Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term2 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: ben.sethia@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Teacher : Michael Elliot

Contact : michael.elliot@rmit.edu.au

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

None

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

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.

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 and perform the normal activities as in an office environment. This objective is to create a 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. 

 


Teaching Schedule

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 

 

Weekly Schedule – Semester 2 – 2017

Cluster   1 – Accounting- Prepare Financial Reports

 

Week No.

Date

Topic:

Reading and Course Workbook Tasks

1

3/7/2017

Introduction to the course including:

·       Course requirements and support documents/resources

·       Course Blackboard access

·       Accuracy of enrolment

·       Assessment requirements/Cover Sheets

·       Reminder re Plagiarism/Appeals

·       Extensions/Resubmissions

·       Feedback in this course

·       Getting help

·       Weekly Structure

 

 

Introduction to Accounting:

·     Accounting theory

·     Accounting equation

·     Analysis of transaction

·     Analysis of Accounts

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

2

10/7/2017

Review of first week. As above

 

Introduction to this week’s Topics

Analysis of transactions

§   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

 

 

 

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

3

17/7/2017

Introduction to Journals

·         Rules of Journal

·         Subsidiary Journals

·         Introduction to Ledger Concept

·         Practice exercise on Journal and Ledger

 

 

Introduction of First Assessment

The students will be introduced to a case study that involves the setting up of a MYOB accounting project. Students will portray the bookkeeper of a firm and will need to complete the opening transactions and monthly ongoing activities for that business. This will be a group based assignment.

 

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

 

 

 

4

24/7/2017

Introduction to Ledger cont.

§   Ledger preparation

§   Exercises on Ledger

§   Introduction to reports

§   Trial Balance  preparation

§   Pre adjustment Trial Balance

 

 

Continuation of First Assessment

The students will be introduced to a case study that involves the setting up of a MYOB accounting project. Students will portray the bookkeeper of a firm and will need to complete the opening transactions and monthly ongoing activities for that business. This will be a group based assignment.

 

First Assessment to be continued with during class.

 

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

 

 

5

31/7/2017

MYOB Introduction

·       Setting up a company

·       Setting of Chart of Accounts

·       Creating debtors and Creditors schedules

·       Exercises on MYOB

Continuation of First Assessment

The students will be introduced to a case study that involves the setting up of a MYOB accounting project. Students will portray the bookkeeper of a firm and will need to complete the opening transactions and monthly ongoing activities for that business. This will be a group based assignment.

 

First Assessment to be continued with during class.

 

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

 

6

7/8/2017

MYOB Continued

·       Command centre discussed

·       Transitions processing

·       Cash Book preparation

·       Petty cash preparation

·       Exercises on MYOB from blackboard

Assessment 1 presentation will be conducted this week. Students will present in the last 3 hour class of the week.

Resources on Learning Hub

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

Assessment 1 Due

7

14/8/2017

MYOB practice in class

·       Lots of practice exercises to make students comfortable

·       Practice case study

 

 

An overview of the Final Assignment Activity will be given so as students will be fully prepared  for the start of activities within the practice firm

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

 

8

21/8/2017

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 2 Activity and case studies handed out.

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

 

Semester Break (28th August to 1st September)

 

9

4/9/2017

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

 

Students will be Working in Practice Firm completing Assessment 2 MYOB tasks

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

10

11/9/17

Year- end adjustments introduced

·       Balance day adjustments

·       Treatment of balance day adjustments

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

Students will be working in Practice Firm completing Assessment 2 MYOB tasks

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

11

18/9/17

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

 

Students will be Working in Practice Firm completing Assessment 2 MYOB tasks

 

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

12

25/9/17

Preparation of post adjustment balance sheet

Profit and loss account

Exercises on post adjustment exercises

 

 

MYOB Group Assignment Due

29th is a Public Holiday for AFL day (Friday)

Resources on Learning Hub

 

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

13

2/10/17

Holistic case study given to students in class introducing the manual transactions that are required for an organisations balance day adjustments.

Students will be given various exercises to complete.

 

Resources on Learning Hub

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

14

9/10/17

An in class assessment to reinforce the authenticity and skill based learning under pressure within a time critical scenario to simulate the workplace environment.

 

 

Final Assessment supervised in class

In class Assessment Task.

A series of journal entries (reflecting year end adjustments) to be manually written then electronically input into MYOB.

Various reports are to be produced and submitted via Black board Drop Box

 

15

16/10/17

Final Assessment Feedback and Resubmissions

Final Assessment Feedback and Resubmissions

16

23/10/17

Final Assessment Feedback and Resubmissions

Final Assessment Feedback and Resubmissions


Learning Resources

Prescribed Texts


References


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.


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

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 (FNSACC301)

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 Task 1 Part A and B (Due Date : End of week 6)

 

  1. For this Assessment Task you need to complete a case study covering Topics from week 1-5. This case study will be given out in week 3. Part A
  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. Students will have to present their reports to the whole class in your group based on the reports compiled in the weekly activities. The students will be assessed based on observation during weekly activities and the role play. Students will be given an assessment criteria guideline sheet prior to the assessment. This will be the basis upon which you will be assessed. Part B

 

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 14)  

The main summative assessment is a classroom based supervised assessment. Students will be given a holistic case study in week 14. The activities are to manually complete various journal entries and then to complete these entries in MYOB. The student will produce various reports and these reports will be uploaded into the Blackboard drop box before leaving the assessment. You will use the experience gathered during the weekly class activities and knowledge gathered in the practice firm to produce the balance day adjustments required for the organisation. These balance day adjustments are based on the activities of the practice firm.

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: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
 

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: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
 

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: http://rmit.edu.au/browse;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.

Course Overview: Access Course Overview