Course Title: Develop and manage financial systems

Part B: Course Detail

Teaching Period: Term2 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

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 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

The program will require approx four hours per week.

There will be 3 assessments.

You should look at first the ‘Welcome and Orientation’ module and ‘Assignments’ area in Canvas. You should be aware of assessment due dates as you progress through the semester.

Be sure to refer to myRMIT and myTimetable to be organised for Week 1 and locating classes. 

During the course you will learn 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.

Teaching Schedule

 

 

*please note this schedule can be subject to change and any changes will be notified via CANVAS

 

Develop and Manage Accounting Systems
Weekly Schedule
Week No.	Date Week Begins	Topic:	Activities and tasks
1	02/07/2018	Outline of course, Introduction to the accounting system, ethics
2	09/07/2018	Establish financial system requirements
3	16/07/2018
4	23/07/2018	Design financial management systems	Prac placement assessment issued
5	30/07/2018	Design financial management systems	Quiz 1
6	06/08/2018	Spreadsheet design and other uses
7	13/08/2018	Accounting software
8	20/08/2018	Prepare and review financial plans
	27/8/2018		Prac Placement (WIL) 5 days plus another 5 days in other weeks
9	03/09/2018	Prepare and review financial plans
10	10/09/2018	Prepare and review financial plans
11	17/09/2018	Monitor and review financial reporting system	Assessment 2 due
12	24/09/2018	Monitor and review financial reporting system
13	01/10/2018	Final Assessment
14	8/10/2018	Final Assessment	Assessment 3 due (project)
15	15/10/2018	Class Presentations
	22/10/2018		Resits if requried

Learning Resources

Prescribed Texts

References

Other Resources

There is no set text for this course

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

Assessments-

Online Quiz

Assessment 1

Assessment 2 

Please 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

Course Overview: Access Course Overview