Course Title: Process financial transactions and extract interim reports
Part B: Course Detail
Teaching Period: Term1 2013
Course Code: ACCT5303C
Course Title: Process financial transactions and extract interim reports
School: 650T TAFE Business
Campus: City Campus
Program: C4324 - Certificate IV in Accounting
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Claude Marasco
9925 1651
Jenny Seiler
9925 1261
Max Li
Ifzal Syed
anjella.davydov@rmit.edu.au
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
None
Course Description
This unit describes the functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body.
If you are undertaking this course in Melbourne from semester 2, 2012 onward your class will be held in a device-equipped teaching space. Each student group will have access to a laptop. It is however recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus both in and outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSACC301A Process financial transactions and extract interim reports |
Learning Outcomes
Details of Learning Activities
National Competency Codes, Titles, Elements and Performance Criteria
ELEMENT 1. Check and verify supporting documentation
PERFORMANCE CRITERIA
1.1. Information from documents is identified, checked and recorded
1.2. Supporting documentation is examined 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. Deposits and withdrawals are accurately entered and balanced according to organisational procedures
2.2. Cheques and card vouchers are checked for validity before processing
2.3. Banking documentation is reconciled with organisation’s financial records
2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures
ELEMENT 3. Prepare and process invoices for payment to creditors and for debtors
PERFORMANCE CRITERIA
3.1. Invoices are prepared in accordance with organisational procedures
3.2. Invoices are checked against source documents for accuracy and any errors corrected
3.3. All invoices and related documents are filed for auditing purposes
ELEMENT 4. Prepare journals and batch monetary items
PERFORMANCE CRITERIA
4.1. Journals are prepared accurately and completely and items batched within organisational timelines
4.2. Batch items are precisely matched to initial receipt records
4.3. Journals are authorised in accordance with organisational policy and procedures
ELEMENT 5. Post journals to ledger
PERFORMANCE CRITERIA
5.1. Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
ELEMENT 6. Enter data into system
PERFORMANCE CRITERIA
6.1. Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
6.2. Related systems are updated to maintain the integrity of relationships between financial systems
ELEMENT 7. Prepare deposit facility and lodge flows
PERFORMANCE CRITERIA
7.1. A deposit facility is selected appropriate to the banking method to be used
7.2. Batch is balanced with deposit facility without error
7.3. Security and safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements
7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable
ELEMENT 8. Extract a trial balance and interim reports
PERFORMANCE CRITERIA
8.1. Any special transactions are processed accurately
8.2. Cash and credit journals are completed and posted to general ledger
8.3. A trial balance is extracted and checked and other required reports prepared
8.4. Any errors are found and corrected
Full-time students:
It is expected that you will attend classes.
During class time you will prepare notes, participate in discussions and complete problem solving exercises. Across the semester you will be introduced to manual bookkeeping procedures and then like processes will be completed on a computerized system. You will be required to complete all the assessment tasks.
Part-time students:
It is expected that you will attend the six on campus classes scheduled during the semester. During those classes you will prepare notes, participate in discussions, complete problem solving exercises & receive feedback on your case study submissions. During the remaining 11 weeks of the semester you will be provided with on-line notes, discussion board, problem solving exercises & solutions. These will be provided for both manual & computerised accounting systems.
Teaching Schedule
| Week | Date Beginning | Topics | Assessment Full-time & Part-time Delivery |
Full-time Delivery In class Self study activities activities |
Part-time Delivery | |
| 1 | 11/2/2013 |
Introduction |
Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.4 Documents 1.1 |
Elements 1.5 – 1.7 Documents 1.2 & 1.3 |
Workshop 1 Discussion of Teaching Schedule & Assessment Elements 1.1 – 1.7 Documents 1.1 – 1.3 |
|
| 2 | 18/2/2013 |
Transaction Analysis – Service Businesses Transaction Analysis – Trading Businesses |
Lecture Illustration completion & discussion Activities 2.1 – 2.3, 2.9 |
Activities 2.4 – 2.8 | Read lectures & lecture illustrations Activities 2.1 - 2.9 |
|
| 3 | 25/2/2013 |
The General Ledger Accounting Process to trial balance |
Lecture Illustrations completion & discussion Activities 3.1 – 3.2, 3.3.1 |
Activities 3.3.2 – 3.3.4 | Read lectures & lecture illustrations Activities 3.1 - 3.3.4 |
|
| 4 | 4/3/2013 | Cash Transactions: |
Lecture Illustrations completion & discussion Activities 4.1 – 4.5 |
Rita’s Animal Refuge – Chapter 3 May Journal Compulsory On-line multiple choice self-test |
Workshop 2 |
|
| 5 |
12/3/2013 (Mon public holiday) |
Manual Subsidiary Ledgers Introduction to MYOB Set Up a Computerized System |
Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
Rita’s Animal Refuge – Chapter 3 May General & Subsidiary Ledgers; Case Study Part A | Read lectures & lecture illustrations Activity 5.1 Accounts Receivable & Payable Subsidiary Ledgers; Activity 5.2 Inventory Subsidiary Ledger; Clearwater Pty Ltd; Sutherland 2.1 – 2.3 |
|
| 6 | 18/3/2013 | Cash Transactions: Processing in MYOB |
Comprehensive Case Study – Part A due Fri 22 Mar. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats Manual Sutherland 3.1 Magnetic Boats – MYOB |
Sutherland 3.2
Case Study Part A |
Read lectures & lecture illustrations Activities 6.1 – 6.3 Activity 6.4 Magnetic Boats – manual & MYOB Sutherland 3.2; Case Study Part A |
| 7.1 |
25/3/2013 (Mon-Wed) |
Accrual Transactions: Credit Control Accrual Transactions:
|
Lecture Illustrations completion & discussion 7.1 Cozy Dry Cleaners manual Sutherland 4.1 & 5.1 |
7.2 The Blinds man manual; Sutherland 4.2 & 5.2; 7.3 The Ice-cream Parlour manual; Sutherland 4.3 & 5.3 Case Study Part B |
Read lectures & lecture illustrations Activities 7.1 – 7.3 Sutherland 4.3 & 5.3 Case Study Part B |
|
7.2 |
4/4/2013 (Thurs-Fri) |
as above |
as above |
as above |
as above |
|
| 8 |
8/4/2013 | Accounting for Inventory – Manual
Accounting for Inventory – MYOB |
Comprehensive Case Study – Part A Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; |
Sutherland 6.2 & 6.3; Case Study Part B |
Workshop 3 Lecture Illustrations completion & discussion Comprehensive Case Study – Part A Feedback & Interview Activities 8.1 & 8.2 Manual Inventory; Sutherland 6.1 MYOB Inventory; Sutherland 6.2 & 6.3; Case Study Part B |
| 9 | 15/4/2013 |
Introduction to end of period reporting Accounting for Fixed Assets – Manual & MYOB |
On-line Theory Test Comprehensive Case Study – Part A Resubmissions |
Lecture Illustrations completion & discussion Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 |
Sutherland 10.2 & 10.3; Case Study Part B |
Read lectures & lecture illustrations Activities 9.1 – 9.5 Manual Fixed Assets Sutherland 10.1 – 10.3; Case Study Part B |
| 10 |
22/4/2013 (Thurs public hol) |
Manual & Computerized Balance Day Adjustments | Lecture Illustrations completion & discussion Activities 10.1 – 10.5; |
Case Study Part B | Read lectures & lecture illustrations Activities 10.1 – 10.5; Case Study Part B |
|
| 11 | 29/4/2013 | Manual & Computerised Balance Day Adjustments |
Comprehensive Case Study – Part B due Mon 29 Apr. See details under Assessment Tasks |
Lecture Illustrations completion & discussion Activity 11.1 “Australand..” Manual Sutherland 7.1 |
Activity 11.2 Sports Physio Manual Sutherland 7.2 | Read lectures & lecture illustrations Activity 11.1 “Australand..” Manual; Sutherland 7.1; Activity 11.2 Sports Physio Manual; Sutherland 7.2 |
| 12 | 6/5/2013 | Manual Closing Entries |
Comprehensive Case Study – Part B Feedback & Interview See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Comprehensive Case Study – Part B Feedback & Interview Activities 12.1 – 12. |
Case Study Part C |
Workshop 4 Lecture Illustrations completion & discussion Activities 12.1 – 12.4 Comprehensive Case Study – Part B Feedback & Interview |
| 13 | 13/5/2013 | Manual & Computerised Preparation of Final Reports & rollover to new financial year |
Comprehensive Case Study – Part B Resubmissions | Lecture Illustrations completion & discussion Activities 13.1 – 13.4 |
Sutherland 7.3 Case Study Part C |
Read lectures & lecture illustrations; Activities 13.1 – 13.4 Sutherland 7.3 Case Study Part C |
| 14 | 20/5/2013 | Manual Cash Flow Statements
Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C due Mon 20 May See details under Assessment Tasks |
Lecture Illustrations completion & discussion; Activities 14.1 – 14.6; |
Sutherland 8.1 | Read lectures & lecture illustrations; Activities 14.1 – 14.6; Sutherland 8.1 |
| 15 | 27/5/2013 | Integrated manual & MYOB exercise |
Comprehensive Case Study – Part C Feedback & Interview See details under Assessment Tasks |
Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
Sutherland 8.1 |
Workshop 5 Comprehensive Case Study – Part C Feedback & Interview Sutherland 8.1 |
| 16 | 3/6/2013 | Review & Reassessment |
Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
Review & Reassessment | Review & Reassessment |
Workshop 6 Comprehensive Case Study – Part C Resubmissions Theory Test Resit |
**The teaching schedule may be subject to change. Students will be advised via the Blackboard and in class should changes occur
MID SEMESTER BREAK: There will be no classes from Thursday 28th March to Wednesday 3rd April.
Learning Resources
Prescribed Texts
Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011 |
9781442554016 |
Frost, Mellida, Rita's Animal Refuge: A Manual & Computerised Accounting Practice Set, Cengage, 2011 |
9780170190817 |
References
Other Resources
Other relevant learning material will be placed on the online learninghub (http:www.rmit.edu.au/learninghub) progressively during the semester. Students will need to access this site on a weekly basis, print off materials and bring them to class as necessary
Overview of Assessment
Assessment may incorporate a variety of methods including technical requirements documentation, homework, assignments, group and/or individual projects, in class exercises, written and practical tests, problem solving exercises, presentations, direct observation of actual and simulated work practice, presentation of a portfolio of evidence which may comprise documents, and/or photographs and/or video and audio files, review of products produced through work-based or course activities.
Students are advised that they are likely to be asked to personally demonstrate their assessment work to their teacher to ensure that the relevant competency standards are being met. Students will be provided with feedback throughout the course to check their progress.
Assessment Tasks
1. Comprehensive Case Study
You will be tested on the set-up of an accounting system; processing of cash & accrual transactions, including subsidiary ledger entries; processing of adjusting & closing entries & the preparation of final reports for a fictitious business. Submissions will be made both manually & using MYOB in three parts over the semester.
Part A - set up of a manual accounting system for Rita’s Animal Refuge; manual processing of cash & accrual transactions, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Friday 22 March.
Part B - set up of a computerised accounting system for Rita’s Animal Refuge; processing of cash & accrual transactions using MYOB, including subsidiary ledger entries; production of internal accounting reports including unadjusted Trial Balance. Due for submission on Monday 29 April.
Part C - manual & MYOB processing of balance day adjustments, closing entries & production of year-end financial reports following adjustments for Rita’s Animal Refuge. Due for submission on Monday 20 May.
2. Individual Interview
Following submission of each part of the case study you will be individually interviewed & be asked to demonstrate the knowledge & skills required to produce your case study submissions. You must be assessed as competent in both your submitted work & the interview for each part of the case study to be considered competent overall & given a grade for this cluster of competencies.
3. On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors.
Assessment Matrix
Other Information
To be competent evidence of the following is essential:
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
• use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries
• prepare and authorise journals and check journal processing reports
• extract and check/correct a trial balance
• file documentation to meet all organisational and regulatory requirements.
Required skills
• communication skills to:
• determine and confirm work requirements, using questioning and active listening as required
• share information, listen and understand
• read and interpret documentation from a variety of sources
• use language and concepts appropriate to cultural differences
• numeracy skills to make financial calculations
• information technology skills for accessing and using spreadsheets and databases
• literacy skills for data analysis and interpretation
• evaluative and general analytical skills
• organisational skills, including the ability to plan and sequence work
Required knowledge
• accounting conventions, processes and procedures
• banking procedures and guidelines
• industry codes of practice
• legislative and regulatory requirements relevant to the work
• organisational policy and procedures
• relevant Acts and regulations
• security procedures for handling cheques, vouchers and cash
When submitting assessments you should:
• Ensure that you submit assessments on or before the due date. If your performance in the assessment is affected by unexpected circumstances, you should consider applying for Special Consideration. Information on the process and application forms is available at http://rmit.edu.au/browse;ID=ls0ydfokry9rz website.
• 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 a cover sheet that includes a declaration and statement of authorship. You must complete, sign and submit a cover sheet with all work you submit for assessment, whether individual or group work. On the cover sheet you declare that the work you are presenting for assessment is your own work. An assignment cover sheet for submission of work for assessment is available on blackboard.
• 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. For example,
Marking Guide (competency):
Vocational Education and Training (VET) is based on current industry needs and the focus on preparing you for the workplace. Because VET courses are informed by practical application of knowledge and skills, they are based on a system known as ‘competency based training’ (CBT). So when you are assessed in VET it is about whether you are competent to do the job, as well as having a firm grasp on the knowledge and skills required to do that job, as opposed to traditional curriculum based education settings that are often based on knowledge retention.
You need to demonstrate you are competent in each element of the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you whether you are competent or not and how well you are performing. Once competent in all elements of the unit you receive a competency grading.
Please refer to the Final Grades table below.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit; this gives you the opportunity to have the level of your performance formally recognized against industry standards and employability skills.
The grading is according to the following criteria:
1. LEVEL OF INDEPENDENCE, INITIATIVE, ENTERPRISE AND PERFORMANCE OF WORK TASK
We are looking for a high level of ability to complete all tasks independently as well as demonstrating a high level of initiative while proccessing transactions and extracting reports.
2. DEMONSTRATED BREADTH OF UNDERPINNING KNOWLEDGE AND A WILLINGNESS TO CONTINUE LEARNING
We are looking for depth of understanding of the key concepts and knowledge required in processing financial transactions. You should be able to demonstrate a thorough understanding of double entry bookkeeping principles and procedures involved when processing financial transactions and preparing reports.
3. TECHNIQUES & PROCESSES, TECHNOLOGY SKILLS AND PROBLEM SOLVING
We are looking for techniques to be used in problem solving, using appropriate technology and methodology to assist in recording data and preparing reports. You also need to show an understanding of the kinds of problems that can arise in bookkeeping and reporting.
4. WORK ORGANISATION, PLANNING AND SELF MANAGEMENT
We expect to see effective planning, self management & work organization resulting in timely submission of all required assessment tasks
5. COMMUNICATION, PEOPLE NETWORKING, LANGUAGE AND INTERPERSONAL SKILLS AND TEAMWORK
We expect to see contributions to relevant discussions. In addition you should demonstrate a range of well-developed interpersonal skills appropriate to each task
Final Grades table:
CHD Competent with High Distinction
CDI Competent with Distinction
CC Competent with Credit
CAG Competency Achieved – Graded
NYC Not Yet Competent
DNS Did Not Submit for assessment
Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview