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ACCM4000 Financial Accounting- Xpress Cuts Business Transactions

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ACCM4000 Financial Accounting

Task

What is Xero?  

1. You will require the following documents to begin the case study
 Xero Case Study
 Video Manuals Link
 Bank Statement

2. Video Manuals are available to help you throughout the case study. It is highly recommended to watch the videos and note the necessary steps and tips advised by the Xero educator.

3. The case study is divided into Four main steps. Please follow the instructions to complete the case study.
Step 1: Settings
Step 2: Transactions
• Fixed Assets
• Manual Journals
• Purchases
• Sales
Step 3: Bank Reconciliation
Step 4: Reporting 

4. By the end of this practice set, you will have obtained real-world experience in using Xero.

Case Study – Xpress Cuts

Mary Smith is a sole-trade T/as Xpress Cuts, a start-up hair salon located in the heart of Melbourne Central. Xpress Cuts offers an extensive range of haircuts, styling and retails hair products.

During the business procedures in October 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 Xpress Cuts’ business transactions for the month of October 2019 and then at the end, generate financial reports to complete a onemonth accounting cycle. 

Required

1. Assurance Dashboard
2. Accounts Transactions Report for the month of October 2019
3. Profit and Loss Statement for the month ended 31 October 2019
4. Balance Sheet as at 31October 2019
5. Write a brief report on the company’s financial and liquidity status (750 words)

Get Familiar with Xero – Video Manuals

Watch the following video to get started with Xero

  1. Introduction to Xero

Watch the following videos prior starting Step 1: Settings

  1. Organisation and Financial Settings
  2. Conversion Balances, Users and Tax
  3. Bank, Contact and Inventory Settings

Watch the following videos prior starting Step 2: Transactions

  1. Fixed Assets
  2. Manual Journals
  3. Purchases & Bills
  4. Sales

Watch the following video prior starting Step 3: Bank Reconciliation

  1. Bank Reconciliation

Watch the following video prior starting Step 4: Reporting

  1. Reporting

ACCM4000 Financial Accounting

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