Course Title: Set up and operate a computerised accounting system
Part B: Course Detail
Teaching Period: Term2 2013
Course Code: COSC6059C
Course Title: Set up and operate a computerised accounting system
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
Nominal Hours: 80
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 performance outcomes, skills and knowledge required to modify and operate an integrated computerised accounting system. This is generally under supervision and encompasses processing transactions within the system, maintaining the system, producing reports and ensuring system integrity.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC406A Set up and operate a computerised accounting system |
Element: |
1. Implement an integrated accounting system |
Performance Criteria: |
<font face="Times New Roman">1.1. The general ledger, chart of accounts and subsidiary accounts are implemented in accordance with organisational requirements, procedures and policies<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">1.2. Customers, suppliers and inventory items are set up in the system to meet organisational requirements and the reporting requirements of Goods and Services Tax (GST)<o:p></o:p></font><font size="3"><font face="Times New Roman"> </font></font> <font size="3">1.3. Appropriate technical help is used to solve any operational problems</font> |
Element: |
2. Process transactions within the system |
Performance Criteria: |
<font face="Times New Roman">2.1. Input data is collated, coded and classified before processing<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">2.2. A wide range of cash and credit transactions are processed in both a service and trading environment<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">2.3. The general journal is used to make any balance day adjustments for prepayments and accruals<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">2.4. System output are regularly reviewed to verify the accuracy of data input and adjustments made for any detected processing errors<o:p></o:p></font> <font size="3"><font face="Times New Roman"> </font>2.5. An end of financial year rollover is performed</font> |
Element: |
3. Maintain the system |
Performance Criteria: |
<font face="Times New Roman">3.1. Any new general ledger accounts, customer, supplier, inventory and fixed asset records are added as required<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">3.2. An existing chart of accounts, customer, supplier, inventory and fixed asset records and subsidiary accounts are maintained and updated<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font size="3">3.3. The chart of accounts is customised to meet the reporting requirements of the organisation</font> |
Element: |
4. Produce reports |
Performance Criteria: |
<font face="Times New Roman">4.1. Reports to indicate the financial performance and financial position of the organisation and for GST purposes are generated as required or requested<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">4.2. Reports to ensure that subsidiary ledgers and accounts reconcile with the general ledger are generated<o:p></o:p></font><font size="3"><font face="Times New Roman"> </font></font> <font size="3">4.3. Reports, which ensure that the bank account reconciles with the bank statement, over at least two reporting periods are generated</font> |
Element: |
5. Ensure system integrity |
Performance Criteria: |
<font face="Times New Roman">5.1. Regular back-ups of the system are made to ensure against loss or corruption of data<o:p></o:p></font><font face="Times New Roman" size="3"> </font> <font face="Times New Roman">5.2. Data are restored from back-ups in the event of loss or corruption of current data<o:p></o:p></font><font size="3"><font face="Times New Roman"> </font></font> <font size="3">5.3. A secure record of all processed transactions is maintained for audit purposes</font> |
Learning Outcomes
Details of Learning Activities
Full-time students:
It is expected that you will attend classes.
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 the assessment tasks.
Part-time students:
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 workshops and blackboard collaborate sessions you will be introduced to both manual & computerised procedures to record a range of transactions & report on the results of those transactions. You will be required to complete all assessment tasks.
It is expected that you will attend the five on campus classes scheduled during the semester. During those classes you will prepare notes, participate in discussions, complete problem solving exercises & receive feedback on your case study submissions. During the remaining 11 weeks of the semester you will be provided with on-line notes, discussion board, problem solving exercises & solutions. These will be provided for both manual & computerised accounting systems.iiiiT
Teaching Schedule
| Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents |
Discussion of Teaching Schedule & Assessment
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Workshop 1 Discussion of Teaching Schedule & Assessment
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| Transaction Analysis: Cash Accounting vs. Accrual Accounting | Lecture Illustrations completion & discussion Activities 2.1 – 2.9 |
Collaborate: Lecture Illustrations completion & discussion |
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The Accounting Process: Transaction Analysis to General Ledger |
Lecture Illustrations completion & discussion Activities 3.1 – 3.7 |
Workshop 2 Lecture Illustrations completion & discussion |
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The Accounting Process: Transaction Analysis to Journals to General Ledger |
On-line Test See details under Assessment Tasks |
Lecture Illustrations completion & discussion Discussion of Case Study transactions |
Collaborate: Lecture Illustrations completion & discussion Discussion of Case Study transactions |
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The Accounting Process: Transaction Analysis to Journals to Subsidiary Ledgers Introduction to MYOB
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Activities 5.1 - 5.6 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.7 Inventory Subsidiary Ledger; Sutherland Ch.1 Clearwater Pty Ltd; |
Workshop 3 Activity 5.1 - 5.6Accounts Receivable & Payable Subsidiary Ledgers; Sutherland Ch.1 Clearwater Pty Ltd; |
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Set Up a Computerised System Accounting for Cash Transactions Petty Cash - manual & MYOB |
Sutherland Ch.2 & 3 Lecture Illustrations completion & discussion; |
Collaborate: Lecture Illustrations completion & discussion; |
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Bank Reconciliations - manual & MYOB Management of Cash |
Lecture Illustrations completion & discussion; Bank Reconciliation Activities 7.1 - 7.3 Activity 7.4 Magnetic Boats Manual Sutherland 3.1 Sutherland 3.2 & 3.3
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Workshop 4 Lecture Illustrations completion & discussion; Bank Reconciliation Activities 7.1 - 7.3 Activity 7.4 Magnetic Boats Manual Sutherland 3.1 Sutherland 3.2 & 3.3
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Accounting for Credit Transactions: Management of Debtors & Creditors MYOB Purchases Module |
Comprehensive Case Study – Part A due Fri 16 Aug.
See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors Sutherland Ch.4 MYOB Activities: Sutherland 4.1 - 4.3 |
Collaborate: Lecture Illustrations completion & discussion; Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors Sutherland Ch.4 MYOB Activities: Sutherland 4.1 - 4.3 |
| MID SEMESTER BREAK | |||
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Accounting for Credit Transactions: MYOB Sales Module & Inventory Module |
On-line Theory Test See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Activities 9.1 & 9.2 Manual accounting for credit transactions Sutherland Ch.5 & 6 MYOB Activities: Sutherland 5.1 - 5.3; 6.1 - 6.3
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Workshop 5 Lecture Illustrations completion & discussion; Activities 9.1 & 9.2 Manual accounting for credit transactions Sutherland Ch.5 & 6 MYOB Activities: Sutherland 5.1 - 5.3; 6.1 - 6.3 |
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Introduction to end of period procedues & reporting Accounting for Fixed Assets - manual & MYOB |
Comprehensive Case Study – Part A Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion Sutherland Ch.7 & 10 MYOB Activities: Sutherland 10.1 & 7.1 (as directed by teacher)
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Collaborate: Lecture Illustrations completion & discussion Sutherland Ch.7 & 10 MYOB Activities: Sutherland 10.1 & 7.1 (as directed by teacher) |
| Balance Day Adjustments - manual & MYOB |
Lecture Illustrations completion & discussion; Sutherland Ch.7 MYOB Activities: Sutherland 7.1 - 7.3 |
Workshop 6 Lecture Illustrations completion & discussion; Sutherland Ch.7 MYOB Activities: Sutherland 7.1 - 7.3 |
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Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manual MYOB Year end rollover & Reversing entries |
Comprehensive Case Study – Part B due Mon 23 Sept. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Sutherland Ch.7 & 3 |
Collaborate: Lecture Illustrations completion & discussion Sutherland Ch.7 & 3
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| Preparation of Final Reports - manual & MYOB |
Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion Sutherland Ch. 3 - 7 MYOB Activity: Review reports Sutherland Ch.3 - 7; Sutherland 7.3 |
Workshop 7 Lecture Illustrations completion & discussion Sutherland Ch. 3 - 7 MYOB Activity: Review reports Sutherland Ch.3 - 7; Sutherland 7.3 |
| Integrated Manual & MYOB exercise |
Comprehensive Case Study – Part C due week beginning Mon 14 October See details under Assessment Tasks & on Blackboard |
Questions regarding Case Study Part C
Activity: Sutherland Ch.8 |
Collaborate: Questions regarding Case Study Part C Activity: Sutherland Ch.8
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| Review & Reassessment | Resubmissions & RESITS | Interviews & RESITS |
Workshop 8 Interviews & RESITS |
| Review & Reassessment | Resubmissions & RESITS | 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 2nd September to Friday 6th 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.
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 ; 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; 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. Due for submission on Monday 20 May.
Individual Interview
Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
2. On-line multiple choice test - this test focusses on the elements of accounting, debit & credit rules & analysis of transactions. You will have multiple opportunities to complete this test during the fourth week of semester.
3. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors. You will have multiple opportunities to complete this test during the ninth week of semester.
Assessment Matrix
Other Information
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