Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5375C

Course Title: Process financial transactions and extract interim reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4366 - Certificate IV in Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Meetu Agarwall

Angelo Sellan

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


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.           

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301 Process financial transactions and extract interim reports


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


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


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


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


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


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


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


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.

Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points. 

During class time you will prepare notes, participate in discussions and complete problem solving exercises.  Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system.  You will be required to complete all activities & assessment tasks, either in class or in your own time. 

You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.

Teaching Schedule


Induction Session

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Blackboard
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 The Teaching Schedule for this course is as follows but please note that it is subject to change.

     Week Week CommencingTopics                                                             Assessment   
 1 08/02/16


Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents

 2 15/02/16

Transaction Analysis

Cash Accounting vs. Accrual Accounting

 3 22/02/16

The Accounting Process:

a) Transaction Analysis to General Ledger


 4 29/02/16

The Accounting Process:

b) Transaction Analysis to Journals

On-line Transaction Analysis



 5 07/03/16

The Accounting Process:

c) Transaction Analysis to Subsidiary Ledgers

Introduction to MYOB 

 6 14/03/16

Set Up a Computerised System

Petty Cash - manual & on MYOB

 7 21/03/16 - 24/03/16Bank Reconciliations - manual & on MYOB 
  25/03/16 - 01/04/2016 - Mid Semester Break 

Management of debtors & creditors

Purchases transactions & Inventory - manual & on MYOB



Case study submission due 04/04/16

Supervised in-class on-line test at time

to be set by teacher for each group.

 911/04/16Sales transactions & Inventory - manual & on MYOB

ON-LINE THEORY TEST to be submitted

by end of day Friday 15th April.


Introduction to end of period procedures & reporting.

Accounting for Fixed Assets - manual & on MYOB

 1125/04/16Balance Day Adjustments - manual & on MYOB 

Balance Day Adjustments - manual & on MYOB

Closing Entries & Reversing Entries - manual

MYOB year-end rollover



Case study submission due 02/05/16

Supervised in-class on-line test at time

to be set by teacher for each group.

 1309/05/16Preparation of Final Reports - manual & on MYOB 
 1416/05/16Integrated Manual & MYOB exercise 
1523/05/16Review & Reassessment



Case study submission due  23/05/16

Supervised in-class on-line test at time

to be set by teacher for each group.

 1630/05/16Review & Reassessment  

MID SEMESTER BREAK : There will be no classes from Friday 25th March to Friday 1st April.  Classes will resume on Monday 4th April.

** The teaching schedule may be subject to change.  You will be advised in class and via blackboard if changes become necessary.


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

Learning Resources

Prescribed Texts

Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage



Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011  


Duncan, Andrew,   Introductory Accounting (10th edn), Learn Now Publications

Other Resources

Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports.  Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.

For online collaborate sessions, please ensure you have JAVA installed on your computer  You will also need a headset & microphone.

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’
  • identify and describe the key features of:
    • industry codes of practice
    • legislative and regulatory requirements relevant to the work
    • organisational policy and procedures
  • explain the security procedures for handling cheques, vouchers and cash
  • describe the key features of a range of reports

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 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

This course is co-delivered and co-assessed with the following competencies:

ACCT5375C Process financial transactions and extract interim reports

ACCT5376C Administer subsidiary accounts and ledgers

ACCT5377C Prepare financial reports for non-reporting entities

COSC6188C Set up and operate a computerised accounting system


Critical Aspects of Evidence - your assessment tasks have been designed to provide evidence of the following essential knowledge & skills:

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
• use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
• prepare and authorise journals and check journal processing reports
• extract and check/correct a trial balance
• file documentation to meet all organisational and regulatory requirements.
• interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
• identify bad and doubtful debts in a timely manner and plan effective recovery actions
• follow bank account reconciliation processes
• use relevant data entry systems accurately.
• set up an organisation’s chart of accounts by modifying an established integrated financial software system
• interpret and apply organisational policies and procedures
• implement an integrated accounting system ensuring integrity of the data
• process transactions within the integrated system and generate reports
• maintain the integrated system.
• interpret and comply with organisational policies and procedures
• access, analyse and compile relevant financial data
• draft comprehensive and accurate reports and financial statements.
• prepare financial reports
• apply the Australian Accounting and Auditing Standards
• apply double-entry principles.

You are required to complete 2 tasks. You must successfully complete all parts of each task to be deemed competent in this course. 

Task 1. Comprehensive Case Study
For this assessment task you are an assistant accountant  who has been asked to set up a new accounting system for a client, "Foppi’s Bike Shop" first manually & then on MYOB & then to process all transactions, including year-end transactions for that client.  You have also been asked to prepare all reconciliations & final reports. Submissions will be made both manually & using MYOB in three parts over the semester.

Part A - set up of the manual accounting system for Foppi’s Bike Shop; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 4th April, beginning of week 8.

Part B - set up of a computerised accounting system for Foppi’s Bike Shop; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 2nd May, beginning of week 12.

Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Foppi’s Bike Shop. Due for submission on Monday 16th May, beginning of week 14.

Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions.

You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies. 

Task 2. On-line Theory Test - must be completed on-line during week 9, due date Friday 15th April.

For this task you must complete an on-line multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.

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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• 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. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.

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 Information:
Form to use:

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:;ID=g43abm17hc9w
Form to use:

Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
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.

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: More Information:;ID=7usdbki1fjf31

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:

Final Grades table:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

Further information regarding the application of the grading criteria will be provided by your teacher.

Assessment Matrix

Other Information


Course Overview: Access Course Overview