Course Title: Set up and operate a computerised accounting system

Part B: Course Detail

Teaching Period: Term1 2023

Course Code: OFFC5334C

Course Title: Set up and operate a computerised accounting system

Important Information:


Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 

To participate in any RMIT course in-person activities or assessment, you will need to comply with RMIT vaccination requirements which are applicable during the duration of the course. This RMIT requirement includes being vaccinated against COVID-19 or holding a valid medical exemption. 

Please read this RMIT Enrolment Procedure as it has important information regarding COVID vaccination and your study at RMIT: https://policies.rmit.edu.au/document/view.php?id=209. 

Please read the Student website for additional requirements of in-person attendance: https://www.rmit.edu.au/covid/coming-to-campus 


Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance. 

School: 525T Business & Enterprise

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 content in the learning management system, including self-paced and collaborative classroom-based activities.

The collaborative classroom-based activities will include question & answer sessions using problem-solving skills and taking responsibility for adopting and promoting approaches to improve business operations in small business environments.

Primarily students will be learning either on campus or a self-paced evening online course site for disseminating materials and some assessments.  Students will have the skills and knowledge required to establish, operate, and modify an integrated computerised accounting system. This involves processing transactions, maintaining the system, producing reports, and ensuring system integrity. Solutions will be available in the prescribed textbook or canvas.


This course will be delivered through face-to-face classes and self-paced online study with webinar support, in which students will participate in group discussions, activities, and exercises.  Classroom-based demonstrations and activities support your learning and provide you with the skills necessary to complete course assessments. It is recommended to utilise each scheduled class session to get help and feedback about their weekly progress before you leave the class.

Students will be expected to commit approximately 2-4 hours each week to complete each weekly module and all 2 assessments for this unit due to the possibility of encountering errors, reworking from the start for each task, re-submission, etc., including class time and outside class time.

Students will be expected to commit approximately 2-4 hours each week to complete each weekly module and all 2 assessments for this unit due to the possibility of encountering errors, reworking from the start for each task, re-submission, etc., including class time and outside class time.


Students are recommended personal computers with access to RMIT's Canvas Learning Management System for each class scheduled.  


Teaching Schedule

Course Delivery:

Here is the course summary of the unit. It is to give detailed information about the weekly delivery and the progress of the unit.  It provides the information on:

  • When will classes be held
  • What learning materials and activities need to be completed; and,
  • What assessments are due and when 

 

WeekTopicAssessment / Learning activities
Week 1 Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit.
Getting Started with XERO
Chapter 1: Introducing Computerised Accounting System and Xero
Chapter 2: Setting up a New Service Business 		 At the end of this session, please attempt
Chapters 1 & 2: End Chapter Exercises
Quiz 1 
Week 2 Service Business
Chapter 3: Service Business - Spending and Receiving Money
Chapter 4: Service Business - Credit Purchases and Sales
 Chapters 3 & 4:   End Chapter Exercises 
Week 3  Assessment 1 Review | Q&A

 Assessment 1 due
Week 4 Setting up Existing Trading Business
Chapter 5: Setting up Xero for an New Existing Trading Business  

 Chapter 5:   End Chapter Exercises 
Week 5 Recording Transactions
Chapter 6: Recording Transactions of a Trading Business

 Chapter 6 :  End Chapter Exercises 
Week 6 Importing Data & Customer Management and Transaction Entry
Chapter 7: Importing Data into Xero
Chapter 8: Customer Management and Transaction Entry

Chapter 7&8:   End Chapter Exercises

 
Week 7 Financial Year End
Chapter 9: Financial Year End Procedures and Reporting		 Start Assignment 2 
Week 8 Assignment 2 – must be submitted by the end of the week 8 Assessment 2 due
Week 9 Resubmissions   

 

** The teaching schedule may be subject to change.  You will be advised in class and via Canvas Announcements if changes become necessary.

 


Learning Resources

Prescribed Texts

Computerised Accounting System Using Xero

978-1-76073-162-5

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 two (2) assessments in this unit. This is assessment one (1) of two (2) assessment tasks that students must complete satisfactorily to be deemed competent for this unit.   

Assessment 1 Knowledge Questions

The purpose of this assessment is for students to demonstrate the knowledge required to establish, operate, and set up and operate computerised accounting system topics.

Assessment Instructions

Students are required to complete the following tasks.

Short Answer Questions (Q1 – Q5) a response must be provided for each question. It is essential when answering these questions to refer to the reading materials from the course notes and any other relevant learning materials.

Where  

Students are expected to complete this assessment on their own time.  

How 

Students will be assessed on how well they answer the questions. To achieve a satisfactory result, they must address all criteria satisfactorily.

 

Assessment 2 Xero Case Study

This is assessment task two (2) of the (2) assessments that students need to complete satisfactorily to be deemed competent for this unit.

The purpose of this assessment is to allow students to demonstrate knowledge of key features, skills and knowledge required to establish, operate, and modify an integrated computerised accounting system and process transactions in the system, maintain the system, produce reports, and ensure system integrity.

Assessment Instructions

Use of this Case Study requires:

Access to the “Office at Home” Xero organisation
OfficeAtHome_AccountBalances.csv  |  OfficeAtHome_AccountBalances.csv 
OfficeAtHome_Bills.csv | OfficeAtHome_Bills.csv 
OfficeAtHome_Contacts.csv | OfficeAtHome_Contacts.csv 
OfficeAtHome_Invoices.csv | OfficeAtHome_Invoices.csv 
Office at Home May Bank Statement.csv | Office at Home May Bank Statement.csv 
Office at Home June Bank Statement.csv | Office at Home June Bank Statement.csv 
Office at Home June Credit Card Statement.csv | Office at Home June Credit Card Statement.csv  

The following documents must be submitted via Canvas:

A total of 20 (twenty) PDF report requirements and save each report below as: ‘ Student’s Name ‘and the report name, e.g. Andy Smith Profit & Loss.pdf consist of :

Nine (9) PDF Invoices and Reports in the month of May

  • INV-0039 and INV-0044
  • Bank Reconciliation Summary as of 31 May 2022
  • GST Account Transactions for May 2022
  • Profit and Loss Statement for May 2022
  • Balance Sheet as of 31 May 2022
  • Aged Receivables Detail as of 31 May 2022 (2 periods of 1 month)
  • Aged Payables Detail as of 31 May 2022(2 periods of 1 month)
  • Inventory Item Summary for May by Quantity (Sort by Item Code)
  • Inventory Item Summary for May by Value (Sort by Item Code).

Eleven (11) PDF Reports in the month of June

  • Bank Reconciliation Summary as of 30 June 2022
  • Credit Card Reconciliation Summary as of 30 June 2022
  • GST Account Transactions for June 2022
  • Depreciation Schedule from 1 Nov 2021 to 30 Jun 2022
  • Profit and Loss Statement from 1 November 2021 to 30 June 2022
  • Balance Sheet as of 30 June 2022, compared with April and May
  • Aged Receivables Detail as of 30 June 2022 (2 periods of 1 month)
  • Aged Payables Detail as of 30 June 2022 (2 periods of 1 month)
  • Inventory Item Summary for June by Quantity (Sort by Item Code)
  • Inventory Item Summary for June by Value (Sort by Item Code)
  • Trial balance as of 1 July 2022. (Before generating this report, Lock Dates and Stop all users making changes on and before 30 June 2022)

 

Where

Students are expected to complete this assessment on their own time.  

How 

Students will be assessed on how well they answer the questions. To achieve a satisfactory result, they must address all criteria satisfactorily.


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