RECENT ASSIGNMENT

ACC539, 2016 90, Assessment 3: Cloud On-line Accounting and Systems Documentation
You are working as an accountant in an accounting firm. You have been approached by the owner of “Splash!” a start-up business that sells swimming accessories. They have chosen Saasu as their accounting system and have employed you to set up their company in Saasu and enter the first month’s transactions. You will use Saasu to enter a range of transactions and print some reports to assist with the business start-up. All information has been supplied by the business owner for you to input as follows.
1) Register online with Saasu to create your user account. You will receive a student account to access Saasu (see Saasu online registration guide). Filename: Your Student number - Splash!
2) Spend some time navigating around Saasu before you start entering transactions. Get a feel for the menus, reports etc.
3) There are a number of introductory videos at http://vimeo.com/saasu/videos/ that will give you an overview, although some are quite long. The “Quick Start” video is a good summary to get you started.
4) Use the Saasu “Dashboard” to setup your company
a) Bank: leave blank
b) Company Details: Your Student number - Splash!
5) Under settings
a) Change the default trading terms for Sales to due 30 days from invoice date
b) Change the default trading terms for purchases to due 30 days from end of month
c) Select Sales to be items
d) Auto Invoice prefix SI, 7 digits, first invoice 1000001
e) Auto Purchases prefix PO, 7 digits, first invoice 5000001
6) Lists: Contacts: add the Contacts listed in the Sales and Purchases transactions into the Contacts area. You can do this through the Dashboard or the menu “add: contacts”. For cash sales contact select the default discount for sales to 10%. Change trading terms for advertising to due 60 days.
7) Lists: Chart of Accounts: Add the following G/L detail accounts either through the Dashboard, or the menu “add: account”. You do not need to provide ledger codes. Ensure that the accounts in the Profit & Loss statement (Income Statement) are correctly classified. Please refer to your learning in earlier accounting subjects if required. Note: we are using perpetual inventory method.
• Sales – Race (G1)
• Sales – Train (G1)
• Sales – Other (G1)
• Inventory – Race (Asset, GST G11)
• Inventory – Train (Asset, GST G11)
• Inventory – Other (Asset, GST G11)
• COS – Race (G11)
• COS – Train (G11)
• COS – Other (G11)
• Cash at Bank (Asset, tick “Bank Account” and select as default bank account)
• Furniture & Equipment (Asset, G10 incl.GST)
• Owners Contribution (Equity)
• Bank Loan (Liability)
• Salaries and Wages (W1)
• Accruals – General (Liability)
Enter Opening Balances: this is done via view- Accounts - Opening Balances
Last date = 30/11/2016
Cash at Bank Account $100,000
Owners Contribution $60,000
Bank Loan $40,000
8) Add inventory items (all amounts are GST inclusive)
a) R1001 = Cap - Dome Buy $13.75 G11 Sell $55.55 Tax G1
b) R1002 = Goggle - Race Buy $13.20 G11 Sell $52.80 Tax G1
c) T1001 = Cap – Silicone Buy $11.55 G11 Sell $13.75 Tax G1
d) T1002 = Goggle - Train Buy $22.00 G11 Sell $27.50 Tax G1
e) T1003 = Pull Buoy Buy $24.20 G11 Sell $30.25 Tax G1
f) T1004 = Kickboard Buy $19.80 G11 Sell $24.75 Tax G1
g) T1005 = Fins Buy $24.20 G11 Sell $30.25 Tax G1
h) O1001 = Towel – Microfiber Buy $39.60 G11 Sell $99.00 Tax G1
i) O1002 = Towel - Cotton Buy $19.80 G11 Sell $55.00 Tax G1
9) You are now ready to commence entering transactions. Attached is a schedule of Sales and Purchases which you need to enter. These are done through the “Sales” and “Purchases” menus at the top. Note you will have to purchase inventory prior to selling. Please change the trading terms for Parental Consent Required (Advertising) to 60 days.
10) When you “pay” a transaction, or “receive” an amount, use “Cash at Bank Account”. This is a different accounting information system. It is not MYOB. You need to adjust your processing of transactions accordingly.
11) If you experience any difficulties, please contact your Subject Co-ordinator, or liaise with other students on the subject Forum. DO NOT submit a service ticket or phone Saasu.
Assessment requirements
Print and submit the following reports for December 2016 (either print to screen or print and scan as an electronic file).
1) Profit & Loss – Summary
2) Balance Sheet
3) Transaction by Account
4) Accounts Payable
5) Accounts Receivable
6) Inventory Item History
The marks assigned include presentation and correctness of information.
Using the information generated above compile a short business report (600-750 words) that covers the following:
• Advice to the owner of Splash! on how their business has performed for the month of December, with particular focus on the profitability of the business? Include relevant ratios in your analysis.
• Based on your analysis, provide the owner with 5 recommendations to improve the profitability.
• What additional reports could Splash! run at the end of month to assist business decision making? Provide details of how the identified reports could assist the business.
Task
Question 1 (35 Marks) - Saasu Task #1
You are working as an accountant in a regional accounting firm and have been approached by the owner of a start-up retail business. They have chosen Saasu as their accounting system and have asked you to set up their business in Saasu and enter the first month’s transactions for December 2016. You will use Saasu to enter a range of transactions and print some reports to assist with the business start-up. All information has been supplied by the business owner for you to input.
The set up and transactional data will be provided in Interact 2 in the Assessment folder in Resources.
Required:
Record the first months transactions before printing and submitting the following reports for December 2016 (either print to screen or print and scan as an electronic file). Marks will be awarded for the correctness of information as well as the standard of presentation of your assessment.
1. Profit & Loss – Summary
2. Balance Sheet
3. Transaction by Account
4. Accounts Payable
5. Accounts Receivable
6. Inventory Item History
Question 2 (25 Marks) - Saasu Task #2
Using the information compiled above, prepare a short 600-750 word business report that covers the following:
• Advice to the business owner on how their business has performed for the month of December with particular focus on the profitability of the business. Include relevant ratios in your analysis. (10 marks)
• Based on your analysis, provide the owner with 5 recommendations to improve profitability. (10 marks)
• What additional reports could be run at the end of the month to assist business decision making? Provide details of how the identified reports could assist the business. (5 marks)
Question 3 (40 Marks) - Business Process Modelling
Diva Designs is a supplier of high quality, fashionable women’s dresses to retail businesses. Diva Designs has hired you to review their Accounts Receivable Department. The organisation is looking to improve efficiencies in this area. To make any recommendations, you must first understand the current process being undertaken. A transcript of your interview with the Accounts Receivable Manager is provided in Interact 2, in the Assessment folder in Resources.
Using that transcript and an applicable system tool, create a Level 0 logical data flow diagram to document the existing system for the accounts receivable process.
A system tool includes software such as Word, Excel, Smartdraw or Edraw. There are many tools that are available to trial for free on the internet.
Rationale
This assessment task is designed to enable you to demonstrate your ability to:
• understand and apply foundation principles relating to computerised information systems in contemporary organisations; and
• evaluate accounting information system architecture and generate models of business events.
Marking criteria
Criteria HD DI
Set up and enter data into a computerised accounting information system and generate nominated reports. An outstanding level of skill demonstrated in set up and processing of accounting transactions including: correct accounting classifications with accurate coding; correct naming applied to all new accounts and items; outstanding data entry; no errors; and follows all specifications. A high level of skill demonstrated in set up and processing of accounting transactions with: correct accounting classifications with accurate coding; correct naming applied to all new accounts and items; high level skill in data entry with one minor error; and follows all specifications.
Analyse and evaluate organisational profitability and performance.
Provide appropriate recommendations based on report analysis. Outstanding analysis of the processes and profitability of the business, by business segment, using appropriate financial ratios where applicable.
Identification of 5 outstanding recommendations and provision of explicit actions to improve profitability. A high level analysis of the profitability of the business, by business segment, using relevant financial ratios where applicable.
Identification of 5 high quality recommendations and specific actions to improve profitability.
Provide appropriate recommendations based on AIS analysis. Identification of more than 3 new suitable month end reports with outstanding justification of their value for decision making purposes. Identification of 3 new suitable month end reports with a high quality justification of their value for decision making purposes.
Analyse and evaluate business processes and model them using systems documentation Appropriate selection and outstanding use of a system tool.
Creates an outstanding model of Diva Designs business processes including; at the correct level from the information provided; consistent application of correct symbols; use of the narrative provided to accurately document the existing system from order to cash.
Appropriate selection and high quality use of a system tool.
Creates a high level model of Diva Designs business processes including; at the correct level from the information provided; consistent application of correct symbols; use of the narrative provided to document the existing system from order to cash; may have some processes at an incorrect level.
Academic writing skills Outstanding use of syntax, spelling and punctuation; succinct and effective use accounting terminology. Outstanding report presentated, in the correct format. A high level use of syntax, spelling and punctuation. High quality report presented, in the correct format.
Presentation
Question 1 - Saasu Task #1
Your financial reports need to be presented as though you are providing them to your client. They should be neat, easy to read, in the correct order and in an appropriate format.
Question 2 - Saasu Task #2
Presented as a business report which is being provided to the owner of the business. Guidelines regarding how to write a business report can be found in Interact 2 under Resources, Assessment Items.
Question 3 - Business Process Modelling
Must be presented using a system tool. This can include software such as Word, Excel, Smartdraw or Edraw.