Course Title: Maintain financial records

Part B: Course Detail

Teaching Period: Term1 2007

Course Code: ACCT5180C

Course ID: 036505

Course Title: Maintain financial records

School: 650T TAFE Business

Program Code: C4169 - Certificate IV in Financial Services (Accounting)

Course Contact : Laurine Symington

Course Contact Phone: +61 3

Course Contact Email:

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

This Unit of Competency is taught in conjunction with:
FNSICACC304A Prepare and bank receipts [ACCT5197C]
FSNICACC306A Process journal entries [ACCT5198C]

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.

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBCMN308A Maintain financial records


Maintain daily financial records

Performance Criteria:

1.1. Daily financial records are maintained correctly and in accordance with organisational requirements for accounting purposes

1.2. Discrepancies or errors in documentation or transactions are identified and rectified or referred to designated persons in accordance with organisational requirements

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


Maintain general ledger

Performance Criteria:

2.1. General ledger is maintained in accordance with organisational requirements

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

2.3. Debtors' and creditors' systems are reconciled with general ledger

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


Monitor cash control

Learning Outcomes

Please refer to Elements of Competency.

Overview of Learning Activities

Details of Learning Activities

Students will be expected to complete practical exercises both during the class time and at home to build on the skills required to successfully complete these units. They will include manual processing and using a computerised accounting package which simulates a working environment.
The use of MYOB as an example of a computerised accounting package is included in this unit although it does NOT constitute part of the assessment as the use of MYOB will be assessed in FNSACCT407A Set up and operate a computerised accounting package.
The practical/simulation tests will be used to gauge the level of understanding of the units and a number score will result from these activities.

Teaching Schedule

Week beginning  
Week 1 – 12th FebruaryElements of Accounting, Statement of Financial Position 
Week 2 – 19th FebruaryChart of Accounts, Business documents, Internal Control, legislative requirements 
Week 3 – 26th FebruaryBusiness documents and journalsTest One: Underpinning knowledge
Concepts and environment. (10%)
Week 4 – 5th MarchLedger accounts and the trial balance 
Week 5 – 12th MarchLedger accounts and the trial balance 
Week 6 – 19th MarchLedger accounts and the trial balanceTest Two: Prepare journals (15%)
Week 7 – 26th MarchComplete journals and maintain manual accounting records 
Week 8 – 2nd AprilComplete journals and maintain computerised accounting records 
 Mid Semester Break (Student Vacation) – 5th April to 11th April 
Week 9 – 16th AprilBank ReconciliationTest Three: Post journals (25%)
Week 10 – 23rd AprilComputerised Cash Accounts & Banking 
Week 11 – 30th AprilError correction, manual and computerised.Test Four: Cash and Bank Reconciliation (15%)
Week 12 – 7th MayPetty Cash 
Week 13 – 14th MayDebtors and creditors subsidiary ledgers 
Week 14 – 21st MayDebtors and creditors subsidiary ledgersTest Five: Errors and Petty Cash (15%)
Week 15 – 28th MayComputerised Debtors and creditors subsidiary ledgers 
Week 16 – 4th JuneComputerised Debtors and creditors subsidiary ledgers 
Week 17 – 11th JuneRevisionTest Six: Subsidiary ledgers (20%)
Week 18 -18th June Resubmissions and review 

Overview of Learning Resources

Learning Resources

Prescribed Texts

Neish, W & Kahwati, G 2006, Computer Accounting Using MYOB Business Software, 9th ed, McGraw Hill, Australia.

Yates, Y Mroczkowski, N Fleay, D & Poustie, N. 2003, TAFE Accounting to Trial Balance, 8th ed, Thomson Australia
A workbook is also available for this text.

Neish and Kahwati, Computer Accounting using MYOB is also used for ACCT5152C Process payroll and COSC5239C Set up and operate a computerised accounting system.


Other Resources

Overview of Assessment

This unit is co-assessed with FNSICACC304A Prepare and bank receipts [ACCT5197C] and FSNICACC306A Process journal entries [ACCT5198C].
The assessment for this cluster is a series of tests and a folio of evidence. The “folio of evidence” is a collection of exercises which may have been completed during the classes and then submitted to support the grade of competent. The tests will then be used to allocate a number grade which is only available after the folio has been deemed competent. It is through the results of the tests that students will receive an indication of their progress.

Assessment Tasks

The first practical assessment/test will assess some of the underpinning knowledge required for the unit BSBCMN308A, including relevant legislation from all levels of Government, organisational policies and procedures, identification of source documents, the chart of accounts, principles of double entry bookkeeping and accrual accounting.
Test Two will assess your understanding of source documents and the preparation of specialised journals.
Test Three will assess your understanding of double entry accounting by testing your ability to process transactions from specialised and general journals into general ledger accounts.
Test Four is the only assessment for FNSICACC304A- Prepare and bank receipts, and will combine the preparation of a bank reconciliation statement with the preparation of banking documents.
Test Five will assess your ability to correct errors, through the use of general journals and the process for recording petty cash.
The final assessment, Test Six will test your ability to maintain a general ledger with subsidiary ledger accounts for debtors and creditors.
The program of tests is designed to build on the practical exercises submitted as the folio of evidence, and be used to guarantee the student’s understanding of the concepts presented. These will be closed book requiring application of the practical skills developed during the semester.

Other Information

These courses are assessed as a cluster and the same result is granted for all courses.

Students will be required to gain at least 50% in each assessment task plus submit a satisfactory Folio of Evidence to be deemed competent in these courses. A number score will then be granted.

Either failure to gain 50% in each assessment task or an unsatisfactory folio of evidence will result in the grade of NYC (not yet competent) being granted for each course in the cluster.

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