Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term1 2015

Course Code: ACCT5269C

Course Title: Process accounts payable and receivable

School: 650T Vocational Business Education

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

 

Helen Mustafa

helen.mustafa@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:

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 policies 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  Total cash journals in accordance with organisational policy and procedures
2.5  Prepare regular reconciliation 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 accounts 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:

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 time lines

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



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.

 

Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:

• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Introduction to Accounting Concepts


Teaching Schedule

Week beginningTopicAssessments

Week 1

09 February

 

Introduction to the Course including:
• Course requirements
• Course support documents
• Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/Cover Sheets
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions/Resubmissions
• Feedback in this course
• Reminder re submission requirements
• Getting help
 

Source Documents - What are they?

Underpinning knowledge

Week 2

16 February

 

Overview of Sales and Purchases 

Week 3

23 February

Credit Sales/Cash Purchases/Filing

 

Week 4

02 March

Sales Recording/Journal Entries to LedgerPortfolio Activity
 

Week 5

09 March

Purchases Recording Journal Entries to LedgerPortfolio Activity
 

Week 6

16 March

Subsidiary Ledger (Credit/Debtors)Portfolio Activity
 

Week 7

23 March

Setting up MYOBPortfolio Activity
 

Week 8a

30 March

Setting up MYOB - ONLINE WEEK

Portfolio Activity

02-08 March

 

Mid-semester break        02-08 March  

 

 

Week 8b

06 March

Setting up MYOB - ONLINE WEEKPortfolio Activity

 

Week 9

13 April

Entering sales in MYOBPortfolio Activity

Week 10 

20 April

Adjustment to invoices in MYOBPortfolio Activity

Week 11

27 April

Discounts and dishonoured cheques in MYOBPortfolio Activity
 

Week 12

04 May

Entering purchases in MYOBPortfolio Activity

Week 13

11 May

Payments to suppliersPortfolio Activity

Week 14

18 May

Final PortfolioAssessment 1 Final Portfolio Due

Week 15

25 May

Theory/Open Book/Notes AssessmentAssessment 2 - Theory Assessment

 Week 16

01 June

 Interviews/Re-submissions if required 

Week 17

08 June

Interviews/Re-submissions if required 


Learning Resources

Prescribed Texts

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

978192170004


References


Other Resources

myRMIT STudies

RMIT Library
 


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

Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
 maintaining journals and subsidiary ledger systems
 accurately entering data into journal and subsidiary ledger system
 reconciling subsidiary ledger system with journal or general ledger data.

 

There are two assessments for this unit:

ASSESSMENT 1 - Portfolio of evidence - Weekly activities - submitted weekly in class

The final portfolio comprising all activities should be resubmitted in Week 14. (Please refer to the Assessment Record/Cover Sheet on Blackboard for further details about the Portfolio of Evidence)

ASSESSMENT 2 - Final assessment - Open Book/Open Notes theory assessment under supervised conditions

This assessment is open book/open notes

 Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• Always retain a copy of your assessment tasks. (hard copy and soft copy)
• When you submit work for assessment at RMIT University you need to use a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
• Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


Late Submission Procedures
You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates.
If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. <check links are still current>
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
Where an extension of greater than seven days is needed, you must apply for special consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination.
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf


Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
 

Adjustments to Assessment
In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment

Grading 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 ongoing demonstration 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.
 


Assessment Matrix

Course Overview: Access Course Overview