Course Activity

Days

Week

Section One: Industry Foundation Units

Lecture: Welcome & induction to Certificate IV (Bookkeeping)

1

1

Lecture & practical: Use technology in the workplace & review of assessment material. In this lecture we will cover all of the introductory material required to begin your course. We will also cover essential technology practices required to work as a bookkeeper: Saving and backing up files; Cloud servers; Data protection; Path directories; Screen captures; Microsoft settings & preferences; How to open an MYOB sample company file; Exporting data from MYOB to Excel; Using Windows Explorer; Changing keyboard and regional settings; Keyboard shortcuts; Using the search and help functions; Microsoft Office hints and tips; Microsoft Office shortcuts; Using web browsers; Using software help & Introductory exercises to get you started on your assessment tasks.

Date:

Homework

Assessment: FNSICGEN301B – Communicate in the workplace

Assessment: FNSICGEN304A - Apply health and safety practices in the workplace

Section Two: Foundation accounting & bookkeeping concepts and computerised accounting system practices.

Lecture: Introduction to Bookkeeping & Accounting

2

2 & 3

This lecture covers the essential elements of manual bookkeeping and accounting and includes: The history of bookkeeping; Accounting concepts and principles; Business organisations; Accounting entities; Business types; The trading cycle; Accounting periods; Balance date; Source documents; Groups of accounts; The accounting equation; Net profit; The rules of debits & credits; Double entry bookkeeping; Accounting systems; Chart of accounts; Accrual and cash accounting; GST; The profit & loss statement & The balance sheet.

Date/s:

Practical: Cash and accrual accounting in MYOB

2

4 & 5

This lecture introduces students to the practical concepts of computerised accounting. This lecture will also revise the manual concepts of accounting and how these concepts then apply to a computerised system. Students will learn how to use and explore MYOB in a manner that is suitable to all levels of knowledge. Topics covered in this lecture include: Exploring and moving around in MYOB; Tax codes; GST and its effect on the accounting system; Cash accounting using the Banking Command centre; Entering payments; Entering cash register takings; Checking data accuracy and entries; Petty cash procedures; Entering Bpay payments; Finding information in a company file; Printing P & L’s and GST reports; Reconciling your accounts; Entering interest received, loan repayments and merchant charges; Printing general ledger and Balance sheet reports; Combining accounts and cards; Audit trail reports; Correcting errors; Backing up and restoring company files; How to set up a new data file; How to bring in opening balances and pre-conversion sales and purchases; Reconcile your GST reports to the BAS statement; MYOB preferences; How to adjust a cash accounting file to an accrual file; Preparing financial reports; Checking aged Debtor and Creditor reports; How to process accounts receivable and payable; Customising invoices; Introduction to Inventory, preparing a BAS statement and End of year procedures and adjustments.

Date/s:

Practical: Set up and operate a computerised accounting system

 1

 6

In this lecture we will study additional concepts in MYOB that were not studied in the cash and accrual accounting system session. Topics covered include: Business policies and procedures; Entering business details and checking the financial year; Using the undo bank reconciliation feature; Reconciling bank statements using the download feature; Creating new customers; Using spell check and previewing invoices; ; Settling returns; Using MYOB Officelink with Excel; Designing reports; Printing customer statements; Inventory value reconciliation reports; Entering quotes; Entering dishonoured cheques; Accounting for discounts and overpayments; Entering refunds; End of month sales reporting; How to set up electronic payments; Emailing remittance advice; Check ABN status of suppliers and how to enter transactions for suppliers without an ABN; Recording recurring transactions; Printing general ledger detail reports; Recording purchases of assets with a bank loan; Entering stocktake figures and print stocktake reports; Setting up user ID’s and security preferences; Faster data entry, Hints and tips, Efficient practices in MYOB and how to get the best out of MYOB.

Date:

Lecture: Working in the Bookkeeping Industry

1 

7

Apply principles of professional practice to work in the financial services industry - Incorporating The Bookkeeping Industry; Section 251L of the Income Tax Assessment Act; The BAS Agents Act; The Impact of Legislation on the Bookkeeping Industry; Applying the Ten National Privacy Principles to bookkeeping activities; Working with other stakeholders and participants in the financial services industry; Australia's Financial Regulatory Framework; Professional Associations; Ethics & Professional Codes of Conduct; Keeping up to date in the bookkeeping, accounting and financial services industry

Date:

Practical: MYOB Payroll

2 

 8 & 9

In these lectures you will learn about the underpinning policies, procedures and regulatory system that is essential to processing payroll information. In addition to payroll theory we will then cover the practical set up and concepts of payroll systems in MYOB which will include: How to setup MYOB for payroll; The payroll command centre; How to add employee payroll details in MYOB; Processing a pay run; Create and track employee entitlements; How to pay employees electronically; Pay and clear employee liabilities and withholdings; Display payroll information and generate reports; How to finalise a payroll year and produce payment summaries; Reporting requirements and the ATO; M-Powered superannuation & How to save and restore a payroll backup file.

Date/s:

Practical: Prepare financial statements

 2

10 & 11

In these practical and theory lectures you will learn how to apply accounting compliance requirements of business entities to financial statements produced within the accounting system. The lectures will include: Statutory compliance requirements for business entities; Business frameworks; Understanding the difference between current and non current assets and liabilities; Preparing, reading and understanding financial statements; Accounting standards; Accounting assumptions; Non reporting entities; Quality information and reporting; The consequences of not preparing correct financial statements; The accounting cycle; Entering journals; Reconciling GST; Preparing a statement of cash flows; Analysing reports; Budget analysis; Presenting data; Features of good accounting reports & Introduction to preparing financial statements for Non-profit organizations.

Date/s:

Practical: Maintain asset and inventory records

1

12

In these practical and theory lectures you will learn how to set up in MYOB and AssetManager Pro. You will also cover theory concepts and terms used for both inventory and assets. Your MYOB practical work will include: Periodic and perpetual inventory; Creating inventory items; Linking your inventory items to the correct accounts; Set up Autobuild; Enter stocktake figures; Customise item purchase orders; Stock cards, assigning costs and entering transactions; Using FIFO; Using Weighted average cost; Costs; Inventory reporting; How to calculate % profit margins; Entering returns and adjustments; Sales reports and analysis; Inventory locations in MYOB Premier Enterprise; Viewing stock movements; Setting up an asset register; Calculating depreciation on assets; Assigning effective life of assets; Defining business entities for depreciation purposes; Depreciation methods; Depreciation journals; Entering company data into MYOB AssetManager Pro, Set up asset groups; Print asset lists; Printing depreciation reports; Assigning low value pools; Disposal of assets; Reconciling assets & Viewing graphs.

Date:

Section Three: End-of-Period Financial Reports & Activity Statements

Practical & theory: Carrying out BAS and IAS tasks

2 

 13 & 14

This lecture covers the legislative requirements of working as a bookkeeper including: The Australian taxation system; S251L of the Income Tax Assessment Act; Working under the direction of a registered tax agent; Becoming a BAS agent; GST legislation; GST registration options; Types of GST supplies; The Trade Practices Act; Valid tax invoices; Checklists for business; Lodgment dates; Reporting GST and BAS using the accounts method in MYOB; Tax codes and the Calculation worksheet method in MYOB; Entering GST transactions in MYOB accounting; Negative tax codes; Unusual transactions entered into MYOB; Accounting for private use %; Purchasing Assets; Amortization schedules; GST reporting; Luxury car tax; “Margin schemes”; Claiming Fuel tax credits; Setting up chattel mortgages and Hire purchases in MYOB; Entering Input taxed receipts and payments; Entering the sale of an asset in MYOB; Identifying information outside the bookkeeper’s scope; Preparing GST and IAS reports; GST issues such as second hand goods, imports and Fringe benefits; Processing payroll in MYOB and producing information for IAS reporting; Preparing BAS statements; BAS checklists; Entering BAS payments or refunds with Spend money or a Clearing account & Correcting GST errors.

Date/s:

Preparing financial reports

2

15 & 16

This lecture provides a review of many of the previous accounting concepts studied and further revision and expansion of data entry processes in MYOB. Students will enter data for a simulated business and then prepare the reports required for the entity. Students will also create an Asset register from the Balance sheet reports and study further concepts of entering journal entries to make manual adjustments for items such as accrued revenue, expenses, doubtful debts, stock adjustments, prepaid expenses, prepaid income, correction of GST errors and adjustments for wages (Income tax and superannuation). Students will also learn how to update the general ledger, prepare an adjusted trial balance and then close off the ledger accounts by preparing transfers from net profit to capital and drawings to capital accounts. Students will then finalise their reporting studies with the preparation of financial reports in MYOB, complete manual entries into the system for bad debts, balance day adjustments and the reversal of balance day adjustments in the next financial year.

Date/s:

Developing and implementing policies and practices relevant to bookkeeping activities

1

17

In this theory lecture we will look at the procedures, policies and practices that should be implemented by a bookkeeper to ensure best practice is attained at the highest level. We will study and consider many aspects of running a bookkeeping business and how you would set up a successful practice by incorporating and considering the following areas: How to start your practice - Business Name; Business Location; Marketing your Bookkeeping Business; Key Services; Charges; Minimum attendance; Successful credit management; Lead Generation & Networking; Boosting Profitability; Operating your Bookkeeping Business; Troubleshooting & referring work onto alternative providers; Ethical practices; Professional development and its impact on your business; Impact of External forces on the financial services industry; Main sectors of the financial services industry & the roles & responsibilities of the participants in the financial services industry; Developing a professional working relationship with relevant parties; Carrying out research to identify compliance requirements and support materials & the Setting up and maintaining of appropriate systems to meet compliance requirements 

Date/s:

Course review

Review - Lecture and assessment review. Self-paced & lecturer follow up.

1

18

Date: