Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term1 2018

Course Code: ACCT5375C

Course Title: Process financial transactions and extract interim reports

School: 650T Vocational Business Education

Campus: City Campus

Program: C5374 - Diploma of Accounting

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

Nurjis Sethi

nurjis.sethi@rmit.edu.au

 

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

There are no pre-requisites for this unit.

Course Description

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.

It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained. 

Please note: This unit is a pre-requisite for ACCT5381C Prepare financial reports for corporate entities    


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

FNSACC301 Process financial transactions and extract interim reports

Element:

1. Check and verify supporting documentation

Performance Criteria:

1.1 Identify, check and record information from documents 1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

Element:

2. Prepare and process banking and petty cash documents

Performance Criteria:

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures 2.2 Check cheques and card vouchers for validity before processing 2.3 Reconcile banking documentation with organisation's financial records 2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

Element:

3. Prepare and process invoices for payment to creditors and for debtors

Performance Criteria:

3.1 Prepare invoices in accordance with organisational procedures 3.2 Check invoices against source documents for accuracy and correct any errors 3.3 File all invoices and related documents for auditing purposes

Element:

4. Prepare and post journals and batch monetary items

Performance Criteria:

4.1 Prepare journals accurately and completely, and batch items within organisational timelines 4.2 Match batch items precisely to initial receipt records 4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

Element:

5. Post journals to ledger

Performance Criteria:

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

Element:

6. Enter data into system

Performance Criteria:

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts 6.2 Update related systems to maintain integrity of relationships between financial systems

Element:

7. Prepare deposit facility and lodge flows

Performance Criteria:

7.1 Select deposit facility appropriate to banking method to be used 7.2 Balance batch with deposit facility without error 7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements 7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

Element:

8. Extract trial balance and interim reports

Performance Criteria:

8.1 Process accurately any special transactions 8.2 Complete cash and credit journals and post to general ledger 8.3 Extract and check trial balance and prepare other required reports 8.4 Find and correct any errors


Learning Outcomes



Details of Learning Activities

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

Primarily you will be learning face to face, with an online course site (Canvas) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points. This unit is clustered and delivered with ACCT5370C Prepare financial reports.

A Practice Firm ­ Work simulated environment will be set up where students will be employed in virtual office. The students will be asked to work in this practice firm and perform the normal activities as in an office environment. This objective is to create a real working life experience. Practice firm will operate from Week 9 -­11. 

During class time you will prepare notes, participate in discussions and complete problem solving exercises.  Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerised system.  You will be required to complete all activities & assessment tasks, either in class or in your own time. 


Teaching Schedule

This course is clustered (co-delivered & co-assessed) with:

 

ACCT5370C Prepare financial reports

 

The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course.  This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

 

Prior to training commencement a program level induction session will be conducted that comprises the following:

  • Program overview and requirements
  • MyRMIT/Canvas
  • Overview of assessment requirements
  • Pre-Training Review including:
    • Recognition of Prior Learning and Credit Transfers
    • Assessment of current skills and knowledge
  • Competency/Grading Criteria
  • Plagiarism
  • Appeals
  • Extensions
  • Feedback
  • Privacy
  • Submission requirements
  • Resubmission policy
  • Where to get support
  • Student responsibilities 

 

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 

 

Example course schedule

Course Schedule:      Introduction to Accounting                                                    Semester 1: 2018

Week

Topic

Readings and Activities

(to be completed prior to next class)

Assessment

Unit(s) of Competency

Week 1

beginning 

5/2/2017

 

Introduction to the Course including:

  • Course requirements
  • Course support documents
  • CANVAS access
  • Weekly Structure
  • Accuracy of enrolment
  • Assessment requirements     
  • Extensions/Resubmissions
  • Feedback in this course
  • Getting help

 

Introduction to Accounting

  • Accounting within the Business Context
  • Business Structures
  • Accounting equation
  • Assets, Liabilities & Owner’s Equity

Reading:

All materials are found on the Learning Hub.

 

Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.

 

Students should make themselves familiar with the Learning Hub material and read these exercises and activities prior to each week’s attendance in class.

 

Activities: 

  • Practice questions on Accounting equation & Analysis of Accounts 
  • Chart of Accounts

 

 

  • ACCT5370C Prepare financial reports (BSBFIA401)
  • ACCT5375C Process financial transactions and extract interim reports (FNSACC301)

Week 2

 

Review previous week

Analysis of transactions

  • Debit & Credit rules
  • Practice exercises on Analysis of Transactions

Reading: 

All materials are found on the Learning Hub.

Activity: 

  • Practice exercises on Analysis of Transactions/ Debit Credit rules

 

 As above

Week 3

 

Journals & Ledgers

  • General Journal
  • Application of the Debit & Credit Rules
  • General Ledger

Reading: 

All materials are found on the Learning Hub

Activity:

  • Practice exercises on entries to the General Journal and General Ledger
  • Holistic case study in class introducing the Manual transactions

 

  As above

Week 4

 

Subsidiary Ledgers

  • Set up of Subsidiary Ledgers
  • Analysis & entry of transactions which update manual subsidiary ledgers

Reading: 

All materials are found on the Learning Hub

Activity: 

  • Practice exercises - entry of transactions to General Journal, Subsidiary Ledgers & General Ledger.
  • Holistic Case Study continued

 

  As above

Week 5

 

Reconciliations & Trial Balance     

  • Introduction to reports
  • Trial Balance preparation
  • Accounts Receivable Reconciliation
  • Accounts Payable Reconciliation
  • Bank Reconciliation

Reading: 

All materials are found on the Learning Hub

Activities: 

  • Practice exercises - General Ledger to Trial Balance
  • Practice exercises - Subsidiary Ledgers to Accounts Payable & Receivable Reconciliations/ Bank Reconciliations

 

  As above

Week 6

 

Practice Test – MANUAL ACCOUNTING

 

INTRODUCTION TO MYOB

 

 

 

 

 

Reading: Course MYOB text, Ch 1

Activity: 

Use Sample company to explore MYOB & complete Ch 1 exercise

Practice Test – MANUAL ACCOUNTING

 

Assessment Task 1- Manual Accounting

In Class Submission

Due by the end of week 6. 

You will receive the feedback by the end of week 7 and if required for any resit, it will be completed in week 8.

 

  As above

Week 7

 

MYOB   

  • Setting up a new file
  • Practice exercises

 

Reading: MYOB text Ch 2

Activities: 

  • Manual to MYOB - manual chart of accounts to MYOB Accounts List.
  • Set Up Assistant - Accounts module exercises.

In - Class Observation

An in class observation to judge the authenticity and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

  As above

Week 8

 

MYOB

  • Setting up subsidiary ledgers
  • Comprehensive exercises - manual to MYOB

Reading: MYOB text, Ch 4 & 5

Activities: 

  • Set up of Sales, Purchases & Inventory modules using Practice Case Study.

 Re-sit for Assessment Task 1

  As above

MID SEMESTER BREAK

 

 

 

 

Week 9

 

Practice firm

Reading: MYOB text, Ch 3

Activity: 

  • Manual Bank Reconciliation Activity 1
  • MYOB Bank Reconciliation Activities 2 & 3
  • Practice Case Study Bank Reconciliation

 Assessment Task 2- handed out-- In Class Simulated work place activity 

 

In - class Observation- continues

  As above

Week 10

 

Practice firm

Reading: 

Activity: 

  • MYOB Text: Ch 8 Comprehensive Exercise.

 Continue work on Assessment Task 2- In Class Simulated work place activity 

 

In - Class Observation- continues

  As above

Week 11

 

Practice firm

Reading: 

Activities: 

  1. Depreciation - manual & MYOB
  2. Purchase & Sale of Fixed Asset
  3. Practice Case Study - manual & MYOB

 

Assessment Task 2- In Class Simulated work place activity

 

In - Class Observation- continues

An in class observation to judge the authenticity and skill based learning under pressure and time critical scenario to simulate the time critical workplace environment.  

  As above

Week 12

 

Management of Debtors & Creditors

  • Debtors & Creditors schedules Introduced
  • Bad debts Concepts
  • Bad debts policy
  • Doubtful debts introduction
  • Doubtful debts treatment
  • Example of contract
  • Entry of bad & doubtful debts, manual & using MYOB

Reading: 

Activity: 

  1. General Journal Exercises - entry of bad & doubtful debts.
  2. Theory questions - Management of Debtors & Creditors

Assessment Task 2- In Class Simulated work place activity  due end of week 12.  You will receive the feedback by the end of week 13, and if required to resubmit it will be due by the end of Week 14.

 

Please ensure you upload all required submissions for this task onto CANVAS

 

  As above

Week 13

 

Year-end adjustments

  • Balance day adjustments
  • Entry of balance day adjustments to General Journal, manual & using MYOB
  • Impact on General Ledger balances
  • Impact on balance sheet and Income Statement
  • Practice exercises on entry of balance day adjustments, manual & MYOB

Activities: 

  • Practice exercises on entry of balance day adjustments, manual & MYOB

 

 

  As above

Week 14 

 

Final Reports

Preparation of post adjustment (continued)

  • Balance sheet
  • Profit and loss account
  • Exercises on year end entries & preparation of post adjustment final reports

Activities: 

  • Exercises on year end entries & preparation of post adjustment final reports

Assessment Task 3 handed out in class.

 

Resubmission Assessment Task 2 

  As above

Week 15

 Revision Week + Assessment Task 3

 Assessment Task 3 due in the first class of this week

 

Assessment Task 3 due in the first class of this week- to be submitted in class 

Please ensure you upload all required submissions for this task onto CANVAS

You will receive the feedback by the end of week 15

If required, resubmission for this assessment is due by the end of week 16

  As above

Week 16

Re-submission/s if required

 

 Resubmission Assessment Task 3

 

 

 

 




Learning Resources

Prescribed Texts


References


Other Resources

All relevant learning resources will be placed on the learning management system (Canvas) progressively throughout the semester. Students will need to access this site on a weekly basis, print off materials and bring them to class.

Students are also encouraged to refer to the following textbooks/ e-textbook versions for reference:

 

Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage 9780170177726

Accounting a Practical Approach 3rd Edition by Valarie Wilson, Suellen Freeman John Freeman  9781442528000

Duncan, Andrew,   Introductory Accounting (10th edn), Learn Now Publications


Overview of Assessment

In order to achieve competency in this unit, you must provide:

Performance Evidence

Evidence of the ability to:

  • accurately enter and balance deposits and withdrawals
  • process and balance petty cash transactions
  • check and verify supporting documentation
  • apply relevant security measures for preparing and banking receipts
  • batch monetary items and prepare deposit facilities
  • accurately enter data into accounting systems and process journal entries according to organisational policy and procedures and legislative requirements
  • prepare and authorise journals and check journal processing reports
  • extract, check and correct a trial balance
  • file documentation to meet all organisational and regulatory requirements

Knowledge Evidence

To complete the unit requirements safely and effectively, you must:

  • identify a range of accounting conventions, processes and procedures
  • describe banking procedures and guidelines
  • outline typical errors that can be made in processing financial transactions
  • describe forms of ‘proof of lodgement’
  • describe types of ‘special transactions’
  • identify and describe the key features of:
    • industry codes of practice
    • legislative and regulatory requirements relevant to the work
    • organisational policy and procedures
  • explain the security procedures for handling cheques, vouchers and cash
  • describe the key features of a range of reports

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:

  • common office equipment, technology, software and consumables

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

You are required to complete three Assessment tasks.  You must successfully complete all three tasks to be deemed competent in this course.

 

Assessment Task 1- Manual Accounting (Due date : End of Week 6)

  1. For this Assessment Task you need to complete a case study covering Topics from week 1-5.
  2. As per the policies and procedures provided in the case study your manager in the scenario will instruct you to record all transactions manually & to prepare a manual un-adjusted Trial Balance on completion. 
  3. Feedback for this assessment will be provided in Week 7

 

Assessment Task 2- In Class Simulated work place activity (Due date : Week 12)

The second assessment will be completed in week 9&11 in the practice firm, where students will be in simulated real environment working as bookkeepers with manager as teacher.

  1. You will be appointed as bookkeeper in the travel and bank business in the practice firm.
  2. You will be given the tasks to complete in the bookkeeper role.
  3. You will be assessed based on the reports produced in the practice firm and during In class observations
  4. Feedback for this assessment will be provided in Week 13.

 

Assessment Task 3 Scenario Question  (Due date: first class of Week 15)  

The final assessment  for the course is due in week 15 will be completed in the class. Students will complete a number of balance day adjustments and resulting as per the policies and procedures provided in the scenario.  This needs to be completed and submitted by end of first class in week 15. The aim will be to test your course related skills at a holistic level. You will be given the organisational policies and procedures and transactions to simulate the real scenario. you will be taking over the role of a bookkeeper for this assessment. 

Feedback for this assessment will be provided by end of Week 15.


Assessment Matrix

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.

Other Information

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 a CAG only (Competency Achieved Grading) result to your overall grade for the course.

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:

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.

 

 

Marking Guide (Grading)

 

After achieving competency we then grade your performance in the unit and you will achieve one of the following grades:

 

Final Grades table:

CHD

Competent with High Distinction

CDI

Competent with Distinction

CC

Competent with Credit

CAG

Competency Achieved – Graded

CA

Competency Achieved – Not Graded

NYC

Not Yet Competent

DNS

Did Not Submit for assessment

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.

Course Overview: Access Course Overview