1 HFIS: Establish and Maintain Accounting Information Systems Student Guide FNSACC505A - Establish and Maintain Accounting Information Systems FNSACC406A Set up and operate a computerised accounting system Elements of competence  Identify and record system requirements  Evaluate alternative systems  Acceptance Test System  Prepare system documentation  Implement and monitor reporting systems and records  Monitor Reporting Systems  Review Reporting Systems Elements of competence  Implement an integrated accounting system  Process transactions within the system  Maintain the system  Produce reports  Ensure system integrity2 COMPETENCY ASSESSMENT GRID (MYOB) Assessment Task 1 Implement an integrated accounting system √ Process transactions within the system √ Maintain the system √ Produce reports √ Ensure system integrity √FNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 3 MODULE DESCRIPTION This module covers the competency to establish and maintain accounting information systems FNSACC505A. Students will, upon successful conclusion of this module will understand the procedures required to identify what is required by all users of an accounting information system, considering what the various options are, testing through to the implementation stage and reviewing. LEARNING OUTCOMES Upon successful completion of this module, students will be able to establish and maintain accounting information systems. This includes identifying record and system requirements, evaluation of alternative systems, acceptance testing, preparing system documentation, monitoring and reviewing reporting systems. TEACHING PROGRAM The duration of the course is forty (60) hours duration. Twelve (12) hours per week for one teaching block of five (5) weeks. 4 hours for MYOB every week. Note: 1) The MYOB assessment is given in both Assessor‟s Guide and the student‟s Guide. Student will work in groups of 2-3 in the computer lab to complete the assessment with the guidance and knowledge provided by the Assessor on MYOB software. Assessor to make sure the MYOB software available to students. 2) Assessor will deliver lectures on MYOB on a weekly basis according to which students can use the knowledge and apply the understanding to the practical assessment on the computer. 3) The lecture notes (PowerPoint‟s) are put in a separate folder for the convenience of students and the assessor. 4) It is recommended that students save their weekly work on MYOB in their USB‟s so that they can complete their work and can print it out in the 5th week and give a printed copy to the assessor to mark it. 5) It is recommended that one copy of the work be saved on the computer so that student does have an access to his/her work in case the USB is lost or data is corrupted. COURSE REQUIREMENTS To be assessed as competent for this unit of competency you must be able to do the following: (1) Demonstrate understanding of all learning outcomes (2) Successfully complete and submit all tasks as requestedFNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 4 Assessment methods and tasks Methods of assessment Through consultation with industry, the following assessment methods have been deemed appropriate for this unit. Test Candidate will be required to answer a series of questions that will demonstrate their ability to identify record and system requirements, evaluate alternative systems, acceptance test system, prepare system documentation, implement reporting systems and records, and monitor reporting systems and review reporting procedures. Case Study/Written Report Candidate will be assessed through completion of a written report based on a scenario which they will be manufacturing and selling a product MYOB - Work The candidates will work on a practical question on a weekly basis and use the classroom knowledge and apply in the practical question. Candidates are required to set up a company and maintain the accounts of the company as required according to the assessment provided. ASSESSMENT DETAILS Assessment Due Assessment Task 1 Test Week 5 Assessment Task 2 Case Study/Written Report Week 4 MYOB – task 3 ( Financial reports)- P&L/ BS(Balance Sheet) Week 5 PRESCRIBED TEXT  Considine, B., Razeed,A., Lee, M. and Collier, P. (2005) Accounting Information Systems: Understanding Business Processes, John Wiley and Sons.  Vallely, M., (2008) “MYOB: a hands-on approach: accounting plus v17”. Prentice Hall REFERENCES  Gelinas, U.J. and Sutton, S.G. (2002) Accounting Information Systems, 5th edition, SouthWestern Thomson.  Romney, M.B. and Steinbart, P.J. (2006) Accounting Information Systems, 10th edition, Prentice Hall.  Trenerry, A. (2003) Accounting Systems Design, Prentice Hall.  Gelinas, U.J. and Sutton, S.G. (2002) Accounting Information Systems, 5th edition, SouthWestern Thomson.  Romney, M.B. and Steinbart, P.J. (2006) Accounting Information Systems, 10th edition, Prentice Hall.  Trenerry, A. (2003) Accounting Systems Design, Prentice Hall.FNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 5 WEEKLY SCHEDULE WEEK TOPIC 1  Accounting Information Systems: Introduction  AIS Controls  Assessments set  MYOB an Introduction 2  The General Ledger & Reporting Cycle  Revenue Cycle  MYOB, controls (linking to the AIS)  Assessment weekly review for MYOB 3  Expenditure Cycle  Human Resources Management/Payroll Cycle  Setting up the Charts of Accounts  Customers, Suppliers and Employees( inputting Data)  Maintaining the system  GST reporting requirements  Producing reports  Bank Reconciliation  Assessment weekly review for MYOB 4  Production Cycle  Tax Environment and Payroll  Back –ups (MYOB) Assessment Task 2  Case Study/Written Report - due  Assessment weekly review for MYOB 5  Computer Fraud & Security  Systems Development  Revision  Assessment task 1 – Class test  Assignment Task 3 - MYOB dueFNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 6 Assessment Task 2 Case Study Submission details Candidate’s name Phone no. Assessor’s name Phone no. Assessment site Assessment date/s Time/s The Assessment Task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Case study You have been approached by some businessmen who are preparing to start up a business operation in which they will be manufacturing and selling a product. (You can decide on what type of product the business will produce). You are required to carry out some research and look at a typical manufacturing business today, and determine what role an Accounting Information System plays in their ongoing operation. Then prepare a report for the businessmen, providing them with information and recommendations about employing an Accounting Information System. 1. What type of AIS would that business have? 2. Why would they have a system? 3. What are the cycles that would be considered? 4. What would be the benefits and advantages, such as security and why? 5. Are there any disadvantages and if so, what? You should include a diagram/chart of at least one of the cycles with your assignment The format for this assignment is in a report format, complete with Header, contents page, an executive summary, body, conclusion and recommendations This assignment is due to be submitted at the end of the week 4 (or by arrangement with your teacher). Marking Guide:  Evidence of Research  Type of business  Reason for having an AIS system  The cycles  Diagram of a cycle  Benefits and advantages  Disadvantages  Report presentation This assignment should be limited to approximately 1,500 words however. Referencing should be a consideration in your report where you have sourced information and included in your report.FNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 7 Class Assessment FNS50210 Diploma of Accounting HCAS: Computerised Accounting Systems MYOB – Task 3 1) Mobile phones must be turned OFF 2) No talking is allowed during this assessment INCLUDING when leaving. 3) Use of electronic translators is not permitted 4) Cheating of any kind is not permitted and will result in a cancellation of the assessment 5) Candidates will be required to print out a copy of their assessment once completed. 6) Any questions a candidate has during the assessment must be directed to the assessor, not to another candidate. 7) Students leaving an assessment room will be deemed to have completed their paper and will NOT be allowed to return Student name: Student ID: Total marks for paper - 100 Time allowed: two hoursFNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 8 This is a practical assessment requiring you to set up a company, set up some accounts, input a number of activities and then produce a number of reports. 1) You are to create a company (your first name and student ID, e.g. RickFA3255 P/L). You are a small manufacturer and sell direct to other businesses. (5 marks) 2) You are to review the CoA and delete two asset accounts that you feel will not be necessary and then add one called “Buildings”. This is to be the Header account, Then set up two (2) Detail accounts, one being ”Buildings at Cost” ($180,000) and one for „Accumulated Depreciation ($8,000). Your bank has an amount of $4,350.00 (Dr). An amount of $2,500 is for prepaid insurance. Mortgage loan over Building is $60,000. Finished Goods is at $16,000. Capital is $150,850 (10 marks) 3) Set up four supplier accounts (ABC P/L, Defiant P/L, BG Supplies P/L and Holmes on Spring P/L), four customer accounts (WEBUY P/L, GIVUS P/L, 4ME P/L and CB P/L). Suppliers are paid on 30 days from invoice, credit terms to customers is 14 days from purchase date (25 marks) 4) Then set up the following inventory and Finished Goods items Code Item Price (inc. GST) Buy/Sell/Inven. From/To I0001 Widgets $34.50 B/I ABC I0002 Wackies $26.20 B/I BG I0003 Wobblies $19.60 B/I Defiant I0004 WooWoos $39.30 B/I Holmes I0005 Wappies $41.20 B/I ABC I0006 Wunkers $69.60 B/I Defiant * all recorded to raw materials. FG001 Funkies $92.20 S FG002 Flookies $89.90 S FG003 Flavors $62.60 S FG004 Forkies $98.00 S *all recorded to Finished Goods (15 marks) The following transactions occur; Purchase stock - BG 10 x I0001 Purchase stock – ABC 7 x I0005 Sell goods - 4ME 4 x FG001, 4 x FG003 Purchase stock – Defiant 20 x I0003, 10 x I0006 Sell goods – WEBUY 3 x FG001 Sell goods - 4ME 4 x FG001 Sell goods - GIVUS 6 x FG003 Purchase stock - Holmes 15 x I10004 Sell goods - CB 3 x FG002, 2 x FG004 Sell goods – CB 4 x FG004 Note: All purchases are charged a $10.00 delivery fee All sales are delivered by courier and a charge of $15.00 is applied. (25 marks)FNS50210 Diploma of Accounting _____________________________________________________________________________________________ HFIS Establish and Maintain Accounting Information Systems Student Guide January 2012 Page 9 5) Then for adjusting entries, Expenses Depreciation on Building $375.00 per month (recurring). Insurance $250.00 (recurring) (10 marks) 6) Generate reports for GST, Profit and Loss and a Balance sheet. (10 marks) Once you have completed the assessment, you are required to print-out a copy of the reports and provide to your lecturer. It is recommended that you check your work against the assessment requirement