Xero Case Study Xpress Cuts – Hair Saloon - Accounting and Finance Assignment Help

Assignment Task:

Task:

What is Xero? Xero is an online accounting software designed for small to medium businesses. As a subscriptionbased service, Xero is 100% cloud-based, and all transactions happen in real-time, ensuring that you have the most up-to-date financial information at your fingertips. Quick Start Guide What you will need

•  access to the internet ? MS Excel, or other spreadsheet editing software
•  email address

 One of the following internet browsers - Google Chrome (PC and Mac); Internet Explorer (IE) 11 (PC); Mozilla Firefox (PC and Mac); Safari 8 (Mac) 5 Begin your Case Study

1. You will require the following documents to begin the case study

• Xero Case Study
•  Video Manuals Link
•  Bank Statement

2. Video Manuals are available to help you throughout the case study. It is highly recommended to watch the videos and note the necessary steps and tips advised by the Xero educator.

3. The case study is divided into FOUR MAIN STEPS. Please follow the instructions to complete the case study.

Step 1: Settings

Step 2: Transactions

• Fixed Assets

• Manual Journals

• Purchases

• Sales

Step 3: Bank Reconciliation

Step 4: Reporting

4. By the end of this practice set, you will have obtained real-world experience in using Xero. Good Luck! 6

Case Study – Xpress Cuts Mary Smith is a sole-trade T/as Xpress Cuts, a start-up hair salon located in the heart of Melbourne Central. Xpress Cuts offers an extensive range of haircuts, styling and retails hair products. During the business procedures in October 2019, they have registered for GST. All the transactions are in Australian Dollars. You have been hired as a Junior Accountant to set up and record Xpress Cuts’ business transactions for the month of October 2019 and then at the end, generate financial reports to complete a onemonth accounting cycle.

Required

1. Assurance Dashboard

2. Accounts Transactions Report for the month of October 2019

3. Profit and Loss Statement for the month ended 31 October 2019

4. Balance Sheet as at 31October 2019

5. Write a brief report on the company’s financial and liquidity status (750 words)

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