Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: ACCT5375C

Course Title: Process financial transactions and extract interim reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

Course Contact: Ben Sethia

Course Contact Phone: +61 3 9925 5982

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

Upasana Mahajan

03 9925 5460 

Naveen Garg


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. 

A Practice Firm ­ Work simulated environment will be set up where students will be employed in virtual office. The students will be asked to work in this practice firm every week and perform the normal activities as in office kind situation, It will give the real working life experience. Practice firm will operate from Week 9 -­16. 

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 computerised 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 Commencing



Competencies Delivered



Introduction to the Course including:

·       Course requirements

·       Course support documents

·       Course Blackboard access

·       Accuracy of enrolment

·       Assessment requirements/Cover Sheets

·       Reminder re Plagiarism

·       Reminder re Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Reminder re submission requirements

·       Getting help

Introduction to Accounting

·       Accounting theory

·       Accounting equation

·       Analysis of transaction

·       Analysis of Accounts






·       Analysis of transaction

·       Debit Credit rules

·       Practice questions on Accounting equation

·       Cash Book Introduction

·       Petty Cash Book

·       Practice exercise on Debit Credit

·       Practice exercise on Cash Book from blackboard






·       Introduction to Journal

·       Rules of Journal

·       Subsidiary Journals

·       Introduction to Ledger Concept

·       Practice exercise on Journal and Ledger






Introduction to Ledger cont.

·       Ledger preparation

·       Exercises on Ledger

·       Introduction to reports

·       Trial Balance preparation

·       Pre adjustment Trial Balance

·       Online Test







MYOB Introduction

·       Setting up a company

·       Setting of Chart of Accounts

·       Creating debtors and Creditors schedules

·       Exercises on MYOB






MYOB Continued

·       Command centre discussed

·       Transitions processing

·       Cash Book preparation

·       Petty cash preparation

·       Exercises on MYOB from blackboard


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




MYOB practice in class

·       Lots of practice exercises to make students comfortable

·       Practice case study

Re-sit for Assessment Part A




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






Debtors schedule Introduced

·       Bad debts Concepts

·       Bad debts policy

·       Doubtful debts introduction

·       Doubtful debts treatment

·       Simulation with Practice firm

·       Students will be introduced to the contracts and given introduction of Practice firm

Simulation - In Practice firm where students will be given real scenario




Year end adjustments introduced

·       Balance day adjustments

·       Treatment of balance day adjustments

·       Recording in various reports like balance sheet and Profit and loss account



Simulation - In Practice firm where students will be given real scenario




Extracting post adjustment trial balance.

·       How the adjustments will be affected in the trial balance

·       Exercises for balance day adjustment

·       Simulation in practice firm exercises






Preparation of post adjustment balance sheet

Profit and loss account

Exercises on post adjustment exercises

Simulation in practice form of the concepts discussed in the class






Holistic case student in class introducing the Manual transactions

Simulation in practice form of the concepts discussed in the class







Holistic exercise continued with computerised system

Students problems discussed

Simulation in practice form of the concepts discussed in the class







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.

Assessment Task B Due at the end of this week.  You will receive the feedback in week 16.

 If required, resubmission for this assessment is due by the end of week 17

In classTest




Re-submission/s if required





Re-submission/s if required




Break: The mid-semester break is between Thursday, 13/4/2017 and Wednesday, 19/4/2017

** 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:

ACCT5370C Prepare financial reports (BSBFIA401)

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.

Assessment Part A (Due Date : End of week 5)


  1. For this Assessment Task you need to complete a case study covering Topics from week 1-5.
  2. You would also be required to present the report and role play based on the scenario where all students will be divided in 6 groups and will be given the role to play as Accounts payable , Accounts receivable and Production Manager and Sales Department and Manager and Bookkeeper . You will have to come and present their reports to the whole group based on the reports. The students will be assessed based on observation and role play model and will have the criteria to be assessed on the Observation checklist.


Assessment TASK 2 Simulated task (Due date : week 9 & 10)


The second assessment will be completed in week 9&10 in the practice firm, where students will be in simulated real environment working as bookkeepers with manager as teacher.

  1. You will be appointed as bookkeeper in the travel and bank business in the practice firm.
  2. They will be given the tasks to complete in the bookkeeper role. 3. They will be assessed based on the reports produced in the practice firm.


Assessment Task 3 Case study  (Due Date: End of Week 15)  

 The main summative assessment where students will be given a holistic case study in week 14 and will be due for submission in week 15. You will produce the final BAS report following  all the legislation and rules laid by the governmental bodies, ready to lodge with  he required government body. you will be given the organisational policies and procedures and transactions to simulate the real scenario. you will be taking over the role of a bookkeeper. for this assessment. 


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

The assessment matrix that maps all the assessment is available on Blackboard.

Other Information


Course Overview: Access Course Overview