Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2012

Course Code: ACCT5303C

Course Title: Process financial transactions and extract interim reports

School: 650T TAFE Business

Campus: City Campus

Program: C4296 - Certificate IV in Accounting

Course Contact : Jenny Seiler

Course Contact Phone: +61 3 992551621

Course Contact Email:jenny.seiler@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Linda Boyce

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

Nil.

Course Description

This unit describes the functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
 

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.






 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301A Process financial transactions and extract interim reports

Element:

1. Check and verify supporting documentation
2. Prepare and process banking and petty cash documents
3. Prepare and process invoices for payment to creditors and for debtors
4. Prepare journals and batch monetary items
5. Post journals to ledger
6. Enter data into system
7. Prepare deposit facility and lodge flows
8. Extract a trial balance and interim reports

Performance Criteria:

1.1. Information from documents is identified, checked and recorded
1.2. Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2.1. Deposits and withdrawals are accurately entered and balanced according to organisational procedures
2.2. Cheques and card vouchers are checked for validity before processing
2.3. Banking documentation is reconciled with organisation’s financial records
2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures


3.1. Invoices are prepared in accordance with organisational procedures
3.2. Invoices are checked against source documents for accuracy and any errors corrected
3.3. All invoices and related documents are filed for auditing purposes


4.1. Journals are prepared accurately and completely and items batched within organisational timelines
4.2. Batch items are precisely matched to initial receipt records
4.3. Journals are authorised in accordance with organisational policy and procedures


5.1. Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts


6.1. Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
6.2. Related systems are updated to maintain the integrity of relationships between financial systems


7.1. A deposit facility is selected appropriate to the banking method to be used
7.2. Batch is balanced with deposit facility without error
7.3. Security and safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements
7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable


8.1. Any special transactions are processed accurately
8.2. Cash and credit journals are completed and posted to general ledger
8.3. A trial balance is extracted and checked and other required reports prepared
8.4. Any errors are found and corrected


Learning Outcomes



Details of Learning Activities

It is expected that students will attend classes. 

During class time students will prepare notes, participate in discussions and complete problem solving exercises.  Across the semester students will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system.  Reports will also be completed in excel.  Students will be required to complete all the assessment tasks,


Teaching Schedule

 

Week Date Beginning Topics

 Assessment

ACCT5303C

 Assessment

ACCT 5306C

 Assessment

ACCT5304C

Assessment 

ACCT5287C

 Assessment

COSC6059C

 1 6/2/2012

Source Documents,

Accounting Equation,

Transaction Analysis 

     
 213/2/2012Accounting Process to trial balance

Basic Reports
     
 3 20/2/2012Processing in MYOBTest - Manual Accounting Test - Manual AccountingTest - Manual Accounting 
 4 27/2/2012Processing in MYOBTest Review Test ReviewTest Review 
 5 5/3/2012

Processing in MYOB

Manual Subsidiary Processes 

     
 612/3/2012 (Mon public holiday)

Manual & Computerized Subsidiary Processes

     
 719/3/2012Set Up a Computerized SystemTest Debtors/CreditorsTest Debtors/Creditors   
 826/3/2012 

Intergrated Computerized Exercise including set up, processing and production of a trial balance

Test Review

Intergrated Computerized Exercise including set up, processing and production of a trial balance

Test Review
  Intergrated Computerized Exercise including set up, processing and production of a trial balance

 9.12/4/2012 (Mon-Wed)

Introduction to end of period reporting

Asset Registers

Review Intergrated ExerciseReview Intergrated Exercise  Review Intergrated Exercise
   MID SEMESTER BREAK    
 9.2

9/4/2012 (Thurs-Fri)

Introduction to end of period reporting

Asset Registers
Review Intergrated ExerciseReview Intergrated Exercise  Review Intergrated Exercise
 1016/4/2012Balance Day Adjustments     
 1123/4/2012 (Wed public hol)Manual & Computerized Closing Entries     
 1230/4/2012Manual & Computerized Preparation of Final Reports     
 13 7/5/2012

Intergrated manual exercise

Cash Flow Statements & Cash Budgets

  Excel Class Exercise  
 1414/5/2012 Revision  Test Asset Register, BDA, Manual Closing entries & ReportsTest Asset Register, BDA, Manual Closing entries & Reports 
 15 21/5/2012   

Review Test

Holistic MYOB Inclass Assignment including BDA, end year procedures & reports

 Review Test

Holistic MYOB Inclass Assignment including BDA, end year procedures & reports

 1628/5/2012 Reassessment  Review inclass assignment Review inclass assignment
 174/6/2012 Reassessment     

 

**The teaching schedule maybe subject to change.  Students will be advised via the Blackboard and inclass should changes occur


Learning Resources

Prescribed Texts

A Step by Step Approach to Process Financial Transactions and Extract Interim Reports (Manual and MYOB AccountRight v19), Marian Brown, Software Publications Pty Ltd, 2011

9781921885587

A Step by Step Approach to Administer Subsidairy Accounts and Ledgers Using MYOB AccountRight v19), Marian Brown, Software Publications Pty Ltd, 2011

9781921885594

A Step by Step Approach to Prepare Financial Reports (Manual with MYOB AccountRight v19 Option), Marian Brown, Software Publications Pty Ltd, 2011

9781921885426


References


Other Resources

Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester on the ACCT5303C Prepare Financial Trasactions and Extract Interim Reports blackboard site.  Students will need to access this site on a weekly basis and print of materials and bring them to class as necessary


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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

1.  Closed Book InclassTest  in a limited time 

Students will be tested on basic accounting principles including transaction analysis, the accounting equation and preparation of a balance sheet

2. Closed Book Inclass Test in a limited time

Students will be tested on subsidiary theory and manual processing

3.  Intergrated Computerized Assignment to be completed in class in a limited time

Students will complete an MYOB exercise which incorporates set up and processing transactions and the extraction of a trial balance.

4.  Inclass Excel Exercise

Students will be required to complete a cash flow statement on excel and electronically submit to your teacher.  Students may refer to their class notes as they complete this exercise.

5. Closed Book Inclass Test in a limited time

Students will complete an asset register and manually record balance day adjustments, closing entries and final reports

6.  Intergrated Computerized Assignment to be completed in class in a limited time

Students will complete an MYOB exercise which included balance day adjustments, end of period procedures and printing final reports


Assessment Matrix

Other Information

This competency is taught concurrently with:
ACCT 5306C Administer Subsidiary Ledgers and Accounts (FNSACC302A)
ACCT 5304C Prepare Financial Statements for Non-reporting Entities (FNSACC404A)
ACCT 5287C Prepare Financial Reports (BSBFIA401A)
COSC 6059C Set Up and Operate a Computerized Accounting System (FNSACC406A)

The cluster is referred to as ACCT 5303C Process Financial Transactions and Extract Interim Reports

 

Critical aspects for assessment and evidence required to demonstrate competency in this unit:
1.  accurately enter and balance deposits and withdrawals
2.  process and balance petty cash transactions
3.  check and verify supporting documentation
4.  apply relevant security measures for preparing and banking receipts
5.  batch monetary items and prepare deposit facilities
6.  use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
7.  prepare and authorise journals and check journal processing reports
8.  extract and check/correct a trial balance
9.  file documentation to meet all organisational and regulatory requirements.

Required skills
1.  communication skills to:
    a. determine and confirm work requirements, using questioning and active listening as required
    b. share information, listen and understand 

    c.  read and interpret documentation from a variety of sources
    d. use language and concepts appropriate to cultural differences

2.  numeracy skills to make financial calculations
3.  information technology skills for accessing and using spreadsheets and databases
4.  literacy skills for data analysis and interpretation
5.  evaluative and general analytical skills
6.  organisational skills, including the ability to plan and sequence work


Required knowledge
1.  accounting conventions, processes and procedures
2.  banking procedures and guidelines
3.  industry codes of practice 
4.  legislative and regulatory requirements relevant to the work
5.  organisational policy and procedures
6.  relevant Acts and regulations
7.  security procedures for handling cheques, vouchers and cash

When submitting assessments you should:

• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 work for assessment 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,

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 having 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) 

After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized 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 well as demonstrating a high level of initiative while proccessing transactions and extracting  reports.

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 financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.

3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING

We are looking for techniques to be used  in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports.   You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.

4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT

We expect to see effective planning, self management & work organization resulting in timely submission of all required assessment tasks

5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK

We expect to see contributions to relevant discussions.  In addition you should demonstrate a range of well-developed interpersonal skills appropriate to each task

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 


Further information regarding the application of the grading criteria will be provided by your teacher.





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