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

ifzal.syed@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 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
1.2. Existing material is identified and examined for relevance in creating and/or modifying the chart of accounts
1.3. Business operations are examined in conjunction with the tax agent and business owner or manager to identify the accounting software required and to determine other relevant requirements
1.4. Chart of accounts and opening balances for assets, liabilities, equity, income, cost of sales and expenses are established
1.5. Chart of accounts and balances are validated and authorised by relevant persons
 

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
2.2. Discrepancies between monies owed and monies paid are identified and investigated according to organisational policies and procedures
 

Element:

3.  Process receipts and payments

Performance Criteria:

3.1. Payments are made and money is received and banked
3.2. Receipts and payments are coded and recorded in bookkeeping system on a cash basis
3.3. Receipts and payments are filed
3.4. Cash register is balanced against purchases and takings are processed in internal bookkeeping system
 

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
4.2. Expenditure is reconciled and reimbursed
 

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
5.2. Credit card payments are processed in accordance with organisational policies and procedures
 

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
6.2. Bank entries are processed and verified and the bank statement reconciled to balance as per bookkeeping system
6.3. Reports are produced in line with the business needs and are validated in a timely manner with corrections made as required
 


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

ELEMENTACTIVITIESASSESSMENT
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 documentsIllustrative Example
Activity 1
Activity 2
 On-line multiple choice test
 On-line short answer test
 
3. Process receipts and paymentsIllustrative Example
Activity 1
Activity 2
 On-line multiple choice test
 On-line short answer test
 
4. Set up and maintain a petty cash systemAdditional notes – Petty Cash
Illustrative Example
Activity 1
Activity 2
 On-line multiple choice test
 On-line short answer test
 
5. Process and reconcile credit cardsAdditional notes – Credit cards On-line multiple choice test
 On-line short answer test
 
6. Manage bank reconciliations and prepare and produce reportsAdditional 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.

  1. Test 1 consists of 20 multiple choice questions, which are randomly selected from a bank of 30 questions covering all elements of the competency.
  2. 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