Course Title: Administer subsidiary accounts and ledgers
Part B: Course Detail
Teaching Period: Term1 2013
Course Code: ACCT5306C
Course Title: Administer subsidiary accounts and ledgers
School: 650T TAFE Business
Campus: City Campus
Program: C4324 - Certificate IV in Accounting
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Claude Marasco
9925 1651
Jenny Seiler
9925 1261
Max Li
Ifzal Syed
Anjella Davydov
Nominal Hours: 40
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 unit describes the performance outcomes, skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action and remit payments to sundry creditors.
This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC302A Administer subsidiary accounts and ledgers |
Element: |
1. Review accounts receivable process |
Performance Criteria: |
1.1. Receipts entered into accounts receivable system are checked for accuracy, consistency and thoroughness |
Element: |
2. Identify bad and doubtful debts |
Performance Criteria: |
2.1. Debtors ledger is regularly reviewed in accordance with organisation policy and guidelines to identify outstanding monies an further information, if required, sought from relevant sources |
Element: |
3. Review compliance with terms and conditions and plan recovery action |
Performance Criteria: |
3.1. Clients in default of trading terms are correctly identified according to organisation operating procedures and contacted promptly and courteously to make satisfactory arrangements to pay monies outstanding |
Element: |
4. Prepare reports and file documentation |
Performance Criteria: |
4.1. Reports are prepared which document accounts receivable, debt recovery type, cause and recovery plan and distributed to supervisors, managers and other relevant parties |
Element: |
5. Distribute creditors invoices for authorisation |
Performance Criteria: |
5.1. Invoice discrepancies are identified, investigated and rectified and invoices encoded and recorded correctly |
Element: |
6. Remit payments to creditors |
Performance Criteria: |
6.1. Cheque requisition is correctly drawn up and authorised and the correct general ledger to be drawn against identified |
Element: |
7. Prepare accounts paid report and reconcile balances outstanding |
Performance Criteria: |
7.1. Data is collected and entered onto spreadsheet giving details of creditors and amounts paid and a report prepared for ratification by appropriate management |
Learning Outcomes
Details of Learning Activities
Full-time students:
It is expected that you will attend classes.
During class time you will prepare notes, participate in discussions and complete problem solving exercises. Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system. You will be required to complete all the assessment tasks.
It is also expected that you will complete the self study activities specified in the teaching schedule outside your class times.
Part-time students:
It is expected that you will attend the five on campus classes scheduled during the semester. During those classes you will prepare notes, participate in discussions, complete problem solving exercises & receive feedback on your case study submissions. During the remaining 11 weeks of the semester you will be provided with on-line notes, discussion board, problem solving exercises & solutions. These will be provided for both manual & computerised accounting systems.
Teaching Schedule
Week | Date Beginning | Topics | Assessment Full-time & Part-time Delivery |
Full-time Delivery In class Self study activities activities |
Part-time Delivery | |
1 | 11/2/2013 |
Introduction |
Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.4 Documents 1.1 |
Elements 1.5 – 1.7 Documents 1.2 & 1.3 |
Workshop 1 Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.7 Documents 1.1 – 1.3 |
|
2 | 18/2/2013 |
Transaction Analysis – Service Businesses Transaction Analysis – Trading Businesses |
Lecture Illustration completion & discussion Activities 2.1 – 2.3, 2.9 |
Activities 2.4 – 2.8 | Read lectures & lecture illustrations Activities 2.1 - 2.9 |
|
3 | 25/2/2013 |
The General Ledger Accounting Process to trial balance |
Lecture Illustrations completion & discussion Activities 3.1 – 3.2, 3.3.1 |
Activities 3.3.2 – 3.3.4 | Read lectures & lecture illustrations Activities 3.1 - 3.3.4 |
|
4 | 4/3/2013 | Cash Transactions: |
Lecture Illustrations completion & discussion Activities 4.1 – 4.5 |
Rita’s Animal Refuge – Chapter 3 May Journal Compulsory On-line multiple choice self-test |
Workshop 2 |
|
5 |
12/3/2013 (Mon public holiday) |
Manual Subsidiary Ledgers Introduction to MYOB Set Up a Computerized System |
Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
Rita’s Animal Refuge – Chapter 3 May General & Subsidiary Ledgers; Case Study Part A | Read lectures & lecture illustrations Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
|
6 | 18/3/2013 | Cash Transactions: Processing in MYOB |
Comprehensive Case Study – Part A due Fri 22 Mar. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats Manual Sutherland 3.1 Magnetic Boats – MYOB |
Sutherland 3.2
Case Study Part A |
Read lectures & lecture illustrations Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats – manual & MYOB Sutherland 3.2; Case Study Part A |
7.1 |
25/3/2013 (Mon-Wed) |
Accrual Transactions: Credit Control Accrual Transactions:
|
Lecture Illustrations completion & discussion 7.1 Cozy Dry Cleaners manual Sutherland 4.1 & 5.1 |
7.2 The Blinds man manual; Sutherland 4.2 & 5.2; 7.3 The Ice-cream Parlour manual; Sutherland 4.3 & 5.3 Case Study Part B |
Read lectures & lecture illustrations Activities 7.1 – 7.3 Sutherland 4.3 & 5.3 Case Study Part B |
|
7.2 |
4/4/2013 (Thurs-Fri) |
as above |
as above |
as above |
as above |
|
8 |
8/4/2013 | Accounting for Inventory – Manual
Accounting for Inventory – MYOB |
Comprehensive Case Study – Part A Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; |
Sutherland 6.2 & 6.3; Case Study Part B |
Workshop 3 Lecture Illustrations completion & discussion Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; Sutherland 6.1 MYOB Inventory; Sutherland 6.2 & 6.3; Case Study Part B |
9 | 15/4/2013 |
Introduction to end of period reporting Accounting for Fixed Assets – Manual & MYOB |
On-line Theory Test Comprehensive Case Study – Part A Resubmissions |
Lecture Illustrations completion & discussion Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 |
Sutherland 10.2 & 10.3; Case Study Part B |
Read lectures & lecture illustrations Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 – 10.3; Case Study Part B |
10 |
22/4/2013 (Thurs public hol) |
Manual & Computerized Balance Day Adjustments | Lecture Illustrations completion & discussion Activities 10.1 – 10.5; |
Case Study Part B | Read lectures & lecture illustrations Activities 10.1 – 10.5; Case Study Part B |
|
11 | 29/4/2013 | Manual & Computerised Balance Day Adjustments |
Comprehensive Case Study – Part B due Mon 29 Apr. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activity 11.1 “Australand..” Manual Sutherland 7.1 |
Activity 11.2 Sports Physio Manual Sutherland 7.2 | Read lectures & lecture illustrations Activity 11.1 “Australand..” Manual; Sutherland 7.1; Activity 11.2 Sports Physio Manual; Sutherland 7.2 |
12 | 6/5/2013 | Manual Closing Entries |
Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part B Feedback & Interview Activities 12.1 – 12. |
Case Study Part C |
Workshop 4 Lecture Illustrations completion & discussion Activities 12.1 – 12.4 Comprehensive Case Study – Part B Feedback & Interview |
13 | 13/5/2013 | Manual & Computerised Preparation of Final Reports & rollover to new financial year |
Comprehensive Case Study – Part B Resubmissions | Lecture Illustrations completion & discussion Activities 13.1 – 13.4 |
Sutherland 7.3 Case Study Part C |
Read lectures & lecture illustrations; Activities 13.1 – 13.4 Sutherland 7.3 Case Study Part C |
14 | 20/5/2013 | Manual Cash Flow Statements
Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C due Mon 20 May See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Activities 14.1 – 14.6; |
Sutherland 8.1 | Read lectures & lecture illustrations; Activities 14.1 – 14.6; Sutherland 8.1 |
15 | 27/5/2013 | Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C Feedback & Interview See details under Assessment Tasks |
Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
Sutherland 8.1 |
Workshop 5 Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
16 | 3/6/2013 | Review & Reassessment |
Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
Review & Reassessment | Review & Reassessment |
Workshop 6 Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur
MID SEMESTER BREAK: There will be no classes from Thursday 28th March to Wednesday 3rd April.
Learning Resources
Prescribed Texts
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
Frost, Mellida, Rita's Animal Refuge: A Manual & Computerised Accounting Practice Set, Cengage, 2011 |
9780170190817 |
References
Other Resources
Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester. Students will need to access this site on a weekly basis, print off 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. Comprehensive Case Study
You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of a manual accounting system for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 22 March.
Part B - set up of a computerised accounting system for Rita’s Animal Refuge; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 29 April.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge. Due for submission on Monday 20 May.
2. Individual Interview
Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
3. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors.
Assessment Matrix
Other Information
To be competent evidence of the following is essential:
Evidence of the ability to:
• interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
• identify bad and doubtful debts in a timely manner and plan effective recovery actions
• follow bank account reconciliation processes
• use relevant data entry systems accurately.
Required skills
• communication skills to:
• determine and confirm work requirements and interact with clients, using questioning and active listening as required
• share information, listen and understand
• use language and concepts appropriate to cultural differences
• well-developed numeracy skills to make financial calculations
• IT skills for accessing and using accounting systems, spreadsheets and databases
• evaluation skills to determine payment status and any discrepancies
• literacy skills for:
• data analysis and entry
• drafting reports and letters
• organisational skills, including the ability to plan and sequence work and maintain accurate records
Required knowledge
• accounting principles and practices
• accounting systems
• awareness of legal systems and procedures and relevant acts or regulations
• industry codes of practice
• industry compliance requirements
• organisation policy, guidelines and procedures
• use of financial spreadsheets
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.
Course Overview: Access Course Overview