Course Title: Process financial transactions and extract interim reports
Part B: Course Detail
Teaching Period: Term1 2019
Course Code: ACCT5375C
Course Title: Process financial transactions and extract interim reports
School: 650T Vocational Business Education
Campus: City Campus
Program: C5374 - Diploma of Accounting
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
Naveen Garg
Please send an email to make an appointment to talk to the teacher.
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.
Pre-requisites and Co-requisites
There are no pre-requisites for this unit.
Course Description
This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.
It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.
Please note: This unit is a pre-requisite for ACCT5381C Prepare financial reports for corporate entities
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC301 Process financial transactions and extract interim reports |
Element: |
1. Check and verify supporting documentation |
Performance Criteria: |
1.1 Identify, check and record information from documents 1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel |
Element: |
2. Prepare and process banking and petty cash documents |
Performance Criteria: |
2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures 2.2 Check cheques and card vouchers for validity before processing 2.3 Reconcile banking documentation with organisation's financial records 2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures |
Element: |
3. Prepare and process invoices for payment to creditors and for debtors |
Performance Criteria: |
3.1 Prepare invoices in accordance with organisational procedures 3.2 Check invoices against source documents for accuracy and correct any errors 3.3 File all invoices and related documents for auditing purposes |
Element: |
4. Prepare and post journals and batch monetary items |
Performance Criteria: |
4.1 Prepare journals accurately and completely, and batch items within organisational timelines 4.2 Match batch items precisely to initial receipt records 4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures |
Element: |
5. Post journals to ledger |
Performance Criteria: |
5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts |
Element: |
6. Enter data into system |
Performance Criteria: |
6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts 6.2 Update related systems to maintain integrity of relationships between financial systems |
Element: |
7. Prepare deposit facility and lodge flows |
Performance Criteria: |
7.1 Select deposit facility appropriate to banking method to be used 7.2 Balance batch with deposit facility without error 7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements 7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable |
Element: |
8. Extract trial balance and interim reports |
Performance Criteria: |
8.1 Process accurately any special transactions 8.2 Complete cash and credit journals and post to general ledger 8.3 Extract and check trial balance and prepare other required reports 8.4 Find and correct any errors |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The collaborative classroom based activities will include group discussion, question & answer sessions, interactive group demonstrations of the application of accounting principles to specific book-keeping problems & case studies using both manual & computerized accounting techniques. The completion of case studies in class will provide the opportunity to practice your skills in a simulated work environment.
The self-paced activities will be delivered through various technology platforms, including the use of a computerized accounting package, quizzes & interactive sessions.
Teaching Schedule
This course is clustered (co-delivered & co-assessed) with:
ACCT5370C Process financial transactions and extract interim reports
Course Delivery:
Here is the course summary of the unit. It is just to give a detailed information about the weekly delivery and the progress of the unit. It provides the information on:
- When classes will be held
- What learning materials and activities need to be completed; and,
- What assessments are due and when
Example course schedule
Course Schedule: Introduction to Accounting Semester 1: 2019 | ||||
Week |
Topic |
Readings and Activities (to be completed prior to next class) |
Assessment |
Unit(s) of Competency |
|
Week 1
|
Introduction to the Course including:
Introduction to Accounting
|
Reading: All materials are found on the Canvas
Students will be guided by the teacher throughout the semester on what Learning material and activities you are to complete.
Students should make themselves familiar with the Canvas material and read these exercises and activities prior to each week’s attendance in class.
Activities:
|
|
|
|
Week 2
|
Review previous week Analysis of transactions
Journals & Ledgers
General Ledger |
Reading: All materials are found on the Learning Hub. Activity:
|
Practice Case Study – MANUAL ACCOUNTING |
As above |
|
Week 3
|
Reconciliations & Trial Balance
|
Reading: All materials are found on the Learning Hub Activities:
|
|
As above |
Week 4 |
No classes |
|
|
|
Week 5 |
No classes |
|
|
|
|
Week 6
|
INTRODUCTION TO MYOB
|
Activity: Students will be introduced to a Sample company to explore MYOB & complete some MYOB activities Activities:
|
Assessment Task 1A- Manual Accounting In Class Submission Due :week 6.
and Assessment Task 1B Take home to be returned in the following week
|
As above |
|
Week 7 |
Review of the unit Class feedback and advise on resit if any |
|
Submission of the assessment Task 1B |
|
|
Week 8
|
MYOB Year-end adjustments
Practice exercises on entry of balance day adjustments, manual & MYOB
|
Activities:
|
Assessment Task 2- handed out-- In Class Simulated work place activity
In - class Observation- Practice Firm task |
As above |
|
Week 9
|
Closing Entries
Fixed Assets |
Activities:
|
Continue work on Assessment Task 2- In Class Simulated work place activity
In - Class Observation- continues
|
As above |
Week 10 |
Final Reports Preparation of post adjustment (continued)
Exercises on year end entries & preparation of post adjustment final reports |
Activities: Exercises on year end entries & preparation of post adjustment final reports |
Continue work on Assessment Task 2- In Class Simulated work place activity In - Class Observation- continues Assessment Task 2 to be submitted online – end of week 15 Assessment Task 3 – Take home online submission week 15
|
|
Week 11 |
No classes |
|
|
|
Week 12 |
No classes |
|
|
|
Week 13 |
No classes |
|
|
|
Week 14 |
No classes |
|
|
|
Week 15 |
No classes |
|
|
|
|
Week 16
|
Re-submission/s if required |
|
Resubmissions |
|
** The teaching schedule may be subject to change. You will be advised in class and via Canvas Announcements if changes become necessary.
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
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
- accurately enter data into accounting systems and process journal entries according to organisational policy and procedures and legislative requirements
- prepare and authorise journals and check journal processing reports
- extract, check and correct a trial balance
- file documentation to meet all organisational and regulatory requirements
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify a range of accounting conventions, processes and procedures
- describe banking procedures and guidelines
- outline typical errors that can be made in processing financial transactions
- describe forms of ‘proof of lodgement’
- describe types of ‘special transactions’
- identify and describe the key features of:
- industry codes of practice
- legislative and regulatory requirements relevant to the work
- organisational policy and procedures
- explain the security procedures for handling cheques, vouchers and cash
- describe the key features of a range of reports
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:
- common office equipment, technology, software and consumables
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
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
Your assessments for this Clustered units are as following:
Assessment Task 1A: CASE STUDY . Due date - In class supervised Assessment. Week 6
Assessment Task 1B: CASE STUDY . Due date - handed out week 6 - due to for submission in week 7 .
Assessment Task 2: SBG Practice Firm MYOB case study - handed out Week 8 - due to be submitted week 15
Assessment Task 3: handed out week 10 - due week 15 online submission
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS.
Other Information
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 the Assessment task document that includes a declaration and statement of authorship.
- 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.
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: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work
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:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration
Resubmissions (VET Programs):
If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
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.
Grading & re-submissions
Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course.
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:
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:
CHD |
Competent with High Distinction |
CDI |
Competent with Distinction |
CC |
Competent with Credit |
CAG |
Competency Achieved – Graded |
CA |
Competency Achieved – Not Graded |
NYC |
Not Yet Competent |
DNS |
Did Not Submit for assessment |
Course Overview: Access Course Overview