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 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 |
|
|
|
Week 2
|
Session 1: Cash Payment 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 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 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 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 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 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 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 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:
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