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• Go to General Settings and select financial settings. Make sure that the tax defaults for bothsales and purchases should read 'tax inclusive'.• Click Chart of Accounts. Xero has suggested a range of accounts for your use. The accountnames may be slightly different to those you need to create when you are recording. This is okay,you do not need to standardise the names. Additional accounts will need to be added. To add newaccounts, Click on new accounts and complete the necessary information.• To generate the Trial Balance after recording all the transactions, go to Reports, All Reports,Trial Balance (Under Accounting Section), Choose date (31 July 2017) and Sort by Account Code,Update, Select Export as PDF (Bottom right corner of the Trial Balance).Please note: you will have a free 30 day access to Xero. If you have already registered forXero and started your practice with creating the practice case, the 30 day access will be onlyapplied to that practice case from the date you have created that file. To do your assignment youdon't need to delete the practice and add new information, you have to create a new company foryour assignment. To create a new organization in Xero, you have to click on "Home" option on thetop menu (you can get access to "Home" option from Account) of Xero and then click on the greenbutton "Add an organisation".Manual Preparation of Financial Records (7 marks)• Using the PROFORMA available on CloudDeakin, manually prepare general journal entries toenter all relevant July transactions (including adjusting entries). Narrations are not required. ThePROFORMA document is located in the 'Assessment Task 3' folder.• Using the format in the PROFORMA document and prepare a stockcard for the month (thiswould be required to help you track ivnentory movements and calculate relevant amounts).Submission Instructions