Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term2 2014

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

Name and Contact Details of All Other Relevant Staff

 Helen Mustafa

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


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


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


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


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


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


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


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 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.

Teaching Schedule

Week beginningTopicAssessments

Week 1

7 July



Introduction to Accounting Concepts

Source Documents - What are they?

Underpinning knowledge

Week 2

14 July


Business details and file management

Portfolio Activity
Chapters 2, 3, and 6

Week 3

21 July


Portfolio Activity
Chapter 4


Week 4

28 July

Sales invoicingPortfolio Activity
Chapter 4 continue

Week 5

4 August

Adjustment to an invoicePortfolio Activity
Chapter 4 continue
Chapter 5

Week 6

11 August

Customer payments and bankingPortfolio Activity
Chapter 7

Week 7

18 August


Discounts and dishonoured cheques

Portfolio Activity
Chapter 8

Week 8

25 August

Revision - Accounts receivable

Portfolio Activity
Chapter 9


                                         1-5 September  is MID SEMESTER BREAK


Week 9

8 September

Portfolio Activity
Chapter 10

Week 10

15 September

Payment to suppliersPortfolio Activity
Chapter 11

Week 11

22 September

 Consolidation 2

Revision - Accounts payables

Portfolio Activity
Chapters 12/13

Week 12

29 September

Cash paymentsPortfolio Activity
Chapter 14

Week 13

6 October

Reconciling the cheque accountsPortfolio Activity
Chapter 15

Week 14

13 October

Integrated revision exercisePortfolio Activity
Chapter 16

Week 15

20 October

Applying your skills /knowledgeFinal Assessment

 Week 16

27 October


Learning Resources

Prescribed Texts

Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v 19



Other Resources

myRMIT STudies

RMIT Library

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 in class

The final portfolio comprising all activities should be resubmitted in Week 16.

ASSESSMENT 2 - Final assessment

This assessment is open book and will cover the skills and knowledge required to process accounts payable and receivable, which have been developed during the semester.

Submission Requirements

Assessment tasks need to be submitted in class, or via MyRMIT, if required.

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:

Form to use:

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: (unresolved)


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:

More information:;ID=7usdbki1fjf31

You should:

• Ensure that your 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 are available through myRMIT and links in the Student Diary.
• 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 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 tile and page numbers.

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 educational 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 pass that unit of competency.

 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 recognised against industry standards and employability skills.

Final Grades Table:

CHD Competent with High Distinction
CDI  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

Graded assessment criteria - when your work is assessed the following criteria are used:

1.  Level of independence, initiative, enterprise and performance of the work task
You will need to show that you can use initiative, enterprise and accepted performance to produce the exercises and activities on a weekly basis.  After receiving feedback from your teacher, you will need to show that you have improved your skills, based on the feedback given.

2. Demonstrated breadth of underpinning knowledge and a willingness to continue learning
You will identify the underpinning knowledge/skills required to develop and use complex spreadsheets.  In particular you should demonstrate literacy skills in being able to interpret and follow instructions in the self-paced textbook and undertake backup procedures in order to protect the security of your work.  In addition, you will need to demonstrate a variety of strategies to be able to plan and review your own work, including proofreading and editing skills to check for the accuracy and consistency of information.  You will also need to demonstrate numeracy skills when developing and using MYOB as well as an understanding of the technical software functions of MYOB.  You should identify any gaps in your knowledge/skills and demonstrate a willingness to continue learning by actively seeking assistance from your teacher in the first instance.  You will need to demonstrate your understanding of relevant legislation, standards and codes that may affect business operations, such as ant-discrimination legislation, ethical principles, codes of practice and occupational health ad safety.

3. Techniques and processes, technology skills and problem solving
You will demonstrate an understanding of advanced functions of MYOB software as these apply in a business context.

4. Work organisation, planning and self-management
You will demonstrate your organisational skills by ensuring you attend classes and bring all resources required to learn the required skills, for example textbooks, notes and any other required resources.  You will also complete the self-paced exercises and activities in a timely manner, as far as practicable, produce these when requested to your teacher, in the weeks when these become due.

5.  Communication, people networking, language and interpersonal skills and teamwork.
You will communicate in a manner suitable for a business environment while in class.  You will be aware of others needs and maintain a respectful manner when communicating with both teachers and your peers.

Assessment Matrix

This section describes the skills and knowledge required for this unit.

Required skills
• literacy skills to read and understand financial procedures
• numeracy skills to:
• use knowledge of mathematical concepts
• interpret, compare and calculate with whole numbers and money
• use decimal fractions and percentages
• problem-solving skills to use approximation to check for discrepancies and ensure calculations are correct.

Required knowledge
• key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations, such as:
• Australian Taxation Office regulations
• Goods and Services Tax (GST) regulations
• anti-discrimination legislation
• ethical principles
• codes of practice
• finance legislation
• privacy laws
• occupational health and safety
• limit of scope of own responsibility
• organisational accounting systems and procedures.

Course Overview: Access Course Overview