Course Title: Develop and manage financial systems
Part B: Course Detail
Teaching Period: Term1 2017
Course Code: ACCT5394C
Course Title: Develop and manage financial systems
School: 650T Vocational Business Education
Campus: City Campus
Program: C6148 - Advanced Diploma of Accounting
Course Contact: Ben Sethia
Course Contact Phone: +61 3 9925 5982
Course Contact Email: ben.sethia@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Paul Panebianco
Email: paul.panebianco@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
None
Course Description
This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan. It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSORG602 Develop and manage financial systems |
Element: |
1. Establish financial system requirements |
Performance Criteria: |
1.1. Financial system requirements for efficient financial administration are determined from consultation with relevant stakeholders and an analysis of existing financial plans 1.2. Reporting and procedural requirements impacting on the organisation are identified and recorded for future reference 1.3. Internal financial audit controls included in the system specification provide a satisfactory security mechanism 1.4. Risks to financial viability and contingency strategies to manage risk are identified and costed |
Element: |
2. Design financial management systems |
Performance Criteria: |
2.1. Sources of competent assistance and advice are accessed and used to secure financial records and assets 2.2. Financial management system design ensures accurate and timely provision of information about the organisation's transactions, working capital and cash flow 2.3. Equipment and software needed for the operation of the system are identified, acquired and installed to support the organisation's transactions 2.4. Financial reporting requirements are known and used by relevant personnel 2.5. Established financial reports ensure accurate and timely provision of data required for financial decision making 2.6. Agreed schedules of account recording and reconciliation systems are produced at regular intervals and support the organisation's service provision and business decisions 2.7. Mechanisms for the review of terms of trade and fee structures are suited to the organisation's needs and meet industry standards 2.8. Financial reports are prepared at regular intervals in the required format meet external audit requirements |
Element: |
3. Prepare and review financial plans |
Performance Criteria: |
3.1. Financial plans are linked to reviews of the organisation's strategic business plan to enable timely financial adjustments to be made 3.2. Planning and implementation of financial management activities enable probity to be maintained 3.3. Financial plans provide a reasonable basis for budgeting and ongoing financial management of the organisation |
Element: |
4. Monitor and review financial reporting systems |
Performance Criteria: |
4.1. Financial reporting systems evaluated through an assessment of organisation performance against agreed performance indicators enable timely adjustments to be made to business investments 4.2. Financial reports and systems are able to be used by authorised staff to manage the organisation's finances |
Learning Outcomes
Details of Learning Activities
This unit describes the skills and knowledge required to strategically manage finances directly linked to organisational performance as defined in a strategic plan.
It includes designing systems to accommodate accounting, budgeting, cash flow analysis and financial planning for a small organisation or a business unit of a large organisation.
It applies to individuals in positions of responsibility who use a range of specialist and managerial techniques to assess requirements, and prepare, plan and review their work and that of others.
The unit goes over 16 weeks, each class is of 3 hours.
Teaching Schedule
Date | Week | Detail | . | Assessment |
06-Feb-17 | Week 1 | Outline of course, assessments. Discuss accounting systems in general | ||
13-Feb-17 | Week 2 | Internal control | ||
20-Feb-17 | Week 3 | Accounting system design | ||
27-Feb-17 | Week 4 | Accounting system design (continued) | ||
06-Mar-17 | Week 5 | Evaluation of accounting packages on the market | ||
13-Mar-17 | Week 6 | Introduction to Reckon Accounts | ||
20-Mar-17 | Week 7 | Reckon - Revenue cycle | ||
27-Mar-17 | Week 8 | Reckon - expenditure cycle |
Assess 1, Part 1 MCQ, wks 1 to 7 |
|
03-Apr-17 | Week 9 | Assessment - Multi Choice Questions | ||
10-Apr-17 | Week 10 | Reckon - Payroll cycle | ||
24-Apr-17 | Week 11 | Reckon - Other classifications | Assess 2, Case Study released | |
01-May-17 | Week 12 | Reckon - Budgets and analysis | ||
08-May-17 | Week 13 | Work on assignment | ||
15-May-17 | Week 14 | Work on assignment | ||
22-May-17 | Week 15 | On line test - Work on assessment |
Assess 1, Part 2 MCQ, wks 8 to 14 Assess 2 due in |
|
29-May-17 | Week 16 | Resits |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to:
- determine organisational requirements and design parameters for a financial system
- undertake risk assessment, evaluation and management of financial reporting
- comply with relevant statutory, regulatory, professional and practice requirements
- apply costing and budgeting techniques and tools
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- explain the key requirements of legislation and regulations relevant to managing financial systems including:
- finance
- taxation
- trust accounts
- trade practices
- security requirements
- ethical requirements
- explain accounting and bookkeeping practices required for financial control
- outline the key features to be considered in financial system design
- explain the key features of organisational administrative systems and practices
- explain cost-benefit analysis
- outline reporting and auditing requirements for business
- explain the types and characteristics of systems, technology and software required to manage the functions of an organisation
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the organisational skills field of work and include access to:
- common office equipment, technology, software and consumables
- an integrated financial software system and data
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
Complete two on line multi choice assessments. Each will consist of twenty questions and you need to answer all questions to achieve competency. You will be allowed multiple attempts, Your grade will be reduced each time you re-attempt the quiz. Each assessment will be included in your final grade.
You will also be required to do a case study which will be done in pairs. You will be given the details of a business and you will be required to suggest an appropriate business structure, a software package, the chart of accounts and the reports that may be required.
Assessments:
Assess 1, Part 1. Done in class, Multi choice quiz. Week 8, material covered from week 1 to week 7
Assess 1, Part 2. Done in class, Multi choice quiz. Week 15, material covered from week 8 to 14
Assess 2. Case study released in week 11. Due week 15. This is to be done in groups of 2.
Assessment Matrix
This is in Blackboard
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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of each assessment task is available on blackboard.
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. For example, Julie Macpherson, 324567, Task 2, OHS2345C Ensure safe workplace, Page 1 of 10. <Add any additional requirements>
Late Submission Procedures
You are required to submit assessment items and/or ensure performance based asessment 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. <check links are still current>
More Information: http://www.rmit.edu.au/students/assessment/extension
Form to use: http://mams.rmit.edu.au/seca86tti4g4z.pdf
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. <check links are still current>
More Information: http://www.rmit.edu.au/browse;ID=g43abm17hc9w
Form to use: http://mams.rmit.edu.au/8a5dgcaqvaes1.pdf
Resubmissions (VET Programs):
If you are found to be unsuccessful in a Course Assessment Task you will be allowed one resubmission only. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. The highest grade you will receive if your resubmission is successful is “CAG”.
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. For more information about the circumstances under which the assessment arrangements might be granted please access the following website: <check link is still current>
More Information:
http://rmit.edu.au/browse;ID=7usdbki1fjf31
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
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