Assignment Task

Introduction

The Xero assignment is designed to provide introductory accounting students with an overview of the Xero Accounting Software by completing a one-month accounting cycle for a fictional business. This is an online assignment worth 20% of your overall grade in ACCG1000. An invitation email will be sent to every student’s MQ email with the individual access link to Xero and an invitation to your organisation called Green Thumb Gardening Services by Wednesday the 3rd May 2023. Please ensure you accept this invitation so you can complete the Xero assignment. You can access the assignment from Week 9 to Week 11.

Assignment Objectives

• To perform a variety of activities and to record several transactions using the Xero accounting software including:
• Setting up a new business in Xero
• Record cash received from customers and cash paid to suppliers
• Record other cash receipts and payments including prepayment of expenses and revenue received in advance
• Record adjusting entries
• Prepare several accounting reports including Receivable Invoice Detail Report; Payable Invoice Detail Report; Journal Report, Trial Balance, Statement of Profit & Loss and Balance Sheet.

Business Background

Assume that you established Green Thumb Gardening Services (a fictional business) on 1 May 2023 in Sydney. The company provides quality gardening services including lawn care, tree trimming and garden design in Sydney’s Northern Beaches. You are required to complete the following tasks in order to prepare the business’s financial statements as at 31 st May 2023.

1. Enter Business and bank Information: Enter only the following company information by clicking on your organisation and selecting settings from the dropdown menu. Select organisation details and update only those items listed below. Please ignore the other details and leave them blank. DO NOT change “Display name”

• Legal/Trading name: Your name Your Student ID (For example: CARMEL EMANUEL 12345)
• Line of business: Gardening Services
• Organisation type: Sole Trader

2. Enter the following transactions for May 2023 by selecting the appropriate function from the business menu, the accounting menu or the “+” menu. The menu appears in Xero as below. (Ignore GST when entering all transactions)

3. Prepare and export the following reports (in PDF format) from Xero for the month ending 31 May 2023 using the reports function from the accounting menu:

• Receivable Invoice Detail Report,
• Payable Invoice Detail Report,
• Journal Report,
• Trial Balance,
• Statement of Profit and Loss
• Balance Sheet

4. Merge all six reports into one PDF document and submit your assignment on ilearn using the link provided at section 6 “Assessment: Xero Assignment (20%).