FNSACC426_AT2_POE_TQM_v2

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School

Sepuluh Nopember Institute of Technology *

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Course

BOOKKEEPIN

Subject

Accounting

Date

Apr 27, 2024

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docx

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Assessment Task Portfolio of Evidence c104a32a723765c1dd91a52425ce1ef188265d43.docx Student Name Student Number Unit Code/s & Name/s FNSACC426 - Set up and operate a computerised accounting system Cluster Name If applicable N/A Assessment Name Assessment 2 Assessment Task No. 2 of 2 Assessment Due Date Date submitted / / Assessor Name Student Declaration: I declare that this assessment is my own work. Any ideas and comments made by other people have been acknowledged as references. I understand that if this statement is found to be false, it will be regarded as misconduct and will be subject to disciplinary action as outlined in the TAFE Queensland Student Rules. I understand that by emailing or submitting this assessment electronically, I agree to this Declaration in lieu of a written signature. Student Signature Date / / Instructions to Student This assessment will require you to set-up a computerised accounting system. You will be required to input opening balances, process transactions and generate reports. These tasks will need to be carried out within the organisational policies and procedures guidelines provided and in accordance with legislative requirements. You will be required to submit the required accurate and complete reports to demonstrate knowledge, skills and understanding. You will require a computer and internet access. Materials to be supplied: Opening balance information required to set up the organisation. Organisational policies and procedures. Work, Health and Safety: Students should observe the usual office Work, Health and Safety considerations whilst working on this assessment. 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 1

c104a32a723765c1dd91a52425ce1ef188265d43.docx Assessment Criteria: To achieve a satisfactory result, your assessor will be looking for your ability to demonstrate the following key skills/tasks/knowledge to an acceptable industry standard:  To set up a computerised accounting system  To process a wide variety of transactions in the system  To maintain the system  To generate required reports  To comply with legislative and organisational requirements Submission details (if relevant) Insert your details on page 1 and sign the Student Declaration. Include this form with your submission along with a copy of the Marking Criteria form completed with your personal details. Assessment to be submitted via  TAFE Queensland Learning Management System: Connect url: https://connect.tafeqld.edu.au/d2l/login  Username; 9 digit student number  For Password: Reset password go to https://passwordreset.tafe - qld.edu.au/default.aspx >  You are required to submit once completed: FNSACC426_AT2_MC_TQM_v1.docx Compulsory checkpoint 1.pdf Compulsory checkpoint 2.pdf End of Quarter Reports.pdf End of Year Reports.pdf End of year trial balance comparison.xlsx Instructions to Assessor  This is an external open book assessment  You will require access to a computer and internet  No time limit applies  Usual WHS requirements apply  Contingencies if conditions cannot be met are at the discretion of the Assessor Note to Student An overview of all Assessment Tasks relevant to this unit is located in the Unit Study Guide. 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 2

c104a32a723765c1dd91a52425ce1ef188265d43.docx Assessment Task In this task you are required to create a computerised accounting system using the software taught at your campus (eg. Xero or MYOB), then use it to process transactions and to produce accounting reports. Business scenario The business is a camera retailer named Cameras R Us . The business makes both cash and credit sales and maintains a perpetual inventory system. They previously used a manual accounting system but have decided to convert to a computerised accounting system and have asked you to set up the new file and enter transactions for the period 1 April 2022 to 30 June 2022. There are opening balances to be posted to the general ledger accounts and subsidiary ledger accounts for accounts receivable, accounts payable and inventory. Set-up and processing is to be carried out in accordance with the attached Organisational Policies and Procedures supplied at Appendix A where relevant. In your role as the Administrator for Cameras R Us, you are required to complete the following steps and submit the required reports as part of your portfolio. Teacher Access to Xero Your teacher has access to all student Xero accounts. For ease of finding your file please add your email address that you use for your Xero log in here: _____________________________ Task 1 Access Xero File 1. Navigate to your assessment file link in Connect called FNSACC426 Assessment 2 Xero Con- nector File – You will find it in the Assessments section in Connect. Click the link – this will redi- rect you to Learn Now. 2. Tick the box to acknowledge you have read the terms and conditions, and click create Xero or- ganisation. This will now invite you to the Xero file. This invitation email may take some time, so ensure you complete this step at least a day before you would like to start your assessment. 3. Open the invitation email from Xero and click the link to accept the invite, log into your Xero ac- count to complete the step. You now have access to the assessment file “Cameras R Us” in your Xero log in. 4. Edit the Display Name of the Business to Cameras R Us with your student number and the as- sessment unit and number Eg. Cameras R Us AT2 FNSACC426 – “Student Number” (click on the arrow beside the business name >settings >organisational details>display name) 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 3

c104a32a723765c1dd91a52425ce1ef188265d43.docx Set up the file: a) Review your organisation file and setup as per details below: If the software requests something ad- ditional, leave it blank or as the default setting (eg. Phone number). Company name Cameras R Us ABN 84 111 122 223 Address 120 Main Street, HILLVIEW Email address Cameras.r.us@gmail.com Start recording transactions (year) 2022 Last month in financial year June Start recording transactions (month) April Additional Notes:  Tax Defaults: For Sales amounts select Tax Exclusive  Tax Defaults: For Purchases amounts select Tax Inclusive  Sales invoices: Payment due 7 days after date of invoice  Purchase invoices: Payment due 30 days after date of bill 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 4

c104a32a723765c1dd91a52425ce1ef188265d43.docx b) You are required to build your own Accounts List with the correct GST codes attached to each. i. You can use a template Chart of Accounts provided during your software’s set up process ii. Create each account using the account number and name provided. You do not need to delete extra accounts, but it is recommended that you archive them. iii. Wherever an account already exists under a similar name, you should repurpose (ie. Rename and renumber) the existing account rather than create a new one. EG. If an Accounts Receiv- able account already exists, you should utilise the existing account rather than create a new one. iv. Review your software’s available tax codes for suitability. If you are missing required tax codes (per the right-most column), you will need to add them. v. If in Xero, go to Advanced Settings -> Tax Rates -> Change to advanced tax rates. vi. In your Chart of Accounts, update all accounts to have the correct tax code per the column be- low Cameras R Us Accounts List Account number (MYOB) Account num- ber (Xero / Other) Account name (Type) GST code / Tax Rate 1-1110 010 Common Bank (refer to policy and procedures) N-T / BAS Excluded 1-1120 012 Petty Cash (refer to policy and procedures) N-T / BAS Excluded 2-1110 014 Business Visa Card (Refer to policy and procedure) N-T / BAS Excluded 1-1230 601 Payroll Cheque Account (Current Asset) N-T / BAS Excluded 1-1200 603 Undeposited Funds (Current Asset) N-T / BAS Excluded 1-1220 604 Electronic Clearing Account (Current Asset) N-T / BAS Excluded 1-1310 610 Accounts Receivable (Current Asset) N-T / BAS Excluded 1-1320 630 Inventory (Inventory) N-T / BAS Excluded 1-1340 631 Inventory Adjustment (Current Asset) N-T / BAS Excluded 1-1330 632 Deposits to suppliers (Current Asset) N-T / BAS Excluded 1-1400 635 Prepaid Insurance (Current Asset) N-T / BAS Excluded 1-1500 636 Prepaid Interest (Current Asset) N-T / BAS Excluded 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 5

c104a32a723765c1dd91a52425ce1ef188265d43.docx 1-1360 640 ABN Withholding Credits (Current Asset) N-T / BAS Excluded 1-2610 710 Bldgs. & Imprvmnts at Cost (Fixed Asset) CAP / GST on Capital 1-2620 711 Bldgs & Imprvmnts Accum Dep (Fixed Asset) N-T / BAS Excluded 1-2210 720 Office Equip at Cost (Fixed Asset) CAP / GST on Capital 1-2220 721 Office Equip Accum Dep (Fixed Asset) N-T / BAS Excluded 1-2410 730 Store Fittings at Cost (Fixed Asset) CAP / GST on Capital 1-2420 731 Store Fittings Accum Dep (Fixed Asset) N-T / BAS Excluded 1-2310 740 Motor Vehicles at Cost (Fixed Asset) CAP / GST on Capital 1-2320 741 Motor Vehicles Accum Dep (Fixed Asset) N-T / BAS Excluded 2-1510 800 Accounts Payable (Current Liability) N-T / BAS Excluded 2-1210 820 GST (Current Liability) N-T / BAS Excluded 2-1310 821 Voluntary Withholdings Payable (Current Liability) N-T / BAS Excluded 2-1320 822 ABN Withholdings Payable (Current Liability) N-T / BAS Excluded 2-1360 823 Luxury Car Tax Payable (Current Liability) N-T / BAS Excluded 2-1420 824 Superannuation Payable (Current Liability) N-T / BAS Excluded 2-1410 825 PAYG Withholding Payable (Current Liability) N-T / BAS Excluded 2-1520 802 Customer Deposits (Current Liability) N-T / BAS Excluded 2-2100 900 Bank Loans (Non-Current Liability) N-T / BAS Excluded 3-1000 965 Owner Capital (Equity) N-T / BAS Excluded 3-2000 966 Owner Drawings (Equity) N-T / BAS Excluded 3-8000 960 Retained Earnings (Equity) N-T / BAS Excluded 4-1100 200 Sales - Cameras & Lenses (Revenue) GST / GST on Income 4-1200 201 Sales - Accessories (Revenue) GST / GST on Income 123 TMP C v 1.3 (04/11/20) © TAFE Queensland. Uncontrolled copy if printed. Refer to TAFE Queensland intranet for current version of document. 6

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