Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term1 2013

Course Code: ACCT5269C

Course Title: Process accounts payable and receivable

School: 650T TAFE Business

Campus: City Campus

Program: C4223 - Certificate IV in Business Administration

Course Contact : Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact Email:sylvia.baroutis@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Louise Belyuga

Email: louise.belyuga@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

This course covers the maintenance of accounts payable and accounts receivable  records, including processing payments to creditors and handling overdue accounts receivable. The course is suitable for individuals employed (or seeking employment) in a range of work environments supporting the accounting functions and aspects of an enterprise.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA303A Process accounts payable and receivable

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:

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

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 reconciliations

Performance Criteria:

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

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

2.4 Toal cash ;journals in accordance with organisational policy and procedures

2.5 Prepare regular reconcilatiation reports within designated time lines

Element:

3. Maintain accounts payable and accounts receivable systems

Performance Criteria:

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

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes, in accordance with organisational requirements

3.3 Reconcile schedules accounts payable and accounts receivable with journal data or general ledger, 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 organistional policy and procedures

5.2 Rectify discrepancies and statements despatched within designated time lines


Learning Outcomes



Details of Learning Activities

Students will engage in reading, class discussions and ’hands-on’ computer exercises and activities related to the development of the skills and knowledge to be able to process accounts payable and receivable.


Teaching Schedule

Week Beginning/DateContentAssessment
1. 11 FebruaryIntroduction to the course
Introduction to accounting concepts
Source documents - what are they?
Student textbook - Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v19
Class discussion
 
2. 18 February

The processing of business transactions
Class discussions
Activity Chp. 2/3 - Student textbook

Portfolio - Activity Chp 2/3
3. 25 FebruaryThe processing of business transactions - Sales - invoicing
Class discussions
Activity Chp 4
Portfolio - Activity Chp 4
4. 4 MarchThe processing of business transactions - Sales - invoicing
Class discussions
Activity Chp 4
Portfolio - Activity Chp 4
5. 11 MarchThe processing of business transactions - Adjustments
Class discussions
Activity Chp 4 cont. Chp 5/6
Portfolio - Activity Chp 4 cont’d/Chp 5/6
6. 18 MarchThe processing of business transactions - Customer payments and banking statements
Class discussions
Activity Chp 7
Portfolio - Activity Chp 7
7. 25 MarchConsolidation
Activity Chp 8
Portfolio - Activity Chp 8
7. 1 AprilMID SEMESTER BREAK - 28 MARCH - 3 APRIL 
8.  8 AprilRevision - Accounts ReceivableAssessment 2 - Revision Exercise
9. 15 AprilPurchases
Class discussion
Activity Chp 10
Portfolio - Activity Chp 10
10. 22 AprilPurchases
Class discussion
Activity Chp 10
Portfolio - Activity Chp 10
11. 29 AprilPayments to suppliers
Class discussion
Activity Chp 10
Portfolio - Activity Chp 11
12. 26 MayConsolidation
Class discussion
Activity Chp 12
Assessment 2 - Revision Exercise - Accounts Payable
13. 13 MayRevision - Accounts Payable
Class discussion
Activity Chp 13
Portfolio - Activity Chp 13
14. 20 MayCash Payments/Reconciling the cheque accounts
Class discussion
Activity Chp 14/15
Portfolio - Activity Chp 14/15
15. 27 MayIntegrated ExerciseAssessment 3 - Integrated Exercise
16. 3 June ResubmissionResubmission Assessment


Learning Resources

Prescribed Texts

Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v 19

9781921780004


References


Other Resources


Overview of Assessment

Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.

Other activities may be workplace-based or simulated work practices. These may include the production of technical requirements documents, direct observation of workplace practices and the presentation of a portfolio of evidence. This portfolio may include documents, photographs, video and/or audio files.

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. Students will be provided with feedback throughout the course to check their progress.


Assessment Tasks

Assessments are based on the prescribed text - A Step by Step Approach to Processing Accounts Payable and Receivable using MYOB AccountRight v19, Brown, M., Software Publications 2010.

Assessment 1 - Portfolio of Evidence (Due weekly)
Students should complete set exercises as set out in the Teaching Schedule.  These should be shown to your teacher in class on a weekly basis who will provide ongoing feedback.  You should collate the exercises in a ’Portfolio of Evidence’.

Assessment 2 - In class Revision Exercises (Due weeks 8 and 13)
A ’hands-on’ computer revision exercise (using MYOB) on the topic - Accounts Receivable in class in week 8.
A ’hands-on’ computer revision exercise (using MYOB) on the topic - Accounts Payable in class in week 13

Assessment 3 - In class Final Assessment (Due week 15)
A ’hands-on’ computer case study (using MYOB) on the topics - Accounts Receivable and Accounts Payable in week 15

If a student has not demonstrated competency during Assessments 2 and 3, a final opportunity to demonstrate competency will be given in week 16.

As students will receive ongoing feedback on the portfolio of evidence, students are expected to ensure the final portfolio meets competency standards by Week 15.  Note:  Week 16 submission is for Assessments 2 and 3 only.

Students must pass all assessments to be competent in this course.

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.  Forms are available from http://www.rmit.edu.au/students/forms.  Further information can be accessed from http://www.rmit.edu.au/students/specialconsideration

Variations to Assessment

A change will not be made to the form or forms of assessment as detailed in the Course Guide unless:

1. the students in that course have received notice in writing of the proposed change; and
2. the change is approved by the Head of School and not less than 70% of the students enrolled in that course.

Appealing Assessment

You are entitled to appeal assessment results.  Refer to RMIT Policy - Appeal Against Assessment Result available at http://www.rmit.edu.au/governance/policies in the Teaching and Learning Policy area.

Students are required to attempt all assessments and be rated as competent against all performance criteria to pass the course.

Recognition of Prior Learning and Credit Transfer

RMIT University recognises nationally accredited or endorsed qualifications and statements of attainment issues to the student by other Registered Training Organisations (RTO’s).  Also, RMIT provides credit for work experience or other forms of life experience that match the learning outcomes/competencies of RMIT courses.  You must provide evidence that is current, relevant, valid and verifiable that your experience matches the learning outcomes/competencies of the relevant course for which you are seeking credit.  This evidence may include formal qualifications (certificates, etc); work samples; references; documents, etc.  Please speak to your teacher before applying.

To apply, you should obtain an RPL Information Sheet.  Forms are available on the RMIT website at http://www.rmit.edu.au/student-records/studentforms.  You should complete the appropriate form (RPL and/or Credit Transfer), attach the relevant supporting documentation and submit the form to your facilitator for this unit.

Marking Guide (competency):

Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace.  Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ’competency based training’ (CBT).  So when you are assessed in VET it is about whether you are competent to do the job, as well as h;aving a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.  You need to demonstrate you are competent in each element of the unit of competency you are studying.  You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing.  Once competent in all elements of the unit you receive a competency grading.

Please refer to the Final Grades table below.

Marking Guide (Grading)

Each assessment task is marked as Competent or Not Yet Competent but not graded until achieving competency across the assessment tasks.  We then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognised against industry standards and employability skills.

The grading is according to the following criteria:

1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to processing accounts payable and receivable.

2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in processing accounts payable and receivable.  You should be able to demonstrate a thorough understanding of all applicable principles for processing accounts payable and receivable in all the assessment tasks.

3. TECHNIQUES AND PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for appropriate use of technology to assist in processing accounts payable and receivable.  You also need to show an understanding of the kind of problems that can arise in accounts payable and receivable in a workplace with people and how these might be addressed.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see ongoingdemonstration of an ability to plan your time (both in and outside of class) in order to produce the required work, together with timely submission of all required assessment tasks.

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant class discussions and/or group discussions.

FINAL GRADES TABLE:

CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved - Graded
NYC Not Yet Compent
DNS Did Not Submit for Assessment


Assessment Matrix

1. Maintain financial journal systems2. Prepare bank reconciliations3. Maintain accounts payable and accounts receivable systems4. Process payments for accounts payable5. Prepare statements for accounts receivable6. Follow up outstanding accountsUnderpinning skillsUnderpinning knowledge
Assessment 1XXXXXXX
Assessment 2XXXXXXX
Assessment 3XXXXXXX

Course Overview: Access Course Overview