1. Need my account to log in to Xero to do this assignment. 2. Every time you log in with my account, need my authenticator
ACC201_T1_2020_Assessment_03 Page 1 Kaplan Business School Assessment Outline Assessment 3 Information Subject Code: ACC201 Subject Name: Financial Accounting 1 Assessment Title: Assessment 3 – Individual Assignment Assessment Type: Xero Practice Set (15%) and Memo (5%) Weighting: 20% of the overall assessment Total Marks: 20 Submission: Submit financial reports and the Memo on MOODLE Due Date: Monday of Week 12 by 15:55 AEST Your Task • You will be required to complete an online practice set by entering a series of transactions using the Xero software and then generate financial reports. This component counts 15% towards the overall assessment mark. • You are also required to write a short Memo (200 words) to the management analysing the profitability of the business. This component counts 5% towards the overall assessment mark. • The required Reports and the Memo must be submitted on the Moodle. Assessment Description An online practice set is used in this subject. It is designed to provide experience in the practical and technical skills essential to accounting with the Xero software, through the completion of a one-month accounting cycle for a unique accounting scenario. Assessment Instructions QuickStart Guide: What you will need • access to the internet • MS Excel, or other spreadsheet editing software • an email address • One of the following internet browsers ✓ Google Chrome (PC and Mac) ✓ Internet Explorer (IE) 11 (PC) ✓ Mozilla Firefox (PC and Mac) ✓ Safari 8 (Mac) More information and resources will be provided in Week 6 when the first Xero workshop is conducted. Page 2 Kaplan Business School Assessment Outline Important Study Information Academic Integrity Policy KBS values academic integrity. All students must understand the meaning and consequences of cheating, plagiarism and other academic offences under the Academic Integrity and Conduct Policy. What is academic integrity and misconduct? What are the penalties for academic misconduct? What are the late penalties? How can I appeal my grade? Click here for answers to these questions: http://www.kbs.edu.au/current-students/student-policies/. Word Limits for Written Assessments Submissions that exceed the word limit by more than 10% will cease to be marked from the point at which that limit is exceeded. Study Assistance Students may seek study assistance from their local Academic Learning Advisor or refer to the resources on the MyKBS Academic Success Centre page. Click here for this information. http://www.kbs.edu.au/current-students/student-policies/ https://elearning.kbs.edu.au/course/view.php?id=1481 Microsoft Word - Xero Content Assessment_Third Draft by Kanwal Xero Accounting Software Assessment 2 Kaplan Business School Contents ASSESSMENT INFORMATION 3 What is Xero? 3 Quick Start Guide 3 Assessment Documents 3 PRACTICE SET 4 Reports Required 4 List of Transactions 5 Bank Reconciliation 14 APPENDIX 1 – VIDEO MANUALS 16 APPENDIX 2 – SETTINGS 17 3 Kaplan Business School Assessment Information What is Xero? Xero is online accounting software designed for small to medium businesses. As a subscription-based service, Xero is 100% cloud-based, and all transactions happen in real-time, ensuring that you have the most up-to-date financial information at your fingertips. Quick Start Guide What you will need access to the internet MS Excel, or other spreadsheet editing software an email address One of the following internet browsers - Google Chrome (PC and Mac); Internet Explorer (IE) 11 (PC); Mozilla Firefox (PC and Mac); Safari 8 (Mac) 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! 4 Kaplan Business School 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 5 Kaplan Business School List of Transactions You are required to first set up the organisation settings, financial settings, bank accounts, contacts, chart of accounts, tax details and other relevant information using the data given in Appendix 2 of the document. (In Appendix 1, please refer to the video 1, 2, 3 and 4) 1 May Hired a contractual staff on a weekly wage of $1,000 for the month of June 2019. Also, negotiated a deal with supplier ABC Furniture worth $800 related to the office shelves. 1 May The owner introduced $15,000 as owners’ equity into the business. Tip: You can add Owner Equity in the Manual Journal (New Manual Journal under Manual Journal) or use a “Create” tool in the Bank Reconciliation at the end of the month. 2 May Set up Fixed Assets and Depreciation settings. Register the cash purchase of Glass Display Unit worth $3,000 from Universal Furniture via Fixed Assets option (Asset Number FA-0001). (Please refer to video 5 – Fixed Assets & Manual Journals) Field Information Start Date 1 July 2018 Asset Type Office Equipment Asset Account 710 – Office Equipment Accumulated Depreciation 711 – Less Accumulated Depreciation Office Equipment Depreciation Expense A/C 416 – Depreciation Depreciation Method Straight Line Method Averaging Method Actual Days Rate 20% Tax Depreciation Default No Depreciation 2 May Register the cash purchase of worth $3,500 for Office Equipment from ABC Furniture. Payment was made via an online transfer to the ABC Furniture. Field Information Asset Type Office Equipment Asset Account 710 – Office Equipment Accumulated Depreciation 711 – Less Accumulated Depreciation Office Equipment Depreciation Expense A/C 416 – Depreciation Depreciation Method Straight Line Method Averaging Method Actual Days 6 Kaplan Business School Rate 20% Tax Depreciation Default No Depreciation 3 May Set up Fixed Assets and Depreciation settings. Register the cash purchase of Computer Equipment worth $1,000 from Computer & Technology Group via Fixed Assets option. Field Information Asset Type Computer Equipment Asset Account 720 - Computer Equipment Accumulated Depreciation 721 - Less Accumulated Depreciation Computer Equipment Depreciation Expense A/C 416 – Depreciation Depreciation Method Straight Line Method Averaging Method Actual Days Rate 25% Tax Depreciation Default No Depreciation 4 May Set approved repeating bills from Pinnacle Management. (Please refer to video 6 – Bills & Invoices) Field Information Repeat this transaction every Enter 1 and select Month(s) Bill Date 1 May 2019 Due Date Enter 1 – day(s) after the bill date End Date 30 November 2019 Tax Rate Drop Down Menu (on right side above the description box) Tax Inclusive Description Monthly rent for the South Melbourne store Qty | Unit Price 1 | $4,000 Account 469 - Rent Tax Rate GST on Expenses Amount Automatically populated as $4,000 5 May Purchased 150 Essential Office Supplies from “Bulk Buys” on credit with the payment due date of 29 June 2019 (refer to Item Code 2 in Appendix 1). 6 May Purchased 150 books of “Basics of Accounting” with a unit price of $20 from “Low-Plex Wholesale Bookstore” paid via online transfer. The unit selling price is $50. 7 Kaplan Business School 6 May Sold 30 Essential Office Supplies (Item Code 2) and 40 books of “Basics of Accounting” with a unit price of $50 on credit to Sirius Business Solutions. Both the items will be invoiced together. Due date of the sales payment was 5 June 2019. (Please refer to video 6 – Bills & Invoices) 7 May Sold 20 Essential Office Supplies (Item Code 2) to Techno World on credit terms with a due date of 15 June 2019. The contact details of the Techno World are 02 8650 8453. 8 May Successfully negotiated a Bank Loan of $7,000 from National Australian Bank (NAB). The contract will be processed by 02 June 2019 will and funds will be available on 04 June 2019. 10 May Set approve repeating bills from Bulk Buys. Do not set Office Stationery as a “New item or tacked item” Field Information Repeat this transaction every Enter 1 and select Month(s) Bill Date 10 May 2019 Due Date Enter 3 - day(s) after the bill date End Date 31