Course Title: Set up and operate a computerised accounting system

Part B: Course Detail

Teaching Period: Term1 2021

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 by using the prescribed textbook 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 four hours of class each week in the semester. Students will be introduced to practical activity using 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 the prescribed textbook or 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 4 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 with access to accounting software and have access to the prescribed textbook 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 1: 2021

 

Week

Topic

Readings and Activities

Assessment

1

Introduction to Cloud Computing

 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

Introduction to Computerised Accounting System

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

 

3

Spending & Receiving Money

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

Engagement Quiz due

4

Journal Entry and Petty Cash

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

Assessment 1 due 

5

Service & 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 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

 

7

Setting Up Accounting System 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 & Purchase 

  • Purchases transactions
  • Sales transactions
  • Receipts
  • Payments
  • Bank Reconciliation

Assessment 2 Part A due

9

Financial Year End Reporting

  • The Roles of Bookkeeper and Accountant
  • End of Year Adjustment

Assessment 2 Part B &C due

10

Introduction to Cloud Accounting System

  • Exploring Cloud Accounting software 

 

11

Introduction to Cloud Accounting System

  • Exploring Cloud Accounting software 
 

12

Introduction to Cloud Accounting System

  • Exploring Cloud Accounting software 

 

13

Introduction to Cloud Accounting System

  • Exploring Cloud Accounting software 

 

14

Undertaking A Cost-Benefit Analysis in Cloud Computing

  • Selecting a cloud supplier
  • Cost-benefit analysis

 

15

Prepare Business Case in Cloud Computing

  • Business Case

Assessment 3 due

16

Assessment Re-sit, Feedback & Final Resubmission

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

Computerised Accounting - Greg Pazmandy

Please check latest updated version


References


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 4)

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 (Weeks 8 & 9)

You will be required to set up a new company file by using an Accounting Software. You will be creating a General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger and Inventory Ledger using accrual accounting procedures and information in the Policies and Procedures manual.

Assessment Instructions

This assessment has three parts:

Part A: Set Up Company File

You are required to create a new company data file and using Accounting software to process transactions and to produce a set of accounting reports relating to organisational requirements, policies and procedures.

There are six (6) individual tasks in this part of the assessment where you need to set up the company, enter all the required transactions, reconcile,  print the required reports and backup your company file with these following requirements below.

Part B: Financial Year End Reporting

You are required to complete end of financial year rollover and prepare the relevant reports and backup your company file with these following requirements below.

Part C: Technical help issue

You are required to identify two operational problems and technical support solutions to resolve the issues identified.

 

Assessment 3 (Week 15)

The purpose of the assessment is to give you the opportunity to demonstrate your knowledge and skills in reviewing   computing needs and creating a plan to implement a cloud computing solution within a small business environment.

 

Assessment Instructions

What

You are to read the scenario below and answer questions related to the scenario. From here you are required to create a business case for a XERO Cloud Accounting software solution for a small bookkeeping business.

 

This assessment consists of three (3) tasks;

Task 1 – Company needs analysis

You are required to write a report that outlines the current hardware and software in place, identifies the cloud computing options and solutions for the business and short and long-term goals to implementing cloud solutions.

 

Task 2 – Cost benefit analysis 

You are required to complete a budget/cost analysis, create a business case (following the 9 steps you have learnt in this course) and prepare a plan to support the implementation of cloud accounting software.

 

Task 3 – Present business plan

You are required to present the business plan you created in Task 2 to the class, you will request feedback on your plan from your peers. In this presentation you will need to promote the key features of the plan along with an overview of the cost benefit analysis.


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