Course Title: Administer subsidiary accounts and ledgers

Part B: Course Detail

Teaching Period: Term2 2020

Course Code: ACCT5420C

Course Title: Administer subsidiary accounts and ledgers

School: 650T Vocational Business Education

Campus: City Campus

Program: C4398 - Certificate IV in Accounting and 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

Naveen Garg

email: naveen.garg@rmit.edu.au

 

Paul Lim

email: paul.lim@rmit.edu.au

 

Nominal Hours: 40

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

None

Course Description

This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC312 Administer subsidiary accounts and ledgers

Element:

1. Review accounts receivable requirements

Performance Criteria:

1.1 Check receipts entered into manual accounts receivable system for accuracy, consistency and completeness 1.2 Identify and make record of incorrect entries according to type and source of receipt 1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines 1.4 Amend receipts entered into manual accounts receivable system according to established procedures

Element:

2. Identify bad and doubtful debts

Performance Criteria:

2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required 2.2 Verify bad and doubtful debt status through liaison with debtors 2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines

Element:

3. Review client compliance with terms and conditions and plan recovery action

Performance Criteria:

3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures 3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies 3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy 3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted 3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes

Element:

4. Prepare reports and file documentation

Performance Criteria:

4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan 4.2 Distribute reports to supervisors, managers, and other designated parties 4.3 File documentation according to organisational policy and procedures

Element:

5. Distribute creditor invoices for authorisation

Performance Criteria:

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 5.2 Request authorisation for payment from designated personnel

Element:

6. Remit payments to creditors

Performance Criteria:

6.1 Draw up and ensure authorisation of cheque requisition 6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management 6.3 Prepare creditor payment in line with organisational requirements 6.4 Prepare journal to record payment

Element:

7. Reconcile outstanding balances

Performance Criteria:

7.1 Obtain statements of outstanding balances from suppliers where required 7.2 Reconcile balances outstanding to invoices received


Learning Outcomes



Details of Learning Activities

Welcome to the cluster of courses known as 'Introductory Accounting'. This cluster consists of the following three (3) units of competency:

FNSACC311 (ACCT5419C) Process financial transactions and extract interim reports

FNSACC312 (ACCT5420C) Administer subsidiary accounts and ledgers, and

BSBFIA401 (ACCT5370C)  Prepare financial reports

The learning content for this cluster will be delivered over Weeks 1 to 10 (inclusive), but the assessment tasks will be due in Weeks 12, 13 and 14, with resubmissions/resits occurring in the weeks that follow. 

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

The collaborative, classroom-based activities will include group discussion, question and answer sessions, interactive group demonstrations of the application of accounting principles to specific bookkeeping problems, and case studies using manual accounting techniques. The completion of learning activities both in class and outside of class will provide the opportunity to both practice and consolidate your skills.

Details of your learning activities are available on Canvas.


Teaching Schedule

Weekly Teaching Schedule

Course Schedule:     Introductory Accounting                                                Semester 2: 2020

Week

Topic

Readings and Activities

Assessments

Unit(s) of Competency

Week 1 

 

 

Session 1: Accounting Concepts & Bookkeeping and Cash Receipts

Session 2: Fundamentals of Accounting and GST

Session 3: Cash Receipts

Reading:

Students must have access to these two following prescribed textbooks digitally or hardcopy in order to complete the 3 units

Accounting Principles: Financial Transactions, Subsidiary Ledgers & Interim Reports

Anne Collins & Andrew Duncan | 13th Edition (January 2018)

and

Prepare Financial Reports (Accounting Principles Book 2)

Anne Collins & Andrew Duncan | 13th Edition (January 2018)

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

 

  • ACCT5419C Process financial transactions and extract interim reports (FNSACC311)
  • ACCT5420C Administer Subsidiary Ledgers and Accounts (FNSACC312)
  • ACCT5370C Prepare Financial Reports (BSBFIA401)

Week 2

 

 

Session 1: Cash Payment

Session 2:

The Double Entry System I

Session 3: The Double Entry System II

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

 As above

Week 3

 

 

Session 1: Petty Cash

Session 2: Credit Purchase & Cash Sales I

Session 3: Credit Purchase & Cash Sales II

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

  As above

Week 4

 

 

 

Session 1: Credit Purchase & Cash Sales III

Session 2: Managing Debtors & Creditors I

Session 3: Managing Debtors & Creditors II

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

  As above

 

 

Week 5

 

 

Session 1: Periodic Inventory System

Session 2: Specialised Journals I

Session 3: Specialised Journals II

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

  As above

Week 6

 

Session 1: Bank Reconciliations I

Session 2: Bank Reconciliations II

Session 3: Special Transactions I

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

  

Week 7

 

 

Session 1: Special Transactions II

Session 2: Interim Reports

Session 3: Depreciation

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

 


 

 

    As above

Week 8

 

Session 1: Asset Register

Session 2: Balance Day Adjustments I

Session 3: Balance Day Adjustments II

 

 

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

 

 

 

 

 

 

  As above

Week 9

 

 

Session 1: Closing Entries I

Session 2: Closing Entries II

Session 3: Final Reports

Learning Activities

Refer to weekly modules in-class and out of class activities 

Self-Testing Exercises

Chapter Review Questions

 

  As above

Week 10

 

Assessments Reviews and Discussions

 

 

 

 

  As above

 

** The teaching schedule may be subject to change.  You will be advised in class and via Canvas Announcements 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 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

Performance Evidence

Evidence of the ability to:

  • reconcile and monitor subsidiary accounts according to industry compliance requirements and organisational policies and procedures, including:
  • using required data entry and reporting systems to perform account and ledger administration activities
  • following organisational data validation and reconciliation processes and analysing outcomes of the reconciliation for required actions
  • identifying bad and doubtful debts in a timely manner
  • planning effective debt recovery actions.

 

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Key features of debits and credits, and their role in accounting systems
  • Procedures for identifying bad or doubtful debts
  • Key requirements relating to the administration of subsidiary accounts and ledgers detailed in:
  • legal systems, regulations and procedures
  • industry codes of practice
  • Key requirements of organisational policies and procedures relating to reconciling and monitoring financial accounts, including organisational credit policy
  • Industry-accepted measures and protocols to remit and collect monies
  • Key features of debt recovery plans

 

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:

  • office equipment, technology, software and consumables required to reconcile and monitor accounts receivable data systems.

 

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

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

Assessment Task 1 - due in Week 12

Assessment Task 2 - due in Week 13

Assessment Task 3 - due in Week 14

 

The details of the above assessment tasks can be found in the 'Introductory Accounting' Canvas shell.


Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas under Assignments.

All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory. 

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 Information:  https://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 (VE 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 to a CA only

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.

Course Overview: Access Course Overview