Course Title: Establish and maintain a cash accounting system
Part B: Course Detail
Teaching Period: Term1 2013
Course Code: ACCT5351C
Course Title: Establish and maintain a cash accounting system
School: 650T TAFE Business
Campus: City Campus
Program: C4325 - Certificate IV in Bookkeeping
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
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 course describes the performance outcomes, skills and knowledge required to establish and manage organisational procedures, in arranging for and administering receipts and payments to establish and maintain a manual and computerised bookkeeping system on a cash basis.
This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including various aspects of the Tax Act, Goods and Services Tax (GST) rulings.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSBKG402A Establish and maintain a cash accounting system |
Element: |
1. Identify relevant information and establish a chart of accounts |
Performance Criteria: |
1.1. Business owner or manager is consulted to establish what business activities are undertaken, the nature of the entity and the industry type |
Element: |
2. Analyse and verify source documents |
Performance Criteria: |
2.1. Invoices and other source documents are verified for accuracy and compliance with taxation requirements |
Element: |
3. Process receipts and payments |
Performance Criteria: |
3.1. Payments are made and money is received and banked |
Element: |
4. Set up and maintain a petty cash system |
Performance Criteria: |
4.1. An expenditure authorisation record is prepared and expenditure encoded, recorded and filed |
Element: |
5. Process and reconcile credit cards |
Performance Criteria: |
5.1. Credit card transactions are processed against invoices and other source documents, verified and reconciled against credit card statements |
Element: |
6. Manage bank reconciliations and prepare and produce reports |
Performance Criteria: |
6.1. On receipt of statement, processed transactions are verified against the bank statement in a timely manner |
Learning Outcomes
Details of Learning Activities
This course is totally on-line. Therefore you will be free to complete all specified activities on a self-study basis in your own time.
Assessment tasks are also to be completed on-line, although in a limited time. If your first attempt is unsuccessful you will be given an opportunity to resit the task.
Teaching Schedule
| ELEMENT | ACTIVITIES | ASSESSMENT |
| 1. Identify relevant information and establish a chart of accounts |
Watch & listen to Audio Powerpoint notes Illustrative Example & Activity 1 |
 On-line multiple choice test  On-line short answer test |
| 2. Analyse and verify source documents | Illustrative Example Activity 1 Activity 2 |
 On-line multiple choice test  On-line short answer test |
| 3. Process receipts and payments | Illustrative Example Activity 1 Activity 2 |
 On-line multiple choice test  On-line short answer test |
| 4. Set up and maintain a petty cash system | Additional notes – Petty Cash Illustrative Example Activity 1 Activity 2 |
 On-line multiple choice test  On-line short answer test |
| 5. Process and reconcile credit cards | Additional notes – Credit cards |  On-line multiple choice test  On-line short answer test |
| 6. Manage bank reconciliations and prepare and produce reports | Additional notes – Bank Reconciliations Illustrative Example Activity 1 Activity 2 |
 On-line multiple choice test  On-line short answer test |
NOTE: The teaching schedule may be subject to change. Students will be advised via the Blackboard should changes occur.
Learning Resources
Prescribed Texts
References
Sutherland, Euan Computer Accounting:a systematic approach, Pearson, 2012 |
978 1 4425 54 |
Rodgers, R. & Lucas, P., Bookkeeping & Accounting Essentials, Cengage, 2012 |
9780170187183 |
Other Resources
Notes, videos, internet links, activities & solutions are provided on RMIT Blackboard
Overview of Assessment
Assessment in this totally on-line course takes the form of two on-line tests.
- Test 1 consists of 20 multiple choice questions, which are randomly selected from a bank of 30 questions covering all elements of the competency.
- Test 2 consists of 10 short answer questions which require you to demonstrate an understanding of both the theory and practical elements of Cash Accounting.
Assessment Tasks
Assessment in this totally on-line course takes the form of two on-line tests.
Test 1 consists of 20 multiple choice questions, which are randomly selected from a bank of 30 questions covering all elements of the competency.
Test 2 consists of 10 short answer questions which require you to demonstrate an understanding of both the theory and practical elements of Cash Accounting.
Assessment Matrix
Other Information
To be competent evidence of the following is essential:
• establish client files and set up bookkeeping system on a cash basis
• thoroughly check invoices, receipts, payments and balances outstanding
• interpret and comply with relevant statutory, legislative and regulatory requirements
• use bank account and cash reconciliation processes
• establish a basic chart of accounts
• carry out bank reconciliations.
Required skills
• communication skills to:
• build relationships, determine and confirm client requirements, using questioning and active listening as required
• liaise with others, share information, listen and understand
• use language and concepts appropriate to cultural differences
• numeracy and IT skills to:
• accurately analyse, code, record and store data in accordance with organisational requirements
• access and use appropriate financial management software, spreadsheets and databases
• use internet information
• analysis for accessing, interpreting and managing relevant financial data
• literacy skills for interpreting documentation and compiling reports
• self-management skills for complying with ethical, legal and procedural requirements
• problem solving skills to identify any issues that have the potential to impact on the bookkeeping process or outcome and to develop options to resolve these issues when they arise or refer to other professionals as appropriate
• organisational skills, including the ability to plan and sequence work to provide a timely and professional service
• teamwork skills to identify activities required with business owners or managers and tax agents
Required knowledge
• statutory, legislative and regulatory requirements relevant to bookkeeping including future changes in requirements
• differences between cash and accrual accounting
• relevant industry codes of practice
• relevant organisational policies and procedures in regard to processing accounts and transactions
• relevant statutory, legislative and regulatory requirements specifically with relation to ensuring that all bookkeeping activities undertaken meet requirements related to Activity Statements
• manual and computerised accounting systems
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