Disclaimer: The data is fictional and sourced from internships, maintaining privacy and confidentiality.

Enter Conversion Balance and Fixed Assets

• Entered conversion balances accurately to ensure smooth transition from previous accounting system.

• Recorded fixed assets with appropriate classifications and depreciation settings.

  
  

• Verified opening balances to match historical data.

Data Import and Reporting

• Transferred/imported contacts, products, and services into Xero.

  

  
  

• Ensured data accuracy and consistency during migration.

• Generated and reviewed the Inventory Item Summary report for verification.

  
  

Employee Setup

• Added employees to the payroll system.

• Set up superannuation accounts for each employee as per compliance requirements.

  

  
  

Bill and Expense Management

• Entered bills, expenses, and purchase orders manually.

• Imported bulk transactions for efficiency.

• Ran reports including Aged Payables Detail, Inventory Item Details, and Payable Invoice Detail.

  

  
  

Invoice Entry

• Processed bulk invoices via Hubdoc.

  
  

• Entered invoices manually to ensure completeness.

  
  

Payroll Processing

• Ran and posted payroll on a monthly/fortnightly basis.

• Managed leave entries for employees.

• Generated payroll reports including Payslips, ABA Reports, Superannuation Payments, and Transaction Listing Details.

  

  

  

  
  

Bank Reconciliation and Financial Reporting

• Performed bank reconciliations ensuring accuracy.

• Ran financial reports with one-year comparisons, including Trial Balance, Balance Sheet, Profit and Loss, Executive Summary, and Account Transactions.

  
  

  
  

Task 8: IAS PAYG Withholding and GST Reporting

• Generated IAS PAYG Withholding reports.

• Created journal entries for PAYG Withholding and GST transfer to the ATO Integrated Account.

• Ran compliance reports including BAS Statement for the quarter, IAS Statement for January, Balance Sheet, Profit and Loss, Aged Receivables Summary, Aged Payables Summary, Executive Summary, and Journal Report.

Conclusion: Throughout the internship, I gained practical experience in Xero, enhancing my skills in financial data management, payroll processing, and compliance reporting. The hands-on tasks provided valuable insights into accounting operations and software functionalities.