Course Title: Set up and operate a computerised accounting system

Part B: Course Detail

Teaching Period: Term2 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

paul.lim@rmit.edu.au

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

A range of learning activities is planned for this course including self-paced and collaborative classroom-based activities.

The collaborative classroom-based activities will include question & answer sessions, interactive personal demonstrations of the application of Cloud and Desktop Accounting Software into small business environment.

The self-paced activities will be delivered through various technology platforms, including the use of computerised systems, quizzes & interactive sessions.

Primarily you will be learning on a face to face basis with the support of an online course site for dissemination of materials and some assessments. Students will be expected to attend three hours of class each week in the semester. Students will be introduced to practical activity using MYOB Accounting software, which will then be supported by practical illustrations. Students will complete exercises to reinforce their understanding of the material. Solutions will be available in Canvas.

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 recommended to utilise each of the scheduled class sessions 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 module's task before stating the class exercise.

You will be expected to commit approximately 3 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.


You must bring your own personal computer and have access to MYOB AccountRight 2018 software for each class scheduled.  

It is a cluster of two courses :

Introduce Cloud Computing into Business Operations - BSBSMB412 and
Set Up and Operate Computerised Accounting System- FNSACC416

Both of these courses will be delivered simultaneously.

 

 


Teaching Schedule

Course Delivery:

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 

 

Course Schedule: Computerised Accounting             Semester 2, 2020

This course delivery will start from Week 1 (access to a personal computer and pre-installed MYOB AccountRight 2018 software is required for each and every week)

Week

Topic

Readings and Activities

Assessment

1

Cloud computing

 Introduction/What is Cloud Computing

  • Common Terms and Concepts
  • Types of Cloud Computing
  • Sources of information
  • Options in the Bookkeeping and Accounting Industry
  • Current use (collection of data reuse)
  • Needs identification
  • Equipment and software options
  • Choice range of potential provider
  • Cloud Accounting providers

 

2

Computerised accounting systems

  • Source Documents
  • Privacy and Information Security
  • Class Exercise
  • Creating Company File & The Account List
  • Backing Up Company File
  • Class Exercise

 

3

Spending and receiving money

  • Spending Money
  • Receiving Money
  • Bank Reconciliations
  • Class Exercise

 

4

Journal entries and petty cash

  • Petty Cash
  • Establishing Petty Cash
  • Purchasing from Petty Cash
  • Class Exercise

 

5

Service and trading income

  • Credit & Cash Sales
  • Cash Deposit & Cash Refund
  • Receipt Payment from Debtors
  • Issuing a Credit Note
  • Cash Sales of Stock
  • Credit Sales of Stock
  • Receive Payments from Customers
  • Prepare Bank Deposit and Bank Reconciliations
  • Class Exercise

 

6

Purchasing goods and 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

 Assessment 1 due 

7

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
 

8

Sales, purchases, and customer management

  • Purchases transactions
  • Sales transactions
  • Receipts
  • Payments
  • Bank Reconciliation
  • End on Month Adjustment for Depreciation Customising forms (Invoices and Statements)
  • Printing and emailing invoices
  • Printing and emailing Statements
  • Debtor Management
  • Bad and Doubtful Debts
  • Dishonoured Cheques

 

9

Advanced inventory and financial year-end reporting

  • Managing Inventory with MYOB
  • Creating Inventory Items
  • Building Items
  • Processing inventory transactions
  • Processing Customer Refunds
  • Returning Damaged Items to Supplier
  • Stocktake

 

10

MYOB in class Assessment 2

  • MYOB Practical Class Assessment 2

Assessment 2 due 

11

Introduction to cloud accounting using XERO

  • Exploring Cloud Accounting software XERO
 

12

Introduction to cloud accounting using XERO

  • Exploring Cloud Accounting software XERO

 

13

Introduction to cloud accounting using XERO

  • Exploring Cloud Accounting software XERO

 

14

Undertaking a cost-benefit analysis and preparing a business case

  • Selecting a cloud supplier
  • Cost-benefit analysis
  • Business Case

 

15

Class discussion for assessment

Class Discussion

Assessment 3 due

16

Assessment feedback, resits and final resubmissions

This week is set aside for students to resit assessments which are not yet satisfactory.

The teacher will inform you of your progress and requirements and class feedback for submitted assessment and final re-submission you received an incomplete grade for the assessment.

Class concluded 

 


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 6)

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 10)

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