Course Title: Process financial transactions and extract interim reports

Part A: Course Overview

Program: C4435 Certificate IV in Accounting and Bookkeeping

Course Title: Process financial transactions and extract interim reports

Portfolio: Vocational Education

Nominal Hours: 60

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.

Important Information:

Please note that this course may have compulsory in-person attendance requirements for some teaching activities. 


Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ACCT5445C

City Campus

TAFE

525T Business & Enterprise

Face-to-Face or Internet

 Term1 2024

Course Contact: Nick Reynolds

Course Contact Phone: +61 3 9925 0791

Course Contact Email: nick.reynolds@rmit.edu.au



Course Description

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.

The unit applies to individuals who follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.

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.

Pre-requisite Courses and Assumed Knowledge and Capabilities

None



National Competency Codes and Titles

National Element Code & Title:

FNSACC321 Process financial transactions and extract interim reports

Elements:

1. Verify supporting documentation

2. Prepare and process banking and petty cash documents

3. Prepare and process payable and received invoices

4. Prepare journals

5. Check ledger accounts

6. Prepare bank deposits and lodge flows

7. Finalise trail balance and interim reports

Learning Outcomes


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:

  • process financial transactions and extract interim reports involving at least twelve separate transactions and performed for a minimum of two different entities
  • prepare each of the following at least once:
  • trial balance
  • bank reconciliation
  • balance of petty cash.

In the course of the above, the candidate must prepare special journal entries to include at least three of the following components:

  • equity transactions including capital contributions involving business owner(s) relevant to the business structure
  • bad debts
  • bad debts recovered
  • correction of errors
  • discounts received and allowed.

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 double-entry accounting and accrual accounting systems
  • industry-accepted accounting conventions and accounting standards applicable to performance evidence
  • standard industry banking procedures and guidelines, including industry-accepted security and safety precautions appropriate to banking method
  • legislative and regulatory requirements relating to processing financial transactions
  • organisational policies and procedures relating to processing financial transactions, including:
  • organisational input standards and journal authorisation procedures
  • security procedures for handling electronic payments and cash
  • safety procedures for specific banking methods
  • fundamentals of routine financial reports, including:
  • trial balances
  • bank account reconciliation reports.

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 process financial transactions and extract interim reports.

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.