ACCOUNTING FOR MANAGEMENT DECISIONS – ACC601 Individual Assignment – Date due: End of Week 8 Using Accounting Software This case study is designed to introduce you to using double entry computer accounting software for a small business. It covers many of the common business transactions including those which have covered in class. This assignment will also include Goods and Services Tax (GST) calculations as this is embedded in the accounting software, but is not examined. This assignment is not meant to be a data entry exercise, but you are required to carefully record each transaction, understand how the software records these transactions in both the general and subsidiary ledgers and create reports and then analyse and understand these reports. Accountants were one of the first professions to use accounting software. XERO is a relatively new and now widely used software as it has a number of innovative features, such as: – – The software application is in the ‘cloud’ so it can be accessed anywhere in the world on any connected device and there is no software to load onto computers; – The software is updated regularly by Xero, so no updating required by users; – The software links to other applications easily such as bank accounts – bank transactions are uploaded automatically when the user logs into the application; – Written in user friendly language rather than being for ‘accountants’. The Palm Beach Surf and Wellness Shop Pty Limited The Palm Beach Surf and Wellness Shop is a retail store located in Palm Beach, overlooking Palm Beach focusing on the surfing market, providing surfing and yoga lessons as well as equipment and clothing and other merchandise sales. Equipment is sold to the general public as well as in bulk to sporting clubs and schools. Surfing and yoga lessons are usually held in groups. The store is owned by two people – Rose Nguyen and Simon Jones. They have been operating the store for 2 years after initially investing $100,000 each of their own money into the business. They are joint Chief Executive Officers (CEO’s) and equal shareholders. Surfing lessons are conducted seven (7) days per week subject to the weather. These lessons are mainly catered to tourists and / or local residents wanting to learn surfing. Yoga classes are also conducted most days from 6 am to 10 am every day and from 7 pm to 9 pm 4 days per week (Monday to Thursday). Equipment is included in the cost of surfing lessons however it is available for hire by other customers 7 days per week from 7 am to 4 pm. Clothing is available for sale in the shop 7 days per week as well as by bulk orders from surfing clubs and schools.
This case study is designed to introduce you to using double entry computer accounting software… 1 answer below »
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