Course Title: Administer subsidiary accounts and ledgers

Part B: Course Detail

Teaching Period: Term2 2014

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

Ifzal Syed

ifzal.syed@rmit.edu.au

Hemant Goel

hemant.goel@rmit.edu.au

Jenny Seiler

jenny.seiler@rmit.edu.au

Claudio Marasco

claudio.marasco@rmit.edu.au

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
1.2. Incorrect entries are identified and accurately recorded according to type and source of receipt
1.3. Discrepancies between monies owed and monies paid are identified and investigated according to organisation policy, procedures and guidelines
1.4. Receipts entered into accounts receivable system are amended according to established procedures
 

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 and further information, if required, sought from relevant sources
2.2. Bad or doubtful debt status is verified through liaison with debtors
2.3. Reporting procedures and appropriate documentation for bad and doubtful debts is completed in accordance with organisation policy and guidelines
 

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
3.2. Monies owing that constitute breaches of organisation credit policy are actioned in accordance with organisation policy and procedures
3.3. Previous activities and communication with clients are thoroughly reviewed to establish adequacy of follow-up procedures, and whether all usual organisation recovery avenues have been exhausted
3.4. Plans to pursue debt recovery or to initiate legal action are developed with measures to collect monies completed in accordance with organisation policy, guidelines and timelines
 

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
4.2. Documentation is filed promptly in accordance with organisation policy and procedures
 

Element:

5. Distribute creditors invoices for authorisation

Performance Criteria:

5.1. Invoice discrepancies are identified, investigated and rectified and invoices encoded and recorded correctly
5.2. Authorisation for payment is requested from appropriate personnel
 

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
6.2. Correct account is debited in a timely manner and in accordance with legislative and compliance requirements
6.3. Creditors payments are prepared in an accurate manner
 

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
7.2. Statements of outstanding balances are sought from suppliers where required and balances outstanding are reconciled to invoices received
 


Learning Outcomes



Details of Learning Activities

 

 

Full-time students:

Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points. 

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 activities & assessment tasks, either in class or in your own time. 

You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.

Part-time students:

Your learning experiences will be an equal mixture of face to face workshops & online.

It is expected that you will attend all scheduled workshops.  During the workshops you will be expected to make notes during lectures, participate in discussions, complete illustrative examples and problem solving activities.  

During the remaining 8 weeks of the semester you will be provided with a Blackboard "Collaborate" session, which you may access live &/or as a recording. You will also be provided with on-line notes, problem solving exercises & solutions on the Blackboard site every week. These will be provided for both manual & computerised accounting systems.


Teaching Schedule

 

<thead> <th colspan="2" scope="col">FULL TIME STUDENTS</th> <th scope="col"> </th> <th scope="col"> </th> <th scope="col">Week beginning </th> <th scope="col">Topics</th> <th scope="col">Assessment</th> <th scope="col">Activities to be completed</th> </thead> <th scope="row"> 17 Jul </th> <th scope="row"> 214 Jul </th> <th scope="row"> 321 Jul </th> <th scope="row"> 428 Jul </th> <th scope="row"> 54 Aug </th> <th scope="row"> 611 Aug </th> <th scope="row"> 718 Aug </th> <th scope="row"> 825 Aug </th> <th scope="row">  98 Sept </th> <th scope="row"> 1015 Sept </th> <th scope="row">   </th> <th scope="row"> 1122 Sept </th> <th scope="row"> 1229 Sept </th> <th scope="row"> 136 Oct </th> <th scope="row"> 1413 Oct </th> <th scope="row"> 1520 Oct </th> <th scope="row"> 1627 Oct </th> <th colspan="2" scope="row">  FLEXED STUDENTS </th> <th scope="row">Week beginning</th> <th>Topics</th> <th scope="row">1 7 Jul   </th> <th>Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents  </th> <th scope="row">2 14 Jul   </th> <th>Transaction Analysis: Cash Accounting vs. Accrual Accounting </th> <th scope="row">3 21 Jul   </th> <th>The Accounting Process: Transaction Analysis to General Ledger   </th> <th scope="row"> 428 Jul   </th> <th> The Accounting Process: Transaction Analysis to Journals to General Ledger   </th> <th scope="row"> 54 Aug   </th> <th>The Accounting Process: Transaction Analysis to Journals to Subsidiary LedgersIntroduction to MYOB  </th> <th scope="row"> 611 Aug   </th> <th>Set Up a Computerised System Accounting for Cash TransactionsPetty Cash - manual & MYOB   </th> <th scope="row"> 718 Aug   </th> <th>Bank Reconciliations - manual & MYOB Management of Cash   </th> <th scope="row"> 825 Aug   </th> <th>Accounting for Credit Transactions: Management of Debtors & CreditorsMYOB Purchases Module & Inventory Module   </th> <th scope="row"> 98 Sept </th> <th>Accounting for Credit Transactions: MYOB Sales Module & Inventory Module   </th> <th scope="row">  </th> <th>  </th> <th scope="row"> 1015 Sept   </th> <th>Introduction to end of period procedues & reporting Accounting for Fixed Assets - manual & MYOB   </th> <th scope="row"> 1122 Sept   </th> <th>Balance Day Adjustments - manual & MYOB </th> <th scope="row"> 1229 Sept   </th> <th>Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manualMYOB Year end rollover & Reversing entries   </th> <th scope="row"> 136 Oct   </th> <th>Preparation of Final Reports - manual & MYOB </th> <th scope="row"> 1413 Oct   </th> <th>Integrated Manual & MYOB exercise </th> <th scope="row"> 1520 Oct   </th> <th>Review & Reassessment </th> <th scope="row"> 1627 Oct </th> <th>Review & Reassessment </th>
Introduction
Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents

 

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4

Transaction Analysis: Cash Accounting vs. Accrual Accounting Lecture Illustrations completion & discussion
Activities 2.1 – 2.7

The Accounting Process:

Transaction Analysis to General Ledger

 Lecture Illustrations completion & discussion
Activities 3.1 – 3.7
The Accounting Process:

Transaction Analysis to Journals to General Ledger

On-line Transaction Analysis Self-Test

Lecture Illustrations completion & discussion
Activities 4.1 – 4.5

S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger

Discussion of Case Study transactions

The Accounting Process:

Transaction Analysis to Journals to Subsidiary Ledgers

Introduction to MYOB

 

 

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; 

S Tan Practice Case Study - posting to Subsidiary Ledgers 

Read Sutherland Ch.1

MYOB Activity 5 Clearwater Pty Ltd

Set Up a Computerised System

Accounting for Cash Transactions

Petty Cash - manual & MYOB

 

Read Sutherland Ch.2 & 3

Lecture Illustrations completion & discussion;

MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6

S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions
 

Manual Activities 6.1 – 6.3;

 

Bank Reconciliations - manual & MYOB

Management of Cash

 

Lecture Illustrations completion & discussion;

Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual

MYOB Activities: Sutherland 3.1
Magnetic Boats – MYOB; Sutherland 3.2 & 3.3; S Tan Practice Case Study - MYOB Bank Reconciliation

 

 

Accounting for Credit Transactions:

Management of Debtors & Creditors

MYOB Purchases Module & Inventory Module

Comprehensive Case Study – Part A due Fri 29th August

See details under Assessment Tasks

On-line Theory Test to be completed during mid-semester break 1st to 5th September.

See details under Assessment Tasks

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Read Sutherland Ch.4 & 6

MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1;

S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items

Accounting for Credit Transactions:

MYOB Sales Module & Inventory Module
 

Comprehensive Case Study – Part A

Supervised in-class on-line test.

 

 

Lecture Illustrations completion & discussion;

Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

Read Sutherland Ch.5

MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 

Introduction to end of period procedues & reporting

Accounting for Fixed Assets - manual & MYOB
 

 

 Lecture Illustrations completion & discussion

Manual Activities: 10.1 – 10.6 Manual Fixed Assets
 

Read Sutherland Ch.7 & 10

MYOB Activities: Sutherland  7.1 (as directed by teacher)

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

 

 

 

 

 

 

Balance Day Adjustments - manual & MYOB 

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5 

Read Sutherland Ch.7

MYOB Activities: Sutherland 7.1 - 7.3

S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB

Balance Day Adjustments - manual & MYOB

Closing Entries & Reversing Entries - manual

MYOB Year end rollover & Reversing entries

Comprehensive Case Study – Part B due Mon 29 Sept.

See details under Assessment Tasks

Comprehensive Case Study – Part B Supervised in-class on-line test.

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities: Sutherland 3.2

Preparation of Final Reports - manual & MYOB 

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5
 

MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3

S Tan Practice Case Study - manual & MYOB Reports

Integrated Manual & MYOB exerciseComprehensive Case Study – Part C due week beginning Mon 13 Oct

See details under Assessment Tasks & on Blackboard

Questions regarding Case Study Part C

Manual & MYOB Activities:

Comprehensive Case Study Part C;Sutherland Ch.8

Review & Reassessment

Comprehensive Case Study – Part C Supervised in-class on-line test.

Resubmissions & RESITS

 

See details under Assessment Tasks & on Blackboard
 

Interviews & RESITS
Review & ReassessmentResubmissions & RESITS Interviews & RESITS
  
AssessmentActivities to be completed
 

 WORKSHOP 1:

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4
 

 

 COLLABORATE

Read Lecture & Illustrations
Activities 2.1 – 2.7

 

  WORKSHOP 2:

Lecture Illustrations completion & discussion

Activities 3.1 – 3.7

On-line Transaction Analysis Self-Test
 

  COLLABORATE

Read Lecture & Illustrations
Activities 4.1 – 4.5

S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger

Discussion of Case Study transactions
 

 

 WORKSHOP 3:

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers;

S Tan Practice Case Study - posting to Subsidiary Ledgers

Read Sutherland Ch.1

MYOB Activity 5 Clearwater Pty Ltd
 

 

  COLLABORATE

Read Sutherland Ch.2 & 3

Lecture & Illustrations completion & discussion;

MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6

S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions
 

Manual Activities 6.1 – 6.3;

 

 

 WORKSHOP 4:

Lecture Illustrations completion & discussion;

Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual

MYOB Activities: Sutherland 3.1
Magnetic Boats – MYOB; Sutherland 3.2 & 3.3; S Tan Practice Case Study - MYOB Bank Reconciliation

 

Comprehensive Case Study – Part A due Fri 29th Aug.


See details under Assessment Tasks
 

On-line Theory Test to be completed during mid-semester break 1st to 5th September.

See details under Assessment Tasks

 

  COLLABORATE

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Read Sutherland Ch.4 & 6

MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1;

S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items
 

Comprehensive Case Study – Part A Supervised in-class on-line test. 
 

 


See details under Assessment Tasks

 

 WORKSHOP 5:

Lecture Illustrations completion & discussion;
Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

Read Sutherland Ch.5

MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 

  


See details under Assessment Tasks

 

  COLLABORATE

Lecture Illustrations completion & discussion

Manual Activities: 10.1 – 10.6 Manual Fixed Assets
 

Read Sutherland Ch.7 & 10

MYOB Activities: Sutherland 7.1 (as directed by teacher)

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

Comprehensive Case Study – Part B due Fri 26th September.
See details under Assessment Tasks

Comprehensive Case Study – Part B Supervised in-class on-line test.

 

 WORKSHOP 6:

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5

Read Sutherland Ch.7

MYOB Activities: Sutherland 7.1 - 7.3

S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB
 

 

  COLLABORATE

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities: Sutherland 3.2
 

 

 WORKSHOP 7:

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5

MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3

S Tan Practice Case Study - manual & MYOB Reports
 

Comprehensive Case Study – Part C due week beginning Mon 13 October.
See details under Assessment Tasks & on Blackboard
 

  COLLABORATE

Questions regarding Case Study Part C
Manual & MYOB Activities:

Comprehensive Case Study Part C; Sutherland Ch.8
 

Comprehensive Case Study – Part C Supervised in-class on-line test.

Resubmissions & RESITS

See details under Assessment Tasks & on Blackboard

 

 WORKSHOP 8:

Interviews & RESITS

Resubmissions & RESITS

  COLLABORATE

Interviews & RESITS

**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 Monday 1st September to Friday 5th September


Learning Resources

Prescribed Texts

Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011

9781442554016


References


Other Resources

Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports.  Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.

For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp.  You will also need a headset & microphone.


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.
Individual Interview
 

Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies. 

2. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.


Assessment Matrix

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.
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 Not Yet Competent 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:

Other Information

FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
 

Course Overview: Access Course Overview