my question in the file
SSS Learner Assist Criteria to meet Skills Learning Outcomes for BSUBA-1-0056-2-4 Skills Learning Outcomes for BSUBA-1-0037-2-4 Full Diploma Small Business Management Course - 2019 Unit 29 – Establish and maintain a cash accounting system Unit 30 – Maintain Financial Records in a Small Business Trainee Trainee ID Class D-BUS-200 Assessor Internal Verifier Date Due Date TRAINEE ASSIGNMENT SUBMISSION AND AUTHENTICITY DECLARATION Trainee Declaration Plagiarism It is your qualification, so it must be your own work. Your assessor must be able to identify which work you have done yourself, and what you have found from other sources. It is therefore important to make sure you acknowledge all your sources. Your assessor can show you how to do this for each Assignment. I certify that the evidence submitted for this Assignment is my own. I have clearly referenced any sources used in the work. I understand that a false declaration is a form of malpractice. Trainee Signature:Submission Date: Units covered in this Assignment: Unit 29/30 This Unit covers the learning outcomes, skills and knowledge required to establish a system for administering receipts and payments, and to maintain it/maintain financial records in a small business. SLO Assessment criteria met with this project. Learners will be able to: Performance Criteria for Unit 29 1. Identify relevant information to establish a chart of accounts 1.1 - Consult manager to establish what business activities are undertaken 1.2 - Identify and examine existing material which will be relevant in establishing the chart of accounts 1.3 - Consult manager to determine accounting software required 1.4 - Determine other relevant requirements 1.5 - Establish chart of accounts and record opening balances 1.6 - Validate chart of accounts with manager 2. Analyze and verify source documents 2.1 - Verify invoices and other documents for accuracy and compliance documents 2.2 - Identify discrepancies between amounts owed and amounts paid and investigate and resolve according to organizational procedures 3. Process receipts and payments 3.1 - Make payments and receive and bank money when required 3.2 - Accurately code and record receipts and payments 3.3 - File receipts and payments according to organizational procedures 3.4 - Balance receipts and payments in accounting system 4. Set up and maintain a petty cash system 4.1 - Establish a process for the management of petty cash 4.2 - Check to ensure that the cash float plus money expended aligns 4.3 - Post petty cash payments to appropriate ledger 5. Process and reconcile credit card payments 5.1 - Check credit card transactions against invoices and other source documents and reconcile with statements 5.2 - Process credit card payments in accordance with organizational procedures 6. Process and reconcile credit card payments 6.1 - Verify processed transactions against the bank statement 6.2 - Reconcile the bank statement balance with that in the accounting 7. Prepare and produce financial reports 7.1 - Draft reports at agreed intervals on organization's financial position as evidenced by data in accounting system 7.2 - Submit to manager for verification 7.3 - Send to agreed personnel Learners will be able to: Performance Criteria for Unit 30 1. Establish System Requirements 1.1 - Establish the requirements and purpose of the financial system in accordance with business plans and any financial compliance requirements 1.2 Identify the system needs and statutory reporting requirements 2. Establish financial management system 2.1 - Ensure the established financial administrative systems match the identified requirements of the business 2.2 - Ensure the mechanisms for the review of terms of trade and fee structures are suited to business needs and meet industry standards 2.3 – Identify, acquire and install equipment and software needed for the financial administrative system 2.4 - Ensure the financial administration, reporting and performance indicators provided by the system are in accordance with the business’s statutory obligations 2.5 – Implement financial administrative systems in accordance with businesses and processes 3. Maintain financial management system 3.1 - Ensure that the financial reports required to monitor business performance, to ensure accurate and timely information on working capital and cash flow and to meet statutory obligations are accurately prepared, meet the prescribed format and are to deadline 3.2 - Distribute financial reports to the relevant personnel and organizations by the due dates 3.3 - Evaluate financial administration and reporting systems against established performance indicators Assignment Tasks Linked to Performance Criteria UNIT 29/30 Task Description of Task Evidence Program Task 1 Create a Chart of Accounts Chart of Accounts MS Word Task 2a-2e, 3 Record Financial Transactions Financial Reports MS Excel Task 4 Prepare a Bank Reconciliation Statement Bank Reconciliation Statement Template Task 5 Perform Financial Evaluations Presentation PPT Scenario 1: The Niagara College Coffee Shop will be a student run coffee shop on campus which will operate from the Admin Block. The initial investment is made up of: SAR 100,000 cash, which will go into Bank Account, SAR 50,000 into Building and SAR 5,000 into Furniture. The coffee shop will seat 10 customers. It will have a Coffee shop Manager and an additional 2 staff members. You will be the Coffee Shop Manager. You have been given various documents with which you need to use to support all transactions, such as invoices, contracts, bills, receipts, checks, deposit slips, and petty cash vouchers. Task 1 Establish a Chart of Accounts for the coffee shop with a 4 –digit code system ensuring that Assets, Liabilities, Equity/Income/Expenses are clearly identifiable. These will be incorporated into the online Accounting tool. Paste below: Task 2 Using the online accounting tool: https://www.freeaccountingsoftware.com.au/. Record the information below and paste the results beneath each task Task 2a Create a new company with the details below Company’s Name Address Phone Email Niagara College Coffee Shop 1 College Road Hofuf 01143656589
[email protected] Task 2b Create two new customers with the details below # Customer’s Name Address Phone # Email 1 Maha Almari 12 Makah Road Hofuf 0544587936
[email protected] 2 Manal Al Jaber 141 Saud Road Hofuf 0566998412
[email protected] Task 2c Create two new vendors with the details below No. Vendor’s Name Address Phone # Email 1 Hofuf Municipality 211 Abdul Road Hofuf 0544587936
[email protected] 2 Majdah AlDossary 5464 Saeed Road Hofuf 0566998412
[email protected] Task 2d Create owner with the details below No. Owner’s Name Address Phone # Email 1 Niagara College 1 College Road Hofuf 01143656589
[email protected] Task 2e Record the following transactions for January 2019 # Date Transaction 1 08/08/2019 Niagara College invested SAR 50,000 to start the coffee shop business 2 10/08/2019 Purchased equipment from Majdah for SAR 10,000 cash 3 12/08/2019 Provided barista training services to Maha for SAR 10,000 cash 4 19/08/2019 Provided barista training services to Manal for SAR 5,000 on account 5 25/08/2019 Received SAR 2,500 from Manal for services provided 6 31/08/2019 Paid SAR 1,000 for electricity to Hofuf Municipality 7 31/08/2019 Paid salaries of SAR 1,000 and SAR 1,200 to Alia and Eman respectively. Task 3 Create an Excel Spreadsheet titled Petty Cash Book using the template from the class activity. Appendix 1 has a list of the transactions to be recorded. Include all the entries as well as the cash amount at the beginning and end of August 2019. Columns to be included are: Travel Expenses, Stationery, Refreshments, Postage, Others. Task 4 Niagara College Coffee Shop’s bank statement for the month of January has been received (Appendix 2). Compare this with your Cash Worksheet from the online software and prepare a bank reconciliation statement. Task 5 Appendix 3 shows the financial statements of a coffee shop like ours. Conduct a financial performance evaluation for the company by using the following ratios: · Current Ratio · Cash Ratio · Debt Ratio · Return on Assets · Gross Profit Margin Ratio The results of your evaluation must be shared in a PowerPoint presentation. To complete this Assignment: 1. Name of your file for this Assignment: Unit 29/30 2. This Assignment must be approved before upload. 3. Once approval has been received, upload all evidence including attachments into Sharepoint. Grading Criteria Grade D The student has: · Created a Chart of Accounts · Recorded 60 – 70% of all transactions correctly. · Prepared a Petty Cash Book. Grade C The student has achieved everything at grade D and: · Recorded 71 – 80% of all transactions correctly. · Prepared a Petty cash book: structure is correct, columns for accounts specified as per instructions. · Produced Financial Reports with some mistakes. · Prepared a presentation where 60 – 70% of the ratios and calculations are correct with basic analysis Grade B The student has achieved everything at grade C and: · Recorded 81 – 90% of all transactions correctly. · Prepared Income Statement correctly, revenues and expenses are calculated to get the net income. · Prepared a presentation where 81 – 90% of the Ratios and calculations are correct. Grade A The student has achieved everything at grade B and: · Recorded 91 – 100% of all transactions correctly. · Prepared Balance Sheet correctly, Assets balanced liabilities and owner's equity. · Prepared a presentation where 91 – 100% of the Ratios and calculations are correct with analysis and interpretation evident and accurate. APPENDIX 1 OPERATING A PETTY CASH SYSTEM CHEQUE BUTT 0003 Date09.08.2019 Paid toCash ForPetty Cash AccountAdvance AmountSAR400.00 PETTY CASH VOUCHER Date12.08.19No 001 Paid toAlia ForTaxi fare AccountTravel AmountSAR40. Approved by Niagara College Coffee Shop PETTY CASH VOUCHER Date14.08.19No 002 Paid toEman ForPaper AccountStationery AmountSAR23 Approved by Niagara College Coffee Shop PETTY CASH VOUCHER Date16.08.19 No 003 Paid toAlia ForBirthday Cake AccountRefreshments AmountSAR75. Approved by Niagara College Coffee Shop PETTY CASH VOUCHER Date20.08.19 No 004 Paid toEman ForSaudi Gazette AccountNewspapers AmountSAR20 Approved by Niagara College Coffee Shop PETTY CASH VOUCHER Date30.08.19No 005 Paid toAlia and Eman ForFlyers AccountPrinting AmountSAR30 Approved by Niagara College Coffee Shop APPENDIX 2 Niagara College Coffee Shop Bank Statement August Details DR CR Balance 8 Capital Deposit 50,000 50,000 9 Cheque #3 400 49,600 11 Cheque #4 - Majdah 10,000 39,600 13 Service Charge 250 39,350 14 Cheque #143 - Maha 10,000 49,350 25 EFT - Manal 3,500 52,850 27 Direct Deposit 4,000 56,550 31 EFT Salaries 2,200 54,650 APPENDIX 3 ANOTHER COFFEE SHOP FINANCIAL STATEMENTS -9- Another Coffee Shop Financial Statements.xlsx Another Coffee Shop Financial Statements.xlsx Balance Sheet