Course Title: Maintain financial records

Part B: Course Detail

Teaching Period: Term2 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

 

Weekly

Schedule

 
Week Beginning        TOPICRESOURCESCOMPETENCIES
Week 1 – 7th July Introduction to the Course

Topic 1: Introduction to Accounting
 Aspire BSBADM309A
Chapter 1
 Underpinning Knowledge
Week 2 – 14th July

 Hand out Project

Topic 2: Maintain Daily Financial Records
The processing of business transactions
A. Source Documents

 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
Week 3 – 21st July

Topic 2: Maintain Daily Financial Records
The processing of business transactions
B. Journals: Credit

 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
Week 4 – 28th JulyTopic 2: Maintain Daily Financial Records
The processing of business transactions
C.Journals: Cash
 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
BSBCMN308A/03
Week 5 – 4th Aug Topic 2: Maintain Daily Financial Records
The processing of business transactions
C. Journals: Cash
 Aspire BSBADM309A
Chapter 1
 BSBCMN308A/01
BSBCMN308A/03
Week 6 – 11th Aug TEST ONE

Topic 3: Bank Reconciliation
 Aspire BSBADM309A
Chapter 2
 BSBCMN308A/03
Week 7 – 18th Aug Topic 3: Bank Reconciliation  Aspire BSBADM309A
Chapter 2
 BSBCMN308A/03
Week 8 – 25th Aug Topic 4: Maintain General Ledger
Posting of Journals

Introduction
 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02

 1 September to 5 September 2008

MID SEMESTER BREAK 

Week 9 – 8th Sept

 TEST TWO

 
Topic 4: Maintain General Ledger

A: Posting Sales and Purchases Journals

 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
Week 10 – 15th Sept

 Topic 4: Maintain General Ledger

B: Posting Cash Journals

 Aspire BSBADM310A
Chapter 1

 BSBCMN308A/02

BSBCMN308A/03

Week 11 – 22nd Sept

 Topic 4: Maintain General Ledger

C: Posting General Journal
D: Trial Balance

 Aspire BSBADM310A
Chapter 1
 BSBCMN308A/02
Week 12 – 29th Sept

 TEST THREE

Topic 5: Subsidiary Ledgers

A: Accounts Receivable

 Aspire BSBADM309A
Chapter 3

 BSBCMN308A/02

BSBCMN308A/03

Week 13 – 6th Oct

Topic 5: Subsidiary Ledgers

B: Accounts Payable

 Aspire BSBADM309A
Chapter 3

 BSBCMN308A/02

BSBCMN308A/03

Week 14 – 13th Oct 

 TEST FOUR

MYOB

Introduction

Cards

 Watsonia Publications MYOB v17 Module 1

 
Week 15 – 20th Oct

 MYOB

Sales
Invoicing Techniques

Receive Payments

 Watsonia Publications MYOB v17 Module 1 BSBCMN308A/01
BSBCMN308A/02
BSBCMN308A/03
Week 16 – 27th Oct

MYOB

Purchasing

Paying for Purchases

Work on Assignment

ASSIGNMENT DUE 

 Watsonia Publications MYOB v17 Module 1 BSBCMN308A/01
BSBCMN308A/02
BSBCMN308A/03
Week 17 – 3rd Nov

 RETESTS

Return Assessments

 Review and Feedback
 
Week 18 – 10th Nov

 RETESTS

Return Assessments

 Review and Feedback
 


Learning Resources

Prescribed Texts

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


References

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


Other Resources

Online learning Materials
Online learning materials can be accessed by going to the RMIT website, clicking on Students, under IT Information and Services there is a link to the Online Learning Hub. www.rmit.edu.au/online Log in and click on ACCT5180C – Maintain Financial Records


It is essential to have access to an internet connected computer outside of class times. Internet connected computers are available in the Business Labs on Level 3 of Building 108, 239 Bourke Street, Melbourne.

Useful Websites
http://www.rmit.edu.au/library This website is a useful resource for assessment tasks.


http://www.rmit.edu.au/lsu The Learning Labs is a learning and study skills site developed by the Learning Skills Unit offering online interactive tutorials, printable handouts and an email learning query service. The site is designed to assist students develop the capabilities for tertiary studies.


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 One
Week 6
Mark Value 15%
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 Test Two
Week 9
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 3: – Bank Reconciliation

Assessment Task 3
Project

Due Week 16
Mark Value: Manual processing – Mark 25%
Computer processing – Mark 10%
Essay – 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, 4 and 5: Enter transactions into Journals, Maintaining a Ledger – General and Subsidiary. Prepare Reports.

Assessment Task 4
In-class Test Three
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 4: – Accounting Theory, Posting of Journals

Assessment Task 5
In-class Test Four
Week 14
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 5: – Maintain Subsidiary Ledgers



Assessment Matrix

 Test OneTest TwoTest ThreeTest Four Project
BSBCMN308A/01
Maintain Daily Financial Records
        x          x
BSBCMN308A/02
Maintain General Ledger
              x         x       x
BSBCMN308A/03
Monitor Cash Control
          x         x
Employability Skills        x         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

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