Course Title: Set up and operate computerised accounting systems
Part B: Course Detail
Teaching Period: Term1 2024
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 system.
Set up and operate a computerised accounting system 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. The overall aim of this unit is to setup, operate, and modify an integrated computerised accounting system using Xero software, thus, by the end of this unit you should be able to:
- Implement integrated accounting system
- Process transactions in system
- Maintain the system
- Produce Reports
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 Collaboration|Webinar session 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:
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 Buisness - 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 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 |
Start Assignment 2 |
| Week 6 |
|
Financial Year End Chapter 10: Financial Year-End Procedures and Reporting Assessment 2 Review | Q&A |
|
| Week 7 |
|
Completing Assessment 2 and the Q&A session Assignment 2 – must be submitted by the end of week 7 |
Assessment 2 due |
NO CLASS |
Break | ||
| Week 8 |
|
Resubmissions & Feedback Session | |
| Week 9 |
|
Final resubmissions for all assessments if required |
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
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
Assessment 2- Xero Case Study
Assessment Matrix
Other Information
Text Book
The text book for this unit is available via SCORM:
Computerised Accounting using Xero
by Judith Mulley 2nd Edition (January, 2024) ISBN: 978-1-76073-330-8
Course Overview: Access Course Overview