Course Title: Set up and operate computerised accounting systems
Part B: Course Detail
Teaching Period: VE 2024
Class Number: 2858
Class Section: AC4Z
For flexible terms and optional semesters, a Part B course guide may have been published for the entire teaching period, or for the specific class number in which you are enrolled. If there is no Part B course guide published for your specific class number, please refer to the guide for the teaching period in which you are enrolled. Enrolment Online is the definitive source for details regarding your class enrolment.
Course Code: OFFC5365C
Course Title: Set up and operate computerised accounting systems
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: 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 skills and knowledge required to establish, operate, and modify an integrated computerised accounting system. This involves processing transactions in the system, maintaining the system, producing reports, and ensuring system integrity.
The unit applies to individuals who, within the scope of own responsibility, use specialised knowledge, information technology, and planning and organising skills to establish and maintain an organisational system in service and trading environments.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC426 Set up and operate computerised accounting systems |
Element: |
1. Implement integrated accounting system |
Performance Criteria: |
1.1 Establish general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures 1.2 Set up customers, suppliers and inventory items in system according to organisational requirements and reporting requirements of goods and services tax (GST) 1.3 Establish and review system output, verify accuracy of data, and identify sources of technical help and use them to solve operational problems |
Element: |
2. Process transactions in system |
Performance Criteria: |
2.1 Prepare input data for processing 2.2 Process cash and credit transactions according to organisational policies and procedures 2.3 Use general journal to make balance day adjustments for prepayments and accruals 2.4 Review system output process, verify accuracy of data input, and make adjustments for any detected processing errors 2.5 Perform end of financial year rollover according to legislative requirements and organisational policies and procedures |
Element: |
3. Maintain system |
Performance Criteria: |
3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required 3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts 3.3 Customise chart of accounts according to reporting requirements of organisation |
Element: |
4. Produce reports |
Performance Criteria: |
.1 Generate reports that indicate financial performance and financial position of organisation, and for GST purposes 4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger 4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statements 4.4 Identify and implement systems and secure information storage practices according to legislative and organisational requirements 4.5 Maintain secure record of processed transactions for audit purposes |
Learning Outcomes
Details of Learning Activities
Welcome to FNSACC426 Set up and operate computerised accounting systems.
This is a 9-week course, and all learning and assessment activities for this course must be completed within this time. A weekly breakdown of the activities for this course can be found in the ‘Teaching Schedule’ section below.
To ensure you accomplish the expected learning outcomes of this course, you will be required to devote study time each week outside of scheduled class times, completing exercises, activities and assessment tasks.
All assessment tasks should be completed and submitted by their due dates as shown in CANVAS.
Text Book
The text book for this unit is available via SCORM:
Computerised Accounting System Using Xeroby Judith Mulley 1st Edition (July, 2022) ISBN: 978-1-76073-162-5
Teaching 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. Getting Started with XERO Chapter 1: Introducing Computerised Accounting System and Xero Chapter 2: Setting up a New Service Business |
|
| Week 2 | Service Business Chapter 3: Service Business - Spending and Receiving Money Chapter 4: Service Business - Credit Purchases and Sales |
|
| Week 3 | Assessment 1 Review | Q&A Setting up Existing Trading Business Chapter 5: Setting up Xero for a New Existing Trading Business |
Assessment 1 due |
| Week 4 | Recording Transactions and Petty Cash Chapter 6: Recording Transactions of a Trading Business Chapter 7: Petty Cash and Bank Rules |
|
| Week 5 |
Importing Data & Customer Management and Transaction Entry Chapter 8: Importing Data into Xero |
|
| Week 6 | Financial Year End Chapter 10: Financial Year-End Procedures and Reporting Assessment 2 Review | Q&A |
Start Assessment 2 |
| Week 7 |
Completing Assessment 2 and the Q&A session Assessment 2 – must be submitted by the end of week 7 |
Assessment 2 due |
| Week 8 | Feedback Session and resubmissions | |
| Week 9 | Final resubmissions for all assessments, if required |
Learning Resources
Prescribed Texts
Computerised Accounting using Xero by Judith Mulley 2nd Edition (January, 2024) ISBN: 978-1-76073-330-8 |
978-1-76073-330-8 |
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:
- set up and operate at least one computerised accounting system, ensuring the integrity of the data.
In the course of the above, the candidate must:
- set up the chart of accounts for one organisation by modifying an established integrated financial software system
- process at least three of the following transactions in the integrated system:
- BPAY
- credit card payments
- direct debit
- invoices
- petty cash
- balance day adjustments
- generate each of the following reports in the integrated system over at least two reporting periods:
- goods and services tax (GST) accrual report
- reconciliation of subsidiary accounts, including customers, suppliers and inventory
- bank reconciliation report
- financial performance
- financial position.
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:
- key features of computerised accounting systems
- methods to establish and maintain computerised accounting systems
- methods for processing the following transactions in an integrated accounting system, including:
- BPAY
- credit card payments
- direct debit
- invoices
- petty cash
- balance day adjustments
- features and functions of common reports relevant to operating accounting systems
- organisational policies and procedures relating to setting up and operating a computerised accounting system
- financial services industry legislation relating to information privacy when using computerised accounting systems
- methods to substantiate financial transactions and record retention requirements for audit and substantiation purposes.
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:
- technology and software required to operate a computerised accounting system, including:
- integrated commercial financial software system and associated data
- desktop-based and/or cloud-based computerised accounting system
- access to the internet.
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 will be required to successfully complete the following assessments to be deemed competent in the course:
Assessment 1- Knowledge Questions (due Week 3)
Assessment 2- Xero Case Study (due Week 7)
Assessment Matrix
The assessment criteria for all the assessments will be available on CANVAS under Assignments.
All assessments will utilise a competency-based model and will be deemed as either Satisfactory or Not Yet Satisfactory.
Other Information
Attendance
Your learning experience will involve online teaching, discussion, demonstration and practical exercises
It is strongly advised that you attend all timetabled sessions. This will allow you to engage in the required learning activities, ensuring you the maximum opportunity to complete this course successfully.
Information about your studies
You can access My Studies through the RMIT website for information about timetables, important dates, assessment dates, results and progress, Canvas etc.
https://www.rmit.edu.au/students
Canvas
Use Canvas to access your course content and announcements, submit assignments, and receive your grades and feedback;
https://www.rmit.edu.au/students/support-and-facilities/it-services-for-students/canvas
Student feedback at RMIT:
You will receive verbal and written feedback by teacher on your work. This feedback also includes suggestions on how you can proceed to the next stage of developing your projects.
The following link is an outline and ways that you will receive your feedback at RMIT;
Assessment
Information on assessment including Special consideration, Adjustments to assessment, (eg. applying for an extension of time):
https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment
Submitting Assessments onto Canvas
Here is a guide to submitting assessments on Canvas;
Student Progress Monitoring
Academic progress is an important enabling and proactive strategy to assist you to achieve your learning potential.
Please see following access to the Student progress policy webpage; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-progress
Academic Integrity and Plagiarism
RMIT University has a strict policy on plagiarism and academic integrity. Please see following access for more information on Academic Integrity at RMIT; https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/academic-integrity
Credit Transfer and Recognition of Prior Learning
Credit transfer is the recognition of previously completed formal learning (an officially accredited qualification).Recognition of Prior Learning (RPL) is an assessment process that allows you to demonstrate competence using the skills you have gained through experience in the workplace, voluntary work, informal or formal training or other life experiences.
Please speak to your teacher if you wish to discuss applying for Credit Transfer or RPL for the unit(s) of competency addressed in this course.
https://www.rmit.edu.au/students/student-essentials/enrolment/apply-for-credit
Course Overview: Access Course Overview