Exercise 1 - Your Name Boots
This exercise is separated into two parts. Part A focuses on the frequent transactions. Part B adds in the
infrequent and complex transactions. Reminders are provided to help you with your learning. For example
you are reminded to ensure your GST settings are correct for different transactions.
On 1 January 2013 you, the owner of Your Name Boots decided to start using Xero accounting software to
process your transactions. You sell three main types of boots: Work Boots, Tramping Boots and Gumboots.
You also offer a repair service for boots and shoes.
● Reset the Demo Company or start a new Trial Organisation.
● Change the name to Your Name Boots
● Access the Chart of Accounts and archive the accounts related to the Demo Company.
● Import the CSV Chart of Accounts file for Your Name Boots - CoA-boots-student.csv
● Add the highlighted accounts in the trial balance and the additional accounts list below. Note for
Capital and Drawings edit the account names to include your name.
● Enter the Conversion Balances at 31 December 2012 from the Trial Balance.
● Your Name Boots has the following balances (account type and tax details in brackets for accounts
you need to add) on 31 December 2012.