Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term2 2009

Course Code: ACCT5269C

Course Title: Process accounts payable and receivable

School: 650T TAFE Business

Campus: City Campus

Program: C3216 - Certificate III in Business Administration

Course Contact : Lyn Montalti (Mrs.)

Course Contact Phone: +61 3 9925 5988

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


Name and Contact Details of All Other Relevant Staff

NAME: Meetu Aggarwal

CONTACT PHONE: To be advised

CONTACT EMAIL: meetu.aggarwal@rmit.edu.au

Nominal Hours: 30

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

Technical Skills

This course covers the maintenance of accounts payable and accounts receivable records for a business.

It includes:

  • Maintenance of daily financial journal systems, 
  • Maintenance of the Accounts Receivable and Accounts Payable Subsidiary Ledgers
  • Produce Schedules of Accounts Payable and Accounts Receivable
  • Reconciliation with the General Ledger control account
  • Process payments for Accounts Payable
  • Prepare Statements for Accounts Receivable
  • Follow-up outstanding accounts
  • Perform regular reconciliation of cash records

The maintenance of these financial records for Accounts Payable and Accounts Receivable from provided data will be processed in a manual accounting system, as well as a computerised system using MYOB.

Employability Skills

Are the non-technical skills and competencies that are an important part of effective and successful participation in the workplace.
This course 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

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.

 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA303A Process accounts payable and receivable

Element:

1. Maintain Financial Journal Systems.

Performance Criteria:

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution, in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures, and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

Element:

2. Prepare Bank Reconciliation.

Performance Criteria:

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

Element:

3. Maintain Accounts Payable and Accounts Receivable Systems.

Performance Criteria:

3.1 Enter transactions into individual accounts payable and accounts receivable accounts, in accordance with organisational policy and procedures, and accounting requirements

3.2 Prepare Schedules of Accounts Payable and Schedules of Accounts Receivable for reconciliation purposes, in accordance with organisational requirements

3.3 Reconcile Schedules of Accounts Payable and Accounts Receivable with journal data or General Ledger, in accordance with organisational requirements

Element:

4. Process Payments for Accounts Payable.

Performance Criteria:

4.1 Reconcile Accounts Payable Statements with accounting records, in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors, in accordance with organisational requirements

Element:

5. Prepare Statements for Accounts Receivable.

Performance Criteria:

5.1 Produce and check Accounts Receivable Statements for accuracy of content, in accordance with organisational policy and procedures

5.2 Rectify discrepancies and Statements despatched within designated timelines

Element:

6. Follow-up Outstanding Accounts.

Performance Criteria:

6.1 Maintain Accounts Receivable Ledger system, in accordance with organisational requirements, to reflect current credit situation

6.2 Conduct Aged Analysis of accounts receivable to identify outstanding accounts and to determine collection procedures, in accordance with organisational requirements

6.3 Report or follow-up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures


Learning Outcomes


The course aims to provide students with the technical skills to competently process and maintain Accounts Payable and Accounts Receivable records for a business, both manually and electronically using MYOB software, as well as develop the employability skills to participate in the workforce successfully.

This is achieved by designing class work and assessments that link these two skills sets, so that the students are "work ready".


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 MYOB software to process business transactions.


Teaching Schedule

 

WEEKLY

SCHEDULE

 
Week Beginning       TOPICRESOURCESCOMPETENCIES

LEARNING ACTIVITIES 

Week 9
 
7th Sept

 Introduction to the Course

Topic 1: Introduction to Accounting

Topic 2: Maintain Financial Journal System
The processing of business transactions
A. Source Documents

 Aspire BSBFIA303A
Chapter 1
 BSBFIA303A/01

Underpinning Knowledge

 Class Discussion

Check Your Progress

Assessment Activity

Week 10

14th Sept

 Hand out Project

Topic 2: Maintain Financial Journal System
The processing of business transactions
B. Journals: Credit

 Aspire BSBFIA303A
Chapter 1
 BSBFIA303A/01 Class Discussion

Check Your Progress

Assessment Activity

Week 11 

21st Sept

Topic 2: Maintain Financial Journal System
The processing of business transactions
C. Journals: Cash

 Aspire BSBFIA303A
Chapter 1
 BSBFIA303A/01 Class Discussion

Check Your Progress

Assessment Activity
Week 12 

28th Sept

TEST

Topic 3: Preparing Bank Reconciliation

 Aspire BSBFIA303A
Chapter 2

BSBFIA303A/02
 Class Discussion

Check Your Progress

Assessment Activity
Week 13

5th Oct

BANK RECONCILIATION EXERCISE

Topic 4: Maintaining Accounts Payable and Receivable

A: Accounts Receivable

 Aspire BSBFIA303A
Chapter 3

 

 BSBFIA303A/01
BSBFIA303A/03

 Class Discussion

Check Your Progress

Assessment Activity
Week 14

12th Oct
 Topic 4: Maintaining Accounts Payable and Receivable

B: Accounts Payable
 Aspire BSBFIA303A
Chapter 3
 BSBFIA303A/01
BSBFIA303A/03
 Class Discussion

Check Your Progress

Assessment Activity
Week 15

19th Oct

 MYOB Processing

Introduction

MYOB Sales and
Invoicing Techniques

MYOB Receive Payments

Watsonia Publishing MYOB 18
Chapters 1, 3, 4 and 5

 BSBFIA303A/01
BSBFIA303A/02

BSBFIA303A/03 BSBFIA303A/05

BSBFIA303A/06



Week 16

26th Oct

MYOB Processing


MYOB Purchasing

MYOB Paying for Purchases



 Watsonia Publishing MYOB 18
Chapters 6 and 7

 BSBFIA303A/01
BSBFIA303A/02 BSBFIA303A/03
BSBFIA303A/04

 
Week 17

2nd Nov

 ASSIGNMENT DUE

Topic 5: Process Payments for Accounts Payable

Topic 6: Prepare Statements for Accounts Receivable

Topic 7: Follow Up Outstanding Accounts

   Aspire BSBFIA303A
Chapters 4, 5, and 6
BSBFIA303A/04
BSBFIA303A/05
BSBFIA303A/06

Class Discussion

Check Your Progress

Assessment Activity
Week 18 

9th Nov


GROUP DISCUSSION  and PRESENTATION


RETESTS

 

  


Learning Resources

Prescribed Texts

BSBFIA303A Process Accounts Payable and Receivable, Aspire Training and Consulting

MYOB Version 18 Module 1, Professional Series, Customised RMIT version, (RMIT 020), Watsonia Publishing


References

Yates, L., Mroczkowski, N. A., Fleay, D., Poustie, N., “TAFE Accounting To Trial Balance”, Thomson, Ninth Edition, 2007.


Other Resources

Online learning Materials
Online learning materials can be accessed by going to the RMIT website, clicking on Current Students, Quick Links, and Learning Hub, Log in and click on ACCT5269C – Process Accounts Payable and Receivable


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
RMIT Library: http://www.rmit.edu.au/library

This website is a useful resource for assessment tasks.


The Learning Lab:  http://www.rmit.edu.au/lsu

The Learning Lab 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.

Australian Tax Office:  http://www.ato.gov.au


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
  • Case Studies and Scenarios
  • Test
  • Assignment/Group Project
  • Group Discussion and Presentation

These assessment methods have been designed to measure the achievement of each competency, in a flexible manner, over a range of assessment tasks, as well as develop the employability skills of the student.


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
TEST
Week  12
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:
BSBFIA303A/01 – Maintain Financial Journal Systems
Topics 1 and 2: – Introduction to Accounting Theory, Source Documents, Journals
Employability Skills - Planning and Organising, Self-Management

Assessment Task 2
BANK RECONCILIATION EXERCISE

Week  13
Mark Value 10%
Individual assessment. The exercise is to be completed during class time. Time 1 hour and 10 minutes reading time.
This assessment addresses competency elements:
BSBFIA303A/02 – Prepare a Bank Reconciliation
Topic 3: – Bank Reconciliation
Employability Skills - Planning and Organising, Self-Management


Assessment Task 3
PROJECT
Due Week 17
Mark Value: Total: 55%

Manual Processing – Mark 25%
Computer Processing – Mark 15%
Theory Question – Mark 10%
Employability Skills Report - 5%

Students will be provided with a workplace situation requiring the processing of business transactions, and performing a Bank Reconciliation. 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:
BSBFIA303A/01 – Maintain Daily Financial Records
BSBFIA303A/02 – Prepare Bank Reconciliation
BSBFIA303A/03 – Maintain Accounts Payable and Accounts Receivable Systems
BSBFIA303A/04 – Process Payments for Accounts Payable
BSBFIA303A/05 - Prepare Statements for Accounts Receivable
BSBFIA303A/06 - Follow-up Outstanding Accounts
Employability Skills - Communication, Planning and Organising, Self-Management, Technology
Topics 2, 3, 4, 5 and 6: Enter transactions into Journals, Maintaining Accounts Payable and Accounts Receivable Systems, Prepare Statements, process Payments, and perform a Bank Reconciliation upon receipt of the monthly Bank Statement.


Assessment Task 4
TEAM DISCUSSION AND PRESENTATION
Week 18
Team Mark Value 20%
Takes place during class time.
This assessment addresses competency elements:
BSBFIA303A/04 – Process Payments for Accounts Payable
BSBFIA303A/05 - Prepare Statements for Accounts Receivable
BSBFIA303A/06 - Follow-up Outstanding Accounts
Employability Skills - Communication, Teamwork
Topics 5, 6, and 7.


Assessment Matrix

 Test Inclass ExerciseTeam Discussion and Presentation Project
BSBFIA303A/01
Maintain Financial Journal Systems
  X            X

BSBFIA303A/02
Prepare Bank Reconciliation

 

  X               X   
BSBFIA303A/03
Maintain Accounts Payable and Accounts Receivable Systems
                X

BSBFIA303A/04                                                                                                 Process Payments for Accounts Payable

 

   X X

BSBFIA303A/05                                                                                                                 Prepare Statements for Accounts Receivable 

 

   X X

BSBFIA303A/06                                                                                                             Follow-up Outstanding Accounts

 

   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

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

Course Overview: Access Course Overview