60765 – BFA504 Accounting Systems and ProcessesAssessment 3:

SOLUTION AT Australian Expert Writers

and 3: Xero Case StudyDue: 11th October 11.59pmPart A: XERO workNew Age Designs Pty Ltd (New Age) is a Tasmanian small to medium sized which sells caps and hats to government departments (SME). New Age has decided to convert their manual system of bookkeeping to an online system using Xero. New Age has two stores (one in Hobart, and one in Launceston). They have been operating since 1st July 2019, but as the Launceston store opened on 1st July 2020, they have not previously had financial figures for each store. They now like to have financial reports for both stores from 1st July 2020 (note: inventory is not recorded per store, but sales and purchases are). New Age previously posted sale transactions to the general ledger from bank records, rather than generating and posting sales invoices. Depreciation on fixed assets (as shown in the list of transactions) are accounted for monthly.Note: This is an individual assignment not a group assignment.YOU MUST USE the XERO LEARN assignment link forwarded to your email as trial and tutorial versions of Xero will not be marked.DO NOT use a trial or tutorial version of Xero. If you see the following you are NOT USING THE CORRECT LINK– ‘You’re using a “trial account- notification at the top left of the screen, and a “Pay Now” notification will appear on the top right’:1) Setup the company with details as provided and add your student to the company name. Ensure access to functions and modules are set at the highest level to facilitate capturing of data. Reflect on this in part B.2) Add opening balances as provided on balance sheet statement and inventory/stock balances as at 30th June 2020.3) Setup supplier, customer and employee records as provided.4) Setup items for inventory/stock sold.5) Generate invoices for all cash and credit sales and post to bank and customer accounts. Capture credit purchase and cash transactions provided for July 2020.6) Import bank statement provided on MYLO to Xero and complete bank reconciliation as at 31st July 2020. Export bank reconciliation summary as at 31st July 2020 to PDF. Note any reconciling items for discussion in Part B.7) Export Aged Payables (detail) to PDF as at 31st July 2020.8) Export Aged Receivables (detail) to PDF as at 31st July 2020.9) Export Inventory Item Summary to PDF as at 31st July 2020.10) Export Balance Sheet to PDF as at 31st July 2020.11) Export company Profit and Loss Report to PDF for period 1st July-31st July 2020.12) Export two separate Profit and Loss Reports to PDF, one showing profit/loss for the Hobart store and one for the Launceston store for period 1st July-31st July 2020.Part B: memoJohn Huckaby, the owner of Ventura Products, has contacted you because they are replacing their current accounting package, ‘MYBP’ with Xero. John is unfamiliar with Xero and is not sure whether their current, relatively inexperienced bookkeeper will have the skills necessary to operate a new accounting software program. John is also concerned about the security risks associated with using a cloud-based program.Required:Prepare a short business memo to John (400 words maximum) communicating the following:• Given John’s accountant is inexperienced, suggest to him how he should approach training the accountant. For example, would you suggest one-on-one, on-the-job training, doing tutorials, enrolling in a structured, accredited training program, or a combination? Your suggestions should be based on the difficulties you have faced. Point out to John how you would approach training differently if you could.• Share with John the internal controls you have identified from your personal use of the software to address the cloud-based security risks.• Share other potential weaknesses/discrepancies in the data you experienced in Part A and offer ways to these weaknesses. This should be a personal reflection, NOT a copy and paste from the Xero weaknesses found on the internet!• Conclude with a recommendation to John as to whether you think he should use Xero, considering the discrepancies in the data you discovered and the bookkeeper’s low level of accounting skills.Submissions required:• Submit all required XERO reports in PDF format to the MyLO drop box.• Complete all transactions in Xero data file via assignment link provided.• Submit your memo in MS Word format to the MyLO drop box (400 words maximum. References in Harvard style as per COBE policy).COMPANY DETAILSName: New Age Designs Pty Ltd (+ your student number)Address: 2119 Sandy Bay RdSandy Bay Tas 7005Line of business: Clothing RetailingPh: 03 5555 4112Email: student@utas.edu.auWebsite: http://www.555NewAgeABN: 84 111 122 223ACN: 84 111 122 223TFN: 999 999 976New Age Designs Pty LtdBalance Sheetas at 30th June 2020AssetsCheque Account $91,666.59Accounts Receivable $11,776.92Inventory $50,684.00Total Assets $154,127.51LiabilitiesAccounts Payable $60,137.90GST $9,625.00PAYG tax payable $3,648.00Total Liabilities $73,410.90Net Assets $80,716.61EquityCapital $75,000.00Retained Earnings $5,716.61Total Equity $80,716.61HISTORICAL BALANCES AS AT 30/6/20Unpaid Sales as at 30/6/20Date Transaction Inv # Amount incl GST1/06/2020 DPIPWE 3452 $11,776.92Unpaid Purchases as at 30/6/20Date Transaction Inv # Amount incl GST1/06/2020 Apple Store 5548 $192.504/06/2020 Fabric Importers 2125 $56,292.5029/06/2020 Aurora Energy ZB1669 $416.2121/06/2020 Apple Store 5701 $611.6930/06/2020 Cheap Rentals Jun-19 $2,625.00$60,137.90SUPPLIERSSupplier 1 Supplier 2 Supplier 3 Supplier 4 Supplier 5 Supplier 6 Supplier 7Name Fabric Importers Aurora Energy Apple Store Cheap Rentals Launceston Rentals Aust. Taxation Office Tasplan SuperAddress 22 Smiths Road 11 Forest St 175 Smith Street Level 2/89 Brisbane St Level 2/54 Mako St GPO Box 982 GPO Box 1156City Melbourne Hobart Rosny Hobart Launceston Hobart MelbourneState VIC TAS TAS TAS TAS TAS VICPostcode 3000 7000 7018 7000 7250 7000 3000Country Australia Australia Australia Australia Australia Australia AustraliaPhone#1 03 9242 2666 1800 556884 0417 659 782 03 6234 5500 03 6385 5650 137226 137565Contact Rakesh Jenny Jason-lee Renate Terry-Ann JaneCredit Limit $100,000 $3,000 $1,000 $5,000 $5,000Account number S001 S002 S003 S004 S005 S006 S007ABN# 53 569 321 934 88 512 983 965 25 889 425 364 55 223 884 221 34 256 884 428 56 598 465 281Tax Code GST GST GST GST GST N-T N-TTerms 30 30 14 14 14 30 30Discount Days 14 0 0 0 0% Discount for early payment 5% 0 0 0 0Bank account# 001-696 445489 010-556 66499 010-556 55659 010-558 48899 050-183 926124 005-569 56565 001-564 23568Bank account name Fabrics Importer Aurora Energy Apple Store Cheap Rentals Launceston Rentals Aust. Taxation Office Tasplan SuperCUSTOMERSCustomer 1 Customer 2 Customer 3Name DPIPWE Hobart City Council (HCC) Launceston Council (LCC)Address 134 Macquarie Street GPO Box 803 18-20 St John StreetCity Hobart Hobart LauncestonState TAS TAS TASPostcode 7000 7001 7250Country Australia Australia AustraliaPhone#1 03 5555 6600 03 5555 2711 03 5555 3000Contact Steve Dave JenCredit Limit $50,000.00 $50,000.00 $50,000.00Tax Code GST GST GSTTerms 30 days 30 days 30 daysDiscount Days 0 0 0EMPLOYEESEmployee 1 Employee 2 – HobartName James Brooks Mary TolmayAddress 89 Rivers Road 78 Bright StreetCity Newstead LindisfarneState TAS TASPostcode 7250 7015Country Australia AustraliaPhone#1 0401 555 228 0411 555 952Email jbrooks@gmail.zzmtolby@gmail.zzDate of Birth 22/07/1996 18/11/1999Sex Female FemaleStart Date 1/07/2020 1/07/2019Role Manager – Launceston Manager – HobartWages $28.00/hour $32.00/hourPay Frequency Fortnightly FortnightlyStatus Permanent Full Time Permanent Full timeHours per week 38 38Superannuation Fund Tasplan TasplanTax File Number 995 461 474 995 875 264Super Member Number 456G 2568Tax Free Threshold Yes YesBank account# 010-150 55655 020-456 654 122Bank account name J Brooks M TolmayOpening balances-annual leave 0 152Opening balances-personal leave 0 76Opening balances-LSL 0 56.25Annual Leave 152 hours/year 152 hours/yearPersonal Leave 76 hours/year 76 hours/yearLong Service Leave 56.25 hours/year 56.25 hours/yearINVENTORY (STOCK) ON HANDItem Khaki Cap Khaki Cap Khaki Cap Khaki Cap Khaki Cap Camo Hat Camo Hat Camo Hat Camo Hat Camo HatPrint size XL L M S XS XL L M S XSItem number 001K 002K 003K 004K 005K 001C 002C 003C 004C 005CQuantity on Hand 30/06/2020 307 377 352 325 311 318 357 368 334 303Cost Price Incl GST $17 $16 $15 $14 $13.50 $17 $16 $15 $14 $13.50Selling price Incl GST $36.50 $35.50 $34.50 $33.50 $32 $36.50 $35.50 $34.50 $33.50 $32Inventory @ Cost $5,219 $6,032 $5,280 $4,550 $4,198.50 $5,406 $5,712 $5,520 $4,676 $4,090.50Credit Purchases for July02/07/2020 Purchase on credit from Fabrics Importers by Launceston branch (100 x 001K; 100 x 002K; 200 x 003K ;200 x 004K; 250 x 005K)(100 x 001C; 100 x 002C; 200 x 003C; 200 x 004C; 250 x 005C) Inv L125 $24,95015/07/2020 Purchase on credit from Fabrics Importers by Hobart branch (300 x 002K; 200 x 003K ;200 x 004K; 250 x 005K)(100 x 001C; 150 x 003C) Inv H156 $17,925Khaki Cap Sales – July 2020Location Hobart Launceston Hobart Launceston Hobart Launceston Hobart Launceston Hobart LauncestonItem number 001K 001K 002K 002K 003K 003K 004K 004K 005K 005KQuantity – Cash sales 05/07202 18 6 2 3 15Quantity – Cash sales 12/07/2020 7 8 5 3Quantity – Cash sales 26/07/2020 10 16 20 12 15Quantity – Cash sales 31/07/2020 2 10Quantity – Credit Sales DPIPWE 10 15 27 8 5Quantity – Credit Sales HCC 80 250 150 250 100Quantity – Credit Sales LCC 20 120 150 250Camo Hat Sales – July 2020Location Hobart Launceston Hobart Launceston Hobart Launceston Hobart Launceston Hobart LauncestonItem number 001C 001C 002C 002C 003C 003C 004C 004C 005C 005CQuantity – Cash sales 05/07202 9 14 20 30Quantity – Cash sales 12/07/2020 10 18 10 25 15Quantity – Cash sales 26/07/2020 10 50 50 12 10Quantity – Cash sales 31/07/2020 8 6 9 5Quantity – Credit Sales DPIPWEQuantity – Credit Sales HCCQuantity – Credit Sales LCCDate July Cash Transactions other than sales Reference Amount Incl GST ($)01/07/2020 Point of sale (POS) system purchased for Hobart branch from AB HiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/22, serial number 000258898, tax depreciation $0 Inv 877 22,000.0001/07/2020 Loan approved by bank and funds received KOD556445 44,000.0001/07/2020 Point of sale (POS) system purchased for Launceston branch from AB HiFi by EFT from cheque account. Depreciation: straight line, 25% per year. Warranty expiry 1/7/22, serial number 000265522, tax depreciation $0 Inv 878 22,000.0002/07/2020 Paid July rental Invoice by EFT (Launceston Rentals) Inv J445 1,900.0002/07/2020 Received EFT payment from DPIPWE June Invoice 11,776.9203/07/2020 Paid July rental invoice by EFT (Cheap Rentals – Hobart Branch) Inv JUL19 2,100.0004/07/2020 Credit purchase from Apple Store for internet modems (Hobart $150.00 incl GST, Launceston $140 incl GST) Inv 2899 290.0015/07/2020 Pay fortnightly wagesJ Brooks – 76 HoursM Tolmay – 76 Hours (01/07/2020 – 14/07/2020) 3,634.0016/07/2020 Purchase milk and coffee from Coles (Hobart staff room on debit card linked to cheque acc) Receipt 07002 6.2017/07/2020 Office Stationery from OfficeWorks (Hobart branch on debit card linked to cheque acc) Receipt D569 140.0028/07/2020 Pay PAYG and GST owing for last quarter to ATO BA Q2 2020) 10,618.4029/07/2020 Pay fortnightly wagesJ Brooks – 76 HoursM Tolmay – 76 Hours (15/07/2020 – 29/07/2020) 3,634.0031/07/2020 Pay Apple Store via EFT Inv 5548 192.5031/07/2020 Pay Fabric Importers Inv 2125 56,292.5031/07/2020 Bank fees on cheque account (No GST) July 7.5031/07/2020 Pay Tasplan Super 866.4031/07/2020 Monthly depreciation 847.00New Age designs Pty Ltd Statement of Account withNAB, Bank, Melbourne, AustraliaAccount # 050-117 24693 BSB # 081- 408Jul-20 Date Transactions Debit Credit Balance1/07/2020 Opening balance 91,666.59 Cr1/07/2020 AB HiFi 22,000.00 69,666.59 Cr1/07/2020 AB HiFi 22,000.00 47,666.59 Cr1/07/2020 Auth. Transaction KOD556445 44,000.00 91,666.59 Cr2/07/2020 Launceston Rentals 1,900.00 89,766.59 Cr2/07/2020 DPIPWE 11,776.92 101,543.51 Cr3/07/2020 Hobart Rentals 2,100.00 99,443.51 Cr5/07/2020 Cash deposit 2,469.00 101,912.51 Cr5/07/2020 Cash deposit 1,585.00 103,497.51 Cr12/07/2020 Cash deposit 1,051.50 104,549.01 Cr12/07/2020 Cash deposit 1,570.50 106,119.51 Cr15/07/2020 Electronic payment 3,634.00 102,485.51 Cr16/07/2020 Coles 6.20 102,479.31 Cr17/07/2020 OfficeWorks 140.00 102,339.31 Cr26/07/2020 Cash deposit 3,942.00 106,281.31 Cr26/07/2020 Cash deposit 3,115.00 109,396.31 Cr28/07/2020 ATO 10,618.40 98,777.91 Cr29/07/2020 Electronic payment 3,634.00 95,144.31 Cr31/07/2020 Cash deposit 653.00 95,796.91 Cr31/07/2020 Cash deposit 548.00 96,344.91 Cr31/07/2020 Apple Store 192.50 96,152.41 Cr31/07/2020 Fabric Importers 56,292.50 39,859.91 Cr31/07/2020 NAB 7.50 39,852.41 Cr31/07/2020 Super Clearing House 866.40 38,986.01 Cr31/07/2020 Closing balance 38,986.01 CrDate of issue Page No. Total debits Total credits31/07/2020 1 123,391.50 70,710.92

Order from Australian Expert Writers
Best Australian Academic Writers

QUALITY: 100% ORIGINAL PAPERNO PLAGIARISM – CUSTOM PAPER