Accounting Data

Accounting Data

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Job Description

The objective of the project is to elaborate a collection of all accounting data related to a small business over the course of a year. From the initial establishment of the business to the end of its first year of operation. Covering all regular business operations (paying suppliers, selling products, etc.) as well as periodic statements (balance, income and cash flow) as well as taxes.

Example business:
A US based business, a pastry shop in a major city, owned by a husband and wife who split the work, no employees. They sell pastries and handmade sweets. They have a variety of customers: people that walk into the store, mail orders, a nearby restaurant, etc. The initial capital comes from family savings. They have multiple suppliers: they buy stuff from supermarkets, regular suppliers for some ingredients, etc. They have a variety of other expenses: buying equipment, paying rent, marketing, promotions, etc. It is ok to use another business type, but the amount and quality of the data should be similar to what's described below.

The deliverable document should list of all accounting transactions that the business would have to do in the first year. And reports and statements elaborated periodically, including taxes. There is no need to include city licenses, permissions, legal incorporation documents, etc. if they don't have an accounting impact.

The data should be in text format, one entry at a time. And it should include all the relevant information, dates, source and destination accounts, transaction amounts, etc. and all other related data, so that any accountant or bookkeeper could replicate the transactions using any general purpose accounting system. It should also indicate what auxiliary documents would be necessary, including receipts, invoices, tax forms, etc. It is not required to include these documents, but only to mention that the document would normally be attached. Free format descriptions of the transactions are OK as long as all the relevant data is specified. For example:

2/1/2013, 9:15 AM. Sold 3 units of Scones (Blueberry) at 1.50$ a piece, total 4.50$. Received 4.50 $ cash. Walk-in customer. No invoice.
2/2/2013, 10:15 AM. Bought supply of flour. 5 of 10 pound bags at 30.00$ each. Paid 150.00$ using AMEX business card. Documents: Receipt from the supplier (Supplier #2), paper copy and attached as JPEG file.

It is ok to use other format as long as the transactions are clearly specified and all data is included. It is ok to aggregate multiple sale transactions in a single transaction per product per day, according to standard practices.

Also the deliverable should include balance statements, income statements and cash flow statements, at least with monthly frequency. Obviously these statements should be based on the transaction data. The statements should be preferably in text format, but other formats like PDF are also acceptable.

Considering that one full year of data is required the number of transactions indicated would be in the order of many hundreds or a thousand, at least. The data should be comprehensive and cover all the accounting events for the business. Some degree of repetition is acceptable, but the data should cover a wide variety of events, seasonal ups and downs in the business, etc.

An initial payment of 20% will be made after the first month of transactions and corresponding statements is sent, using an adequate format and level of detail. The rest will be paid upon completion of the full year of data.

After this assignment is complete there is possibility for more work.