Course Title: Process accounts payable and receivable
Part B: Course Detail
Teaching Period: Term2 2013
Course Code: ACCT5269C
Course Title: Process accounts payable and receivable
School: 650T TAFE Business
Campus: City Campus
Program: C4223 - 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
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 course covers the maintenance of accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable. The course is suitable for individuals employed (or seeking employment) in a range of work environments supporting the accounting functions and aspects of an enterprise.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA303A 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: |
3. Maintain accounts payable and accounts receivable systems |
Performance Criteria: |
3.1 Enter transactions into individual accounts payable and receivable, in accordance with organisational policy and procedures, and accounting requirements 3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes, in accordance with organisational requirements 3.3 Reconcile schedules accounts payable and accounts receivable with journal data or general ledger, in accordance with organisatoinal requirements |
Element: |
6. Follow up outstanding accounts |
Performance Criteria: |
6.1 Maintain accounts receivable ledger system, in accordance with organisational requirements, to reflect current credit situation 6.2 Conduct aged analysis of accounts recievable 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 |
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 time lines |
Element: |
4. Process payments for accounts payable |
Performance Criteria: |
4.1 Reconcile accounts payable statements with accounting records, 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 of content in accordance with organisational policy and procedures 5.2 Rectify discrepancies and statements despatched within designated time lines |
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.
Teaching Schedule
Week beginning | Topic | Assessments |
Week 1
|
Introduction Introduction to Accounting Concepts Source Documents - What are they? |
Underpinning knowledge |
Week 2
|
Processing business transactions | Portfolio Activity |
Week 3 | Processing business transactions - Sales invoicing |
Portfolio Activity
|
Week 4 | Processing business transactions - Sales invoicing | Portfolio Activity Chp 4 cont. |
Week 5 | Processing business transactions - Adjustments | Portfolio Activity Chp 4 cont. Chp 5/6 |
Week 6 | Processing business transactions - Customer payments and banking statements | Portfolio Activity Chp 7 |
Week 7 | Consolidation | Portfolio Activity Chp 8 |
Week 8 | Revision - Accounts receivable | Portfolio Activity |
Week 9 | Purchases | Portfolio Activity Chp 10 |
Week 10 | Purchases | Portfolio Activity Chp 10 |
Week 11 | Payment to suppliers | Portfolio Activity Chp 11 |
Week 12 | Consolidation | Portfolio Activity Chp 12 |
Week 13 | Revision - Accounts Payable | Portfolio Activity Chp 13 |
Week 14 | Cash payments | Portfolio Activity Chp 14 |
Week 15 | Reconciling the cheque accounts | Portfolio Activity Chp 15 |
Week 16 | Integrated exercise | Final Assessment Unit 16 |
Learning Resources
Prescribed Texts
Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v 19 |
978192170004 |
References
Other Resources
Overview of Assessment
Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.
Other activities may be workplace-based or simulated work practices. These may include the production of technical requirements documents, direct observation of workplace practices and the presentation of a portfolio of evidence. This portfolio may include documents, photographs, video and/or audio files.
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
There are two assessments for this unit:
ASSESSMENT 1 - Portfolio of evidence - Weekly activities - submitted weekly online
The final portfolio comprising all activities should be resubmitted in Week 16.
ASSESSMENT 2 - Final assessment - Unit 16 - Textbook
This assessment is open book.
Assessment Matrix
Other Information
myRMIT STudies
RMIT Library
Course Overview: Access Course Overview