You are working as an accountant in a regional accounting firm. You have been approached by the owner of “Sweeties”, a start-up wholesaler. 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 - Sweeties
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 - Sweeties
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 3000001
e)Auto Purchases prefix PO, 7 digits, first purchase order 8000001
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”
Print and submit the following reports for July 2016 (either print to screen or print and scan as an electronic file).
1)Profit & Loss – Summary
3)Transaction by Account
6)Inventory Item History
The marks assigned include correctness of information.
Using the information generated above compile a short business report (600-750 words) that covers the following:
•Advice to the business owner on how their business has performed for the month 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 profitability.
•What additional reports could be run at the end of month to assist business decision making? Provide details of how the identified reports could assist the business.