Course Title: Process accounts payable and receivable

Part B: Course Detail

Teaching Period: Term2 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

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.

 


Teaching Schedule

 

Week

Commencing

Topic

Assessment

1.

4 July

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:

Recognition of Prior Learning and Credit Transfers

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 the course including:

Course requirements

Course support documents

Course Blackboard access

Accuracy of enrolment

Assessment requirements/Cover Sheets

Reminder re Plagiarism

Reminder re Appeals

Extension/Resubmissions

Feedback in this course

Reminder re-submission requirements

Getting help

 

Source Documents – What are they?

 

 

 

2.

11 July

 

Overview of Sales and Purchases – Manual accounting concepts

 

 

3.

18 July

 

Purchases – Cash and Credit – Manual accounting concepts

 

 

25 July

 

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

 

 

1 Aug

 

Sales – Cash and credit – Manual accounting concepts

 

 

8 Aug

 

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

 

 

15 Aug

 

Setting up MYOB and File Management – Electronic accounting concepts

 

 

22 Aug

 

Setting up MYOB and File Management – Electronic accounting concepts

 

Assessment 1 – Portfolio of evidence

 

 

Mid semester break 29 August 2016 – 2 September 2016

 

 

 9.

5 Sept

 

Customer payments and banking/dishonoured cheques

 

 

 10.

12 Sept

 

Entering purchases in MYOB accounting software

 

 

 11.

19 Sept

 

Payments to suppliers

 

 

 12.

26 Sept

 

Adjustment notes and correction of errors

 

 

 13.

3 Oct

 

Bank reconciliation

 

Assessment 2 – Take Home assignment due

 14.

10 Oct

 

Integrated revision exercise

 

 

 15.

17 Oct

 

In class supervised assessment using MYOB software

 

Assessment 3 – In-class supervised assessment due

 16.

24 Oct

 

 

 17.

31 Oct

 

Interviews/resubmissions (if required)

 

 

 

 

 

 

 

 

 

 


Learning Resources

Prescribed Texts

Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight c 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 - Due Week 8

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 - Due Week 13

This assignment can be completed at home.  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 - Due Week 15

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 a 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 a 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 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 (unresolved)
  • Form to use:  http://www1.rmit.edu.au/students/specialconsideration

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.  Fore 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