Course Title: Process financial transactions and extract interim reports

Part B: Course Detail

Teaching Period: Term2 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

Ifzal Syed

ifzal.syed@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

Element:

1. Check and verify supporting documentation
 

Performance Criteria:

1.1. Information from documents is identified, checked and recorded

<font size="3">1.2.      Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel</font>

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<o:p></o:p><font face="Times New Roman" size="3"> </font>

2.2. Cheques and card vouchers are checked for validity before processing<o:p></o:p><font face="Times New Roman" size="3"> </font>

2.3. Banking documentation is reconciled with organisation's financial records<o:p></o:p>

<font size="3"><font face="Times New Roman"> </font>2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures</font>

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<o:p></o:p><font size="3"><font face="Times New Roman"> </font></font>

<font size="3">3.3. All invoices and related documents are filed for auditing purposes</font>

  

Element:

4. Prepare journals and batch monetary items
 

Performance Criteria:

4.1. Journals are prepared accurately and completely and items batched within organisational timelines<o:p></o:p><font face="Times New Roman" size="3"> </font>

4.2. Batch items are precisely matched to initial receipt records <o:p></o:p><font size="3"><font face="Times New Roman"> </font></font>

<font size="3">4.3. Journals are authorised in accordance with organisational policy and procedures</font>

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<o:p></o:p><font size="3"><font face="Times New Roman"> </font>6.2. Related systems are updated to maintain the integrity of relationships between financial systems</font>

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<o:p></o:p><font face="Times New Roman" size="3"> </font>

7.2. Batch is balanced with deposit facility without error<o:p></o:p><font face="Times New Roman" size="3"> </font>

7.3. Securityand safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements<o:p></o:p><font size="3"><font face="Times New Roman"> </font></font>

<font size="3">7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable</font>


Learning Outcomes



Details of Learning Activities

 

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 all scheduled workshops.  During the workshops you will be expected to make notes during lectures, participate in discussions, complete illustrative examples and problem solving activities.  During the workshops and blackboard collaborate sessions you will be introduced to both manual & computerised procedures to record a range of transactions & report on the results of those transactions.  You will be required to complete all assessment tasks. 

It is expected that you will attend the five 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.iiiiT


Teaching Schedule

 

<thead> <th scope="col">Week</th> <th scope="col">Topics</th> <th scope="col">Assessment: Full-time & Part-time Delivery</th> <th scope="col">Full-time delivery</th> <th scope="col">Part-time delivery</th> </thead> <th scope="row">1</th> <th scope="row">2</th> <th scope="row">3</th> <th scope="row">4</th> <th scope="row">5</th> <th scope="row">6</th> <th scope="row">7</th> <th scope="row">8</th> <th scope="row"> </th> <th scope="row">9</th> <th scope="row">10</th> <th scope="row">11</th> <th scope="row">12</th> <th scope="row">13</th> <th scope="row">14</th> <th scope="row">15</th> <th scope="row">16</th>
Introduction
Elements of Accounting & Simple Reports

Accounting Transactions & Source Documents

 

Discussion of Teaching Schedule & Assessment


Activities: Elements 1.1 – 1.7
Documents 1.1 - 1.3

Workshop 1

Discussion of Teaching Schedule & Assessment


Activities: Elements 1.1 – 1.7
Documents 1.1 - 1.3

Transaction Analysis: Cash Accounting vs. Accrual Accounting Lecture Illustrations completion & discussion
Activities 2.1 – 2.9

Collaborate:

Lecture Illustrations completion & discussion
Activities 2.1 – 2.9

The Accounting Process:

Transaction Analysis to General Ledger

 Lecture Illustrations completion & discussion
Activities 3.1 – 3.7

Workshop 2

Lecture Illustrations completion & discussion
Activities
3.1 – 3.7

The Accounting Process:

Transaction Analysis to Journals to General Ledger

On-line Test

See details under Assessment Tasks

Lecture Illustrations completion & discussion
Activities 4.1 – 4.5

Discussion of Case Study transactions

Collaborate:

Lecture Illustrations completion & discussion
Activities 4.1 – 4.5

Discussion of Case Study transactions
 

The Accounting Process:

Transaction Analysis to Journals to Subsidiary Ledgers

Introduction to MYOB

 

 Activities 5.1 - 5.6 Accounts Receivable & Payable Subsidiary Ledgers;
Activity 5.7 Inventory Subsidiary Ledger;

Sutherland Ch.1

Clearwater Pty Ltd;

Workshop 3

Activity 5.1 - 5.6Accounts Receivable & Payable Subsidiary Ledgers;
Activity 5.7 Inventory Subsidiary Ledger;

Sutherland Ch.1

Clearwater Pty Ltd;

Set Up a Computerised System

Accounting for Cash Transactions

Petty Cash - manual & MYOB

 

Sutherland Ch.2 & 3

Lecture Illustrations completion & discussion;
Sutherland 2.1 – 2.3;
Petty Cash Activities 6.1 – 6.3;

 

Collaborate:

Lecture Illustrations completion & discussion;
Sutherland 2.1 – 2.2;
Petty Cash Activities 6.1 – 6.3;
 

Bank Reconciliations - manual & MYOB

Management of Cash

 

Lecture Illustrations completion & discussion;

Bank Reconciliation Activities 7.1 - 7.3

Activity 7.4 Magnetic Boats Manual

Sutherland 3.1
Magnetic Boats – MYOB

Sutherland 3.2 & 3.3

 

Workshop 4

Lecture Illustrations completion & discussion;

Bank Reconciliation Activities 7.1 - 7.3

Activity 7.4 Magnetic Boats Manual Sutherland 3.1
Magnetic Boats – MYOB

Sutherland 3.2 & 3.3

 

 

Accounting for Credit Transactions:

Management of Debtors & Creditors

MYOB Purchases Module

Comprehensive Case Study – Part A due Fri 16 Aug.

See details under Assessment Tasks

Lecture Illustrations completion & discussion;

Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Sutherland Ch.4

MYOB Activities: Sutherland 4.1 - 4.3

Collaborate:

Lecture Illustrations completion & discussion;

Activities 8.1 & 8.2 Management of Cash, Debtors & Creditors

Sutherland Ch.4

MYOB Activities: Sutherland 4.1 - 4.3

MID SEMESTER BREAK   

Accounting for Credit Transactions:

MYOB Sales Module & Inventory Module

On-line Theory Test

See details under Assessment Tasks

 

Lecture Illustrations completion & discussion;

Activities 9.1 & 9.2 Manual accounting for credit transactions

Sutherland Ch.5 & 6

MYOB Activities: Sutherland 5.1 - 5.3; 6.1 - 6.3

 

Workshop 5

Lecture Illustrations completion & discussion;

Activities 9.1 & 9.2 Manual accounting for credit transactions

Sutherland Ch.5 & 6

MYOB Activities: Sutherland 5.1 - 5.3; 6.1 - 6.3

Introduction to end of period procedues & reporting

Accounting  for Fixed Assets - manual & MYOB

Comprehensive Case Study – Part A Feedback & Interview

See details under Assessment Tasks

Lecture Illustrations completion & discussion
Activities 9.1 – 9.5 Manual Fixed Assets
 

Sutherland Ch.7 & 10

MYOB Activities: Sutherland 10.1 & 7.1 (as directed by teacher)
 

 

 Collaborate:

Lecture Illustrations completion & discussion
Activities
9.1 – 9.5 Manual Fixed Assets

Sutherland Ch.7 & 10

MYOB Activities: Sutherland 10.1 & 7.1 (as directed by teacher)

Balance Day Adjustments - manual & MYOB 

Lecture Illustrations completion & discussion;
Activities 10.1 – 10.3
 

Sutherland Ch.7

MYOB Activities:

Sutherland 7.1 - 7.3

Workshop 6

Lecture Illustrations completion & discussion;
Activities 10.1 – 10.3

Sutherland Ch.7

MYOB Activities:

Sutherland 7.1 - 7.3

Balance Day Adjustments - manual & MYOB

Closing Entries & Reversing Entries - manual

MYOB Year end rollover & Reversing entries

Comprehensive Case Study – Part B due Mon 23 Sept.

See details under Assessment Tasks

Lecture Illustrations completion & discussion
Activities
12.1 – 12.4

Sutherland Ch.7 & 3

Collaborate:

Lecture Illustrations completion & discussion
Activities
12.1 – 12.4

Sutherland Ch.7 & 3

 

Preparation of Final Reports - manual & MYOBComprehensive Case Study – Part B Feedback & Interview

See details under Assessment Tasks

Lecture Illustrations completion & discussion
Activities 13.1 – 13.4
 

Sutherland Ch. 3 - 7

MYOB Activity:

Review reports Sutherland Ch.3 - 7; Sutherland 7.3

Workshop 7

Lecture Illustrations completion & discussion
Activities
13.1 – 13.4

Sutherland Ch. 3 - 7

MYOB Activity:

Review reports Sutherland Ch.3 - 7; Sutherland 7.3

Integrated Manual & MYOB exerciseComprehensive Case Study – Part C due week beginning Mon 14 October

See details under Assessment Tasks & on Blackboard

Questions regarding Case Study Part C

Activity: Sutherland Ch.8

Collaborate:

Questions regarding Case Study Part C

Activity: Sutherland Ch.8

 

Review & ReassessmentResubmissions & RESITS Interviews & RESITS

Workshop 8

Interviews & RESITS

Review & ReassessmentResubmissions & RESITS Interviews & RESITS 

**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 Monday 2nd September to Friday 6th September.


Learning Resources

Prescribed Texts

Sutherland, Euan, Computer Accounting: A Systematic Approach, Pearson, 2011

9781442554016


References


Other Resources

Other relevant learning material, including lectures, class activities, additional reading & videos illustrating both manual & MYOB procedures will be placed on the blackboard site for this cluster of competencies, which is found under the name Prepare Financial Reports.  Students will need to access this site on a weekly basis to check for announcements, access materials & print off materials to bring to class when asked to do so.


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 ; 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; 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.  Due for submission on Monday 20 May.

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.

2.  On-line multiple choice test - this test focusses on the elements of accounting, debit & credit rules & analysis of transactions.  You will have multiple opportunities to complete this test during the fourth week of semester.

3.  On-line Theory Test - multiple choice & short answer test focussing on basic internal control procedures, manual & computerised, and management of debtors & creditors.  You will have multiple opportunities to complete this test during the ninth week of semester.


Assessment Matrix

Other Information

   
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.





 

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