Course Title: Maintain financial records

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5180C

Course Title: Maintain financial records

School: 650T TAFE Business

Campus: City Campus

Program: C3133 - Certificate III in Business Administration

Course Contact : Lyn Montalti

Course Contact Phone: +61 3 99255988

Course Contact Email:lynette.montalti@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

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 covers the maintenance of financial records for a business. It includes activities such as the maintenance of daily financial records, including reconciling debtors’ and creditors’ systems and preparing a maintaining a general ledger and preparing a trial balance. It also includes activities associated with the monitoring of cash control for accounting purposes.
The maintenance of financial records from provided data may be processed in manual or computerised accounting systems.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBCMN308A Maintain financial records

Element:

Maintain daily financial records

Performance Criteria:

1. Daily financial records are maintained correctly and in accordance with organisational requirements for accounting purposes.
2.Discrepancies or errors in documentation or transactions are identified and rectified or referred to designated persons in accordance with organisational requirements

3. Credit and debit transactions are accurately and promptly entered into journals in accordance with organisational requirements

Element:

Maintain general ledger

Performance Criteria:

1.General ledger is maintained in accordance with organisational requirements

2.Transactions are posted into the general ledger in accordance with organisational reporting requirements

3.Debtors’ and creditors’ systems are reconciled with general ledger

4.Trial balance is accurately prepared from general ledger in
accordance with organisational requirements.

Element:

Monitor cash control

Performance Criteria:

1.Cash flow is accurately accounted for in accordance with
organisational requirements

2.Payments are made and received in accordance with organisational requirements

3.Outstanding accounts are collected or followed up within designated timelines

4.Payment documentation is checked for accuracy of information and dispatched to creditors within designated timelines.


Learning Outcomes


See elements above


Details of Learning Activities

In order to achieve learning outcomes, students will participate in the following activities:

• Attend and prepare notes during scheduled classes.
• Participate in class discussions.
• Research using internet, prescribed text and/or recommended references.
• Access materials online
• Prepare out of class answers to class exercises involving theory based tasks, problem solving tasks, case studies/simulations or multiple choice questions.
• Complete required assessment tasks.
• Use software to process business transactions.


Teaching Schedule

 Week beginning  TOPIC  RESOURCES  COMPETENCIES
 Week 1 – 11th Feb Introduction to the Course

Topic 1:Introduction to Accounting

 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
 Week 2 – 18th Feb

 Topic 2: Maintain Daily Financial Records
The processing of business transactions

  • Source Documents
 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
 Week 3 – 25th Feb

 Topic 2: Maintain daily Financial Records
The processing of business transactions

  • Journals: Credit

Hand out Project

 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
 Week 4 – 3rd March

 Topic 2: Maintain daily Financial Records
The processing of business transactions

  • Journals: Cash
 Aspire BSBADM309A
Chapter 1

 BSBCMN308A/01

BSBCMN308A/03

 Week 5 – 10th March Test 1

Topic 5: Bank Reconciliation
 Aspire BSBADM309A
Chapter 2
 BSBCMN308A/03
 Week 6 – 17th March Topic 3: Maintain General Ledger
Posting of Journals

Introduction
 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
 VACATION MID - SEMESTER BREAK 20TH - 26TH MARCH 
 Week 6 – 24th March

 Topic 3: Maintain General Ledger
Posting of Journals

Introduction

 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
 Week 7 – 31st March

 Inclass Exercise

Topic 3: Maintain General Ledger
Posting of Journals

  •  Cash Journals
 Aspire BSBADM310A
Chapter 1

 BSBCMN308A/02

BSBCMN308A/03

 Week 8 – 7th April

 Topic 3: Maintain General Ledger
Posting of Journals

  •  Sales Journals
 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
 Week 9 – 14th April

 Topic 3: Maintain General Ledger
Posting of Journals

  • Purchases Journals
 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
 Week 10 – 21st April

 Topic 3: Maintain General Ledger
Posting of Journals

  • General Journal
 Aspire BSBADM310A
Chapter 1

 BSBCMN308A/01

BSBCMN308A/02

 Week 11 –28th April

 Topic 3: Maintain General Ledger
Posting of Journals

  • Trial Balance
 Aspire BSBADM310A
Chapter 2
 BSBCMN308A/02
 Week 12 – 5th May

 Test 2

 
Topic 4
– Maintain Subsidiary Ledgers

  • Debtors
 Aspire BSBADM309A
Chapter 3

 BSBCMN308A/02

BSBCMN308A/03

 Week 13 – 12th May Computerised Accounting – Card Files
Computerised Accounting – Selling and Invoicing Techniques

 Watsonia Publishing
MYOB Version 17

Module 1

Chapters 1 -4 

 BSBCMN308A/02
 Week 14 – 19th May

 Topic 4 – Maintain Subsidiary Ledgers

  • Creditors
 Aspire BSBADM309A
Chapter 3

 BSBCMN308A/02

BSBCMN308A/03

 Week 15 – 26th May Computerised accounting – Purchases
                                                 - Reports

 Watsonia Publishing
MYOB Version 17
Module 1


Chapters 5 - 6

 BSBCMN308A/02
 Week 16 – 2nd June Test 3
Review manual and computerised accounting systems
 

 BSBCMN308A/01

BSBCMN308A/02

BSBCMN308A/03

 Week 17 - 9th June Team Project due

  BSBCMN308A/01

BSBCMN308A/02

BSBCMN308A/03
 Week 18 – 16th June

 Retests


Report Due

Review/Feedback

  


Learning Resources

Prescribed Texts

BSBADM309A Process Accounts Payable and Receivable and BSBADM310A Maintain a General Ledger by Aspire Training and Consulting

Watsonia Publications, MYOB Version 17, Module 1(RMIT customised book)


References

Yates, L., Mroczkowski, N. A., Fleay, D., Poustie, N., “TAFE Accounting To Trial Balance”, Thomson, (current edition).


Other Resources


Overview of Assessment

Students will be required to study and apply current government legislation, business policy, and procedures to prescribed exercises and assessment work. A range of assessment methods will be used including class exercises (which will include practical problem solving exercises), test, assignment/group project, and a Folio of Evidence. These assessment methods have been designed to measure achievement of each competency in a flexible manner over a range of assessment tasks.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met.


Assessment Tasks

Important Points
All assessments are graded. To pass the course, students must submit and pass each individual assessment task and achieve competency in all course elements.
Assessments will incorporate a variety of methods including in-class exercises, written tests, team project/assignment, and a presentation.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are met.
Students will be provided with more than one opportunity to demonstrate competence.

Assessment Task 1
In-class Test 1
Week 5
Mark Value 10%
Individual assessment. Test takes place during class time. Test time 1 hour and 10 minutes reading time.
This assessment addresses competency elements:
BSBCMN308A/01 – Maintain Daily Financial Records
Topics 1 and 2. – Introduction to Accounting Theory, Source Documents, Journals

Assessment Task 2
In-class Exercise
Week 7
Mark Value 10%
Individual assessment. Test takes place during class time. Test time 1 hour and 10 minutes reading time.
This assessment addresses competency elements:
BSBCMN308A/03 – Monitor Cash Control
Topic 5 – Bank Reconciliation

Assessment Task 3
Team Project
Due Week 17
Mark Value: Manual processing – Group Mark 20%
Computer processing – Group Mark 10%
Essay – Individual Mark 10%
Students will be provided with a workplace situation requiring the processing of business transactions. This is to be completed by processing the transactions manually, and, electronically using the MYOB software.
Students are also required to complete an essay discussing the importance of correct accounting systems design, and the merits and disadvantages of manual versus computer processing.
This assessment addresses competency elements:
BSBCMN308A/01 – Maintain Daily Financial Records
BSBCMN308A/02 – Maintain General Ledger
BSBCMN308A/03 – Monitor Cash Control
Employability Skills
Topics 1, 2, 3, and 4: Enter transactions into Journals, Maintaining a Ledger – General and Subsidiary. Prepare Reports.

Assessment Task 4
In-class Test 2
Week 12
Mark Value 15%
Individual assessment. Test takes place during class time. Test time 1 hour and 15 minutes, and 10 minutes reading time.
This assessment addresses competency elements:
BSBCMN308A/02 – Maintain General Ledger
Topic 3. – Accounting Theory, Posting of Journals

Assessment Task 5
In-class Test 3
Week 16
Mark Value 15%
Individual assessment. Test takes place during class time. Test time 1 hour and 15 minutes, and 10 minutes reading time.
This assessment addresses competency elements:
BSBCMN308A/02 – Maintain General Ledger
Topic 4. – Maintain Subsidiary Ledgers

Assessment Task 6
Report
Due Week 18
Mark Value 10%
Students are also required to complete an individual report analysing and reflecting on their Employability Skills.


Assessment Matrix

  Tests  Team Project  In-class Exercise  Report
BSBCMN308A/01
Maintain Daily Financial Records
 X X X 
BSBCMN308A/02
Maintain General Ledger
 X X  
BSBCMN308A/03
Monitor Cash Control
 X X X 

Employability Skills

 X X X X

Other Information

Teacher Contact
Out of class communication to all students will occur using the RMIT student email. It is essential to check your email prior to attending each class.
Consultation times will be made available to you in the first week of classes.
Consultation times may also be arranged via email.

Self Managed Learning
Students will be required to undertake research and assessment practice outside of regular class times. Exercises are provided to the students to facilitate their learning in a self-paced manner and form part of the overall achievement of the competencies in this course. Students are reminded that they are expected to spend an equal amount of time outside of class, furthering their understanding of the concepts being taught, as they do in class, to be deemed competent in this course.

Course Evaluation and Feedback
You will receive ongoing feedback on your progress in the course. Feedback on assessment will be given in a timely manner. You will be informed about how to improve your performance in the competency/course and what you need to do to be deemed competent or to gain a pass in the assessment.
Feedback on the course itself is welcome at any time to the class Teacher, Course Coordinator or Program Coordinator. Periodic Course Evaluation Surveys are also conducted.

Employability Skills
Are the non-technical skills and competencies that are an important part of effective and successful participation in the workplace.
Their inclusion in the training packages represents the progress of competency based training into a system which aims to develop the full range of transferable skills, attitudes and behaviour required for successful participation in the workplace.
These include:
• Communication
• Teamwork
• Problem solving
• Technology
• Planning and Organising
• Initiative and Enterprise
• Self-Management
• Learning


Plagiarism
Plagiarism is the presentation of the work, idea or creation of another person as though it is your own. It is a form of cheating and is a very serious academic offence that may lead to expulsion from the University. Plagiarised material can be drawn from, and presented in, written, graphic and visual form, including electronic data and oral presentation. Plagiarism occurs when the origin of the material used is not appropriately cited. it also occurs through enabling plagiarism, which is the act of assisting or allowing another person to plagiarise or to copy your own work. Please make sure you consider this carefully in completing all your work and assessments in this course and if you are unsure about whether you might have plagiarised, seek help from your teacher.

Examples of plagiarism include:
• Copying sentences or paragraphs word-for-word from one or more sources, whether published or unpublished, which could include but is not limited to books, journals, reports, theses, websites, conference papers, course notes, etc. without proper citation;
• Piecing together text from one or more sources and adding only linking sentences;
• Copying or submitting whole or parts of computer files without acknowledging their source;
• Copying a whole or any part of another student’s work; and
• Submitting work as your own that someone else has done for you.

For further information including “Plagiarism (and how to avoid it): Resources for Students” please refer to the Plagiarism section of the RMIT Policies, available at http://www.rmit.edu.au/governance/policies in the Teaching and Learning Policy section.

For information relating to the penalties for plagiarism and cheating, please refer to Regulation 6.1.1 Student Discipline available at http://mams.rmit.edu.au/j4lb68xx36oj1.pdf
Penalties include official reprimand, recording of a failure result or expulsion from the University.

Special Consideration
Special Consideration is a process that enables the University to take account of unexpected circumstances such as illness, injury or bereavement that affect a student’s performance in assessment. Special Consideration can be applied for to obtain:
a) Alternative Assessment
b) Extension of Time
c) Equitable Assessment Arrangement
d) Deferred Assessment

You may apply for special consideration up to and no later than 48 hours (2 working days) after the due date for assessment. Forms are available from BTS Reception on Level 13 or from http://www.rmit.edu.au/students/forms

Grounds for special Consideration may include illness, accident, bereavement, hardship/trauma. All supporting documentation must be included with your application. Completed forms must be addressed submitted to the Hub on Level 4 Building 108. Further information can be accessed from http://www.rmit.edu.au/students/specialconsideration

Relevant previous study or work/life experience and credit in this course
RMIT University recognises nationally accredited or endorsed qualifications and Statements of Attainment issued to the student by other Registered Training Organisations (RTO’s).

Also, RMIT provides credit for work experience or other forms of life experience that match the learning outcomes/competencies of RMIT courses. You must provide evidence that is current, relevant valid, and verifiable that your experience matches the learning outcomes/competencies of the relevant course for which you are seeking credit. This evidence may include formal qualifications (certificates, etc); work samples; references; documents, etc. Please speak to your teacher before applying.

To apply, you should obtain an RPL Information Sheet from BTS Reception on Level 13. Forms are also available at Reception or from the RMIT Website at http://www.rmit.edu.au/student-records/studentforms . You should complete the appropriate form (RPL and/or Credit Transfer), attach the relevant supporting documentation and submit to the Program Coordinator via Level 13 reception within one month of enrolling.

Assessment Cover Sheet
Note, if requested by your teacher, you must complete a hardcopy of the RMIT coversheet with your assessment submissions: http://mams.rmit.edu.au/rbkf8knmzbla1.doc

Course Overview: Access Course Overview