Course Title: Administer subsidiary accounts and ledgers
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: ACCT5446C
Course Title: Administer subsidiary accounts and ledgers
Important Information:
Please note that this course may have compulsory in-person attendance requirements for some teaching activities.
School: 525T Business & Enterprise
Campus: City Campus
Program: C4435 - Certificate IV in Accounting and Bookkeeping
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
Nominal Hours: 40
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 reconcile and monitor subsidiary accounts and ledgers in financial accounts receivable and accounts payable systems. This includes identifying bad and doubtful debts, communicating with identified clients, and planning a recovery action, recording creditor invoices, and remitting payments to sundry creditors.
The unit applies to individuals who follow agreed processes and use problem solving skills to administer financial accounts and ledgers within the scope of own responsibility.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC322 Administer subsidiary accounts and ledgers |
Element: |
1. Review accounts receivable |
Performance Criteria: |
1.1 Check invoices, payment receipts, adjustment notes and discounts applied to debtor account for accuracy, consistency and completeness 1.2 Identify and make record of incorrect entries, where required 1.3 Reconcile debtor remittance to account 1.4 Resolve discrepancies according to organisational policies and procedures |
Element: |
2. Identify bad and doubtful debts |
Performance Criteria: |
2.1 Review debtor ledger according to organisational policies and procedures and identify at risk or in default accounts 2.2 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines |
Element: |
3. Review client compliance with terms and conditions and plan recovery action |
Performance Criteria: |
3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures 3.2 Contact identified clients and come to an agreement on arrangements for payment of outstanding monies 3.3 Action organisational policies and procedures for monies outstanding that constitute breach of organisational credit policy 3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted 3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed according to organisational policies and procedures, and within required timeframes |
Element: |
4. Prepare reports and file documentation |
Performance Criteria: |
4.1 Review and document accounts receivable, debt recovery type and cause, and debt recovery plan 4.2 Develop account reports for supervisors and designated parties 4.3 Plan recovery actions in account reports 4.4 Confirm storage method of account reports and records according to organisational policies and procedures |
Element: |
5. Distribute creditor invoices for authorisation |
Performance Criteria: |
5.1 Check supplier statement to account and reconcile invoices, payment receipts, adjustment notes and discounts applied to creditor account 5.2 Resolve discrepancies according to organisational policies and procedures 5.3 Request authorisation for payment from designated personnel |
Element: |
6. Remit payments to creditors |
Performance Criteria: |
6.1 Collect and record data relating to creditor details and payment method according to organisational guidelines and procedures, and prepare report for ratification by management 6.2 Prepare creditor payment and authorisation according to organisational procedures 6.3 Prepare and enter journal to record payment 6.4 Record and escalate discrepancies in statements to supervisor, where required |
Learning Outcomes
Details of Learning Activities
Welcome to FNSACC312 Administer Subsidiary Accounts and Ledgers.
Administer Subsidiary Accounts and Ledgers is a 9 week course delivered on campus. This unit runs from12th February 2024 for 9 weeks. No additional time is available beyond these dates.
This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.
By the end of this unit you should learn the following:
- Introduction to Xero and Cash Transactions
- Credit Transactions
- Debt Recovery Processes and Accounting for Debtors
- Customer Management in Xero
- Supplier Transactions and Reconciliations
This unit is offered through on-campus delivery. To ensure that you accomplish the expected learning outcomes, you will be required to spend 4-5 hours each week to learn Xero software, complete textbook exercises, activities and assessments. You are expected to participate each week in reading course material, undertaking learning activities, completing assessment tasks, communicating with fellow learners and trainers in weekly sessions each week where you can ask questions, and submit all assessments by due dates within 9 weeks of this course.
Text Book
The text book for this unit is available via SCORM:
Administer Subsidiary Accounts and Ledgers using Xero
by Anne Collins & Andrew Duncan 14th Edition (January, 2023) ISBN: 978-1-76073-305-6Teaching Schedule
| Week 1 |
|
Introduction, Welcome and Orientation and Important Information about the unit course, Teacher contact info, Canvas Navigation, Unit Modules, Resources/Textbook, Assessment and other Q&A about the unit. Introduction to Xero and Cash Transactions Chapter 1 from the Textbook |
|
| Week 2 | Chapter 2 Credit Transactions |
|
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| Week 3 |
|
Chapter 2 Credit Transactions
|
|
| Week 4 |
|
Chapter 3 Debt recovery processes and Accounting for Debtors |
|
| Week 5 |
Assessment 1 Review Q&A
|
|
|
| Week 6 |
|
Chapter 4 Customer Management in Xero |
|
| Week 7 |
|
Assessment 2 Review Q&A | Assessment 2 due |
|
Mid-semester break ( No Class) |
|
|
| Week 8 |
|
WEEK 8 Resubmission and Feedback |
|
| Week 9 | Final week to submit all assessments and re-submissions if required. | Final online re-submission via Canvas |
Student support
Your first point of contact for any support needs with your assessments should be your teacher and assessor. If you require further support, you should consider contacting the following support services at RMIT.
Assessment adjustments
Students requiring support or adjustments for their formal assessments task or exams should contact Equitable Learning Services (ELS), for more information on the types of adjustments provided, access RMIT adjustments to assessment.
Special consideration
If unexpected circumstances affect your ability to complete an assessment you can apply for special consideration. For more information access RMIT special consideration.
Appeals
As an RMIT student you are entitled to seek a review of decisions that impact on your studies. For more information access RMIT appeals.
Learning Resources
Prescribed Texts
Administer Subsidiary Accounts and Ledgers using Xero by Anne Collins & Andrew Duncan 14th Edition (January, 2023) |
978-1-76073-305-6 |
References
Other Resources
Overview of Assessment
Performance Evidence
The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:
- reconcile and monitor for a reporting period two debtor accounts and two creditor accounts and their subsidiary ledgers.
Knowledge Evidence
The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:
- procedures for identifying bad and doubtful debts
- features of double-entry accounting
- functions and features of account reports
- methods to plan for and develop account recovery actions
- legal requirements relating to collecting debts and administering subsidiary accounts and ledgers detailed in:
- legal systems, regulations and procedures
- industry codes of practice
- organisational policies and procedures relating to reconciling and monitoring subsidiary accounts, including organisational credit policy.
Assessment Conditions
Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.
This includes access to:
- office equipment, technology, software and consumables required to reconcile and monitor accounts payable and receivable data systems.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.
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
You must complete the following 2 Assessments successfully to be deemed competent in the course:
Assessment Task 1
Assessment Task 2
Assessment Matrix
Other Information
The text book for this unit is available via SCORM:
Administer Subsidiary Accounts and Ledgers using Xero
by Anne Collins & Andrew Duncan 14th Edition (January, 2023) ISBN: 978-1-76073-305-6Course Overview: Access Course Overview