Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2019

Course Code: ACCT5419C

Course Title: Process financial transactions and extract interim reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C4398 - Certificate IV in Accounting and Bookkeeping

Course Contact: Doug Gourlay

Course Contact Phone: +61 3 9925 5944

Course Contact Email:

Name and Contact Details of All Other Relevant Staff

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


Course Description

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.

It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Please note: This unit is a prerequisite for FNSACC514 (ACCT5427C) Prepare financial reports for corporate entities

National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC311 Process financial transactions and extract interim reports


1. Check and verify supporting documentation

Performance Criteria:

1.1 Identify, check and record information from financial documents

1.2 Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel


2. Prepare and process banking and petty cash documents

Performance Criteria:

2.1 Enter and balance deposits and withdrawals according to organisational procedures

2.2 Confirm the validity of cheques and electronic payments before processing

2.3 Reconcile banking documentation against organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures


3. Prepare and process payable and received invoices

Performance Criteria:

3.1 Prepare invoices according to organisational policies and procedures

3.2 Check invoices against source documents for accuracy and correct identified errors

3.3 File invoices and related documents for auditing purposes


4. Prepare journals

Performance Criteria:

4.1 Prepare required journal entries within organisational timeframes

4.2 Confirm authorisation of journals by required personnel, and process them according to organisational policies and procedures


5. Update financial data and systems

Performance Criteria:

5.1 Post journals to ledger in line with organisational input standards

5.2 Enter data into system according to organisational input standards and allocate transactions to system and accounts

5.3 Update related systems to maintain integrity of relationships between financial systems


6. Prepare deposit facility and lodge flows

Performance Criteria:

6.1 Select deposit facility appropriate to banking method to be used

6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements

6.3 Obtain and file proof of lodgement according to organisational protocols


7. Finalise trial balance and interim reports

Performance Criteria:

7.1 Determine scope of any special transactions to be made, and process the transactions

7.2 Complete cash and credit journals and post to general ledger

7.3 Extract and check trial balance and prepare other required interim reports

7.4 Review trial balance and interim reports for accuracy and completeness

7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements

Learning Outcomes

Details of Learning Activities

Here is the course summary of the unit. It is just to give a detailed information about the weekly delivery and the progress of the unit.  It provides the information on:

  • When classes will be held
  • What learning materials and activities need to be completed; and,
  • What assessments are due and when 


Example course schedule

Course Schedule:      Introduction to Accounting                                                    Semester 1: 2019



Readings and Activities

(to be completed prior to next class)


Unit(s) of Competency

Week 1




Introduction to the Course including:

  • Course requirements
  • Course support documents
  • CANVAS access
  • Weekly Structure
  • Accuracy of enrolment
  • Assessment requirements     
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help


Introduction to Accounting

  • Accounting within the Business Context
  • Business Structures
  • Accounting equation
  • Assets, Liabilities & Owner’s Equity


All materials are found on the Learning Hub.


Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.


Students should make themselves familiar with the Canvas material and read these exercises and activities prior to each week’s attendance in class.



  • Practice questions on Accounting equation & Analysis of Accounts 
  • Chart of Accounts




  • ACCT5419C Process financial transactions and extract interim reports (FNSACC311)

Week 2



Review previous week

Analysis of transactions

  • Debit & Credit rules
  • Practice exercises on Analysis of Transactions
  • preparation of invoices, petty cash book


All materials are found on the Canvas


  • Practice exercises on Analysis of Transactions/ Debit Credit rules

 Practice Exercises

 As above

Week 3


General Journals 

  • General Journal
  • Application of the Debit & Credit Rules


All materials are found on the Canvas


  • Practice exercises on entries to the General Journal and General Ledger
  • Practice case study in class introducing the Manual transactions


  As above

Week 4


Blank as other courses are being delivered   

Week 5



Blank as other courses are being delivered   

Week 6



 Ledger postings

 General Ledger

 Bank reconciliation




  • Practice exercises 


Assessment Task 1A- Manual Accounting

In class

Assessment Task 1B take home due week 7


  As above

Week 7


Interim Reports

Preparation of Interim reports



  • Exercises preparation of interim reports



Assessment Task 1B due


  As above




Teaching Schedule

** The teaching schedule may be subject to change.  You will be advised in class and via Canvas Announcements if changes become necessary.

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Learning Resources

Prescribed Texts


Other Resources

Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • enter and balance deposits and payments
  • reconcile banking documentation and process and balance petty cash transactions
  • check and verify financial transaction supporting documentation
  • apply security and safety measures when preparing and banking receipts
  • prepare deposit facilities
  • enter data into financial systems and process general and special (cash and credit) journal entries, identifying and correcting errors
  • process special transactions
  • prepare and authorise journals and check journal processing interim reports
  • extract, check and correct a trial balance
  • file documentation according to organisational and regulatory requirements.


Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.


Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Key principles and practices of double-entry accounting and accrual accounting systems
  • Range of industry-accepted accounting conventions, processes and procedures for the work tasks described in the performance evidence
  • Standard industry banking procedures and guidelines, including:
  • form of proof of lodgement for different deposit methods
  • industry-accepted security and safety precautions appropriate to banking method
  • Key features of legislative and regulatory requirements relating to processing financial transactions
  • Key features of organisational policies and procedures relating to processing financial transactions, including:
  • organisational policy and procedures for preparing and processing invoices
  • organisational input standards and journal authorisation procedures
  • security procedures for handling electronic payments, cheques and cash
  • safety procedures for specific banking methods
  • Key features of routine financial reports, including:
  • trial balances
  • bank account reconciliation reports
  • interim reports


Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to process financial transactions and extract interim reports.


Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

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 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

Assessment Task 1A - in class case study (supervised) - week 6

Assessment Task 1B  - take home case study - due week 7


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS.

Other Information

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 the Assessment task document that includes a declaration and statement of authorship.
  • 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.

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:

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:

Resubmissions (VET Programs):

If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission.  Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. 

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.

Grading & re-submissions

Successful re-submissions will contribute a CAG only (Competency Achieved Grading)


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:


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.

Course Overview: Access Course Overview