In this project, you will set up a Xero trial account and perform a series of tasks simulating real-world accounting activities. The tasks include entering VAT information, editing the chart of accounts, recording customer and vendor details, handling invoices, reconciling bank statements, and generating reports. At the end of the project, you will submit a final set of screenshots summarizing your work.

Project Instructions:1. Create a Xero Trial Account

Visit the Xero website and sign up for a free trial account.
Explore the dashboard to familiarize yourself with the interface.

2. Adding VAT Info to the Settings

Navigate to the settings page in Xero and add the relevant VAT details based on your country’s tax requirements.

3. Editing and Adding Chart of Accounts

Access the Chart of Accounts in Xero.
Add or edit accounts as necessary (e.g., Income, Expenses, Assets, etc.).

4. Entering Opening Balances and Report Extraction

Enter the opening balances for the relevant accounts.
Extract a trial balance report after entering the opening balances.

5. Enter Customers and Vendors

Add at least 2 customers and 2 vendors to your Xero account.

6. Enter Sales and Purchase Invoices

Enter at least 2 sales invoices and 2 purchase invoices for your customers and vendors.

7. Enter Credit Notes

Create a credit note for one of your invoices and apply it to the customer.

8. Bank Reconciliation

Import or connect a bank statement and perform a reconciliation of at least 5 transactions.

9. Inventory-Based Transactions

Set up 2 inventory items in Xero.
Enter at least 1 sale and 1 purchase involving those inventory items.

10. Enter Tax and Generate Tax Reports

Enter tax-related transactions such as VAT or GST, if applicable.
Generate a tax summary report in Xero.

Project Submission Guidelines:

At the end of the project, compile the following into one file (PDF or Word) and upload it to the Project Gallery:.

The updated Chart of Accounts.
The trial balance report after entering opening balances.
A screenshot of the bank reconciliation screen.
A screenshot of the inventory transaction history.
The tax summary report.

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Ghazanfar Ali

Bookkeeper

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