FNSACC311 Process Financial Transactions And Extract Interim Reports - Assessment Questions

PART 2.2 – Maintaining Petty Cash in Xero

This part of the assignment requires you to record the Petty Cash transactions in Xero. You will need to access your Swin Accounting Practice organisation to complete this task. 

Record the Part A transactions as per the following instructions.

1. Go to the chart of accounts and create a new ‘bank’ account called Petty Cash.
2. Record a ‘transfer money’ transaction on the 1st February 2021, to establish the Petty Cash fund with the $500.00 advance amount.
3. Record the petty cash vouchers as spend money transactions from the Petty Cash account.
4. Record the shortfall as a spend money and allocate the amount to a ‘over/under’ account
5. Reimburse the Petty Cash fund by transferring the ‘reimbursement’ amount from the ANZ bank account into the Petty cash account.
6. Print a PDF copy of the account transactions using the following instructions
   1. Go to the Accounting tab
   2. From the drop down menu select ‘Account Transactions’
   3. In the ‘Accounts’ field select the Petty Cash Account
   4. In the Date Range enter the first and last dates.  This should be 01/02/2021 – 28/02/2021
   5. Click on the update button to run the report.   You should see all your transaction appear in a statement format.   After the reimbursement the balance of the account should be $500!
   6. Print the report to PDF by selecting the ‘Export’ option at the bottom right of the screen.
   7. Save the report as ‘PC Transactions_yourname’

Remember!  Refer to the instructions and videos in Canvas to help you with this task if you are unsure about any of the steps.