Course Title: Process journal entries

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: ACCT5198C

Course Title: Process journal entries

School: 650T TAFE Business

Campus: City Campus

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

Course Contact : Laurine Symington

Course Contact Phone: +61 3 9925 5484

Course Contact Email:laurine.symington@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Angelo Sellan
Angelo.Sellan@rmit.edu.au

Nominal Hours: 10

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]
BSBCMN308A Maintain financial records [ACCT5180C]

Course Description

This unit describes the functions involved in processing financial journal entries.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSICACC306A Process journal entries

Element:

Authorise journal

Performance Criteria:

1.1 Supporting documentation is examined to establish accuracy and completeness

1.2 Supporting documentation is examined to ensure authorisation by appropriate level

Element:

Check and verify supporting documentation

Performance Criteria:

2.1 Journal is accurate, complete and prepared within company timelines

Element:

Check journal processing report

Performance Criteria:

3.1 Journal is authorised in accordance with company policy and procedure

Element:

Enter data into system

Performance Criteria:

4.1 Data is entered into system accurately and in accordance with company input standards

4.2 Transaction is correctly allocated to system and account

4.3 Related systems are updated to maintain integrity of relationships between financial systems

4.4 Data entry is undertaken in accordance with relevant health and safety requirements

Element:

File documentation

Performance Criteria:

5.1 Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices

5.2 Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures

Element:

Prepare journal

Performance Criteria:

6.1 Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements

6.2 Filed documentation is easily accessible and traceable


Learning Outcomes


Please refer to Elements of Competency.


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
111th February Elements of Accounting, Statement of Financial Position  
218th February Chart of Accounts, Business documents, Internal Control, legislative requirements
 
325th FebruaryBusiness documents and journalsTest One: Underpinning knowledge
Concepts and environment. (10%)
43rd march Ledger accounts and the trial balance
 
510th March Ledger accounts and the trial balance
 
617th March, 24th MarchLedger accounts and the trial balance Test Two: Prepare journals (15%)
731st March Complete journals and maintain manual accounting records  
87th April Complete journals and maintain computerised accounting records

 
914th April Bank Reconciliation Test Three: Post journals (25%)
1021st April Computerized Cash Accounts & Banking  
1128th April Error correction, manual and computerised. Test Four: Cash and Bank Reconciliation (15%)
125th May Petty Cash  
1312th MayDebtors and creditors subsidiary ledgers
 
1419th May  Debtors and creditors subsidiary ledgers 
Test Five: Errors and Petty Cash (15%)
1526th May Computerised Debtors and creditors subsidiary ledgers 
162nd June Computerised Debtors and creditors subsidiary ledgers
 
179th June Revision Test Six: Subsidiary ledgers (20%)
1816th JuneResubmissions 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


References


Other Resources


Overview of Assessment

This unit is co-assessed with FNSICACC304A Prepare and bank receipts [ACCT5197C] and BSBCMN308A Maintain financial records [ACCT5180C].
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.
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.
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 five) and eighteen (test six).


Assessment Matrix

 

 Folio of evidence.Practical testResubmission Available
 Process Journal Entries FNSICACC306B/1 Check and verify supporting documentationYesTest 2, 3 and 6Yes
Process Journal Entries FNSICACC306B/ 2. Prepare journal YesTest 2, 3 and 6Yes
Process Journal Entries FNSICACC306B/ 3. Authorise journal YesTest 2, 3 and 6Yes
Process Journal Entries FNSICACC306B/ 4. Enter data into system YesTest 2, 3 and 6Yes
Process Journal Entries FNSICACC306B/ 5. Check journal processing report YesTest 2, 3 and 6Yes
Process Journal Entries FNSICACC306B/ 6. File documentation YesTest 2, 3 and 6Yes

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 http://www.rmit.edu.au/students/specialconsideration

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