Course Title: Administer subsidiary accounts and ledgers

Part B: Course Detail

Teaching Period: Term1 2020

Course Code: ACCT5420C

Course Title: Administer subsidiary accounts and ledgers

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

naveen.garg@rmit.edu.au

 

Nominal Hours: 40

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 reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.

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.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC312 Administer subsidiary accounts and ledgers

Element:

1. Review accounts receivable requirements

Performance Criteria:

1.1 Check receipts entered into manual accounts receivable system for accuracy, consistency and completeness 1.2 Identify and make record of incorrect entries according to type and source of receipt 1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines 1.4 Amend receipts entered into manual accounts receivable system according to established procedures

Element:

2. Identify bad and doubtful debts

Performance Criteria:

2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required 2.2 Verify bad and doubtful debt status through liaison with debtors 2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines

Element:

3. Review client compliance with terms and conditions and plan recovery action

Performance Criteria:

3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures 3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies 3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy 3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted 3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes

Element:

4. Prepare reports and file documentation

Performance Criteria:

4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan 4.2 Distribute reports to supervisors, managers, and other designated parties 4.3 File documentation according to organisational policy and procedures

Element:

5. Distribute creditor invoices for authorisation

Performance Criteria:

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 5.2 Request authorisation for payment from designated personnel

Element:

6. Remit payments to creditors

Performance Criteria:

6.1 Draw up and ensure authorisation of cheque requisition 6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management 6.3 Prepare creditor payment in line with organisational requirements 6.4 Prepare journal to record payment

Element:

7. Reconcile outstanding balances

Performance Criteria:

7.1 Obtain statements of outstanding balances from suppliers where required 7.2 Reconcile balances outstanding to invoices received


Learning Outcomes



Details of Learning Activities

Welcome to the Administer Subsidiary Accounts and Ledgers course. This course provides the the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

This course will be delivered through face-to-face workshop of 3 hours for the scheduled week, and will be  supported by learning and assessment materials accessible online via Canvas.


Teaching Schedule

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 

 

 Note: There are other courses being delivered together with this course during the 16 weeks schedule.

Course schedule

Course Schedule:      Administer Subsidiary Accounts and Ledgers                                                   Semester 1: 2020

Week

Topic

Readings and Activities

(to be completed prior to next class)

Assessment

Week 5

 

Subsidiary Ledgers

  • Set up of Subsidiary Ledgers
  • Accounts Receivable Reconciliation
  • Accounts Payable Reconciliation
  • Analysis & entry of transactions which update manual subsidiary ledgers
  • Management of Accounts receivables and Accounts payables

Reading: 

All materials are found on the Canvas

Activity: 

  • Practice exercises - entry of transactions to General Journal, Subsidiary Ledgers & General Ledger.
  • Practice exercises - Subsidiary Ledgers to Accounts Payable & Receivable Reconciliations/ Bank Reconciliations
  • Practice Case Study continued

 

Week 6

 

 

Subsidiary Ledgers

  • Set up of Subsidiary Ledgers
  • Accounts Receivable Reconciliation
  • Accounts Payable Reconciliation
  • Analysis & entry of transactions which update manual subsidiary ledgers

Reading: 

All materials are found on the Canvas

Activity: 

  • Practice exercises - entry of transactions to General Journal, Subsidiary Ledgers & General Ledger.
  • Practice exercises - Subsidiary Ledgers to Accounts Payable & Receivable Reconciliations/ Bank Reconciliations
  • Practice Case Study continued

 

 

 

week 9

    Assessment 1 due week 9

Week 12

 

    Assessment 2 to be submitted ONLINE this week 

Week 16

 

Re-submission/s if required

 

 Resubmissions

 

 * Please note this schedule can be subject to change and you will be advised on CANVAS of any changes


Learning Resources

Prescribed Texts


References


Other Resources

All required exercises and material will be provided on CANVAS


Overview of Assessment

Performance Evidence

Evidence of the ability to:

  • reconcile and monitor subsidiary accounts according to industry compliance requirements and organisational policies and procedures, including:
  • using required data entry and reporting systems to perform account and ledger administration activities
  • following organisational data validation and reconciliation processes and analysing outcomes of the reconciliation for required actions
  • identifying bad and doubtful debts in a timely manner
  • planning effective debt recovery actions.

 

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 features of debits and credits, and their role in accounting systems
  • Procedures for identifying bad or doubtful debts
  • Key requirements relating to the administration of subsidiary accounts and ledgers detailed in:
  • legal systems, regulations and procedures
  • industry codes of practice
  • Key requirements of organisational policies and procedures relating to reconciling and monitoring financial accounts, including organisational credit policy
  • Industry-accepted measures and protocols to remit and collect monies
  • Key features of debt recovery plans

 

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 reconcile and monitor accounts receivable data systems.

 

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 1 Online Submission -Due Week 9

Assessment 2 Online submission - Due week 12


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 (Competency Achieved)

 

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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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