Course Title: Set up and operate a computerised accounting system
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: OFFC5334C
Course Title: Set up and operate a computerised accounting system
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
Paul Lim
Please send an email to make an appointment to talk to the teacher.
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 skills and knowledge required to establish, operate, and modify an integrated computerised accounting system. This is generally under supervision and encompasses processing transactions in the system, maintaining the system, producing reports, and ensuring system integrity.
It applies to individuals who, within the scope of own responsibility, use specialised knowledge, information technology, and planning and organising skills to establish and maintain an organisational system in service and trading environments.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC416 Set up and operate a computerised accounting system |
Element: |
1. Implement integrated accounting system |
Performance Criteria: |
1.1 Implement general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures 1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST) 1.3 Identify sources of technical help and use them to solve operational problems |
Element: |
2. Process transactions in system |
Performance Criteria: |
2.1 Collate, code, and classify input data before processing 2.2 Process wide range of cash and credit transactions according to organisational policies and procedures 2.3 Use general journal to make balance day adjustments for prepayments and accruals 2.4 Regularly review system output to verify accuracy of data input, and make adjustments for detected processing errors 2.5 Perform end of financial year rollover |
Element: |
3. Maintain system |
Performance Criteria: |
3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required 3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts 3.3 Customise chart of accounts to meet reporting requirements of organisation |
Element: |
4. Produce reports |
Performance Criteria: |
4.1 Generate reports to indicate financial performance and financial position of organisation and for goods and services tax (GST) purposes 4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger 4.3 Generate reports that confirm that system's bank account entries reconcile with bank statements 4.4 Establish systems and practices to ensure information is stored securely and according to legislative and organisational requirements 4.5 Maintain secure record of processed transactions for audit purposes |
Learning Outcomes
Details of Learning Activities
- This course will be delivered through face-to-face classes in which you will participate in group discussions, activities and exercises. Classroom based demonstrations and activities are designed to support your learning and provide you with the skills necessary to complete course assessments. It is recommend to utilise each of the schedule class session to get help and feedback about your progress each week before you leave the class.
- The course modules have got all the contents for the weekly instructions and you must read the step by step instructions carefully in completing each modules task before stating the class exercise.
- You will be expected to commit approximately 3-6 hours each week to complete each weekly module and all 3 assessments for this unit, due to the possibility of encountering errors, reworking from the start for each task, re-submission, etc, includes class time and outside class time.
- Since this unit consists of 3 assessments and all of them need to be completed within 11 weeks excluding any public holidays, it is highly recommended that you attempt all the weekly modules in your own time if you miss classes or do not complete weekly exercises during class time.
- Class scheduled allocations for Assessment 2 and 3 discussions are very important as this is the only opportunity for face-to-face interaction with your teacher if you encounter any problems completing the assessment and require feedback for any errors that you have made.
- You must bring your own personal computer and have access into MYOB AccountRight 2018 software for each class scheduled.
Teaching Schedule
|
Course Schedule: Set up and operate a computerised accounting system Semester 1: 2020 This course delivery will start from week 5 (access to personal computer and pre-installed MYOB AccountRight 2018 required for each week) | |||
Week |
Topic |
Readings and Activities |
Assessment |
|
Week 5
|
Computerised Accounting System |
- Source Documents - Privacy and Information Security - Class Exercise - Creating Company File & The Account List - Backing Up Company File - Class Exercise |
|
| Week 6 | Spending & Receiving Money |
- Spending Money - Receiving Money - Bank Reconciliations - Class Exercise
|
|
|
Week 7
|
Journal Entry and Petty Cash |
- Petty Cash - Establishing Petty Cash - Purchasing from Petty Cash - Class Exercise |
Assessment 1 due on Sunday |
|
Week 8
|
Service Income |
- Credit & Cash Sales - Cash Deposit & Cash Refund - Receipt Payment from Debtors - Issuing a Credit Note - Class Exercise |
|
|
Week 9
|
Trading Income |
- Cash Sales of Stock - Credit Sales of Stock - Receive Payments from Customers - Class Exercise |
|
|
Week 10
|
Purchasing Good & Services |
- Reviewing Purchase Transactions - Recording Purchase Transactions - Add New Supplier - Return Inventory and Applying Credit for returns - Modifying Purchase Transactions - Generating & Printing Customer Reports - Paying Suppliers - Adding New Inventory Items - Class Exercise - Starting Assessment 2 at your own time |
|
| Week 11 | Assessment 2 | Class Discussion for Assessment 2 |
Assessment 2 due on Sunday |
Week 12 |
Setting Up MYOB for an Existing Business |
- The New Company File Assistant - The Account Easy Set Up Assistant - Customise Easy Set Up Assistant - Sale Easy Set Up Assistant - Purchase Easy Set Up Assistant - Accounting for Opening Stock - Class Exercises |
|
Week 13 |
Sales & Purchase |
- Purchase Transactions - Sales Transactions - Receipt & Payments - Bank Reconciliation - Month End Adjustment for Depreciation - Bookkeeper & Accountant Roles - End of Year Adjustment - Closing Financial Year - Reversing Journal Entries - Starting Assessment 3 at your own time |
|
Week 14 |
Assessment 3 | Class Discussion for Assessment 3 |
|
Week 15 |
Assessment 3 | Class Discussion for Assessment 3 |
Assessment 3 due on Sunday |
Week 16 |
Assessment Feedback & Final Re submission | - Class feedback for submitted assessment and final re-submission you received incomplete grade for the assessment. |
|
Learning Resources
Prescribed Texts
FNSACC406A Set up and operate an accounting system using MYOB v 19.8 MYOB Asset Manager Pro v 3.6 and Excel 2010 suitable for FNSACC406 - Brown M. Software Publications |
978-1-922012-67-8 |
References
Computerised Accounting Using MYOB AccountRight 2018.3 - Greg Pazmandy |
978-1-760730-70-3 |
Other Resources
See Canvas for all additional learning and assessment resources.
Overview of Assessment
Performance Evidence
Evidence of the ability to:
- set up the chart of accounts for one organisation by modifying an established integrated financial software system
- implement an integrated computerised accounting system, ensuring integrity of the data
- process transactions in the integrated system, including:
- BPAY
- credit card payments
- direct debit
- invoices
- petty cash
- generate reports in the integrated system over at least two reporting periods, including:
- goods and services tax (GST) accrual report
- payroll report
- bank reconciliation report
- profit and loss statement
- balance sheet
- maintain computerised accounting system information securely.
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 desktop and cloud-based computerised accounting systems
- Key features of organisational policies and procedures relating to setting up and operating a computerised accounting system
- Key requirements of financial services industry legislation relating to information privacy when using computerised accounting systems
- Key features and characteristics of information included in source documents of financial data
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 and consumables required to operate a computerised accounting system
- technology and software required to operate a computerised accounting system, including:
- integrated commercial financial software system and associated data
- desktop-based and/or cloud-based computerised accounting system
- access to the internet.
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
There are three assessments in this unit. You must complete all assessments (3 out of 3) to a satisfactory level to be deemed competent in this unit.
Assessment 1 (Week 7)
This assessment contains six questions and you must answer all of them in the saved Word document. It is important that when answering these questions, you go thru reading materials from Week 5 module course notes first and then any materials that will support the assessment with further additional reading, research and completing any unfinished tasks in your own time.
Assessment 2 (Week 11)
You will be required to create the MYOB company file, implementing a General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger and Inventory Ledger using accrual accounting procedures and information in the Policies and Procedures manual.
Based on the information provided in the documents, students will be expected to create the MYOB company file
Actions to be observed and the standard expected
- Students are able to understand and analyse the organisational policies and procedures
- Students are able to implement an integrated accounting system
- Students can maintain the system
- Students can produce reports
Assessment 3 (Week 15)
You will be required to download a MYOB file that will be provided to you. You will process transactions within the system and you will also be asked to generate reports at the end of the period.
The purpose of this assessment allows students to demonstrate knowledge relating to key features, skills and knowledge required to establish, operate, and modify an integrated computerised accounting system, processing transactions in the system, maintaining the system, producing reports, and ensuring system integrity, enter the end of year adjustments based on the information provided, used the record journal entry function, processed the reversing journal entries for prepaid rent, accrued expenses and accrued interest payable.
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 via Canvas.
• 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 a 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.
Extension of Time. 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
Form to use is found in the section "How to apply."
Special Consideration. Where more 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
Resubmission (VE Programs)
If you are found to be Not Yet Competent in a course assessment task (or you do not submit the assessment tasks/attend the assessment) 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 in Canvas.
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.
More information: 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