Course Title: Administer subsidiary accounts and ledgers

Part B: Course Detail

Teaching Period: Term2 2017

Course Code: ACCT5376C

Course Title: Administer subsidiary accounts and ledgers

School: 650T Vocational Business Education

Campus: City Campus

Program: C5375 - Diploma of Business Administration

Course Contact: Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact Email: sylvia.baroutis@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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 financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, and remit payments to sundry creditors.


It applies to individuals who use specialized knowledge and follow agreed processes to problem solve within their area of responsibility.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC302 Administer subsidiary accounts and ledgers

Element:

1. Review accounts receivable process

Performance Criteria:

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

 

Element:

2. Identify bad and doubtful debts

Performance Criteria:

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

Element:

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

Performance Criteria:

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

 

Element:

4. Prepare reports and file documentation

Performance Criteria:

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with 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 appropriate personnel

Element:

6. Remit payments to creditors

Performance Criteria:

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

Element:

7. Prepare accounts paid report and reconcile balances outstanding

Performance Criteria:

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

 


Learning Outcomes



Details of Learning Activities

A range of learning activities are planned for this course including collaborative classroom based activities.

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills using work-based case studies and scenarios.

We expect you to participate and contribute in all scheduled learning activities. 


Teaching Schedule

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 but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Course Delivery:

Week

 

Week commencing

Topics

Assessment

1

 3 July 2017

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

 

 

2

 10 July 2017

  • Organisational policies and procedures
  • Accounting principles and practices
  • Accounting systems

 

 

3

 17 July 2017

Introduction to the Textbook –

  • Unit 1
  • Setting up the MYOB instructions
  • Checking sourced documents
  • Definition of Subsidiary Ledgers
  • Practice exercise from the textbook

 

 

4

 24 July 2017

  • Accounts receivables subsidiary ledgers
  • Schedule of accounts receivables
  • Accounts payable subsidiary ledgers
  • Schedule of accounts payable
  • Practice exercise

 

 

5

 31 July 2017

  • Introduction to MYOB interface
  • Entering Business Details
  • Practice exercise

 

 

6

 7 August 2017

  • Entering customer balances
  • Entering supplier balances
  • Practice exercise

 

 

7

 14 August 2017

  • MYOB Continued
  • Command centre discussed
  • Entering sales
  • Invoicing procedures
  • Adjustment to invoices

 

 

8

 21 August 2017

  • Assessment 1 (in class)



 

 28 August - 1 Sept 2017 - mid semester break

 

 

9

 

  • Bank reconciliation
  • Customer payments and banking

 

10

 

 

  • Administer accounts receivable

 Assessment 1
Portfolio of Evidence due

11

 

  • Bad debts – concepts
  • Bad debts – policy

 

 

 

12

 

  • Doubtful debts – introduction
  • Doubtful debtors – treatment
  • Recovery actions 

 

 

13

 

  • Bad and doubtful debts cont'd
  • Practice exercise

 

14

 

  • Practice exercise

 

15

 

  • An in-class supervised case scenario based assessment

 Assessment 2 - Supervised in class assessment

16

 
  • Special Consideration/Resit Assessments (if required)
 


Learning Resources

Prescribed Texts

FNSACC302 Administer subsidiary accounts and ledgers using MYOB AccountRight v 19.8 - Software Publications, Marian Brown revised by Leanne Berry

978-1-922241-27-6


References


Other Resources


Overview of Assessment

In order to achieve competency in this unit, you must provide:

 

Performance Evidence


Evidence of the ability to:
 monitor accounts, following organisational policy and procedures and industry compliance requirements
 identify bad and doubtful debts in a timely manner
 plan effective recovery actions
 follow bank account reconciliation processes
 use relevant data entry systems accurately.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

 

Knowledge Evidence


To complete the unit requirements safely and effectively, the individual must:
 identify and describe the key features of:
 accounting principles and practices
 accounting systems
 bank account reconciliation processes
 describe how bad or doubtful debts are identified
 describe the key requirements of:
 legal systems and procedures
 relevant legislation or regulations
 industry codes of practice
 industry compliance requirements
 outline the key requirements of organisational policy and procedures relating to reconciling and monitoring financial accounts
 describe measures to collect monies and features of recovery plans
 explain the features and uses of financial spreadsheets.



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
 integrated financial software system and data.


Assessors must satisfy NVR/AQTF assessor requirements.

 

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

You are required to complete one assessment task.  You must successfully complete this assessment task to be deemed competent in this task.

NOTE:  Details about the specific task and assessment criteria will be included in the Assessment Record and Cover Sheets for the task.

TASK 1 - Portfolio of Evidence

You are required to collect four examples of your best exercises/activities completed in class.  Please refer to the Assessment Record and Cover Sheet in your Blackboard Program Shell for further details.

TASK 2 - In class supervised case scenario based assessment

This assessment will cover the topics covered on weekly basis during the semester.  It will involve written short answers to questions.

Assessment Matrix

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

 

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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.  For example, Julie Macpherson, 345678, Task 2, OHS2345C Ensure a safe workplace.

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

When 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://www1.rmit.edu.au/students/specialconsideration

Form to use: http://www1.rmit.edu.au/browse;ID=g43abm17hc9w

Re-submissions (VE Programs)

If you are found to be unsuccessful in a Course Assessment Task (or you do not submit/attend) you will be allowed one re-submission only.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the re-submission. 

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. Fore more information about the circumstances under which assessment arrangements might be granted please access the following website:

More information: http://rmit.edu.au/browse;ID-7usdbkifjf31

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.

 

Final Grades table

CA - Competency Achieved (Ungraded)

NYC Not Yet Competent

DNS Did Not Submit for Assessment

 


Assessment Matrix

Course Overview: Access Course Overview