Course Title: Process financial transactions and extract interim reports
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: ACCT5445C
Course Title: Process financial transactions and extract interim reports
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - 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
Nominal Hours: 60
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 prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.
The unit applies to individuals who follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC321 Process financial transactions and extract interim reports |
Element: |
1. Verify supporting documentation |
Performance Criteria: |
1.1 Identify, check and record information from financial documents according to job requirements and organisational policies and procedures 1.2 Examine supporting documentation to establish accuracy and completeness |
Element: |
2. Prepare and process banking and petty cash documents |
Performance Criteria: |
2.1 Confirm deposits and withdrawals according to organisational procedures 2.2 Reconcile banking documentation against organisation’s financial records 2.3 Check, process and record petty cash claims and vouchers, and balance petty cash records according to organisational procedures |
Element: |
3. Prepare and process payable and received invoices |
Performance Criteria: |
3.1 Prepare invoices according to organisational policies and procedures 3.2 Check invoices against source documents for accuracy and correct identified errors 3.3 Confirm storage method and store copies of invoices and related documents in required format |
Element: |
4. Prepare journals |
Performance Criteria: |
4.1 Prepare and process journal entries within organisational timeframes and according to organisational structure, policies and procedures 4.2 Prepare special journal entries for capital contributions, bad debts, discounts and correction of errors. |
Element: |
5. Check ledger accounts |
Performance Criteria: |
5.1 Review transactions posted to ledger for accuracy 5.2 Correct identified errors according to organisational policies and procedures |
Element: |
6. Prepare bank deposits and lodge flows |
Performance Criteria: |
6.1 Select deposit files according to banking method to be used 6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements 6.3 Identify and obtain proof of deposit according to organisational procedures |
Element: |
7. Finalise trail balance and interim reports |
Performance Criteria: |
7.1 Determine scope of any special transactions to be made, and process the transactions 7.2 Complete balance day adjustments in journals and post to general ledger 7.3 Extract and check trial balance and prepare other required interim reports 7.4 Review trial balance and interim reports for accuracy and completeness and seek approval as required 7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements. |
Learning Outcomes
Details of Learning Activities
Welcome to the course " FNSACC321 (ACCT5419C) Process financial transactions and extract interim reports"
The learning content for this course will be delivered over 9 weeks.
A range of learning activities are planned for this course, including webinar sessions and collaborative classroom-based activities.
The collaborative, classroom-based activities will include group discussion, question and answer sessions, interactive group demonstrations of applyin accounting principles to specific bookkeeping problems, and case studies using manual accounting techniques. The completion of learning activities both in class and outside of class will provide the opportunity to both practice and consolidate your skills.
Details of your learning activities are available on Canvas.
Teaching Schedule
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. Chapter 1: Orientation Accounting and Bookkeeping
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Complete activities in class or on the student’s own time)
or
|
Week 2 |
Chapter 2: Fundamentals of Accounting and GST |
|
Week 3 |
Chapter 3 : Cash Receipt & Chapter 4: Cash Payment |
|
Week 4 |
Chapter 5 : The Double Entry System |
Complete activities
Self-Testing Exercise Chapter Review Questions |
Week 5 |
Chapter 6: Petty Cash and Chapter 9: Periodic Inventory System |
Complete activities Self-Testing Exercise Chapter Review Questions Assessment 1 is due |
Week 6 |
Chapter 10: Specialised Journals |
Complete activities
|
Week 7 |
Chapter 11 : Bank Reconciliations Chapter 12: Special Transactions and Assessment 2 review |
|
Week 8 |
Chapter 13: Interim reports |
Assessment 2 is due |
Week 9 |
Assessment feedback and final week for re-submissions if required. |
Learning Resources
Prescribed Texts
Accounting Principles: Financial Transactions, Subsidiary Ledgers & Interim Reportsby Anne Collins & Andrew Duncan14th Edition (January, 2023) |
ISBN: 978-1-76073-268-4 |
References
Other Resources
The online learning materials listed include:
- Course outlines
- PowerPoint presentations
- Supporting reading material
- Industry relevant articles
- Activities
Overview of Assessment
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- process financial transactions and extract interim reports involving at least twelve separate transactions and performed for a minimum of two different entities
- prepare each of the following at least once:
- trial balance
- bank reconciliation
- balance of petty cash.
In the course of the above, the candidate must prepare special journal entries to include at least three of the following components:
- equity transactions including capital contributions involving business owner(s) relevant to the business structure
- bad debts
- bad debts recovered
- correction of errors
- discounts received and allowed.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- key features of double-entry accounting and accrual accounting systems
- industry-accepted accounting conventions and accounting standards applicable to performance evidence
- standard industry banking procedures and guidelines, including industry-accepted security and safety precautions appropriate to banking method
- legislative and regulatory requirements relating to processing financial transactions
- organisational policies and procedures relating to processing financial transactions, including:
- organisational input standards and journal authorisation procedures
- security procedures for handling electronic payments and cash
- safety procedures for specific banking methods
- fundamentals of routine financial reports, including:
- trial balances
- bank account reconciliation reports.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment, technology, software and consumables required to process financial transactions and extract interim reports.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
The unit will have two assessment tasks in total. To be deemed competent, you must satisfactorily complete all assessment tasks.
Assessment Task 1 - due in Week 5
Assessment Task 2 - due in Week 8
The purpose of this assessment task is to assess students’ skills and knowledge to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and prepare interim reports.
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
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:
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