Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term2 2018

Course Code: ACCT5375C

Course Title: Process financial transactions and extract interim reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4362 - Certificate IV in Bookkeeping

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email: doug.gourlay@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Jennifer Wotzko

jennifer.wotzko@rmit.edu.au

Available for student assistance on Tuesdays 9am to 12pm or 2pm to 5pm.

Possibly available at other times by appointment via email.

Nominal Hours: 60

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

There are no pre-requisites for this unit.

Course Description

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.

It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained. Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301 Process financial transactions and extract interim reports

Element:

1. Check and verify supporting documentation

Performance Criteria:

1.1 Identify, check and record information from documents

1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

Element:

2. Prepare and process banking and petty cash documents

Performance Criteria:

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures

2.2 Check cheques and card vouchers for validity before processing

2.3 Reconcile banking documentation with organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

Element:

3. Prepare and process invoices for payment to creditors and for debtors

Performance Criteria:

3.1 Prepare invoices in accordance with organisational procedures

3.2 Check invoices against source documents for accuracy and correct any errors

3.3 File all invoices and related documents for auditing purposes

Element:

4. Prepare and post journals and batch monetary items

Performance Criteria:

4.1 Prepare journals accurately and completely, and batch items within organisational timelines

4.2 Match batch items precisely to initial receipt records

4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

Element:

5. Post journals to ledger

Performance Criteria:

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

Element:

6. Enter data into system

Performance Criteria:

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

6.2 Update related systems to maintain integrity of relationships between financial systems

Element:

7. Prepare deposit facility and lodge flows

Performance Criteria:

7.1 Select deposit facility appropriate to banking method to be used

7.2 Balance batch with deposit facility without error

7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

Element:

8. Extract trial balance and interim reports

Performance Criteria:

8.1 Process accurately any special transactions

8.2 Complete cash and credit journals and post to general ledger

8.3 Extract and check trial balance and prepare other required reports

8.4 Find and correct any errors


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, question & answer sessions, interactive group demonstrations of the application of accounting principles to specific book-keeping problems & case studies using both manual & computerized accounting techniques. The completion of case studies in class will provide the opportunity to practice your skills in a simulated work environment.

The self-paced activities will be delivered through various technology platforms, including the use of a computerized accounting package, quizzes & interactive sessions.

 


Teaching Schedule

This course is clustered (co-delivered & co-assessed) with:

ACCT5371C Develop and implement policies and procedures relevant to bookkeeping activities 
ACCT5370C Prepare financial reports
ACCT5376C Administer subsidiary accounts and ledgers 
ACCT5377C Prepare financial statements for non-reporting entities 
COSC6188C Set up and operate a computerized accounting system 

 

 Course Delivery:

Week

 

Week Starting

Topics

Assessment

Competencies

Delivered

1

2/07/2018

Introduction to the Course including:

  • Course requirements
  • Course support documents
  • CANVAS access
  • Accuracy of enrolment
  • Assessment requirements     
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help

Introduction to Accounting

  • Accounting within the Business Context
  • Accounting equation
  • Assets, Liabilities & Owner’s Equity
  • Chart of Accounts - manual & MYOB

 

 

ACCT5370C Prepare Financial Reports

(BSBFIA401)

ACCT5371C Develop and implement policies and procedures relevant to bookkeeping activities 

(FNSBKG401)
ACCT5375C Process financial transactions and extract interim reports (FNSACC301)

ACCT5376C Administer subsidiary accounts and ledgers

(FNSACC302) 
ACCT5377C Prepare financial statements for non-reporting entities

(FNSACC404) 
COSC6188C Set up and operate a computerized accounting system

(FNSACC406)  

2

9/07/2018

Analysis of transactions

  • Debit & Credit rules
  • Practice exercises on Analysis of Transactions
  • Analysis of transactions in MYOB

 

 As above

3

16/07/2018

 Journals & Ledgers

  • General Journal
  • Application of the Debit & Credit Rules
  • General Ledger
  • Practice exercises on entries to the General Journal and General Ledger
  • Holistic case study in class introducing the Manual transactions

 

 As above 

4

23/07/2018

Subsidiary Ledgers

  • Set up of Subsidiary Ledgers
  • Analysis & entry of transactions which update manual subsidiary ledgers
  • MYOB subsidiary ledgers
  • Holistic Case Study continued

 

 As above

5

30/07/2018

Reconciliations & Trial Balance - manual & MYOB     

  • Introduction to reports
  • Trial Balance preparation
  • Accounts Receivable Reconciliation
  • Accounts Payable Reconciliation
  • Bank Reconciliation

 

 

 

 As above

6

6/08/2018

 

Practice Test – MANUAL ACCOUNTING

 

OVERVIEW OF MYOB ACCOUNTING SYSTEM

Assessment Part A Due END OF WEEK 6.  You will receive the feedback by the end of week 7 and if required for any resit, it will be completed in week 8.

 As above

7

13/08/2018

MYOB   

  • Setting up a new file
  • Practice exercises

In - class test

An in class test to judge the authenticity of case study submission and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 As above

8

20/08/2018

MYOB

  • Setting up subsidiary ledgers
  • Comprehensive exercises - manual to MYOB

 Re-sit for Assessment Part A

 As above

  

Mid semester break (27/08 - 31/08 inclusive)

  
  

 

  

9

3/09/2017

BANKING & BANK RECONCILIATION

 

 As above

10

10/09/2018

MYOB practice in class

Completion of Practice Case Study in MYOB

 

 As above

11

No classes on 25/04/18 (Anzac Day)

17/09/2018

 

Accounting for Fixed Assets

Fixed Assets discussed

  • Fixed Asset card
  • Depreciation Introduction
  • Depreciation Methods
  • Fixed asset accounts
  • Repair cards
  • Recording of fixed asset related elements in reports like Balance sheet and Profit and loss
  • Practice exercise

Assessment Part B due in week 11.  You will receive the feedback by the end of week 12, and if required to resubmit it will be due by the end of Week 13.

 

In - class test

An in class test to judge the authenticity of case study submission and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 As above

12

24/09/18

Management of Debtors & Creditors

  • Debtors & Creditors schedules Introduced
  • Bad debts Concepts
  • Bad debts policy
  • Doubtful debts introduction
  • Doubtful debts treatment
  • Example of contract
  • Entry of bad & doubtful debts, manual & using MYOB

 Resubmission Assessment Part B

 

 As above

13

1/10/18

Year-end adjustments

  • Balance day adjustments
  • Entry of balance day adjustments to General Journal, manual & using MYOB
  • Impact on General Ledger balances
  • Impact on balance sheet and Income Statement
  • Practice exercises on entry of balance day adjustments, manual & MYOB

 

 As above

14

8/10/18

  • Practice exercises on entry of balance day adjustments, manual & MYOB

 

Final Reports

Preparation of post adjustment  final reports 

  • Balance sheet
  • Profit and loss account
  • Exercises on year end entries & preparation of post adjustment final reports

 

 

 As above

15

15/10/18

 

Assessment Task C

In - class test

An in class test to judge the authenticity and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

 

You will receive the feedback by the end of week 15

If required, resubmission for this assessment is due by the end of week 16

 

 

16

22/10/18

Re-submission/s if required

 

 

17

29/10/18

Re-submission/s if required

  

 

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • accurately enter and balance deposits and withdrawals
  • process and balance petty cash transactions
  • check and verify supporting documentation
  • apply relevant security measures for preparing and banking receipts
  • batch monetary items and prepare deposit facilities
  • accurately enter data into accounting systems and process journal entries according to organisational policy and procedures and legislative requirements
  • prepare and authorise journals and check journal processing reports
  • extract, check and correct a trial balance
  • file documentation to meet all organisational and regulatory requirements.
     

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • identify a range of accounting conventions, processes and procedures
  • describe banking procedures and guidelines
  • outline typical errors that can be made in processing financial transactions
  • describe forms of ‘proof of lodgement’
  • describe types of ‘special transactions’
  • explain the security procedures for handling cheques, vouchers and cash
  • describe the key features of a range of reports.
     
  • identify and describe the key features of:
    • industry codes of practice
    • legislative and regulatory requirements relevant to the work
    • organisational policy and procedures 

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • common office equipment, technology, software and consumables.
     

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.       


Assessment Tasks

Your assessment in this course is primarily via a comprehensive case study which simulates (on a small scale) the accounting process in dealing with a bookkeeping file.  The case study will be submitted by you in three parts & you must be graded as competent in all three parts.  

TASK 1: CASE STUDY PART A.  Due date - end of week 6.  Feedback will be provided in week 8.

For this assessment task you will be setting up a manual accounting system & manually recording a range of transactions for a small business.  You will do this in your own time & submit either a word or Excel document, followed by a short multiple choice test in week 7.

TASK 2: CASE STUDY PART B.  Due date - week 11.  Feedback will be provided by the end of week 12.

For this assessment task you will be setting up a computerised accounting system & recording the same transactions as in Part A on the computerised system.  You will do this in your own time & submit the required MYOB files, followed by a short multiple choice test in week 11.

TASK 3: CASE STUDY PART C.  Due date - week 15 in class.  Feedback will be provided by the end of week 16.

For this assessment task you will complete a comprehensive closed book, in-class test.  The test questions will focus on the topics covered during weeks 11 to 14.  However, to be successful you will need to draw upon the knowledge & skills learned throughout the course.

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS, Certificate IV in Bookkeeping, Manual & Computerised Accounting, Assignments.

Other Information

Submission Requirements:

You should:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

Late Submission Procedures:

You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.

If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days.

More Informationhttps://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work

Where an extension of greater than seven days is needed, you must apply for Special Consideration.  Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.

More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.

 

Adjustments to Assessment:

In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

Marking Guide (Competency):

 

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

 

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.

 

 

Marking Guide (Grading):

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

CHD

Competent with High Distinction

CDI

Competent with Distinction

CC

Competent with Credit

CAG

Competency Achieved – Graded

CA

Competency Achieved – Not Graded

NYC

Not Yet Competent

DNS

Did Not Submit for assessment

 

Course Overview: Access Course Overview