FNSACC311

Process Financial Transactions and Extract Interim Reports

Student Unit Instructions and Assessment Pack

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TABLE OF CONTENTS

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TABLE OF CONTENTS...........................................................................2HOW TO USE THIS DOCUMENT...............................................................3ABOUT THE UNIT.................................................................................3LEARNING RESOURCES........................................................................4ASSESSMENT METHODS.......................................................................4ASSESSMENT......................................................................................5RESOURCES REQUIRED FOR ASSESSMENT...............................................5UNIT DOCUMENTS...............................................................................6STUDENT ASSESSMENT CHECKLISTS.....................................................6MARKING AND SUBMISSION.................................................................6ASSESSMENT CHECKLIST- FNSACC311................................................7

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 2

HOW TO USE THIS DOCUMENT

Welcome to your FNSACC311 Process Financial Transactions and Process Interim Reports Assessment.

The Student Unit Instructions and Assessment pack outlines;

The Resources and Materials required for study and assessment of the unit

The Assessment Methods Required documents/readings Assessment Checklists

The Student Unit Instructions and Assessment Pack is to be used to prepare for study in the unit, and in conjunction with your assessment.

ABOUT THE UNIT

The unit FNSACC311 Process Financial Transactions and Extract Interim Reports covers the following accounting processes.

1. Checking and verify supporting documentation

2. Preparing and processing banking and petty cash documents

3. Preparing and processing payable and received invoices

4. Preparing and authorisation of journal entries into accounting systems

5. Updating and entering financial data into accounting systems

6. Banking processes

7. Security Measures of Banking and cash handling

8. Finalising a trial balance and producing interim accounting reports

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 3

LEARNING RESOURCES

Below are the learning resources required to effectively gain the required knowledge and skills to complete your unit of study.

Provided Written Materials

Learner Guide (supplied) AASB108

Study steps for this unit; Read the learner guide for FNSACC311 and complete the activities

in the learner guide. Read AASB108 form your provided reading materials. Use the additional resources links and materials to further develop

your computer skills, presentation creation and design skills, and software skills.

Once you have absorbed and completed all learning and are confident in the material you can start undertaking your assessment tasks.

Handy Hint- You may like to review the Learning Guides from FNSACC312 and BSBFIA401 whilst completing this unit.

Additional Resource Links and MaterialsThe below are great and useful videos, websites and other resources to use as part of your studies in this unit. The below list of links have been reviewed for content, accuracy and direct linking to your specific unit of study.

ACOBA acknowledges that everyone learns differently and therefore provide materials that allow for various learning styles and flexibility in obtaining learning.

These videos are continually reviewed to ensure you get accurate, current and sound materials as part of the course materials (beyond just reading a book) for the unit of study.

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 4

Enjoy- FNSACC311 Process Financial Transactions and Extract Interim Reports

Australian Accounting Standards Board

https://www.aasb.gov.au/Home.aspx

Australian Securities and Investment Commission

https://asic.gov.au/

Australian Tax Office

https://www.ato.gov.au/Forms/Guide-to-depreciation-2001/?page=2

Accounting Coach

https://accoutingcoach.com

Investopedia – Double Entry System

https://www.investopedia.com/terms/d/double-entry.asp

Investopedia

https://www.investopedia.com/ask/answers/022615/what-double-entry-bookkeeping-and-how-does-it-work-general-ledger.asp

Utube- What is Double Entry Accounting?

https://www.youtube.com/watch?v=uprjZ2Se0e8

Utube – Double Entry Accounting Systems Explained 101 – Accounting Equation

https://www.youtube.com/watch?v=66e9QbrkE4g

Learn Accounting in 1 Hour- Debits and Credits

https://www.youtube.com/watch?v=ii91oi0OpXM

Utube- What is Depreciation- How it affects Profit and Cash Flow

https://www.youtube.com/watch?v=4lI7XJyTNhs

Utube – Using Financial Statements for Business Management

https://www.youtube.com/watch?v=YZBs-vn0Z0k

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 5

Utube – Review of Accounting daily adjusting and closing entries and AR AP subsidiary ledgers

https://www.youtube.com/watch?v=U_IzEmMqF3g

Banking and Accounting Procedures

https://www.slideshare.net/aggie519/banking-and-accounting-procedures

Policy and Procedure Example

https://www.uow.edu.au/about/policy/UOW058632.html

What is Petty Cash

https://www.accountingcoach.com/blog/what-is-petty-cash

Utube – Petty Cash Accounting (Impressed Petty Cash System, Detail Accounting Example

https://www.youtube.com/watch?v=Z4zt4ga1NwY

Bank Reconciliation Statement (Petty Cash Accounting For Cash Recorded On B/S)

https://www.youtube.com/watch?v=3MFKDmAiYII

Petty Cash Journal Part 1

https://www.youtube.com/watch?v=DHTL7hyBgLI

Financial Accounting Learn Faster

https://www.youtube.com/watch?v=LPX_pJYo5xk&list=PL60SIT917rv6r1dfYrTgHSJvjlFyKTzqP

Secret to Learning Accounting Faster

https://www.youtube.com/watch?v=3DqdVRI3Wmg&list=PL60SIT917rv6r1dfYrTgHSJvjlFyKTzqP&index= 18

Savior From MR Old Pen and Paper Accounting Instructor

https://www.youtube.com/watch?v=KhZ40J9k6TA&list=PL60SIT917rv6r1dfYrTgHSJvjlFyKTzqP&index=10

Bank Deposits

https://www.investopedia.com/terms/b/bank-deposits.asp

Cash in Transit Security

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 6

https://www.securecash.com.au/cash-in-transit-security/

Cash and Internal Control

https://courses.lumenlearning.com/sac-finaccounting/chapter/cash-receipts-and-disbursements/

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 7

Trial Balance in Accounting (3 Golden Rules)

https://www.youtube.com/watch?v=1JGVzMz-AMc

Easy Method to Learn = Introduction to Accounting -Journal, Ledger and Trial Balance

https://www.youtube.com/watch?v=0R0SNfYgmjc

Utube – Double Entry Accounting Systems Explained 101 – Accounting Equation

https://www.youtube.com/watch?v=66e9QbrkE4g

Learn Accounting in 1 Hour- Debits and Credits

https://www.youtube.com/watch?v=ii91oi0OpXM

How to Prepare a Trial Balance Accounting Principles

https://www.youtube.com/watch?v=PMH6nw2OPHI

The Trial Balance

https://www.principlesofaccounting.com/chapter-2/the-trial-balance/

Checks and Deposit Slips

https://www.youtube.com/watch?v=jJjlTpL0xbs

How to fill out bank deposit slips

https://www.youtube.com/watch?v=XfLeFlvLZ1U

What is a Deposit Slip

https://www.youtube.com/watch?v=aORhVxP23oA

MYOB – Displaying Reports

http://help.myob.com/wiki/display/ar/Displaying+a+report

MYOB- Petty Cash

http://help.myob.com/wiki/display/ar/Petty+cash

FNSACC311 Unit Pack Version No. 1Australian College of Business and Accounting Page 8

ASSESSMENT METHODS

Your assessment uses the following assessment methods:

1. Knowledge Assessment – A set of short answer questions which tests your general knowledge and understanding of the required theory and concepts behind the unit and application in the workplace.

2. Case Study – Includes detailed scenarios and simulated environment providing all necessary information required to complete relevant tasks and activities close as possible to real world situations.

Your case study for this unit requires you to undertake:

Written Practical tasks Computerised Practical tasks in MYOB Video recorded roleplays

3. Practical Task – These include tasks that require actions or similar task to the workplace, such as completing reports, forms, and are usually specific activities to undertake.

To complete the unit successfully and be deemed competent in the unit, you will be required to complete all tasks within the assessment to a satisfactory level. You are assessed against the requirements as outlined in unit of competency.

ASSESSMENT

The Assessment for FNSACC311 Process Financial Transactons and Extract Interim Reports is comprised of three assessment workbooks which have been provided to you;

Part A: Knowledge Assessment Part B: Case Study

o which includes Written, Practical and Roleplay tasks

Part C: Practical Task

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RESOURCES REQUIRED FOR ASSESSMENT You will need access to:

Computer with Internet and email access and a working web browser

Installed software:

o MS Word

o Adobe Acrobat Reader

o MYOB AccountRight Enterprise V19 for Windows

o Zoom Account and Software or App

At least one (1) volunteer to participate in the roleplaying activity

A video recording device (e.g. mobile phone, webcam, video camera, etc.)

A safe place to conduct the roleplaying activities

Access to:

o A range of workplace policies and procedures relating to processing transactions and producing reports

o Organisation’s banking methods

o Policies, procedures, and protocols relating to banking methods, including:

- Security measures

- Safety measures

- Filing proof of lodgement

- Industry requirements relating to banking

- Legislative requirements relating to banking

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UNIT DOCUMENTS The following documents are required for your assessment tasks:

Unit Pack Assessment Checklist Student Workbook – Part A – Knowledge Assessment Student Workbook – Part B – Case Study Student Workbook – Part C – Practical Task Student MYOB file for John’s Sweet Tooth Cookie Shoppe Student MYOB file for Your Name Lollies

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STUDENT ASSESSMENT CHECKLISTS

To assist in tracking your progress and in compiling your assessment evidence you are provided with Student Assessment Checklists for each of the Assessment workbooks.

While all of the workbooks clearly outline the required evidence (print outs, workbooks etc), we have supplied the checklists to make the assessment submission process easy for you.

MARKING AND SUBMISSION

You are to submit all assessment requirements/evidence as per the assessment checklist and assessment instructions to your assessor as required.

An incomplete submission or mislabelled/misnamed submissions may be sent back without being marked or reviewed by your assessor. Please double check at requirements.

If you are asking for advice, for example you email Print Out 2 in an email with some questions to ask your trainer (let’s say the print out is perfect), you will still need to provide Print Out 2 at the time of submission with all your documents complied in one place.

Upon your complete submission your assessment will be reviewed and assessed by your trainer.

Your trainer will provide you feedback to assist in your skill and knowledge development.

Please refer to Marking and Submission Student Guide for further advice or ask your trainer.

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ASSESSMENT CHECKLIST- FNSACC311

You may use the following checklist to assist you in keeping track of your progress in the unit, and in compiling your all your evidence (assessment) files.

Submission Evidence Submitted

Marked

Workbooks

Part A: Knowledge Assessment Workbook (23 questions) ☐ ☐

Signed Student Declaration of Authenticity – Part A ☐ ☐

Part B: Case Study ☐ ☐

Signed Student Declaration of Authenticity – Part B ☐ ☐

Part C: Practical Assessment ☐ ☐

Signed Student Declaration of Authenticity – Part C ☐ ☐

Part B: Cast Study- Submission evidence -Individual task break down

Task 1 Setting Up the Company File ☐ ☐

Print Out 1: Company Information ☐ ☐

Task 2: Process Sales from Customers ☐ ☐

Task 3: Process Customer Payments ☐ ☐

Task 3: Question 1 ☐ ☐

Task 3: Question 2 ii ☐ ☐

Printout 2: Bank Deposit Slip ☐ ☐

Task 4.1 Written Questions ☐ ☐

Task 4.2 Deposit Slip ☐ ☐

Task 4.3 Video Recording* ☐ ☐

Print Out 3: Lodged Deposit Slips ☒ ☐

Task 5: Question 3 ☐ ☐

Task 6: Table ☐ ☐

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Task 8 Petty Cash Voucher 1 ☐ ☐

Task 8 Petty Cash Voucher 2 ☐ ☐

Task 8 Petty Cash Claim Form 0016 ☐ ☐

Task 8 Petty Cash Claim Form 0017 ☐ ☐

Task 8 Written Questions ☐ ☐

Task 8 Petty Cash Book ☐ ☐

Printout 4 Request for Authorisation ☐ ☐

Printout 5 Petty Cash Reconciliation ☐ ☐

Printout 6 Bank Reconciliation ☐ ☐

Task 10.1- Written Questions ☐ ☐

Print Out 7 EOM Email ☐ ☐

Task 10.2- General Journal ☐ ☐

Task 10.3- Video Recording * ☐ ☐

Print Out 8: Task 10.3 Authorisation Sign-off ☐ ☐

Print Out 9: Trial Balance ☐ ☐

Print Out 10: Profit and Loss ☐ ☐

Print Out 11: Balance Sheet

Print Out 12: Transaction Listing All ☐ ☐

Print Out 13: GST Detail Cash ☐ ☐

Print Out 14: General Ledger Detail ☐ ☐

Task 11 -Link for Cloud Storage Sent for Filing sent to trainer ☐ ☐

Task 11 – MYOB Back Up File Submitted ☐ ☐

* Requires a video recording the observation form is included within your assessment workbook. Your Assessor will reivew your video submission and assess you against the criteria as outlined in the in the observation form.

A completed observation form will be return with the assessment feedback from your trainer upon completion of marking.

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