Course Title: Process financial transactions and extract interim reports
Part B: Course Detail
Teaching Period: Term2 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
Course Coordinator:
Naveen Garg
Teacher – Accounting
School of Vocational Business Education
RMIT University
Building 80, Level 5
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 2/7/2018
|
Introduction to the Course including:
Introduction to Accounting
|
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:
|
|
|
|
Week 2
|
Review previous week Analysis of transactions
|
Reading: All materials are found on the Learning Hub. Activity:
|
|
As above |
|
Week 3
|
Journals & Ledgers
|
Reading: All materials are found on the Learning Hub Activity:
|
|
As above |
|
Week 4
|
Subsidiary Ledgers
|
Reading: All materials are found on the Learning Hub Activity:
|
|
As above |
|
Week 5
|
Reconciliations & Trial Balance
|
Reading: All materials are found on the Learning Hub Activities:
|
|
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
|
Reading: MYOB text Ch 2 Activities:
|
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
|
Reading: MYOB text, Ch 4 & 5 Activities:
|
Re-sit for Assessment Task 1 |
As above |
|
MID SEMESTER BREAK |
|
|
|
|
|
Week 9
|
Practice firm |
Reading: MYOB text, Ch 3 Activity:
|
Assessment Task 2- handed out-- In Class Simulated work place activity
In - class Observation- continues |
As above |
|
Week 10
|
Practice firm |
Reading: Activity:
|
Continue work on Assessment Task 2- In Class Simulated work place activity
In - Class Observation- continues |
As above |
|
Week 11
|
Practice firm |
Reading: Activities:
|
|
As above |
|
Week 12
|
Management of Debtors & Creditors
|
Reading: Activity:
|
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
|
Activities:
|
|
As above |
|
Week 14
|
Final Reports Preparation of post adjustment (continued)
|
Activities:
|
Assessment Task 3 in class.
|
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 for assessment task 3 If required, resubmission for this assessment is due by the end of week 16 |
As above |
|
Week 16 |
Re-submission/s if required |
|
|
|
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)
- For this Assessment Task you need to complete a case study covering Topics from week 1-5.
- 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.
- 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.
- You will be appointed as bookkeeper in the travel and bank business in the practice firm.
- You will be given the tasks to complete in the bookkeeper role.
- You will be assessed based on the reports produced in the practice firm and during In class observations
- Feedback for this assessment will be provided in Week 13.
Assessment Task 3 Scenario Question (Due date: first class of Week 14)
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.
Important Note:
The Teacher or Course Coordinator may request anytime to ask students to demonstrate and/or reproduce assessments to validate authenticity. AND
Students must get competency in all the assessment tasks in order to obtain competency in this course.
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:
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