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: C4169 - Certificate IV in Financial Services (Accounting)

Course Contact : Laurine Symington

Course Contact Phone: +61 3 99255484

Course Contact

Name and Contact Details of All Other Relevant Staff

Laurine Symington

Susan Nasser

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:
FNSICACC304B Prepare and bank receipts [ACCT5252C]
FSNICACC306B Process journal entries [ACCT5253C]

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

Performance Criteria:

3.1 Cash flow is accurately accounted for in accordance with organisational requirements
3.2 Payments are made and received in accordance with organisational requirements
3.3 Outstanding accounts are collected or followed up within designated timelines
3.4 Payment documentation is checked for accuracy of information and despatched to creditors within designated timeline

Learning Outcomes

After completing this unit of competency, students should be able to demonstrate they can:

   Identify and respond to discrepancies and errors

  Transfer and record financial data accurately

  Identify and comply with organisational requirements

  Reconcile expenditures and revenue

  Recommend options for financial decision making

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 FNSACCT407B 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

WeekDateWork to be coveredAssessment
17th July Elements of Accounting, Statement of Financial Position  
213th JulyChart of Accounts, Business documents, Internal Control, legislative requirements
320th JulyBusiness documents and journalsTest One: Underpinning knowledge
Concepts and environment. (10%)
427th JulyLedger accounts and the trial balance
54th AugustLedger accounts and the trial balance
611th AugustLedger accounts and the trial balance Test Two: Prepare journals (15%)
718th AugustComplete journals and maintain manual accounting records  
825th AugustComplete journals and maintain computerised accounting records

98th SeptemberBank Reconciliation (ACCT5198C)Test Three: Post journals (25%)
1015th SeptemberComputerized Cash Accounts & Banking  
1122nd SeptemberError correction, manual and computerised.  
1229th SeptemberPetty Cash (ACCT 5198C) 
136th OctoberDebtors and creditors subsidiary ledgers
 Test Four: Cash, Bank reconciiation, Errors and Petty Cash (30%)
1413th OctoberDebtors and creditors subsidiary ledgers 
1520th OctoberComputerised Debtors and creditors subsidiary ledgers 
1627th OctoberComputerised Debtors and creditors subsidiary ledgers
173rd November Revision and final assessmentTest Five: Subsidiary ledgers (20%)
1810th NovemberResubmissions and review  

Learning Resources

Prescribed Texts

TAFE Accounting to Trial Balance, Yates, Y Mroczkowski, N Fleay, D & Poustie, N. 2003, 8th ed, Thomson Australia

Computer Accounting a systematic approach. Euan Sutherland Pearson Ed 2008


Other Resources

Overview of Assessment

This unit is co-assessed with FNSICACC304B Prepare and bank receipts [ACCT5252C] and FSNICACC306B Process journal entries [ACCT5253C].  There will be three (3) tests and the final mark will be the combined score of all the tests.
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 FNSICACC304B- Prepare and bank receipts, and will combine the preparation of a bank reconciliation statement with the preparation of banking documents.  Also it will assess your ability to correct errors, through the use of general journals and the process for recording petty cash.
The final assessment, Test Five 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.
A Folio of Evidence will need to be created during the semester and will be submitted and must be considered satisfactory before a result for these units can be given.
A mark of greater than 50% in total is required to be deemed Competent for the unit. Resit opportunities will be available during week seventeen (test one to four) and eighteen (test five).

Assessment Matrix




Folio of evidence.Practical test Resubmission Available
Maintain Finaicial Records BSBCMN308A/1.Maintain daily financial records Maintain Financial Records Yes Test 1,2, 3, 4 and 5 
BSBCMN308A/2. Maintain the general ledger Yes Test 2, 3, 4 and 5 Yes
Maintain Financial Records BSBCMN308A/3. Maintain cash controlYes Test 4and 5 Yes

Other Information

It is expected that students will complete the tasks as specified, either in the class or elsewhere, but they MUST attend for the tests in the times as specified.
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. You must apply no later than two working days after the examination/assessment that has been affected. You must complete the Special Consideration Application Form and lodge the original and one photocopy at the Hub. Forms are available from the Student Hub on Level 3 or from

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