Course Title: Set up and operate a computerised accounting system
Part B: Course Detail
Teaching Period: Term1 2015
Course Code: COSC6059C
Course Title: Set up and operate a computerised accounting system
School: 650T Vocational Business Education
Campus: City Campus
Program: C4324 - Certificate IV in Accounting
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Jenny Seiler
Hemant Goel
Helen Mustafa
Claudio Marasco
Nominal Hours: 80
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 performance outcomes, skills and knowledge required to modify and operate an integrated computerised accounting system. This is generally under supervision and encompasses processing transactions within the system, maintaining the system, producing reports and ensuring system integrity.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC406A Set up and operate a computerised accounting system |
Element: |
1. Implement an integrated accounting system |
Performance Criteria: |
• 1.1. The general ledger, chart of accounts and subsidiary accounts are implemented in accordance with organisational requirements, procedures and policies |
Element: |
2. Process transactions within the system |
Performance Criteria: |
• 2.1. Input data is collated, coded and classified before processing • 2.2. A wide range of cash and credit transactions are processed in both a service and trading environment |
Element: |
3. Maintain the system |
Performance Criteria: |
• 3.1. Any new general ledger accounts, customer, supplier, inventory and fixed asset records are added as required • 3.3. The chart of accounts is customised to meet the reporting requirements of the organisation |
Element: |
4. Produce reports |
Performance Criteria: |
• 4.1. Reports to indicate the financial performance and financial position of the organisation and for GST purposes are generated as required or requested |
Element: |
5. Ensure system integrity |
Performance Criteria: |
• 5.1. Regular back-ups of the system are made to ensure against loss or corruption of data |
Learning Outcomes
Details of Learning Activities
Full-time students:
Primarily you will be learning face to face, with an online course site (Blackboard) used to disseminate materials, including videos, notes & activities and to provide access to on-line assessments & assessment submission points.
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 computerized system. You will be required to complete all activities & assessment tasks, either in class or in your own time.
You will also be provided with recorded "Collaborate" sessions, on-line notes, problem solving exercises & solutions on the Blackboard site, which you will be expected to access & use in addition to your scheduled classes every week.
Part-time students:
Your learning experiences will be an equal mixture of face to face workshops & online.
It is expected that you will attend all scheduled workshops. During the workshops you will be expected to make notes during lectures, participate in discussions, complete illustrative examples and problem solving activities.
During the remaining 8 weeks of the semester you will be provided with a Blackboard "Collaborate" session, which you may access live &/or as a recording. You will also be provided with on-line notes, problem solving exercises & solutions on the Blackboard site every week. These will be provided for both manual & computerised accounting systems.
Teaching Schedule
ACCT5287C Prepare financial reports is "clustered" with:
ACCT5303C Process financial transactions and extract interim reports
ACCT 5306C Administer subsidiary accounts and ledgers
ACCT 5304C Prepare Financial Reports for Non-reporting Entities
COSC6059C Set up and operate a computerised accounting system
This means that all 5 courses listed above are delivered & assessed together.
The Teaching Schedule for this cluster of courses is as follows:
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
Course Delivery:
Introduction Elements of Accounting & Simple Reports Accounting Transactions & Source Documents |
Discussion of Teaching Schedule & Assessment
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Transaction Analysis: Cash Accounting vs. Accrual Accounting | Lecture Illustrations completion & discussion Activities 2.1 – 2.7 |
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The Accounting Process: Transaction Analysis to General Ledger |
Lecture Illustrations completion & discussion Activities 3.1 – 3.7 |
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The Accounting Process: Transaction Analysis to Journals to General Ledger |
On-line Transaction Analysis Self-Test |
Lecture Illustrations completion & discussion S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger Discussion of Case Study transactions |
The Accounting Process: Transaction Analysis to Journals to Subsidiary Ledgers Introduction to MYOB
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Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; S Tan Practice Case Study - posting to Subsidiary Ledgers MYOB Activity 5 Clearwater Pty Ltd |
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Set Up a Computerised System Accounting for Cash Transactions Petty Cash - manual & MYOB |
Lecture Illustrations completion & discussion; MYOB Activities: 2.1 – 2.3; S Tan Practice Case Study - Set up MYOB file + process petty cash transactions Manual Activities 6.1 – 6.3; |
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Bank Reconciliations - manual & MYOB Management of Cash |
Lecture Illustrations completion & discussion; Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; MYOB Activities: S Tan Practice Case Study - MYOB Bank Reconciliation
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Accounting for Credit Transactions: Management of Debtors & Creditors MYOB Purchases Module & Inventory Module |
Comprehensive Case Study – Part A due Mon 30th March See details under Assessment Tasks On-line Theory Test to be completed during mid-semester break 2nd to 8th April. See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors MYOB Activities: S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items |
Accounting for Credit Transactions: MYOB Sales Module & Inventory Module |
Comprehensive Case Study – Part A Supervised in-class on-line test - time will be set by teacher.
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Lecture Illustrations completion & discussion;
Manual Activities: 9.1 & 9.2 Manual accounting for credit transactions MYOB Activities: S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions
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Introduction to end of period procedues & reporting
Accounting for Fixed Assets - manual & MYOB |
Lecture Illustrations completion & discussion Manual Activities: 10.1 – 10.6 Manual Fixed Assets MYOB Activities: S Tan Practice Case Study - process fixed asset transactions manual & MYOB
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Balance Day Adjustments - manual & MYOB |
Lecture Illustrations completion & discussion; Manual Activities 11.1 – 11.5 MYOB Activities: S Tan Practice Case Study - Balance day adjustments manual & on MYOB |
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Balance Day Adjustments - manual & MYOB Closing Entries & Reversing Entries - manual MYOB Year end rollover & Reversing entries |
Comprehensive Case Study – Part B due Mon 4th May See details under Assessment Tasks Comprehensive Case Study – Part B Supervised in-class on-line test - time will be set by teacher. |
Lecture Illustrations completion & discussion
S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;
MYOB Closing Entries Activities: |
Preparation of Final Reports - manual & MYOB |
Lecture Illustrations completion & discussion MYOB Activities: S Tan Practice Case Study - manual & MYOB Reports |
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Integrated Manual & MYOB exercise |
Comprehensive Case Study – Part C due Mon 18th May See details under Assessment Tasks & on Blackboard |
Questions regarding Case Study Part C
Manual & MYOB Activities: Comprehensive Case Study Part C; |
Review & Reassessment |
Comprehensive Case Study – Part C Supervised in-class on-line test - time will be set by teacher. Resubmissions & RESITS
See details under Assessment Tasks & on Blackboard |
Interviews & RESITS |
Review & Reassessment | Resubmissions & RESITS | Interviews & RESITS |
Assessment | Activities to be completed | |
WORKSHOP 1: Discussion of Teaching Schedule & Assessment
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COLLABORATE Read Lecture & Illustrations |
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WORKSHOP 2: Lecture Illustrations completion & discussion Activities 3.1 – 3.7 |
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On-line Transaction Analysis Self-Test |
COLLABORATE Read Lecture & Illustrations S Tan Practice Case Study - analysis of transactions, recording in journals, posting to General Ledger Discussion of Case Study transactions |
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WORKSHOP 3: Manual Activities 5.1 - 5.4 Accounts Receivable & Payable Subsidiary Ledgers; S Tan Practice Case Study - posting to Subsidiary Ledgers MYOB Activity 5 |
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COLLABORATE
Lecture & Illustrations completion & discussion; MYOB Activities S Tan Practice Case Study - Set up MYOB file + manual petty cash transactions Manual Activities 6.1 – 6.3;
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WORKSHOP 4: Lecture Illustrations completion & discussion; Manual Activities 7.1 - 7.3; S Tan Practice Case Study - manual Bank Reconciliation; S Tan Practice Case Study - MYOB Bank Reconciliation
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Comprehensive Case Study – Part A due Mon 30th Mar. On-line Theory Test to be completed during mid-semester break 2nd to 8th April. See details under Assessment Tasks
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COLLABORATE Lecture Illustrations completion & discussion; Manual Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors MYOB Activities S Tan Practice Case Study - Set up MYOB Supplier Cards & Inventory Items |
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Comprehensive Case Study – Part A Supervised in-class on-line test.
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WORKSHOP 5: Lecture Illustrations completion & discussion; MYOB Activities S Tan Practice Case Study - Set up MYOB Customer Cards & process credit transactions
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COLLABORATE Lecture Illustrations completion & discussion Manual Activities: 10.1 – 10.6 Manual Fixed Assets S Tan Practice Case Study - process fixed asset transactions manual & MYOB
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WORKSHOP 6: Lecture Illustrations completion & discussion; Manual Activities 11.1 – 11.5 MYOB Activities S Tan Practice Case Study - Balance day adjustments manual & on MYOB |
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Comprehensive Case Study – Part B due Mon 4th May. See details under Assessment Tasks
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COLLABORATE Lecture Illustrations completion & discussion
S Tan Practice Case Study - manual & MYOB balance day adjustments & closing entries;
MYOB Closing Entries Activities |
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Comprehensive Case Study – Part B Supervised in-class on-line test. |
WORKSHOP 7: Lecture Illustrations completion & discussion MYOB Activities S Tan Practice Case Study - manual & MYOB Reports |
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Comprehensive Case Study – Part C due Sunday 24th May See details under Assessment Tasks & on Blackboard |
COLLABORATE Questions regarding Case Study Part C Comprehensive Case Study Part C |
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Comprehensive Case Study – Part C Supervised in-class on-line test. Resubmissions & RESITS See details under Assessment Tasks & on Blackboard
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WORKSHOP 8: Interviews & RESITS |
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Resubmissions & RESITS |
COLLABORATE Interviews & RESITS |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur
MID SEMESTER BREAK: There will be no classes from Thursday 2nd April to Wednesday 8th April
Learning Resources
Prescribed Texts
Gourlay, D and Flanders, D MYOB Accounting Plus: version 19.7, Cengage |
9780170177726 |
References
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
Other Resources
Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports. Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.
For online collaborate sessions, please ensure you have JAVA installed on your computer https://java.com/en/download/index.jsp. You will also need a headset & microphone.
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
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 of Evidence - your assessment tasks have been designed to provide evidence of the following essential knowledge & skills:
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
• use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
• prepare and authorise journals and check journal processing reports
• extract and check/correct a trial balance
• file documentation to meet all organisational and regulatory requirements.
• interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts
• identify bad and doubtful debts in a timely manner and plan effective recovery actions
• follow bank account reconciliation processes
• use relevant data entry systems accurately.
• set up an organisation’s chart of accounts by modifying an established integrated financial software system
• interpret and apply organisational policies and procedures
• implement an integrated accounting system ensuring integrity of the data
• process transactions within the integrated system and generate reports
• maintain the integrated system.
• interpret and comply with organisational policies and procedures
• access, analyse and compile relevant financial data
• draft comprehensive and accurate reports and financial statements.
• prepare financial reports
• apply the Australian Accounting and Auditing Standards
• apply double-entry principles.
You are required to complete 2 tasks. You must successfully complete all parts of each task to be deemed competent in this course.
1. Comprehensive Case Study
For this assessment task you are an assistant accountant who has been asked to set up a new accounting system for a client, "Foppi’s Bike Shop" first manually & then on MYOB & then to process all transactions, including year-end transactions for that client. You have also been asked to prepare all reconciliations & final reports. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of the manual accounting system for Foppi’s Bike Shop; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 30th March.
Part B - set up of a computerised accounting system for Foppi’s Bike Shop; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 4th May.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Foppi’s Bike Shop. Due for submission on Monday 18th May.
Following submission of each part of the case study there will be a supervised in-class on-line test to enable you to demonstrate the knowledge & skills required to produce your case study submissions.
You must be assessed as competent in both your submitted work & the on-line test for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
2. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.
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.
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
Further information regarding the application of the grading criteria will be provided by your teacher.
Assessment Matrix
Other Information
FOR ONLINE COLLABORATE SESSION, PLEASE ENSURE YOU HAVE JAVE INSTALLED ON YOUR COMPUTER https://java.com/en/download/index.jsp AND A HEADSET AND MICROPHONE
Course Overview: Access Course Overview