Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term2 2014

Course Code: ACCT5303C

Course Title: Process financial transactions and extract interim reports

School: 650T TAFE Business

Campus: City Campus

Program: C4324 - Certificate IV in Accounting

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

Hemant Goel

hemant.goel@rmit.edu.au

Jenny Seiler

jenny.seiler@rmit.edu.au

Claudio Marasco

claudio.marasco@rmit.edu.au

Nominal Hours: 60

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 the functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
 

If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.


 


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301A Process financial transactions and extract interim reports

Element:

1. Check and verify supporting documentation
 

Performance Criteria:

1.1. Information from documents is identified, checked and recorded


1.2. Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel
 

Element:

2. Prepare and process banking and petty cash documents
 

Performance Criteria:

2.1. Deposits and withdrawals are accurately entered and balanced according to organisational procedures
2.2. Cheques and card vouchers are checked for validity before processing
2.3. Banking documentation is reconciled with organisation's financial records
2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures
 

Element:

3. Prepare and process invoices for payment to creditors and for debtors
 

Performance Criteria:

3.1. Invoices are prepared in accordance with organisational procedures
3.2. Invoices are checked against source documents for accuracy and any errors corrected
3.3. All invoices and related documents are filed for auditing purposes
 

Element:

4. Prepare journals and batch monetary items
 

Performance Criteria:

4.1. Journals are prepared accurately and completely and items batched within organisational timelines
4.2. Batch items are precisely matched to initial receipt records
4.3. Journals are authorised in accordance with organisational policy and procedures
 

Element:

5. Post journals to ledger
 

Performance Criteria:

5.1. Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts

Element:

6. Enter data into system
 

Performance Criteria:

6.1. Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
6.2. Related systems are updated to maintain the integrity of relationships between financial systems
 

Element:

7. Prepare deposit facility and lodge flows
 

Performance Criteria:

7.1. A deposit facility is selected appropriate to the banking method to be used
7.2. Batch is balanced with deposit facility without error
7.3.
Security and safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements
7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable
 

Learning Outcomes



Details of Learning Activities

 

 

Full-time students:

Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points. 

During class time you will prepare notes, participate in discussions and complete problem solving exercises.  Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system.  You will be required to complete all activities & assessment tasks, either in class or in your own time. 

You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.

Part-time students:

Your learning experiences will be an equal mixture of face to face workshops & online.

It is expected that you will attend all scheduled workshops.  During the workshops you will be expected to make notes during lectures, participate in discussions, complete illustrative examples and problem solving activities.  

During the remaining 8 weeks of the semester you will be provided with a Blackboard "Collaborate" session, which you may access live &/or as a recording. You will also be provided with on-line notes, problem solving exercises & solutions on the Blackboard site every week. These will be provided for both manual & computerised accounting systems.


Teaching Schedule

 

<thead> <th colspan="2" scope="col">FULL TIME STUDENTS</th> <th scope="col"> </th> <th scope="col"> </th> <th scope="col">Week beginning </th> <th scope="col">Topics</th> <th scope="col">Assessment</th> <th scope="col">Activities to be completed</th> </thead> <th scope="row"> 17 Jul </th> <th scope="row"> 214 Jul </th> <th scope="row"> 321 Jul </th> <th scope="row"> 428 Jul </th> <th scope="row"> 54 Aug </th> <th scope="row"> 611 Aug </th> <th scope="row"> 718 Aug </th> <th scope="row"> 825 Aug </th> <th scope="row">  98 Sept </th> <th scope="row"> 1015 Sept </th> <th scope="row">   </th> <th scope="row"> 1122 Sept </th> <th scope="row"> 1229 Sept </th> <th scope="row"> 136 Oct </th> <th scope="row"> 1413 Oct </th> <th scope="row"> 1520 Oct </th> <th scope="row"> 1627 Oct </th> <th colspan="2" scope="row">  FLEXED STUDENTS </th> <th scope="row">Week beginning</th> <th>Topics</th> <th scope="row">1 7 Jul   </th> <th>Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents  </th> <th scope="row">2 14 Jul   </th> <th>Transaction Analysis: Cash Accounting vs. Accrual Accounting </th> <th scope="row">3 21 Jul   </th> <th>The Accounting Process: Transaction Analysis to General Ledger   </th> <th scope="row"> 428 Jul   </th> <th> The Accounting Process: Transaction Analysis to Journals to General Ledger   </th> <th scope="row"> 54 Aug   </th> <th>The Accounting Process: Transaction Analysis to Journals to Subsidiary LedgersIntroduction to MYOB  </th> <th scope="row"> 611 Aug   </th> <th>Set Up a Computerised System Accounting for Cash TransactionsPetty Cash - manual & MYOB   </th> <th scope="row"> 718 Aug   </th> <th>Bank Reconciliations - manual & MYOB Management of Cash   </th> <th scope="row"> 825 Aug   </th> <th>Accounting for Credit Transactions: Management of Debtors & CreditorsMYOB Purchases Module & Inventory Module   </th> <th scope="row"> 98 Sept </th> <th>Accounting for Credit Transactions: MYOB Sales Module & Inventory Module   </th> <th scope="row">  </th> <th>  </th> <th scope="row"> 1015 Sept   </th> <th>Introduction to end of period procedues & reporting Accounting for Fixed Assets - manual & MYOB   </th> <th scope="row"> 1122 Sept   </th> <th>Balance Day Adjustments - manual & MYOB </th> <th scope="row"> 1229 Sept   </th> <th>Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manualMYOB Year end rollover & Reversing entries   </th> <th scope="row"> 136 Oct   </th> <th>Preparation of Final Reports - manual & MYOB </th> <th scope="row"> 1413 Oct   </th> <th>Integrated Manual & MYOB exercise </th> <th scope="row"> 1520 Oct   </th> <th>Review & Reassessment </th> <th scope="row"> 1627 Oct </th> <th>Review & Reassessment </th>
Introduction
Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents

  

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4
Transaction Analysis: Cash Accounting vs. Accrual Accounting   Lecture Illustrations completion & discussion
Activities 2.1 – 2.7

The Accounting Process:

Transaction Analysis to General Ledger

   Lecture Illustrations completion & discussion
Activities 3.1 – 3.7
The Accounting Process:

Transaction Analysis to Journals to General Ledger

On-line Transaction Analysis Self-Test

Lecture Illustrations completion & discussion
Activities 4.1 – 4.5

S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger

Discussion of Case Study transactions

The Accounting Process:

Transaction Analysis to Journals to Subsidiary Ledgers

Introduction to MYOB

 

  

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; 

S Tan Practice Case Study - posting to Subsidiary Ledgers 

Read Sutherland Ch.1

MYOB Activity 5 Clearwater Pty Ltd

Set Up a Computerised System

Accounting for Cash Transactions

Petty Cash - manual & MYOB

  

Read Sutherland Ch.2 & 3

Lecture Illustrations completion & discussion;

MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6

S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions
 

Manual Activities 6.1 – 6.3;

 

Bank Reconciliations - manual & MYOB

Management of Cash

  

Lecture Illustrations completion & discussion;

Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual

MYOB Activities: Sutherland 3.1
Magnetic Boats – MYOB; Sutherland 3.2 & 3.3; S Tan Practice Case Study - MYOB Bank Reconciliation

 

 

Accounting for Credit Transactions:

Management of Debtors & Creditors

MYOB Purchases Module & Inventory Module

 Comprehensive Case Study – Part A due Fri 29th August

See details under Assessment Tasks

On-line Theory Test to be completed during mid-semester break 1st to 5th September.

See details under Assessment Tasks

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Read Sutherland Ch.4 & 6

MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1;

S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items
Accounting for Credit Transactions:

MYOB Sales Module & Inventory Module
 

Comprehensive Case Study – Part A

Supervised in-class on-line test.

 

 

 Lecture Illustrations completion & discussion;

Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

Read Sutherland Ch.5

MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 
Introduction to end of period procedues & reporting

Accounting for Fixed Assets - manual & MYOB
 

  

 Lecture Illustrations completion & discussion

Manual Activities: 10.1 – 10.6 Manual Fixed Assets
 

Read Sutherland Ch.7 & 10

MYOB Activities: Sutherland  7.1 (as directed by teacher)

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

 

 

 

  

 

 
Balance Day Adjustments - manual & MYOB  

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5 

Read Sutherland Ch.7

MYOB Activities: Sutherland 7.1 - 7.3

S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB

Balance Day Adjustments - manual & MYOB

Closing Entries & Reversing Entries - manual

MYOB Year end rollover & Reversing entries

 Comprehensive Case Study – Part B due Mon 29 Sept.

See details under Assessment Tasks

Comprehensive Case Study – Part B Supervised in-class on-line test.

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities: Sutherland 3.2
Preparation of Final Reports - manual & MYOB  

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5
 

MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3

S Tan Practice Case Study - manual & MYOB Reports
Integrated Manual & MYOB exercise Comprehensive Case Study – Part C due week beginning Mon 13 Oct

See details under Assessment Tasks & on Blackboard

 Questions regarding Case Study Part C

Manual & MYOB Activities:

Comprehensive Case Study Part C;Sutherland Ch.8
Review & Reassessment

Comprehensive Case Study – Part C Supervised in-class on-line test.

Resubmissions & RESITS

 

See details under Assessment Tasks & on Blackboard
 

 Interviews & RESITS
Review & Reassessment Resubmissions & RESITS  Interviews & RESITS
   
Assessment Activities to be completed
 

 WORKSHOP 1:

Discussion of Teaching Schedule & Assessment


Activities: Elements of Accounting 1.1 – 1.7
Documents 1.1 - 1.4
 
 

 COLLABORATE

Read Lecture & Illustrations
Activities 2.1 – 2.7
 

  WORKSHOP 2:

Lecture Illustrations completion & discussion

Activities 3.1 – 3.7

On-line Transaction Analysis Self-Test
 

  COLLABORATE

Read Lecture & Illustrations
Activities 4.1 – 4.5

S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger

Discussion of Case Study transactions
 
 

 WORKSHOP 3:

Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers;

S Tan Practice Case Study - posting to Subsidiary Ledgers

Read Sutherland Ch.1

MYOB Activity 5 Clearwater Pty Ltd
 
 

  COLLABORATE

Read Sutherland Ch.2 & 3

Lecture & Illustrations completion & discussion;

MYOB Activities: Sutherland 2.1 – 2.3; Sutherland 3.6

S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions
 

Manual Activities 6.1 – 6.3;

 
 

 WORKSHOP 4:

Lecture Illustrations completion & discussion;

Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; Activity 7.4 Magnetic Boats Manual

MYOB Activities: Sutherland 3.1
Magnetic Boats – MYOB; Sutherland 3.2 & 3.3; S Tan Practice Case Study - MYOB Bank Reconciliation

 

Comprehensive Case Study – Part A due Fri 29th Aug.


See details under Assessment Tasks
 

On-line Theory Test to be completed during mid-semester break 1st to 5th September.

See details under Assessment Tasks

 

  COLLABORATE

Lecture Illustrations completion & discussion;

Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Read Sutherland Ch.4 & 6

MYOB Activities: Sutherland 4.1 - 4.3; Sutherland 6.1;

S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items
 

Comprehensive Case Study – Part A Supervised in-class on-line test. 
 

 


See details under Assessment Tasks

 

 WORKSHOP 5:

Lecture Illustrations completion & discussion;
Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions

Read Sutherland Ch.5

MYOB Activities: Sutherland 5.1 - 5.3; Sutherland 6.2

S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions

 
   


See details under Assessment Tasks

 

  COLLABORATE

Lecture Illustrations completion & discussion

Manual Activities: 10.1 – 10.6 Manual Fixed Assets
 

Read Sutherland Ch.7 & 10

MYOB Activities: Sutherland 7.1 (as directed by teacher)

S Tan Practice Case Study - process fixed asset transactions manual & MYOB

 

Comprehensive Case Study – Part B due Fri 26th September.
See details under Assessment Tasks

Comprehensive Case Study – Part B Supervised in-class on-line test.

 

 WORKSHOP 6:

Lecture Illustrations completion & discussion;

Manual Activities 11.1 – 11.5

Read Sutherland Ch.7

MYOB Activities: Sutherland 7.1 - 7.3

S Tan Practice Case Study - Balance day adjustmentsmanual & on MYOB
 

 

  COLLABORATE

Lecture Illustrations completion & discussion


Manual Activities: Manual closing entries12.1 – 12.5;

S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;

 

MYOB Closing Entries Activities: Sutherland 3.2
 

 

 WORKSHOP 7:

Lecture Illustrations completion & discussion
Manual Activities 13.1 – 13.5

MYOB Activities: Review reports Sutherland Ch.3 - 7; complete Sutherland 7.3

S Tan Practice Case Study - manual & MYOB Reports
 
Comprehensive Case Study – Part C due week beginning Mon 13 October.
See details under Assessment Tasks & on Blackboard
 

  COLLABORATE

Questions regarding Case Study Part C
Manual & MYOB Activities:

Comprehensive Case Study Part C; Sutherland Ch.8
 

Comprehensive Case Study – Part C Supervised in-class on-line test.

Resubmissions & RESITS

See details under Assessment Tasks & on Blackboard

 

 WORKSHOP 8:

Interviews & RESITS
Resubmissions & RESITS

  COLLABORATE

Interviews & RESITS

**The teaching schedule may be subject to change.  Students will be advised via the Blackboard and in class should changes occur

MID SEMESTER BREAK:  There will be no classes from Monday 1st September to Friday 5th September


Learning Resources

Prescribed Texts

Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011

9781442554016

References


Other Resources

Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports.  Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.

For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp.  You will also need a headset & microphone.


Overview of Assessment

Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.

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

1. Comprehensive Case Study
You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of a manual accounting system for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 22 March.

Part B - set up of a computerised accounting system for Rita’s Animal Refuge; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 29 April.

Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge. Due for submission on Monday 20 May.
Individual Interview
 

Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies. 

2. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.


Assessment Matrix

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: 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 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:

Other Information

FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
 

Course Overview: Access Course Overview