
• Click on your companyname

• Settings

• OrganisationDetails
• Check:
o Display name and Legal/Trading name: BUACC5937 Group X (where X is your groupnumber)
o Line of Business: Other Store basedretailing
• Enter/Select
o Organisation Type -Company
o Contactdetails:
i. Postal Address
1. 123 ParramattaRoad
2. Parramatta NSW2150
3. Australia
o Attention: Put your namehere
o Physical Address - same aspostal
• SAVE

3. Chart of Accounts - From the main MenuSelect
• Accounting
• Chart ofAccounts
o We will use the default chart ofaccounts

• Add BankAccount

• Bank Account
o Bank -ANZ
o Account Name - BusinessAccount
o Account Code -600
o Account Type -Everyday
oBSB - 456-123
o Account Number -987456
o CONTINUE

Creating Contacts and Inventory

You are now required to read the following instructions and create the new contacts and inventory items as listed below:

Entering Transactions
29 Marks
You are now required to enter and process the following new transactions: Note: the transactions are in Date order

Bank Reconciliation

On the 30th June you check your online bank statement. You then proceed to mark all the payments you have made and received
1. Reconcile the Bank Account
• Dashboard
• Open the Business Bank Account by clicking on thename

2. While doing the bank reconciliation you found that two direct payments had not been processed throughXERO

Manual Journals
4 marks
The two direct payments included amounts for the next financial year. You are required to do Manual journals to adjust for the prepayments
1. Accounting Menu - Reports - Accounting Reports - Journalreport
2. Add newjournal

3. Enter the followingdetails
• Narration: Adjustment for prepaidrent
• Date: 30thJune
• Auto reversing - leaveblank
• Amounts are: NoTax
• Tick Default narration to journalline
• Account - Prepayment - BAS EXCLUDED(debit)
o Manually calculate the amount of prepayment of the rent
• Account: Rent (credit)
• POST
4. Now enter the other Prepayment byyourself
Printing Reports
The company owner has requested the following reports as at 30th June (or from 1st June to 30th June)

You should UPDATE the reports and then Export them in PDF format.

• Aged Receivables Summary - in report settings include Ageing Periods, Contact, Primary person, Phone number andTotal.
• Aged Payables Summary - in report settings include Ageing Periods, Contact Primary person, Phone number andTotal.
• Trial Balance - in report settings compare withNone
• Inventory Item Summary- in report settings include opening and closingquantity.
• Profit and Loss
• Balance Sheet

Report to the Company owner
When the Company Owner receive the reports that you printed you are asked to explain the uses of these reports. Your report should be 500 words and include the following information:
• How often should the reports begenerated?
• Who should receive thereports?
• How can the information on the reports help with the overall management of the company?
• What other reports might be useful to generate on a regularbasis?

Attachment:- AIS Assignment.rar

Reference no: EM132649727

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