Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term1 2016

Course Code: ACCT5369C

Course Title: Process accounts payable and receivable

School: 650T Vocational Business Education

Campus: City Campus

Program: C4358 - Certificate IV in Business Administration

Course Contact : Sylvia Baroutis

Course Contact Phone: +61 3 9925 5469

Course Contact Email:sylvia.baroutis@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Helen Mustafa

helen.mustafa@rmit.edu.au

Nominal Hours: 30

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 skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable.

t applies to individuals employed in a range of work environments supporting the accounting functions and aspects of an enterprise. They may provide administrative support within an enterprise, or may be members of staff who have been delegated accounting responsibilities.
 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSBFIA303 Process accounts payable and receivable

Element:

1 Maintain financial journal systems

Performance Criteria:

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

Element:

2 Prepare bank reconciliations

Performance Criteria:

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

Element:

3 Maintain accounts payable and accounts receivable systems

Performance Criteria:

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

Element:

4 Process payments for accounts payable

Performance Criteria:

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

Element:

5 Prepare statements for accounts receivable

Performance Criteria:

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

Element:

6 Follow up outstanding accounts

Performance Criteria:

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures


Learning Outcomes



Details of Learning Activities

Students will engage in reading, class discussions and ’hands-on’ computer exercises and activities related to the development of the skills and knowledge to be able to process accounts payable and receivable.

 

Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:

• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Introduction to Accounting Concepts


Teaching Schedule

Week commencing

TopicAssessments

Week 1

February 08

 

 

Introduction to the Course including:
• Course requirements
• Course support documents
• Course Blackboard access
• Accuracy of enrolment
• Assessment requirements/Cover Sheets
• Reminder re Plagiarism
• Reminder re Appeals
• Extensions/Resubmissions
• Feedback in this course
• Reminder re submission requirements
• Getting help
 

Source Documents - What are they?

 

Week 2

February 15

 

 

Overview of Sales and Purchases - Manual accounting concepts

 

Week 3

February 22

 

Purchases - Cash and Credit - Manual accounting concepts

 

 

Week 4

February 29

 

Purchases - recording Journal entries to ledger accounts and filing - Manual accounting concepts
 

Week 5

March 07

Sales - Cash and credit - Manual accounting concepts
 

Week 6

March 14

 

Sales - Recording Journal entries to ledger accounts and filing - Manual accounting concepts
 

Week 7a

March 21

(Split week due to mid semester break)

 

Setting up MYOB and File Management - Electronic accounting concepts
 

 

 

Mid semester break (24 March - 30 March)

 

Week 7b

March 21

 Setting up MYOB and File Management - Electronic accounting concepts 

Week 8

April 4

 

Setting up MYOB and File Management/ - Electronic accounting concepts

Entering Sales in MYOB software - Electronic accounting concepts      

 

Assessment 1 - Portfolio of Evidence Due

Week 9

April 11

 Customer Payments and Banking/Dishonoured Cheques 

Week 10

April 18

 

Entering Purchases in MYOB software 

Week 11

April 25

 

Payments to Suppliers 

Week 12

May 02

 Adjustment notes and correction of errors 

Week 13

May 09

 

Bank Reconciliation Assessment 2 - Take Home Assignment due

Week 14

May 16

 

Integrated Revision Exercise 

Week 15

May 23

In class supervised assessment using MYOB softwareAssessment 3 - In-class supervised Assessment due

Week 16

May 30

 

Interviews/Resubmissions (if required) 

Week 17

 

 

 Interviews/Re-submissions (if required) 

 

 

  


Learning Resources

Prescribed Texts

Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v 19.8                   

9781922241603


References


Other Resources

myRMIT STudies/Blackboard Program Shell

RMIT Library
 


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

 Evidence of the ability to:

  • accurately enter data into journal and subsidiary ledger system
  • maintain journals and subsidiary ledger systems
  • reconcile subsidiary ledger system with journal or general ledger data
  • complete all tasks in accordance with legal and organisational responsibilities, within scope of own responsibility

    Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • list key provisions of relevant legislation and regulations, standards and codes of practice that may affect aspects of financial operations
  • briefly describe the organisational accounting systems and procedures
  • explain how to check for errors or discrepancies
  • list and describe tasks that are outside own scope of responsibility

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

  • office equipment and resources
  • computer equipment and relevant software
  • examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers
  • workplace reference materials such procedural manuals and company policy
  • case studies and, where possible, real situations.

You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.

Feedback

Feedback will be provided throughout the semester in class and/or online discussions.  You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed. Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.

You should take note of all feedback received and use this information to improve your learning outcomes and final performance in the course.           


Assessment Tasks

There are three assessments for this unit:

ASSESSMENT 1 - Portfolio of Evidence - Week 8 due

The portfolio will comprise activities related to manual accounting procedures carried out for the Simulated Business (Reflective Records).  This evidence will include, for example, evidence of online trading with participating organisations, records of business transactions carried out for Reflective Records and the records management procedures followed for such trading activities. (Further details about this assessment are set out in the Assessment Record and Cover Sheet which can be found in your program Blackboard shell.)

ASSESSMENT 2 - Take Home Assignment - MYOB software solutions - Week 13 due

This assignment will not be held in a supervised class setting. You will be required to demonstrate your skills in using MYOB accounting software to carry out accounts payable and receivable accounting functions. (Further details about this assessment are set out in the Assessment Record and Cover Sheet which can be found in your program Blackboard shell.)

ASSESSMENT 3 - In class supervised assessment - demonstration of techniques using MYOB accounting software and manual Accounting procedures - Week 15 due

A supervised in-class assessment will be held, when you will be required to demonstrate your knowledge of the theory which underpins the accounting (accounts payable and receivable) functions. (Further details about this assessment are set out in the Assessment Record and Cover Sheet which can be found in your program Blackboard shell.)

 Submission Requirements

You should:

• Ensure that you submit assessments on or before the due date.
• 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 each assessment task 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, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10.


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. <check links are still current>
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 unsuccessful 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: More Information: http://rmit.edu.au/browse;ID=7usdbki1fjf31

Marking Guide (Competency):

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.


Marking Guide (Grading)

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

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


Assessment Matrix

Course Overview: Access Course Overview