Context Xero is Now a Widely used Accounting Software - Accounting and Finance Assignment Help

Assignment Task:

Task:

Context Xero is now a widely used accounting software with some innovative features, e.g. the application is the 'cloud', directly links to bank accounts. This case study is designed to introduce you to using double entry computer accounting software for a small business. It covers many common business transactions. This assessment is not meant to be a data entry exercise, but you are required to carefully record each transaction, understand how Xero records these transactions in general ledgers and create reports and consequently analyse and understand these reports. 
Fitness Dance Studio Fitness Dance Studio (FDS) is one of the new Melbourne's dance studios located in the CBD. It will start the business in June 2021. It runs adult beginner and advance dance classes for individuals or groups. It also sells dancing clothes to their students and hire their studio for rehearsals and auditions. FDS is owned by two people, Mary Craig and Jenny McCarthy. They are equal shareholders and directors of the Studio. They plan to hire five dancing teachers when their business operates in June. In Assessment Task 1, you prepared an Excel workbook for recording and tracking business data. In this Assessment, prepare the financial statements using Xero Accounting software. 
Required: Complete the following tasks and prepare the following reports. 1. Enter the business information including name, address, ABN and company preferences. Company name: Fitness Dance Studio (Demo) ABN: 11 111 111 138 
2. Create a chart of accounts based on your work in Assessment 1. 3. Enter some transactions from 1 April 2021 4. Prepare your reports: a. Balance Sheet b. Profit and Loss c. Bills to pay 5. Illustrate the advantages and disadvantages of using Microsoft Excel and Xero for Fitness Dance Studio in not more than 300 words. 6. Submit the chart of accounts, reports listed in Items 4 and 5 above and to LEO Turnitin. 
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Instructions Step-1: Read carefully Xero learning materials at Xero Learn website Step-2: Create a Xero Trial Account. Step-3: Logon Xero account, start to enter Company details Step-4: Create chart of accounts in Xero Step-5: Record all transactions Step-6: Generate all the required reports Step-7: Write a report in less than 300 words to illustrate the advantages and disadvantages of using Microsoft Excel and Xero for Fitness Dance Studio Step-8: Submit chart of accounts and reports to LEO 
Structure For the report illustrating the advantages and disadvantages of using Microsoft Excel and Xero for Fitness Dance Studio in not more than 300 words, the structure is suggested below: Company Information Advantages Disadvantages Recommendations 
How do I submit? 
 

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