(strikeout whichever is not applicable)

I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.

Student Signature:

(only required if handing in a hard copy)

·         All instructions provided must be adhered to constitute a complete assessment.

·         Students must complete this assessment in their own time.

·         All documents must be created using Microsoft Office applications (MS Word, Excel, PowerPoint etc.).  Submit your final draft as a PDF file. Before uploading into Moodle, make sure your file is named according to Elite protocols.

·         Please retain the headers and footers and version control of this document.

·         Remember to complete your name, student ID, due date, declaration date and whether this is your initial submission or re-assessment. If these details are missing or in-complete you will need to resubmit your assessment.

·         If you anticipate submitting your assessment later than the due date, please refer to the Elite Student Handbook and the Intervention Policy contained within, and complete the “Academic Intervention” form, prior to the due date, to request an extension. A hard copy of this form is also available from Reception or your trainer.

·         Feedback on each task will be provided to enable you to determine how your work could be improved, if required. You will be provided with feedback on your work within 2 weeks after you submit your assessment.

·         If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy.

No assessment will be accepted xx days after the due date (or extended due date).  A ‘Not Competent’ result will be submitted.

If you are assessed as NYS, you will be eligible for re-assessment. You will be given feedback on the reason for the result.  If required, you will also be provided further information regarding the gaps in knowledge.  Should you fail to submit the re-assessment or again not complete the task satisfactorily, a result outcome of Not Satisfactory (NS) will be recorded.

You will only achieve competence in the unit when all assessment tasks have a Satisfactory (S) outcome.

Your trainer will give you feedback after the marking of each submitted assessment.

·         set up the chart of accounts for one organisation by modifying an established integrated financial software system

·         implement an integrated computerised accounting system, ensuring integrity of the data

·         process transactions in the integrated system, including:

Ø  BPAY

Ø  credit card payments

Ø  direct debit

Ø  invoices

Ø  petty cash

·         generate reports in the integrated system over at least two reporting periods, including:

Ø  goods and services tax (GST) accrual report

Ø  payroll report

Ø  bank reconciliation report

Ø  profit and loss statement

Ø  balance sheet

·         maintain computerised accounting system information securely

·         Australian Accounting Standards (please refer to the information at below websites)

https://www.aasb.gov.au/Pronouncements/Current-standards.aspx

·         Technology resources such as a computer, internet access with sufficient data to conduct searches and work with Elite delivery software (e.g., integrated financial software system and data), printer, and any other relevant equipment/software needed to complete the assessment tasks

·         Xero Accounting Software

For each listed principle, explain how they are applied when using a computerised system.

Tax invoice sample sourced from www.ato.gov.au

Identify the details of the tax invoice as they are numbered in the sample above. In your own words, explain each.

In your own words, explain why these details are essential in accounting.

Assessment description

This assessment asks you to input data into a computerised accounting package – Xero, and produce documents and reports. There are 13 tasks and it is important that you attempt all tasks.

It is important that you print all reports (you can generate PDF format report from Xero software) and documents specified in the tasks so your work can be assessed. A checklist has been provided at the end of the assessment to help you check that all documents and reports have been printed.

Case Study Information (Please refer to Appendix 1 – Case Study for Xero Practice Assessment)

Johnston Warehouse is an existing business that supplies cards, gift wrap and decorations to shops across the region. The owner is Tony Johnston who operates as a sole trader.

The business has previously kept manual books but from 1 July 2020, the accounts are to be computerized using Xero software.

You are employed as an accounts assistant.

You can assume that all documentation has been checked for accuracy and authorised by Tony Johnston.

Cash and credit sales are analysed in four ways:

•            Greetings cards

•            Gift wrap

•            Decorations

•            Online sales

All stock is stored in a rented unit, where goods are despatched from. Nathan likes to analyse his purchases as follows:

•            purchases – gift cards

•            purchases – decorations/gift wrap

Some nominal ledger accounts have already been allocated account codes. You may need to amend account names or create other account codes.

The business is registered for Good and Service Tax (GST). The rate of GST charged on all goods and services sold by Johnston Warehouse is 10%.

All expenditure should be analysed as you feel appropriate. Before you start you should:

•            Set the financial year to start on 1 July of the current year.

•            Set the software date as 31 July of the current year.

•            Set up the company details by entering the name Johnston Warehouse and the address: 770 George St, Sydney, NSW 2000. In a training environment you should add your name after the business name to identify your printouts.

•            The ABN number is 87 542 247 812 and 10% GST is charged on all sales.

Procedure

1.       Review the simulated business documentation, including policies and procedures, in the document “Appendix 1 – Case Study for Xero Practice Assessment”.

        2.       Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures   –  See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

3.       Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST)  – See Task 2 & Task 3 in Appendix 1 – Case Study for Xero Practice Assessment

4.       Identify sources of technical help and use them to solve operational problems – See Task 4 in Appendix 1 – Case Study for Xero Practice Assessment

5.       Collate, code, and classify input data before processing – See Task 5 to Task 11 in Appendix 1 – Case Study for Xero Practice Assessment

6.       Process wide range of cash and credit transactions according to organisational policies and procedures – See Task 5 to Task 11 in Appendix 1 – Case Study for Xero Practice Assessment

        7.       Use general journal to make balance day adjustments for prepayments and accruals – See Task 13 in Appendix 1 – Case Study for Xero Practice Assessment

        8.       Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required – See Task 1 & 12 in Appendix 1 – Case Study for Xero Practice Assessment

        9.       Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts – See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

      10.      Customise chart of accounts to meet reporting requirements of organisation – See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

      11.      Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      12.      Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      13.      Generate reports that confirm that system’s bank account entries reconcile with bank statements – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      14.      Maintain secure record of processed transactions for audit purposes – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

Tasks

        1.       Complete all tasks in Appendix 1 – Case Study for Xero Practice Assessment.

        2.       You will need to submit the documents in accordance with the Documentation of Evidence (Page 17) in Appendix 1 – Case Study for Xero Practice Assessment.

Assessment description

After you have completed all bookkeeping and reporting for July 2020, your boss, Tone Johnston (role played by your assessor) wants to meet you to discuss

·         How to regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors

·         How to perform end of financial year rollover (you will need to demonstrate it in Xero software when meet Tony)

·         How to establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements

Tasks

Role Play – You will need to meet with Tony Johnston (your assessor) to discuss

·         How to regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors

·         How to perform end of financial year rollover (you will need to demonstrate it in Xero software when meet Tony)

·         How to establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements

·       Speaking clearly and concisely

·       Using non-verbal communication to assist with understanding

·       Asking questions to identify required information

·       Responding to questions as required

·       Using active listening techniques to confirm understanding

Assessment Submission Checklist to be completed by the Trainer/Assessor

Re-assessment required

Re-assessment required

Re-assessment required

(strikeout whichever is not applicable)

I declare that this work has been completed by me honestly and with integrity. I understand that the Elite Education Vocation Institute’s Student Assessment, Reassessment and Repeating Units of Competency Guidelines apply to these assessment tasks.

Student Signature:

(only required if handing in a hard copy)

·         All instructions provided must be adhered to constitute a complete assessment.

·         Students must complete this assessment in their own time.

·         All documents must be created using Microsoft Office applications (MS Word, Excel, PowerPoint etc.).  Submit your final draft as a PDF file. Before uploading into Moodle, make sure your file is named according to Elite protocols.

·         Please retain the headers and footers and version control of this document.

·         Remember to complete your name, student ID, due date, declaration date and whether this is your initial submission or re-assessment. If these details are missing or in-complete you will need to resubmit your assessment.

·         If you anticipate submitting your assessment later than the due date, please refer to the Elite Student Handbook and the Intervention Policy contained within, and complete the “Academic Intervention” form, prior to the due date, to request an extension. A hard copy of this form is also available from Reception or your trainer.

·         Feedback on each task will be provided to enable you to determine how your work could be improved, if required. You will be provided with feedback on your work within 2 weeks after you submit your assessment.

·         If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.

If an extension is either not sought, not granted or is granted but work is submitted after the extended due date, the late submission of assessment will result in a late penalty fee. For further information, please refer to the Assessment Policy.

No assessment will be accepted xx days after the due date (or extended due date).  A ‘Not Competent’ result will be submitted.

If you are assessed as NYS, you will be eligible for re-assessment. You will be given feedback on the reason for the result.  If required, you will also be provided further information regarding the gaps in knowledge.  Should you fail to submit the re-assessment or again not complete the task satisfactorily, a result outcome of Not Satisfactory (NS) will be recorded.

You will only achieve competence in the unit when all assessment tasks have a Satisfactory (S) outcome.

Your trainer will give you feedback after the marking of each submitted assessment.

·         set up the chart of accounts for one organisation by modifying an established integrated financial software system

·         implement an integrated computerised accounting system, ensuring integrity of the data

·         process transactions in the integrated system, including:

Ø  BPAY

Ø  credit card payments

Ø  direct debit

Ø  invoices

Ø  petty cash

·         generate reports in the integrated system over at least two reporting periods, including:

Ø  goods and services tax (GST) accrual report

Ø  payroll report

Ø  bank reconciliation report

Ø  profit and loss statement

Ø  balance sheet

·         maintain computerised accounting system information securely

·         Australian Accounting Standards (please refer to the information at below websites)

https://www.aasb.gov.au/Pronouncements/Current-standards.aspx

·         Technology resources such as a computer, internet access with sufficient data to conduct searches and work with Elite delivery software (e.g., integrated financial software system and data), printer, and any other relevant equipment/software needed to complete the assessment tasks

·         Xero Accounting Software

For each listed principle, explain how they are applied when using a computerised system.

Tax invoice sample sourced from www.ato.gov.au

Identify the details of the tax invoice as they are numbered in the sample above. In your own words, explain each.

In your own words, explain why these details are essential in accounting.

Assessment description

This assessment asks you to input data into a computerised accounting package – Xero, and produce documents and reports. There are 13 tasks and it is important that you attempt all tasks.

It is important that you print all reports (you can generate PDF format report from Xero software) and documents specified in the tasks so your work can be assessed. A checklist has been provided at the end of the assessment to help you check that all documents and reports have been printed.

Case Study Information (Please refer to Appendix 1 – Case Study for Xero Practice Assessment)

Johnston Warehouse is an existing business that supplies cards, gift wrap and decorations to shops across the region. The owner is Tony Johnston who operates as a sole trader.

The business has previously kept manual books but from 1 July 2020, the accounts are to be computerized using Xero software.

You are employed as an accounts assistant.

You can assume that all documentation has been checked for accuracy and authorised by Tony Johnston.

Cash and credit sales are analysed in four ways:

•            Greetings cards

•            Gift wrap

•            Decorations

•            Online sales

All stock is stored in a rented unit, where goods are despatched from. Nathan likes to analyse his purchases as follows:

•            purchases – gift cards

•            purchases – decorations/gift wrap

Some nominal ledger accounts have already been allocated account codes. You may need to amend account names or create other account codes.

The business is registered for Good and Service Tax (GST). The rate of GST charged on all goods and services sold by Johnston Warehouse is 10%.

All expenditure should be analysed as you feel appropriate. Before you start you should:

•            Set the financial year to start on 1 July of the current year.

•            Set the software date as 31 July of the current year.

•            Set up the company details by entering the name Johnston Warehouse and the address: 770 George St, Sydney, NSW 2000. In a training environment you should add your name after the business name to identify your printouts.

•            The ABN number is 87 542 247 812 and 10% GST is charged on all sales.

Procedure

1.       Review the simulated business documentation, including policies and procedures, in the document “Appendix 1 – Case Study for Xero Practice Assessment”.

        2.       Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures   –  See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

3.       Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST)  – See Task 2 & Task 3 in Appendix 1 – Case Study for Xero Practice Assessment

4.       Identify sources of technical help and use them to solve operational problems – See Task 4 in Appendix 1 – Case Study for Xero Practice Assessment

5.       Collate, code, and classify input data before processing – See Task 5 to Task 11 in Appendix 1 – Case Study for Xero Practice Assessment

6.       Process wide range of cash and credit transactions according to organisational policies and procedures – See Task 5 to Task 11 in Appendix 1 – Case Study for Xero Practice Assessment

        7.       Use general journal to make balance day adjustments for prepayments and accruals – See Task 13 in Appendix 1 – Case Study for Xero Practice Assessment

        8.       Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required – See Task 1 & 12 in Appendix 1 – Case Study for Xero Practice Assessment

        9.       Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts – See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

      10.      Customise chart of accounts to meet reporting requirements of organisation – See Task 1 in Appendix 1 – Case Study for Xero Practice Assessment

      11.      Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      12.      Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      13.      Generate reports that confirm that system’s bank account entries reconcile with bank statements – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

      14.      Maintain secure record of processed transactions for audit purposes – See Task 15 in Appendix 1 – Case Study for Xero Practice Assessment

Tasks

        1.       Complete all tasks in Appendix 1 – Case Study for Xero Practice Assessment.

        2.       You will need to submit the documents in accordance with the Documentation of Evidence (Page 17) in Appendix 1 – Case Study for Xero Practice Assessment.

Assessment description

After you have completed all bookkeeping and reporting for July 2020, your boss, Tone Johnston (role played by your assessor) wants to meet you to discuss

·         How to regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors

·         How to perform end of financial year rollover (you will need to demonstrate it in Xero software when meet Tony)

·         How to establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements

Tasks

Role Play – You will need to meet with Tony Johnston (your assessor) to discuss

·         How to regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors

·         How to perform end of financial year rollover (you will need to demonstrate it in Xero software when meet Tony)

·         How to establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements

·       Speaking clearly and concisely

·       Using non-verbal communication to assist with understanding

·       Asking questions to identify required information

·       Responding to questions as required

·       Using active listening techniques to confirm understanding

Assessment Submission Checklist to be completed by the Trainer/Assessor

Re-assessment required

Re-assessment required

Re-assessment required