Course Title: Process accounts payable and receivable
Part B: Course Detail
Teaching Period: Term1 2015
Course Code: ACCT5269C
Course Title: Process accounts payable and receivable
School: 650T Vocational Business Education
Campus: City Campus
Program: C4223 - Certificate IV in Business Administration
Course Contact : Sylvia Baroutis
Course Contact Phone: +61 3 9925 5469
Course Contact Email:sylvia.baroutis@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Helen Mustafa
helen.mustafa@rmit.edu.au
Nominal Hours: 30
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 course covers the maintenance of accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable. The course is suitable for individuals employed (or seeking employment) in a range of work environments supporting the accounting functions and aspects of an enterprise.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBFIA303A Process accounts payable and receivable |
Element: |
1. Maintain financial journal systems |
Performance Criteria: |
1.1 Check source documents for accuracy and appropriate authorisation |
Element: |
2. Prepare bank reconciliations |
Performance Criteria: |
2.1 Check cash journals against bank statements to identify differences |
Element: |
3. Maintain accounts payable and accounts receivable systems |
Performance Criteria: |
3.1 Enter transactions into individual accounts payable and accounts receivable, in accordance with organisational policy and procedures, and accounting requirements |
Element: |
4. Process payments for accounts payable |
Performance Criteria: |
4.1 Reconcile accounts payable statements with accounting records, in accordance with organisational policy and procedures |
Element: |
5. Prepare statements for accounts receivable |
Performance Criteria: |
5.1 Produce and check accounts receivable statements for accuracy of content in accordance with organisational policy and procedures |
Element: |
6. Follow up outstanding accounts |
Performance Criteria: |
6.1 Maintain accounts receivable ledger system, in accordance with organisational requirements, to reflect current credit situation. |
Learning Outcomes
Details of Learning Activities
Students will engage in reading, class discussions and ’hands-on’ computer exercises and activities related to the development of the skills and knowledge to be able to process accounts payable and receivable.
Induction Session
Prior to training commencement a program level induction session will be conducted that comprises the following:
• Program overview and requirements
• MyRMIT/Blackboard
• Overview of assessment requirements
• Pre-Training Review including:
o Recognition of Prior Learning and Credit Transfers
o Assessment of current skills and knowledge
• Competency/Grading Criteria
• Plagiarism
• Appeals
• Extensions
• Feedback
• Privacy
• Submission requirements
• Resubmission policy
• Where to get support
• Student responsibilities
Introduction to Accounting Concepts
Teaching Schedule
Week beginning | Topic | Assessments |
Week 1 09 February
|
Introduction to the Course including: Source Documents - What are they? |
Underpinning knowledge |
Week 2 16 February
|
Overview of Sales and Purchases | |
Week 3 23 February |
Credit Sales/Cash Purchases/Filing |
|
Week 4 02 March |
Sales Recording/Journal Entries to Ledger | Portfolio Activity |
Week 5 09 March |
Purchases Recording Journal Entries to Ledger | Portfolio Activity |
Week 6 16 March |
Subsidiary Ledger (Credit/Debtors) | Portfolio Activity |
Week 7 23 March |
Setting up MYOB | Portfolio Activity |
Week 8a 30 March |
Setting up MYOB - ONLINE WEEK | Portfolio Activity |
02-08 March |
Mid-semester break 02-08 March
|
|
Week 8b 06 March |
Setting up MYOB - ONLINE WEEK | Portfolio Activity |
Week 9 13 April |
Entering sales in MYOB | Portfolio Activity |
Week 10 20 April |
Adjustment to invoices in MYOB | Portfolio Activity |
Week 11 27 April |
Discounts and dishonoured cheques in MYOB | Portfolio Activity |
Week 12 04 May |
Entering purchases in MYOB | Portfolio Activity |
Week 13 11 May |
Payments to suppliers | Portfolio Activity |
Week 14 18 May |
Final Portfolio | Assessment 1 Final Portfolio Due |
Week 15 25 May |
Theory/Open Book/Notes Assessment | Assessment 2 - Theory Assessment |
Week 16 01 June |
Interviews/Re-submissions if required | |
Week 17 08 June |
Interviews/Re-submissions if required |
Learning Resources
Prescribed Texts
Software Publications - A Step by Step Approach to Process Accounts Payable and Receivable using MYOB AccountRight v 19 |
978192170004 |
References
Other Resources
myRMIT STudies
RMIT Library
Overview of Assessment
Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.
Other activities may be workplace-based or simulated work practices. These may include the production of technical requirements documents, direct observation of workplace practices and the presentation of a portfolio of evidence. This portfolio may include documents, photographs, video and/or audio files.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the following is essential:
 maintaining journals and subsidiary ledger systems
 accurately entering data into journal and subsidiary ledger system
 reconciling subsidiary ledger system with journal or general ledger data.
There are two assessments for this unit:
ASSESSMENT 1 - Portfolio of evidence - Weekly activities - submitted weekly in class
The final portfolio comprising all activities should be resubmitted in Week 14. (Please refer to the Assessment Record/Cover Sheet on Blackboard for further details about the Portfolio of Evidence)
ASSESSMENT 2 - Final assessment - Open Book/Open Notes theory assessment under supervised conditions
This assessment is open book/open notes
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.
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. <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.
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: 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
Grading Criteria
1. Level of independence, initiative, enterprise and performance of work task
We are looking for a high level of ability to complete all tasks independently as per the specifications as well as demonstrating a high level of initiative in your approach to processing accounts payable and receivable.
2.Demonstrated breadth of underpinning knowledge and a willingness to continue learning
We are looking for depth of understanding of the key concepts and knowledge required in processing accounts payable and receivable. You should be able to demonstrate a thorough understanding of all applicable principles for processing accounts payable and receivable in all the assessment tasks.
3. Techniques and processes, technology skills and problem solving
We are looking for appropriate use of technology to assist in processing accounts payable and receivable. You also need to show an understanding of the kind of problems that can arise in accounts payable and receivable in a workplace with people and how these might be addressed.
4. Work organisation, planning and self management
We expect to see ongoing demonstration of an ability to plan your time (both in and outside of class) in order to produce the required work, together with timely submission of all required assessment tasks.
5. Communication, people networking, language and interpersonal skills and teamwork
We expect to see contributions to relevant class discussions and/or group discussions.
Assessment Matrix
Course Overview: Access Course Overview