Course Title: Develop and manage financial systems

Part B: Course Detail

Teaching Period: Term1 2017

Course Code: ACCT5394C

Course Title: Develop and manage financial systems

School: 650T Vocational Business Education

Campus: City Campus

Program: C6148 - Advanced 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

 

Paul Panebianco

Email: paul.panebianco@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 strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSORG602 Develop and manage financial systems

Element:

1. Establish financial system requirements

Performance Criteria:

1.1. Financial system  requirements for efficient financial administration  are determined from consultation with relevant stakeholders and an analysis of existing financial plans

1.2. Reporting and procedural requirements  impacting on the organisation are identified and recorded for future reference

1.3. Internal financial audit controls included in the system specification provide a satisfactory security mechanism

1.4. Risks to financial viability and contingency strategies to manage risk  are identified and costed

Element:

2. Design financial management systems

Performance Criteria:

2.1. Sources of competent assistance and advice are accessed and used to secure financial records and assets

2.2. Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow

2.3. Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions

2.4. Financial reporting requirements are known and used by relevant personnel

2.5. Established financial reports ensure accurate and timely provision of data required for financial decision making

2.6. Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions

2.7. Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards

2.8. Financial reports are prepared at regular intervals in the required format meet external audit requirements

Element:

3. Prepare and review financial plans

Performance Criteria:

3.1. Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made

3.2. Planning and implementation of financial management activities enable probity to be maintained

3.3. Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation

Element:

4. Monitor and review financial reporting systems

Performance Criteria:

4.1. Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments

4.2. Financial reports and systems are able to be used by authorised staff to manage the organisation's finances

Learning Outcomes



Details of Learning Activities

This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan.

It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.

The unit goes over 16 weeks, each class is of 3 hours.


Teaching Schedule

 

Date Week  Detail . Assessment
06-Feb-17 Week 1 Outline of course, assessments. Discuss accounting systems in general
13-Feb-17 Week 2 Internal control
20-Feb-17 Week 3 Accounting system design
27-Feb-17 Week 4 Accounting system design (continued)
06-Mar-17 Week 5 Evaluation of accounting packages on the market
13-Mar-17 Week 6 Introduction to Reckon Accounts
20-Mar-17 Week 7 Reckon - Revenue cycle
27-Mar-17 Week 8 Reckon - expenditure cycle

Assess 1, Part 1

MCQ, wks 1 to 7
03-Apr-17 Week 9 Assessment - Multi Choice Questions
10-Apr-17 Week 10 Reckon - Payroll cycle
24-Apr-17 Week 11 Reckon - Other classifications  Assess 2, Case Study released
01-May-17 Week 12 Reckon - Budgets and analysis
08-May-17 Week 13 Work on assignment
15-May-17 Week 14 Work on assignment
22-May-17 Week 15 On line test  - Work on assessment

Assess 1, Part 2

MCQ, wks 8 to 14

Assess 2 due in
29-May-17 Week 16 Resits

 


Learning Resources

Prescribed Texts


References


Other Resources


Overview of Assessment

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

Performance Evidence

Evidence of the ability to:

  • determine organisational requirements and design parameters for a financial system
  • undertake risk assessment, evaluation and management of financial reporting
  • comply with relevant statutory, regulatory, professional and practice requirements
  • apply costing and budgeting techniques and tools

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • explain the key requirements of legislation and regulations relevant to managing financial systems including:
    • finance
    • taxation
    • trust accounts
    • trade practices
    • security requirements
    • ethical requirements
  • explain accounting and bookkeeping practices required for financial control
  • outline the key features to be considered in financial system design
  • explain the key features of organisational administrative systems and practices
  • explain cost-benefit analysis
  • outline reporting and auditing requirements for business
  • explain the types and characteristics of systems, technology and software required to manage the functions of an organisation

 

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data
     

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

Complete two on line multi choice assessments.  Each will consist of twenty questions and you need to answer all questions to achieve competency.  You will be allowed multiple attempts,  Your grade will be reduced each time you re-attempt the quiz.  Each assessment will be included in your final grade.

You will also be required to do a case study which will be done in pairs.  You will be given the details of a business and you will be required to suggest an appropriate business structure, a software package,  the chart of accounts and the reports that may be required.  

Assessments:

Assess 1, Part 1. Done in class, Multi choice quiz. Week 8, material covered from week 1 to week 7 

Assess 1, Part 2. Done in class, Multi choice quiz. Week 15, material covered from week 8 to 14 

Assess 2. Case study released in week 11. Due week 15. This is to be done in groups of 2.

 


Assessment Matrix

This is in Blackboard

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 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. <Add any additional requirements>

Late Submission Procedures

You are required to submit assessment items and/or ensure performance based asessment 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. <check links are still current>

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. <check links are still current> 

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: <check link is still current>

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.

Course Overview: Access Course Overview