ACCT2033 Computer Accounting - Assignment Help

Introduction

Important notes: It is the responsibility of the student to read the assignment format and submission requirements carefully before starting the assignment. Should a submitted assignment fail to comply with the stipulated format and submission requirements, it will not be accepted for marking.

The objective of this assignment:

This assessment is designed to introduce you to the use of double entry computer accounting software for a small business. It covers many of the common transactions of everyday business, including GST. It is not meant to be a data entry exercise - you are required to carefully record each transaction and understand how the software records these transactions.

IMPORTANT ASSIGNMENT GUIDELINES

It is the responsibility of students to read the assignment format and submission requirements carefully before starting the assignment.

• There are 10 sections in this assessment document. Students are required to read each section carefully and complete the requirements in each section before moving to the next
• When updating the organisation details of the business, you are required to put your student ID number and your name as part of the business name. For example, if your student ID number is S3455678, and your name is Jonathan Kapukotuwa, then the business name will be E Bike City – S3455678, Jonathan Kapukotuwa,

If the Xero software does not allow you to type your full name, include as many letters of your name as possible.

Failure to include your student ID number and your name as part of the business name will result in receiving zero (0) for your entire assignment. Should a submitted assignment fail to comply with the above stipulated format regarding the organisation’s name, it will not be accepted for marking and will result in a grade of zero (0) for the entire assignment.

• Assignment Submission Requirements

Once you have completed the assignment, the following reports much be submitted on Canvas. All reports must be produced directly from Xero with student name & Student ID appearing in the header.

• Section 5- Reconciliation Report (for Westpac Bank) as at 31 March 2022
• Section 6- Inventory Items List as at 31 March 2022
• Section 7 - Aged Payables Detail Report as at 31 March 2022
• Section 9- Reconciliation Report (for CommBank) as at 31 March 2022
• Section 10 - Journal Report (manual journal entries only) as at 31 March 2022
• Section 10 - All Account Transaction Report as at 31 March 2022(must be submitted)
• Section 10 – Chart of Accounts PDF file
• Section 10- Trial Balance as at 31 March 2022(must be submitted)

If you fail to submit the ‘All Account Transaction Report’ and the ‘Trial balance’ as detailed above, you will receive zero (0) marks for the entire assignment. If you fail to submit any of the other required reports, you will lose the marks allocated for that section.

1.   Access 30-day free ‘Xero Trial’ to complete this assessment

You need to create and access a 30-day free Xero Trial file to complete the requirements of this assessment. It is strongly recommended that you complete all the assessment requirements within the 30-day free trial period. THE FREE ‘XERO TRIAL’ FILE WILL AUTOMATICALLY EXPIRE AFTER 30 DAYS. IF YOU ARE UNABLE TO COMPLETE THE ASSESSMENT WITHIN THE 30-DAY FREE PERIOD, YOU WILL NEED TO CREATE ANOTHER XERO TRIAL FILE AND COMPLETE THE TASKS FROM THE BEGINNING.

Follow the steps below to create a Xero account and generate a 30-day free Xero Trial file to complete this assessment.

1. Go to Xero sign up page: https://www.xero.com/au/campaigns/students- accounting/
2. Click on ‘Try Xero for free’

• Enter your details. Make sure you use your RMIT student email in the ‘Email address’

1. Go to your RMIT student email. Open the activation email from Xero. Check your spam folder if you don’t receive the email within a minute or
2. Click on the email link, create a password (at least 8 characters long including 1 number) and Activate.
3. Log in using the email address you signed up with and password.

Before going to the home page of your Xero Trial file for the first time, you might be required to enter the following information:

1. Add your business name: use the naming protocol (e.g., E Bike City - student ID number and your name) as mentioned on the first page of this instruction
2. Industry: Select ‘Retail bike shop’ from the dropdown
3. Select ‘No’ to ‘Do you have employees?’.
4. Select ‘Yes’ to ‘Registered for GST’.

Once you have logged into your ‘Xero Trial’ file, your first task is to import the csv data files provided to you in Canvas. The data files that you need to import into your Xero trial file are available at the following location: Assignments>Assessment 2> data files. The data files will need to be downloaded from Canvas onto your computer first in order to complete this task.

The importing process for the data files is detailed in the next section – 2. Import Data Files in your ‘Xero Trial’ organisation.

Under the Assignment 2 Tab on Canvas there are eight (8) data files. First, you are required to download those data files onto your computer before importing them into your ‘Xero Trial’ file that you have created. Please note that all files are formatted as CSV files. You must save those files onto your computer as CSV files. DO NOT MAKE ANY MODIFICATION TO THESE CSV DATA FILES.

You must import all 8 files into your ‘Xero Trial’ file before working on the next sections of the assignment.

The files are numbered according to the order that you must import them onto your Xero Trial’ file:

• ONE_ChartOfAccounts - with opening balances
• TWO_Contacts
• THREE_InventoryItems
• FOUR_InventoryOpeningBalances
• FIVE_BillTemplate (Accounts Payable)
• SIX_SalesInvoiceTemplate
• SEVEN_Westpac Bank
• EIGHT_CommBank

The steps to import each of the data files are provided below:

Import ONE_ChartOfAccounts - with opening balances

1. Click Accounting, then select Advanced
2. Click Chart of accounts
3. Click Import
4. Select ‘Xero’ as the system you're importing from
5. Select Yes for ‘whether your file includes balances’. Then set up the conversion date as ‘March 2022’
6. Click Browse to locate your saved file (i.e ONE_ChartOfAccounts - with opening csv) on your computer from Canvas
7. Click Import, then a summary will appear displaying all the new accounts
8. Click Confirm; Select account type of ‘Bank’ (& do not make any changes to other fields) for account codes 600 & 605 and then click Save to complete the import process

You will then need to confirm the opening balances in the conversion balances screen. To do this-click Accounting, select Advanced, then select Conversion Balances. You will see the ‘Confirm your 28 Feb 2022 account balances’ screen that is waiting for you to confirm the conversion balances you imported with the chart of accounts. Click Save and the opening balances will now appear in your Chart of Accounts.

Import TWO_Contacts

1. Click Contacts, then select All contacts
2. Click Import file [you might be required click the overflow menu (3 dots) and click Import]
3. Click Browse and select your saved file (i.e.TWO_Contacts.csv)

d) Ignore empty fields

1. Click Import
2. Review the information you're importing, then click Complete Import Import THREE_InventoryItems
3. In the Business menu, select Products and services
4. Click Import, then select Items
5. Click Browse and locate and select the file that you saved on your computer (i.e.,

InventoryItems.csv) from Canvas

1. Select Continue
2. Review information and Click Complete Import to finish the import

Import FOUR_InventoryOpeningBalances

1. In the Business menu, select Products and services
2. Click Import, then select Opening Balances
3. Select the date of opening balances (i.e., 1 Mar 2022)
4. Click Browse and locate and select the file that you saved on your computer (i.e.,

InventoryOpeningBalances.csv) from Canvas

1. Select Continue
2. Click Complete Import to finish the import

Import FIVE_BillTemplate (Accounts Payable)

1. Click Business, then select Purchases overview
2. Click Import
3. Drag and drop the saved CSV file [i.e., Bill Template (Accounts Payable).csv] or click Select File to select the file [i.e., Bill Template( Accounts Payable).csv] you saved on your computer from Canvas
4. For the question Is the unit amount filed tax inclusive or Select exclusive
5. Click Confirm
6. click Complete Import to finish the import
7. Bills are imported into Xero as drafts, so you'll need to approve Approve the bill(s) by using the tick box to select all, then click Approve

Import SIX_SalesInvoiceTemplate

1. Click Business, then select Sales overview
2. Click Import
3. Click Browse and locate and select the file that you saved on your computer from Canvas (i.e., csv)
4. For the question Is the unit amount filed tax inclusive or Select exclusive
5. Click Import
6. Click Complete Import to finish the import
7. f) Invoices are imported into Xero as drafts, so you'll need to approve Approve the invoices by using the tick box to select all, then click Approve

Import SEVEN_Westpac Bank

1. In the Accounting menu, select Bank accounts
2. For the Westpac Bank (business account), click Manage Account, then click Import a Statement
3. Click Browse and locate and select the file that you saved on your computer from Canvas (i.e., Westpac csv)
4. Click Import
5. Click Save and then click OK to finish the import of the Westpac bank statement

Import EIGHT CommBank

1. In the Accounting menu, select Bank accounts
2. For the CommBank (transaction account), click Manage Account, then click Import a Statement
3. Click Browse and locate and select the file that you saved on your computer from Canvas (i.e., csv)
4. Click Import
5. Click Save and then click OK to finish the import of the CommBank statement

You have now successfully imported all the eight required CSV data files by following the steps above.