FNSACC312

Administer Subsidiary Accounts and Ledgers

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......................................................................................4RESOURCES REQUIRED FOR ASSESSMENT...............................................5UNIT DOCUMENTS...............................................................................6STUDENT ASSESSMENT CHECKLISTS.....................................................6MARKING AND SUBMISSION.................................................................6ASSESSMENT CHECKLIST- FNSACC312................................................7

FNSACC312 Unit Pack Version No. 1Australian College of Business and Accounting Page 2

HOW TO USE THIS DOCUMENT

Welcome to your FNSACC312 Administer Subsidiary Accounts and Ledgers.

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 FNSACC312 Administer Subsidiary Accounts and Ledgers covers the following accounting processes.

1. Checking and verify supporting documentation for invoices, statements and related documents.

2. Reviewing accounts receivable process

3. Identify bad and doubtful debts and creating debt plans

4. Contacting customers outside credit terms to make payment plans

5. Review compliance with terms and conditions and plan recovery action for overdue accounts

6. Prepare reports and file documentation

7. Distribute creditor invoices for authorisation

8. Remit payments to creditors

9. Prepare accounts paid reports and reconcile balances outstanding

10. Preparing and processing payable and received invoices

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LEARNING RESOURCES

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

Learner Guide (supplied) ACL Framework Overview ASIC ACCC Debt Collection Guidelines Australian Banking Association Code

Study steps for this unit; Read the learner guide for FNSACC312 and complete the activities

in the learner guide. Read the listed required readings above. 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 FNSACC311 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.

Enjoy- FNSACC312

FNSACC312 Unit Pack Version No. 1Australian College of Business and Accounting Page 4

Administer Subsidiary Accounts and Ledgers

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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

The Difference Between Bad Debt and Doubtful Debt

https://www.accountingtools.com/articles/what-is-the-difference-between-bad-debt-and-doubtful-debt.htmlInvestopedia – 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

Debt Management

https://safefinancial.com.au/apply/enquiry/debt

Utube – Using Financial Statements for Business Managementhttps://www.youtube.com/watch?v=YZBs-vn0Z0kUtube – Review of Accounting daily adjusting and closing entries and AR AP subsidiary ledgershttps://www.youtube.com/watch?v=U_IzEmMqF3g

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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 Tasks Practical tasks Computerised Practical tasks in MYOB Video recorded roleplays

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 and assessment instructions.

ASSESSMENT

The Assessment for FNSACC312 Administer Subsidiary Accounts and Ledgers. is comprised of two assessment workbooks which have been provided to you;

Part A: Knowledge Assessment Part B: Case Study;o which includes Written, Practical and Roleplay tasks

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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 three (3) volunteers to participate in the roleplaying activity (or one (1) who plays all three (3) roles within the roleplay.

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 processing subsidiary accounts, including:

- Reporting of Accounts Payable and Receivable

- Filing documentation

- Debt Collection Activities

- Credit Terms and Conditions

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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 Recovery Plan Character Brief Letter of Demand Student version Kal Letter of Demand Student version Kevin

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.

FNSACC312 Unit Pack Version No. 1Australian College of Business and Accounting Page 10

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

ASSESSMENT CHECKLIST- FNSACC312

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 Done the task

Submitted

Workbooks

Part A: Knowledge Assessment Workbook (12 questions)

☐ ☐

Signed Student Declaration of Authenticity – Part A ☐ ☐

Part B: Case Study Assessment Workbook ☐ ☐

Signed Student Declaration of Authenticity – Part B ☐ ☐

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

Part 1: Accounts Payable

1.2 -Workbook Questions (5 questions) ☐ ☐

Print Out 1 Screenshot ☐ ☐

1.4- Workbook Question – Cheque Requestion Slip ☐ ☐

FNSACC312 1.4 Roleplay file link sent* ☐ ☐

1.4- Workbook Task – Hand written Cheque ☐ ☐

Print Out 2 Remittance Advice ☐ ☐

1.6 Workbook Questions (2 Questions) ☐ ☐

1.6 FNSACC312 1.6 Role Play/s file link sent* ☐ ☐

1.6- Work Book Question- Settlement Adjustment ☐ ☐

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1.7 FNSACC312 –Unpaid Account excel file ☐ ☐

Print Out 3 Request for Payment ☐ ☐

1.8 FNSACC312 –Print Out 4 Electronic Payment ☐ ☐

1.8 FNSACC312 – ABA File – WBC.aba ☐ ☐

Print Out 5 Remittance ☐ ☐

Print Out 6 Rec Report Chq Acc ☐ ☐

Print Out 7 Electronic Reconciliation ☐ ☐

Print out 8 - Supplier Ledger ☐ ☐

Print Out 9 - Payables Reconciliation Detail ☐ ☐

Print Out 10- General Ledger Detail ☐ ☐

Print Out 11 - Balance Sheet ☐ ☐

Print Out 12 - GST Report ☐ ☐

Print Out 13 Profit and Loss ☐ ☐

Print Out 14 Supplier Payments ☐ ☐

MYOB FNS312 Back Up 1 ☐ ☐

Part 2: Accounts Receivable

Print Out 15 Invoice Louise Wales ☐ ☐

Print Out 16 Adjustment ☐ ☐

2.4- Workbook Questions (2 Questions) ☐ ☐

2.5 – Workbook Task – Receipt ☐ ☐

2.5 – Workbook Questions (2 Questions) ☐ ☐

2.7 – Workbook Questions (2 Questions) ☐ ☐

Print Out 17 – Activity Statement ☐ ☐

Print Out 18 Bank Reconciliation ☐ ☐

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Print Out 19 - Customer Ledger ☐ ☐

Print Out 20- Receivables Reconciliation ☐ ☐

2.12- Workbook Questions (3 Questions) ☐ ☐

Part 3: Bad Debts and Doubtful Debts

3.1.1- Workbook Questions (1 Question) ☐ ☐

Recovery Plan 1 ☐ ☐

Recovery Plan 2 ☐ ☐

3.1.6 – Workbook Question (1 Question) ☐ ☐

3.1.2 Roleplay Collections * ☐ ☐

3.1.3- Workbook Questions (4 Questions) ☐ ☐

3.2 – Workbook Question (2 Questions) ☐ ☐

Letter of Demand (Kevin) ☐ ☐

Letter of Demand (Kal) ☐ ☐

3.3.2 – Workbook Questions (3 Questions) ☐ ☐

Print Out 21 -Bad Debt ☐ ☐

Part 4: Supplementary Reports

Print Out 22 – Cash Disbursements ☐ ☐

Print Out 23 – Cash Receipts ☐ ☐

Print Out 24 - Receivables Journal ☐ ☐

Print Out 25- Purchases Journal ☐ ☐

4.2 – Workbook Questions (1 Question) ☐ ☐* Requires a video recording the observation form is included within your assessment workbook. Your Assessor will review 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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