Course Title: Process financial transactions and extract interim reports
Part B: Course Detail
Teaching Period: Term1 2021
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: doug.gourlay@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Naveen Garg
email: naveen.garg@rmit.edu.au
Paul Lim
email: paul.lim@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 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 |
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Element: |
1. Check and verify supporting documentation |
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Performance Criteria: |
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Element: |
2. Prepare and process banking and petty cash documents |
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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 |
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Element: |
3. Prepare and process payable and received invoices |
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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 |
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Element: |
4. Prepare journals |
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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 |
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Element: |
5. Update financial data and systems |
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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 |
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Element: |
6. Prepare deposit facility and lodge flows |
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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 |
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Element: |
7. Finalise trial balance and interim reports |
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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
Welcome to the cluster of courses known as 'Introductory Accounting'. This cluster consists of the following three (3) units of competency:
FNSACC311 (ACCT5419C) Process financial transactions and extract interim reports
FNSACC312 (ACCT5420C) Administer subsidiary accounts and ledgers, and
BSBFIA401 (ACCT5370C) Prepare financial reports
The learning content for this cluster will be delivered over Weeks 1 to 10 (inclusive), but the assessment tasks will be due in Weeks 7, 9 and 11, with resubmissions/resits occurring in the weeks that follow.
A range of learning activities are planned for this cluster of courses including self-paced and collaborative classroom-based activities.
The collaborative, classroom-based activities will include group discussion, question and answer sessions, interactive group demonstrations of the application of accounting principles to specific bookkeeping problems, and case studies using manual accounting techniques. The completion of learning activities both in class and outside of class will provide the opportunity to both practice and consolidate your skills.
Details of your learning activities are available on Canvas.
Teaching Schedule
Weekly Teaching Schedule
Course Schedule: Introductory Accounting Semester 1: 2021 | ||||
Week |
Topic |
Readings and Activities |
Assessments |
Unit(s) of Competency |
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Week 1
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Session 1: Accounting Concepts & Bookkeeping and Cash Receipts Session 3: Cash Receipts |
Reading: Students must have access to these two following prescribed textbooks digitally or hardcopy in order to complete the 3 units Accounting Principles: Financial Transactions, Subsidiary Ledgers & Interim Reports Anne Collins & Andrew Duncan | 13th Edition (January 2018) and Prepare Financial Reports (Accounting Principles Book 2) Anne Collins & Andrew Duncan | 13th Edition (January 2018) Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
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Week 2
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Session 1: Cash Payment The Double Entry System I Session 3: The Double Entry System II |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
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As above |
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Week 3
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Session 1: Petty Cash Session 3: Credit Purchase & Cash Sales II |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
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As above |
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Week 4
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Session 1: Credit Purchase & Cash Sales III Session 3: Managing Debtors & Creditors II |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
As above
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Week 5
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Session 1: Periodic Inventory System Session 3: Specialised Journals II |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
As above |
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Week 6 |
Session 1: Bank Reconciliations I Session 3: Special Transactions I |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
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Week 7
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Session 1: Special Transactions II Session 3: Depreciation |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
Assessment 1 due online
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As above |
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Week 8
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Session 1: Asset Register Session 3: Balance Day Adjustments II |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions
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As above |
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Week 9
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Session 1: Closing Entries I Session 3: Final Reports |
Learning Activities Refer to weekly modules in-class and out of class activities Self-Testing Exercises Chapter Review Questions |
Assessment 2 due online | As above |
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Week 10
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Assessments Reviews and Discussions |
Assessment 3 due online in Week 11
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As above |
** 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
References
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
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 1 - due in Week 7
Assessment Task 2 - due in Week 9
Assessment Task 3 - due in Week 11
The details of the above assessment tasks can be found in the 'Introductory Accounting' Canvas shell.
Assessment Matrix
The assessment matrix that maps all the assessment is available on Canvas under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions (VE 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 to a CA only
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