FNS60215 Advanced Diploma of Accounting

Level 3, 18 Mount Gravatt-Capalba Road, Upper Mount Gravatt, QLD 4122
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 2 of 34
FNS60215 Advanced
Diploma of Accounting
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 3 of 34
FNS60215 Advanced Diploma of Accounting
FNSACC301
Process Financial Transactions and
Extract Interim Reports
LEARNER’S GUIDE
Mode | Classroom Delivery
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
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FNSACC301 Process Financial Transactions and Extract Interim Reports
Supporting: FNS60215 Advanced Diploma of Accounting; May also support other qualifications based on respective packaging rules
© E-Skills Australia, 2015
Copyright:
This document and its contents are protected by Australian and International copyright laws. No part of this document may be
reproduced or transmitted in any form or by any means, electronically or mechanically, including photography, scanning, recording or
any information storage or retrieval system, without permission in writing from the copyright owner or from E-Skills Australia Pty Ltd.
Information and/or resources used from the Commonwealth, government agencies, training.gov.au, public domain information, or any
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All the websites and external resources mentioned in this publication are copyrighted to their owners and E-Skills or author does not
endorse the views expressed by them. Web links are used as examples for reference purpose only and may have changed since
publication of this resource.
E-Skills Australia Pty Ltd
ACN: 146 742 369
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
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Table of Contents
1. Introduction ………………………………………………………………………………………………………………………………………….. 6
2. Unit Overview ……………………………………………………………………………………………………………………………………….. 6
3. Competency Standards……………………………………………………………………………………………………………………….. 7
Performance Criteria……………………………………………………………………………………………………………………………. 8
4. Delivery Plan ……………………………………………………………………………………………………………………………………….. 10
Delivery Arrangement …………………………………………………………………………………………………………………….. 10
Delivery Conditions …………………………………………………………………………………………………………………………. 10
Lesson Topics and Plan……………………………………………………………………………………………………………………….. 11
Suggested Learner Resources & Readings……………………………………………………………………………………… 13
5. Assessment Plan ………………………………………………………………………………………………………………………………….. 14
Assessment Method……………………………………………………………………………………………………………………………. 14
General Rules of Assessment………………………………………………………………………………………………………………. 16
Submission of Works ……………………………………………………………………………………………………………………………. 17
Assessment Tasks and Schedule…………………………………………………………………………………………………………. 17
6. Assessment Tasks…………………………………………………………………………………………………………………………………. 18
Assessment Task 1:………………………………………………………………………………………………………………………………. 18
Assessment Task 2:………………………………………………………………………………………………………………………………. 21
Assessment Task 3:………………………………………………………………………………………………………………………………. 23
Assessment Task 4:………………………………………………………………………………………………………………………………. 25
Assessment Task 5:………………………………………………………………………………………………………………………………. 27
7. Academic Policies and Processes………………………………………………………………………………………………………. 34
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 6 of 34

Unit of Competency

FNSACC301 Process Financial Transactions and Extract Interim
Reports

1. Introduction
Welcome to the learner’s guide for this unit of competency for the qualification FNS60215 Advanced Diploma
of Accounting. This guide provides you with essential information on competency standards, delivery plan and
schedule, assessment plan, assessment tasks and learning resources for this unit of competency.
The purpose of this learner’s guide is to:

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Provide you with information on delivery schedule and plan of this unit
Ensure the you understand how you will be assessed in this unit
Provide information on assessment and evidence requirements
Provide information on learning activities and assessment tasks to be completed
List resources to provide further reading and learning opportunities

This unit also incorporates Foundation Skills that are embedded within the competency elements.
2. Unit Overview
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.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements.
Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on
requirements.
Learning Outcomes
On successful completion of this unit, the student/trainee will be able to:

 	Check and verify supporting documentation Prepare and process banking and petty cash documents
	Prepare and process invoices for payment to creditors and for debtors
	Prepare and post journals and batch monetary items
   	Post journals to ledger Enter data into system Prepare deposit facility and lodge flows Extract trial balance and interim reports

As well as demonstrating the performance criteria, to be assessed as competent, the student must
demonstrate their ability to apply the required knowledge and skills in a range of situations. These are
summarised in the Competency Standards section below.
Prerequisite Requirements
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
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There are no prerequisite for undertaking this unit of competency.
Skill Recognition and Credit Transfer
Appropriate credit(s) may be granted to eligible students against each unit of competency on presentation of
evidence of successful completion of the same unit in an equivalent or higher qualification. Under the
Australian Qualifications Framework, this qualification recognises competencies achieved as part of a
Nationally Recognised Qualification from other institutes or universities.
Learner may also apply for Recognition of Prior Learning (RPL) by providing evidence that they have the
required skills and knowledge in the specific areas of competency through work/industry experience and/or
completed eligible assessments in equivalent or higher qualification.
Please refer to college’s RPL/Credit Transfer Policy for more information and applicable procedures. The policy
is available either through the faculty coordinator or college’s website.
3. Competency Standards
This unit is derived from the Financial Services training package, FNS (2015) for the qualification FNS60215
Advanced Diploma of Accounting.
Competency standards for this unit are made up of unit descriptor (As provided in the Unit Overview),
performance criteria, required skills, required knowledge, embedded employability skills components,
assessment requirements and evidence guide.
They can also be viewed at:
View Unit
The students must familiarise themselves with all the competency requirements for this unit of competency
and ensure that they have received all the relevant information and support from the trainer and assessor that
might be detrimental to their academic performance and outcomes.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
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Performance Criteria
The following performance criteria specify the required level of performance for each of the elements of
competency:

Element	Performance Criteria
1. Check and verify supporting documentation	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
2. Prepare and process banking and petty cash documents	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
3. Prepare and process invoices for payment to creditors and for debtors	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
4. Prepare and post journals and batch monetary items	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
5. Post journals to ledger	5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts
6. Enter data into system	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

7. Prepare deposit facility and lodge flows	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
8. Extract trial balance and interim reports	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

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.
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Knowledge Evidence

     	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:
o	Industry codes of practice

o Legislative and regulatory requirements relevant to the work

o	Organisational policy and procedures
 	Explain the security procedures for handling cheques, vouchers and cash Describe the key features of a range of reports.

FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
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4. Delivery Plan
Delivery is in the form of instructor-led, classroom-based tutorial sessions and instructor-supervised
learning/project sessions. Within the class room environment, learning is supported by classroom-based
tutorial/learning sessions and structured lessons and activities. Strategies for classroom based learning would
focus on interaction, discussion, practice, reading and practical examples of the theory.
Delivery Arrangement
This unit is delivered in a face-to-face classroom based environment using a variety of methods including
interactive lectures, presentations, case studies, group discussion and projects. The unit forms a part of
college’s training/qualification program and delivered in accordance with nominated unit hours and RTO’s
delivery schedule. Delivery schedule may vary from semester to semester and students should refer to course
timetables for more information. Delivery mode of this unit is determined as per the confirmation of
enrolment and may include part or full online learning, if opted.
Tutorial/Learning sessions will include group/collaborative activities and tasks that impinge upon required
skills and knowledge in this unit. The emphasis of learning will be on linking theoretical concepts and models
with real-life situations to provide the students with an opportunity to gain an insight into key technological
processes, professional environment and workplace practices.
Where possible, a project-based approach to training will be adopted. The concept of enabling competency
through project based delivery learning provides opportunities for students to apply skills and knowledge in an
integrated format that represents a realistic workplace practice. With the added dimension of close support by
the trainer(s), the students will be able to apply their knowledge in a simulated environment and learn by
making mistakes. This environment improves the transition between institutional and workplace learning in
the development of professional competence, as expected at this level.
Delivery Conditions

	On commencement, the students should review and understand all the course related information including course structure, prerequisites and competency requirements for each unit of competency. This unit of competency must be completed within the prescribed duration at the beginning of this document. Due dates for the assessments will be set by respective assessors on commencement of the unit and must be adhered to by all the students. The students have the responsibility to maintain the required attendance and participate in all the in class activities and assessment/project tasks to be able to develop the required skills and knowledge. The students must keep record of their activities, assessments and research and take an active interest in exploring new concepts and ideas On expiry of the prescribed due dates for assessment, the students will not be able to attempt any
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assessments or the learning materials and must apply for a course extension. Students should also
refer to other prevailing terms and conditions of delivery and assessment of this course and contact
the administration for further information if required.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 11 of 34
Lesson Topics and Plan
The following lesson plans are planned for this unit. According to session times, trainers may expand these
lesson plans into their own session plans. Trainers must take a special note of the activities planned in the
right-hand column. These activities form part of “Formative Assessments”. The formative assessments are not
marked (assessed) but they contribute towards learning that prepares them for summative tasks.
Ideally, before commencing a unit, trainers should take note of all summative tasks required to be completed
and plan their delivery in a way that helps students complete their summative tasks in conjunction with the
relevant learning sessions and formative tasks; e.g. the strategy of Learn, Practice, Apply, Evaluate.
These lesson plans are flexible and can be adjusted or improved by trainers according to their own delivery
plan or method. Likewise, formative tasks can be modified; or new tasks added relevant to the topic being
learned.
In general, at the beginning of the term, the trainers are expected to;

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Plan their sessions/delivery over the duration of the unit
Provide an overview of the unit and competency requirements to the students
Outline the assessment plan/schedule and conditions, including repercussions for not
completing/submitting works on time
Negotiate and agree upon assessment due dates and methods
Plan for in-class project time and formative tasks
Initiate major project tasks or group/team formation/work, if needed
Report and organise special needs, if any
Ensure all the required resources are available

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If the conditions for specific tasks are not likely to be met (e.g. inability to run group-based projects due to
lessor student numbers), Course Coordinator must be informed and alternative plans made based on the
situation. Any variations to assessment tasks or conditions should be documents and reported to the Director
of Studies.
Formative Assessment Activities
Formative assessment is predominantly used to provide formative feedback to students on their learning
progress. Consequently, formative assessment happens during learning and is an integral part of learning and
training.
Activities completed during learning sessions contribute towards formative assessment. Collective records of
these activities and classroom tasks make up the portfolio. The portfolio does not require to be submitted as
an evidence of competence as it is not assessed. However, students must be encouraged to maintain their
portfolios with copies of all activities and task completed, including any handwritten notes or copies of
reference documents as it forms part of their learning process. It also enables the trainers/assessors to identify
learning needs.
Portfolio must be maintained in a folder with contents appropriately dated and/or labelled (e.g. activity name
and date)
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
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The following topics are covered in the classroom training sessions. The topics for this unit include;

Lesson	Topics	Activities
1-2	Unit overview, assessment process, assessment conditions, resources Key definitions and concepts Typical Accounting conventions, processes and procedures Industry codes of practice: APES 110, CPA, ICB, APB, AASB Legislative and regulatory requirements relevant to accounting and bookkeeping Relevant Acts and regulations: Tax Agent Services Act 2009, Uniform Companies Act, Uniform Tax Act, GST Legislation Plus 2012, ITAA 1936, ITAA 1997, Superannuation Act and more.	Download and compile information on requirements to register as a BAS agent
3-4	Routine financial documents: Examples and purposes Organisational policy and procedures relate to accounting and finance Security procedures for handling cheques, vouchers and cash Preparing and processing banking and petty cash documents Preparing batches: Batch Records and matching Understanding banking procedures and guidelines Reconciling banks accounts with general ledger Maintaining records and documentation for audit purpose Preparing and lodging deposits/flows Deposit types Filling out and balancing deposit slips Security and safety precautions in handling monetary items Obtaining a proof of lodgement	Examples and practical exercises on relevant topics Using Excel spreadsheets Calculating data and formatting cells
5-6	Accounting Journals: Making journal Entries Maintaining supporting documents Obtaining a trial Balance Understanding the double-entry method Debits and credits Adjusting the journal entries Reconciling journal entries Correcting Errors	Examples and practical exercises on relevant topics
7-8	General Ledger: Posting journal entries Maintaining general ledger in accordance with organisational requirements Reconciling systems for accounts payable and receivable with general ledger Preparing trial balance from general ledger Generating interim reports: Posting cash and credit journals to the general ledger Obtaining a trial balance Identifying and rectifying errors Review and revision Student Q&A	Examples and practical exercises on relevant topics Example of a trial balance Assessment feedback and follow up

	To collect evidences that demonstrate competency in the performance criteria of the unit and satisfy skill, knowledge and employability skills requirements To provide feedback to the students/trainees indicating the areas of improvement and professional development To measure the effectiveness of the delivery plan and evaluate the learning outcomes
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Evidence guidelines are provided to assessors in the following sections of this guide. Assessors must ensure
that all the required evidences have been collected through applicable assessment methods to achieve
competency in this unit. The required assessment criteria are provided in each assessment task for student’s
information.
Assessment Method
Assessment in this unit is based on assessment and evidence guidelines provided in the unit of competency
and the training package. The evidence is generated through summative assessment tasks. However, the role
of Formative Tasks is crucial in developing the required skills and knowledge in completing the summative
tasks. Formative tasks enable the trainers to evaluate their own delivery and adjust their facilitation based on
the outcomes from these tasks. The role of formative assessments is to improve learning and adapt to student
needs.
These tasks and activities usually take place throughout the unit and planned in accordance with the
summative assessment plan/schedule. The formative tasks are generally referred to as “Portfolio” tasks.
Portfolio is a collection of all the formative tasks completed during the learning sessions. The portfolio can be
used by students as an evidence of participation or example of work completed as part of their learning.
Formative tasks are not assessed.
For summative tasks, the following assessment methods are available to collect the aforementioned evidence
to demonstrate satisfactory performance in this unit;

   	Written Assessment Tasks Practical/Analytical Tasks Test/Examinations Projects
	Observation
	Integrated Assessment

The Written Assessment Tasks and Tests have been developed to address various parts of Performance
Criteria as well as Required Knowledge.
The Practical Tasks are developed to demonstrate competence in Required Skills. These assessment tasks and
activities are mostly designed as in-class assessments, enabling the trainers to observe the work being
undertaken and completed (i.e. demonstration of a specific/required skill). Practical tasks may also include use
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 15 of 34
of online learning tools, equipment, activities, or use of software. Instructions for practical tasks are generally
provided within the task description. However, trainers/assessor may set certain conditions for conducting and
observing these tasks.
The Project (Individual or Group based) addresses various aspects of competency standard including
Performance Criteria, Required Skills and Employability Skills. The role of the project in assessment strategy is
to measure student/trainee competence as a form of Summative Assessment. It demonstrates the efficacy of
instructions and learning in the prescribed delivery period by assessing the overall performance of the
students/trainees for the purpose of grading/final results.
The Test/Exam is generally designed to test the Required Knowledge component of the unit of competency. It
may also be used to reinforce learning and test specific aspects of other part of competency where knowledge
of certain processes/procedures is required. A knowledge test may be verbal or written as specified in the task
description. Examinations are conducted under set conditions.
Observation forms part of in-class activities, participation in designated group processes, presentation and
provides an option where specific skills need to be demonstrated to the assessor.
Some of the assessments in this course may be used as Integrated Assessments; i.e. to use evidence created in
one unit/task to determine competency in another unit/task. The concept behind the design of the integrated
assessment is to limit repetitive tasks that test the same or similar competency elements in different units of
competency.
Optional/Supplementary Assessments
In addition to the above assessment instruments, the following methods can be used, if required, in the
context of assessment for this unit of competence, especially in the circumstances where assessment involved
components of online learning as well as actual workplace activities and/or performance.

	Workplace Verification through RPL application
	Competency Conversation at completion of the unit

To successfully complete this unit, students must demonstrate that they have the skills and knowledge needed
as indicated in the Competency Standards (2).
Assessment can be both a formative and summative process. Formative assessment is used to provide
feedback to students and teachers to promote further learning. Summative assessment contributes to the
judgement of student learning for competency/award purposes.
Formative Assessment
Formative assessment is predominantly used to provide formative feedback to students on their learning
progress. Consequently, formative assessment happens during learning and is an integral part of learning and
training. It helps students to identify, for example:

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How they are learning
Meeting the standards expected of them for intended learning outcomes
Any problems or issues they are having in meeting intended learning outcomes
Any ‘incorrect’ learning of knowledge or skills

Formative assessments are not marked.
In principle, formative assessment also includes assessment as learning, where students reflect on and monitor
their own progress. The information gained guides teachers’ decisions in how to enhance training and
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 16 of 34
learning. Formative assessment enables students to learn through the process of feedback and opportunities
to practise and improve. As students reflect on and monitor their progress this process effectively becomes
assessment as learning and contributes to students planning future learning goals.
Summative assessment
Summative assessment has a very different purpose to formative assessment. Summative assessment is
provided at the end of the learning experience or cycle in order to gain a measure of how well the student has
performed against the standards of the intended learning outcome. Summative assessment is the grading of
student learning. The goal of summative assessment is to measure the level of success or proficiency that has
been obtained at the end of an instructional unit, by comparing it against the competency criteria of the unit
of competency.
Assessment Resources
All the students are provided with a “Learner’s Guide” as part of their course that includes unit overview,
tutorials, delivery and assessment schedule, competency requirements, assessment tasks and
assessment/marking criteria. Where required, a workplace-like scenario can be created through role-play or
setting up the necessary protocols to facilitate required assessments or project task (e.g. Role-play interaction
between a “Client” and “Marketing Team”).
To facilitate effective assessments for this unit to competency, the trainees will also be provided with all the
learning and training materials and links to additional learning resources. Trainees must ensure that they have
access to all the relevant resources (e.g. computer, required software, printing and internet connection) to
complete their assessments.
General Rules of Assessment

	There are only two assessment outcomes, “C” (Competent) and “NYC” (Not Yet Competent). At task level, the assessment determines a “Satisfactory” or “Not Satisfactory” level. Overall competency is determined only if all the summative task outcomes has been “Satisfactory”. To successfully complete this unit of competency, the student must complete and obtain a “C” results in ALL the assessment tasks and activities of this unit Each assessment can only be attempted a maximum of two times (or as specified in college’s Re
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assessment Policy). If marked “NYC” in any unit of competency after all the allowed reassessment
attempts have been exhausted, the student will need to re-enrol in the unit according to college’s Reassessment Policy

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For a complete course, a “C” outcome in all the units of competency within the course must be
achieved be able to gain the qualification. Students who do not achieve “C” outcomes for all the units
in a course, will be awarded a “Statement of Attainment” showing respective competencies achieved
Other assessment conditions such as assessment due dates and conditions for group assessments

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may be separately set by the assessor under advice to the course coordinator. These conditions may
be shown in respective task description or negotiated by the trainer/assessor at the beginning of the
term. Students must make note of these conditions.

	To maintain fairness in assessment, all the students will be provided with similar and equitable assessment conditions (place, time, opportunity and supervision) as applicable In-class assessment tasks must be completed during designated sessions in presence of an assessor
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Specific assessment conditions, such as group/team work, task schedules, in-class assessment time,
submission method, penalties for late submission, assessment criteria etc., will be according to specific unit
requirements and conveyed by the trainer/assessor at the beginning of the unit.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 17 of 34
Submission of Works
All the written works must be submitted in a hard copy, and an additional soft/electronic copy if required by
the trainer/assessor, with an accompanying “Assessment Cover Sheet”. Each Assessment Cover Sheet should
be signed by the student and must contain student details and date of submission. Assessment Cover Sheets
are available at the reception.
As a general rule, material submitted for assessment—Word processed or handwritten assignments, reports,
essays, projects, etc. must contain student’s name, ID (if available), address and contact details. Within the
context of these assessment tasks, the assessor fulfils the role of client, manager or supervisor, as applicable.
Work submitted for “approval” within this context must demonstrate care and attention to detail, such that
the student inspires confidence that the work is being undertaken competently.
Where soft copy/electronic files are submitted, students are encouraged to name the files according to
established procedure. This would typically include a course or unit code, assessment or submission code, and
in the case of multiple files an alphanumeric identifier. Multiple files may also be required to be submitted
within an enclosing folder (with similar, appropriate naming conventions) or archive format—e.g. zip or rar.
Follow submission guidelines in each assessment task for specific instructions.
Assessment Tasks and Schedule
The following summative assessments are planned for this unit;

#	Assessment Task/Activity	Type	Assessment Method
1	Prepare Journal Entries	Individual	Written/Practical
2	Prepare Cash Receipt and Cash Payment Journals	Individual	Written/Practical
3	Process Journal and Ledger Entries and Obtain a Trial Balance	Individual	Written/Practical
4	Prepare and Lodge Batch Flows	Individual	Written/Practical
5	Knowledge Test	Individual	Test

These assessment tasks/activities have been described in detail in the following section.
Task schedule to be advised by trainer/assessor based on the lesson and session plans.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
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6. Assessment Tasks
Assessment Task 1:

Assessment Task	Prepare Journal Entries
Schedule	TBA
Outcomes Assessed	Performance Criteria: 1.1, 1.2, 3.1, 3.2, 3.3, 4.1, 4.3, 6.1 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:
All the assessment tasks, including this assessment task, in this unit are scenario-based. Scenario based
problems provide an opportunity to develop a real-life context and simulate a working environment to the
best possible extent within a classroom environment. Read the following company background and complete
the given tasks.
Background:
Bean’s Coffee is a family owned private business operating a busy coffee shop in the city centre. The shop
employs fifteen workers on the shop floor and five administrative staff members in the back office. Apart from
operating the coffee shop, the company also imports and distributes its coffee beans to other coffee shops
across Australia.
While the coffee shop returned a total turnover of $1.85 million in the last financial year, the wholesale of
coffee beans generated revenue of $0.8 million. In this current financial year, the company is looking to expand
both its retail and wholesale businesses with plans for two more coffee shops and expansion of coffee beans
distribution to other parts of the country. The company has a number of shareholders from within the family
and managed by Mrs Bean’s and her husband.
This assessment task is Excel based and needs to be completed in the Excel worksheet provided as part of this
assessment. Please note, Assessment Task1, Assessment Task2, and Assessment Task3 are linked and will be
completed using the same Excel worksheet.
You will be provided a copy of the Excel file (FNSACC301_Worksheet) by your trainer/assessor. Make sure that
you have the worksheet prior to commencing assessments in this unit.
Task:
Assuming the role of an Accounts Officer working for Bean’s Coffee, complete the following tasks in
accordance with company’s relevant policies and procedures as provided in the “Finance Policy and Procedure
Manual”. For the purpose of this task, your trainer/assessor will play the role of the Accounts Manager. Ensure
that you communicate and obtain necessary information, clarification, and approval as required.
Supporting Document: Bank Statement as provided in the given Excel file (FNSACC301_Worksheet); check and
verify the bank statement to ensure that the information is consistent with the transaction summary provided
below. Confirm with your manager (trainer/assessor role-play) before your proceed.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 19 of 34
Assume that Bean’s Coffee uses an accrual accounting system and all amounts are GST inclusive (if applicable).
Due to popularity of her products, the month of June 2012 has produced a range of accounting and financial
transactions, all of which were performed using electronic banking system:

2 June	Mrs Beans contributed cash injection of $12,000 in to the business
2 June	Purchased a laptop worth $1,800
6 June	Remitted $2,800 to an overseas supplier for purchase of coffee beans
7 June	Purchases furniture worth $8,200
7 June	Withdrew $950 for personal expenses
7 June	Paid advertising cost $760
11 June	Paid electricity bill $1234
12 June	Settled credit card bill of $1290
12 June	Bought an additional coffee machine at $1500 on account
12 June	Received catering contract fee of $2,500 (Sales)
12 June	Paid printer’s invoice of $890
18 June	Paid accounts payables, total of $8,900
19 June	Paid airfreight of $780 for importation of coffee beans
20 June	Extended a cash loan of $2000 to one of the staff members
26 June	Obtained RACV Club membership at $1200 per annum
26 June	Damage in the stocks of coffee beans due to rain estimated at $4800
28 June	Obtained a bank loan of $23,500 as further cash injection
30 June	Received catering contract fee of $1850
30 June	Paid wages to staff $2300

Using the above data;

	Refer to company’s Finance Policy and Procedure Manual and obtain the necessary authorisation for processing of journal entries Manually enter the above transactions into General Journal in the given worksheet One of company’s corporate clients ARTO College had a party and ordered food and merchandise as shown in their purchase order (ARTO Purchase Order.docx). Check and verify the purchase order; fix errors, if any Obtain necessary authorisation from your manager as per company policy Using Bean’s Coffee’s invoice template (provided) raise an invoice to ARTO College Create and saved the invoice in a designated folder on a server for audit purpose (to be reviewed by your manager – role play)
 
  

Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;
 Used appropriate journal format as provided according to accounting conventions
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 20 of 34

 	Entered all the transactions in the general journal Correctly identify transaction types
	Used double entry system to balance the journal
	Used appropriate accounts for each transaction
	Correctly applied credits in the transactions
    	Corrected applied debits in the transactions Demonstrated knowledge of basic accounting principles Prepared, checked and finalised the journal Raised an invoice to a client for services offered Invoice is itemised, error free and clearly identifies GST and GST free items as applicable

Submission Guidelines
Submit:

 	A printed copy of the General Journal Catering invoice (soft and hard copies)

Please note you need to retain the original Excel file as you will be using it throughout this unit.
Electronic versions of the assessment task and email/electronic submission arrangements are at further
discretion of the trainer/assessor.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 21 of 34
Assessment Task 2:

Assessment Task	Prepare Cash Receipt and Cash Payment Journals
Schedule	TBA
Outcomes Assessed	Performance Criteria: 1.1, 1.2, 2.1, 2.2, 2.3, 2.4, 4.1, 4.3, 6.1 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:
Assume that cash payments are withdrawn from bank account and cash receipts are deposited into bank at
the end of the day. Due to popularity of their products, the month of June 2012 has produced a range of cash
transactions for Bean’s Coffee in addition to information provided in Task 1:
22 June 2012

Transaction Type	Description	Amount $
Payment	Furniture lease instalment	1,020
Payment	Warehouse rental charges	2,800
Receipt	Cheque received for Catering party (not yet presented to bank)	875
Receipt	Shop sales	6,760
Receipt	Cakes and pastries	1,250
Payment	Advertising agency (Paid by Card)	1,115
Receipt	Coffee beans sales	875
Payment	Signboard contractor paid by EFT	650
Payment	Event sponsorship fee (cheque)	2,000
Payment	Training seminar for staff skill development	300
Payment	Milk supplier	687
Receipt	Community event sales	1,460
Receipt	Catering party	950
Payment	Internet connection and IT support	350
Receipt	Shop sales	5,720
Receipt	Mail Orders	1,675
Payment	Business consultant	668
Internal transfer	Petty cash withdrawn from bank (not yet recorded)	250
Payment	Australia Post (from Petty Cash)	98

	Check petty cash, card, and cheque vouchers (provides in a separate Excel file) for validity and correct errors, if any Record petty cash transactions in Petty Cash book (provides in a separate Excel file) Prepare a Cash Receipt Journal; and Cash Payment Journal
  

You will need to compute the data in an Excel sheet using either a templates provided along with this task.
Part B:
On 30 June 2012, the company received a bank statement. Details of the bank statement are provided in the
Excel file (FNSACC301_Worksheet).
Based on the information provided, prepare a bank reconciliation report that explains the gap between the
bank and company’s accounting system. You may use a sample report template as a guide.
Ensure that you communicate and obtain necessary information, clarification, and approval as required as per
company’s relevant policies and procedures as provided in the “Finance Policy and Procedure Manual”.
Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;

 	Used appropriate journal format as provided according to accounting conventions Correctly identify transaction types
	Used double entry system
	Used appropriate accounts for each transaction
	Correctly applied credits in the transactions
	Corrected applied debits in the transactions
	Prepared Cash Receipt Journal
    	Prepared Cash Payment Journal Demonstrated knowledge of basic accounting principles Prepared, checked and finalised the journal Banking records are reconciled with company’s own financial records The reconciliation report is clear and prepared using an appropriate format consistent with accounting practices

Submission Guidelines
Submit:

 	A printed copy of the cash and payments journals Bank Reconciliation

Please note you need to retain the original Excel file as you will be using them throughout this unit.
Electronic versions of the assessment task and email/electronic submission arrangements are at further
discretion of the trainer/assessor.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 23 of 34
Assessment Task 3:

Assessment Task	Process Journal and Ledger Entries and Obtain a Trial Balance
Schedule	TBA
Outcomes Assessed	Performance Criteria: 4.1, 4.3, 5.1, 6.1, 6.2, 8.1, 8.2, 8.3, 8.4 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:
In this assessment task, you will be using the given Excel Worksheet (FNSACC301_Wroksheet) to process
journal and ledger entries and extract trial balance.
In the first tab of the Excel Worksheet, a trial balance is provided as of 31 May 2012.
From the given Trial Balance and additional information provided in Task 1 and Task 2;

 	Prepare and process general journal entries Post the journal entries to the General Ledger

In addition;

 	Post the Journal entries created in Assessment Task1 to the General Ledger Post the Cash Receipt and Cash Payment Journals created in Assessment Task2 to the General Ledger

Further, process the following special transactions;

 	Provision for a bad debt of $4,000 in the current financial year Adjustment for an underpaid GST amount of $2,800 to ATO, to be accounted for in the current financial year A personal loan of $10,000 to Mrs Beans with a recurring interest of 2.5% per annum


Once you have posted all the required entries to the general ledger;

	Complete and extract the final trial balance for the current quarter after all the adjustments have been made Present the final trial balance to your manager (trainer/assessor role play) and ensure that it is free from errors. Fix errors, if any, and finalise the trial balance Prepare an Income Statement for the current quarter



Accounting System: As Microsoft Excel is used in this unit, Excel acts as the accounting system for this and
other tasks. Ensure that you allocate transactions to the right accounts. Check your Excel worksheets to ensure
that the data is processed accurately and the data integrity is maintained.
Complete the given tasks in accordance with company’s relevant policies and procedures as provided in the
“Finance Policy and Procedure Manual”. For the purpose of this task, your trainer/assessor will play the role of
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 24 of 34
the Accounts Manager. Ensure that you communicate and obtain necessary information, clarification, and
approval as required.
Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;

	Interpreted the sample data and established relevance of the addition information provided
       	Correctly identified debit and credit items and processed the data using General Journal Posted journal entries from Assessment Task 1 into the General Ledger Posted Cash Receipt and Cash Payment Journals to the General Ledger Posted and linked data where appropriate to General Ledger using the given Excel template Successfully made all the required adjustment to the trial balance Data integrity is maintained and is error free Data is processed using the given Excel workbook and linked the required data cells Processed and posted special transactions as required
 	Transactions are correctly allocated to respective system and accounts The final trial balance meets the required accounting standards and can be used for reporting purposes Prepared an income Statement for the quarter as needed The Income Statement is balanced and clearly shows quarterly profit or loss
 

Submission Guidelines
Submit:

	Copy of the Excel Worksheet duly completed
	Copy of the Cash Receipts Journal
    	Copy of the Cash Payments Journal A printed copy of the General Journal A printed copy of the General Ledger A printed copy of the Adjusted Trial Balance A printed interim Income Statement

Assessment Task	Prepare and Lodge Batch Flows
Schedule	TBA
Outcomes Assessed	Performance Criteria: 4.2, 7.1, 7.2, 7.3, 7.4 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:
For this assessment task, you will assume the role of a coffee shop assistant, managing sales and cash register
on a daily basis at one of the Bean’s Coffee shops. Occasionally, corporate clients in the area also drop off
cheques for payments of catering services at the shop. Part of your responsibilities is to receive and bank cash
and cheque payments at the end of each business day.
Consider that you have received the following payments on one particular day,

Shop Sales	Cash	$214
Shop Sales	Cash	$87
Shop Sales	EFTPOS	$356
Shop Sales	Cash	$167
Shop Sales	Cash	$598
Shop Sales	EFTPOS	$899
Shop Sales Payment: ABC Ltd Payment: DEC Ltd Payment: FGH Ltd Shop Sales	EFTPOS Cheque Cheque Cash Cash	$764 $1,298 $2,356 $876 $33.50
Shop Sales	EFTPOS	$16.99
Shop Sales Payment: IJK Ltd Payment: LMN Ltd Shop Sales	Cash Cheque Cheque EFTPOS	$147 $2,468 $667 $699
Shop Sales	Cheque	$233
Shop Sales	Cash	$912
Shop Sales Payment: OPQ Ltd	EFTPOS Cheque	$765 $1,288

You will need to;





Create cash receipts for all the cash payments
Create cheque/payment receipts for all the cheque payments
Create cash receipts for all EFTPOS payments

Note: You may have to use common cash receipt book or create a simple cash receipt template using Word or
Excel.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 26 of 34

    	Consolidate all the Cash sales in the shop in one deposit Consolidate all business Cash payments for the second deposit and Arrange to deposit all the cheque payments separately Create an EXCEL sheet and enter all the data, separating all the receipts as per the above instructions Nominate a bank (any bank name where you will PLAN to make deposits). It could also be a fictional bank name Pick up some deposit slips from a bank – or create one yourself on the computer using a word processing or spreadsheet program Fill out deposit slips, separate for cash and cheques with specified details Tally the receipts with the payment details in the table provided

 

In addition, on the Excel Sheet you have created, create a new worksheet (new tab) and describe;






Banking procedures as per company’s relevant policies and procedures
How would you obtain and file proofs of lodgement
Security and safety precautions you would employ in handling and banking cash and cheques
Research and download a relevant cash handling and/or safety /security policy or procedure from an
organisation for reference
Organisational and legislative requirements for record keeping and accounting for cash receipts



Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;

  	Created cash and cheque receipts for all the payments received Recorded the payments separately in an Excel sheet Cash receipts are in order of each payment received
  	Cheque receipts are in order of each cheque received EFTPOS receipts are in order of each EFTPOS payment received Consolidated payments as applicable
	Prepared bank deposit slips for cash deposits
	Prepared bank deposit slips for cheque deposits
	Receipts match and are in order of payments received by cash and cheque
	Demonstrated ability to prepare and lodge a bank deposit
  	Described the process to obtain and file proofs of lodgement Described necessary safety and security precautions Provided and referred to information provided in a policy/procedure document in relation to cash handling and safety/security Researched and referred to the relevant legislative (e.g. GST) and organisational requirements for managing cash receipts


Submission Guidelines
Submit:

 	Copy of the Excel sheet Sample/mock deposit slips completed for cash and cheque deposits

Electronic versions of the assessment task and email/electronic submission arrangements are at further
discretion of the trainer/assessor.
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 27 of 34
Assessment Task 5:

Assessment Task	Knowledge Test
Schedule	TBA
Outcomes Assessed	Performance Criteria: 1.1, 2.2, 2.4 Addresses some elements of required skills and knowledge as shown in the Assessment Matrix

Description:
This is a closed book test and must be undertaken in presence of an assessor. All the questions must be
answered.
Duration: 1 Hour

Test Paper: FNSACC301 Process Financial Transactions and Extract Interim Reports: Assessment Task 5

Student ID

Student Name

Group

Date

Q1. What are accounting supporting documents? Give examples of at least three supporting documents that
can be used in processing journals
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 28 of 34
__________________________________________________________________________________________
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Q2. Give examples of at least two organisational policies and procedures that may be relevant to
management of accounting systems in an organisation
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Q3. What is the role of professional bodies in maintaining the standards of accounting practices with the
industry?
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 29 of 34
Q4. If you were in charge of maintaining an accounting system or records as an accounting professional,
what are the things that you WILL NOT DO to maintain your professional integrity
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Q5. What are the key benefits of double entry system of accounting data in Australian accounting systems?
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Q6. You have just received a payment by cheque for your services to an organisation. How would you
ensure that the cheque is error-free?
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 30 of 34
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Q7. A customer has returned a product he purchased a few days ago and received his refund of $230. Based
on the double entry system, write the debit and credit entries to appropriate accounts;
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Q8. Explain the difference between cash and accrual based accounting systems
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 31 of 34
Q9. Summarise at least five fundamental principles of The Institution of Certified Bookkeepers (ICB) Code of
Conduct in your own words
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Q10. List key industry and legislative instruments relevant to the practice of accountancy and bookkeeping
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 32 of 34
__________________________________________________________________________________________
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Q11. Describe forms of ‘proof of lodgement’.
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Q12. Describe types of ‘special transactions’.
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Q13. Describe the key features of statement of financial position, income statement, and statement of
changes in equity.
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FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 33 of 34
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Assessment Criteria
The following assessment criteria will be used for marking this assessment task. Ensure that you have
addressed all of the criteria in your work;

	Test completed in presence of an assessor
  	All the questions are attempted and answered Answers are consistent with model answers Answers demonstrate the breadth of knowledge required for this task

Submission Guidelines
Submit;
 Completed test paper
FNS60215 | FNSACC301 Process Financial Transactions and Extract Interim Reports
Learner’s Guide | V 1.0 | June 2015
Brighton Pacific Pty Ltd t/a Australia Institute of Business and Technology | RTO Code 41138
Approved by: Quality Manager | Next Review: Dec 2016
Page 34 of 34
7. Academic Policies and Processes
Students with Special Needs
If leaners/students have any special needs (e.g. physical disability, learning difficulty) regarding assessment,
they should be directed to discuss these with the Course Coordinator. The college will endeavour to make all
possible and reasonable adjustments to any aspect of assessment in order to address those needs.
Recognition of Prior Learning (RPL) and Credit Transfers
Learners may apply for Recognition of Prior Learning (RPL) by providing evidence that they have the required
skills and knowledge in the specific areas of competency through work/industry experience and/or completed
eligible assessments in equivalent or higher qualification.
Appropriate credit transfer may be granted to eligible students against each unit of competency on evidence
to successful completion of the same unit in an equivalent or higher nationally endorsed qualification. Credit
transfer students will finish the course in a shorter duration and are advised to consult appropriate
authorities/bodies for applicable criteria if planning further study or stay in Australia.
Applicants who have completed formal training or who have relevant and current work or life experience and
consider they are able to meet the unit purpose may seek recognition.
The college acknowledges skills and knowledge obtained through:

 	Formal training (conducted by industry or educational institutions in Australia or overseas) Work experience
	Life experience

The main focus is on the learning outcomes of these experiences, not on how, when or where the learning
occurred.
To be granted RPL, applicants will be asked to:
1. Present evidence of their achievement;
and/or
2. Undertake a challenge test;
and/or
3. Attend an interview with specialist staff.
This evidence will be validated through either satisfactory supporting documentation of support from a
recognised industry or workplace representative or challenge testing
Academic Policies and Procedures
Applicable policies and procedure related to this course including plagiarism, assessments, appeals and
complaints, can be found with the course coordinator as well as in the “Policies and Procedures” section of the
college’s website.

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