Task Part A, 7 marks
You are working as an accountant in a regional accounting firm. You have been approached by the owner of “Goodie Gumdrops”, a start-up wholesaler. They have chosen a cloud based accounting system and have employed you to set up their company in in the AIS and enter the first month’s transactions. You are required to enter a range of transactions and generate 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 Resources.
Task requirements: Process your clients transactions for July 2017. Generate and submit the following reports to your client for July 2017; 1. Profit & Loss 2. Balance Sheet 3. Trial Balance 4. Aged Payables (detail) 5. Aged Receivables (detail) 6. Inventory Item Summary. The marks assigned include correctness of information and the presentation of your reports. They need to look professional, as though they could be provided to your client.
Part B, 3 marks Part A requires you to use a cloud based accounting system to process transactions for your client. Provide a 1 page executive summary on whether you believe a cloud based accounting system is a better approach for Goodie Gumdrops when compared to a traditional accounting system located on a computer at their head office. Your executive summary needs to include:
• A concise overview regarding whether you believe a cloud based accounting or a traditional accounting system would be a better approach for Goodie Gumdrops; (0.5 marks)
• Justification for your decision including the benefits and potential disadvantages of each approach; (1.5 marks) and
• A clear recommendation to Goodie Gumdrops regarding which accounting system would be best suited for their business. (0.5 marks)
• Marks (0.5 marks) will be awarded for the presentation of your report, in line with the presentation requirements detailed below. Rationale This assessment task has been designed to assess your ability to: • understand and apply foundation principles relating to computerized information systems in contemporary organisations.