Course Title: Develop and manage financial systems

Part B: Course Detail

Teaching Period: Term1 2018

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: 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 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

There are no pre-requisites for this unit.

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 Consult relevant stakeholders and analyse existing financial plans to determine financial system requirements for efficient financial administration

1.2 Identify and record reporting and procedural requirements that affect the organisation for future reference

1.3 Include satisfactory security mechanism for internal financial audit controls in system specifications

1.4 Identify risks to financial viability and cost contingency strategies to manage risk

Element:

2. Design financial management systems

Performance Criteria:

2.1 Access sources of competent assistance and use advice to secure financial records and assets

2.2 Ensure financial management system design provides accurate and timely information about organisation’s transactions, working capital and cash flow

2.3 Identify, acquire and implement installation of equipment and software needed for operation of system to support organisation’s transactions

2.4 Ensure financial reporting requirements are known and used by relevant personnel

2.5 Ensure established financial reports provide accurate and timely data required for financial decision making

2.6 Produce agreed schedules of account recording and reconciliation systems at regular intervals that support organisation’s service provision and business decisions

2.7 Ensure mechanisms for review of terms of trade and fee structures are suited to organisation’s needs and meet industry standards

2.8 Prepare financial reports at regular intervals in required format to meet external audit requirements

Element:

3. Prepare and review financial plans

Performance Criteria:

3.1 Link financial plans to reviews of organisation’s strategic business plan to enable timely financial adjustments

3.2 Maintain probity in planning and implementation of financial management activities

3.3 Ensure financial plans provide reasonable basis for budgeting and ongoing financial management of organisation

Element:

4. Monitor and review financial reporting systems

Performance Criteria:

4.1 Use financial reporting systems to evaluate organisational performance against agreed performance indicators, and enable timely adjustments to be made to business investments

4.2 Monitor financial reports and systems to ensure ease of use by staff authorised to manage 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.

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

The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.

 

Students will be doing practical placement where they will be going to employers for ten days.   This could be in a block of 10 days or over several weeks. At the end of the semester students will be required to prepare a report based on questions supplied and then do a class presentation.

 

The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.

We expect you to participate and contribute in all scheduled learning activities


Teaching Schedule

Date Week  Detail Assessment
5-Feb-18 Week 1 Outline of course, Introduction to the accounting system, ethics  
12-Feb-18 Week 2 Fraud & internal control  
19-Feb-18 Week 3 Design of an accounting system  
26-Feb-18 Week 4 Transaction processing  
5-Mar-18 Week 5 Reckon - introduction  
12-Mar-18 Week 6 Revenue cycle  
19-Mar-18 Week 7 Reckon - revenue cycle MCQ, wks 1 to 6.  Prac placement question paper released and discussed
26-Mar-18 Week 8a Practical Placement - Easter Break. No classes  
2-Apr-18 Week 8b Practical Placement - Easter Break. No classes  
9-Apr-18 Week 9 Reckon - expenditure cycle  
16-Apr-18 Week 10 Reckon - expenditure cycle  
23-Apr-18 Week 11 Budgets - prepare in Excel and enter to Qbks Assess 2, Case Study released for non prac placement students
30-Apr-18 Week 12 Reckon - BAS  
7-May-18 Week 13 Work on major assessment  
14-May-18 Week 14 Work on major assessment  
21-May-18 Week 15 Prac. placement or project reports to be submitted and presented  
28-May-18 Week 16 Prac. placement or project reports to be submitted and presented Final week for submission of 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.

 

 

 

 

 


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 one online multi choice assessment.  It will consist of twenty questions and you will need to answer all questions correctly in order to satisfactorily complete this assessment task.  You will, however, be allowed more than one attempt in order to satisfactorily complete this task.

You will also be required to do a case study or a report of your practical placement.  In the case study you will be given the details of 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.  The other option is for students to do a practical placement over a 10 week period and do a report and a class presentation

Assessments:

Assess 1, Part 1. Done in class, Multi choice quiz. Week 8, material covered from week 1 to week 6 

Assess 2. Case study released in week 11. Due week 15 or a report of your practical placement

 


Assessment Matrix

The assessment matrix that maps all the assessment is available on CANVAS.

Assessment Tasks

<If this unit is clustered, repeat the following information in the Course Guide Part B for each unit in the cluster>

 

You are required to complete ??? (insert the no of tasks in this course) tasks.  You must successfully complete all  ???  tasks to be deemed competent in this course.

 

<NOTE:  Details about specific tasks and assessment criteria will be included in each of the Assessment tasks documents listed in CANVAS (Learning Management System) under Assessments heading.

 

TASK 1 Name of the Task (Due Date:  End of week 6) - <this is a sample only>
Feedback for this assessment will be provided in week 8.

 

For this Assessment Task you are reviewing the OHS policies and practices in the organisation and implementing a new WHS policy.   ((NOTE:  You can use your own workplace if you wish)

 

 

TASK 2 Name of the Task (Due Date:  End of Week 10) - <this is a sample only>

Feedback for this assessment will be provided in week 10.

For this assessment task you are required to ….

 

 

TASK 3 Name of the Task (Due Date:  End of Week 15) - <this is a sample only>
Feedback for this assessment will be provided in week 16.

 

For this assessment task you need to draw upon what you have learned throughout the unit.

 

Assessment Matrix

 

The assessment matrix that maps all the assessment is available on CANVAS  (please specify the location)

 

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.

<Add any additional requirements>

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 (VET Programs):

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.

 


Assessment Matrix

 

Please fill in the table below:

Other Information

 

Submission Requirements

You should:

 Ensure that you submit assessments on or before the due date. Submissions sent by email will not be accepted.

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 Canvas. 

 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. &lt;Add any additional requirements&gt;

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. &lt;check links are still current&gt;

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. 

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: &lt;check link is still current&gt;

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