Financial Records with Xero

About the course

Using one of the most popular app based accounting systems in Australia – XERO, you will learn how record financial data effectively and with ease. The course has been aligned with two units of competency from the Business Services Training Package – BSBFIA301 Maintain financial records and BSBFIA304 Maintain a general ledger.

Prerequisite

Knowledge of basic accounting terminologies and processes preferred. Also you must be able to open and shut down a computer, have experience working on Windows 10 operating system, be comfortable using computer mouse and keyboard create files and folders, open an application program, copy, rename, delete files, save, open and print a file.

Resources required

Whilst this course is intended for face to face classroom based delivery, depending on the circumstances the course may be delivered in a virtual class room via video conferencing. If delivered via video conferencing system, you must have a computer or laptop, a good internet connection, a web camera (preferred but not essential) and a printer (optional). Once you have enrolled, you will receive instructions on how to join the virtual classroom. Your computer must be operational with no known faults that may disrupt the learning process. If you believe the computer may have issues, we will strongly recommend you to fix up those issues before enrolling into the course. The enrolment page should show if the course is delivered face to face or in virtual classroom.

Please note that the current version of XERO accounting application must be already installed on your computer. You may be able to download a trial version from XERO website: https://www.xero.com/au.

Learning outcomes

On successful completion of the course, you should be able to -

from BSBFIA301 Maintain financial records:

Maintain daily financial records
1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes
1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements
1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

Maintain general ledger
2.1 Maintain general ledger in accordance with organisational and legislative requirements
2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements
2.3 Reconcile systems for accounts payable and receivable with general ledger
2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

Monitor cash control
3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements
3.2 Make and receive payments in accordance with organisational and legislative requirements
3.3 Collect or follow up outstanding accounts within designated timelines
3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline

As well as the above learning outcomes, you should be able to -

From BSBFIA304 Maintain a general ledger

Process journal entries
1.1 Prepare general journal entries from source journals in accordance with accounting requirements, organisational policy, procedures and legislative accounting standards
1.2 Post journal entries into general ledger system in accordance with organisational policy, procedures and accounting standards
1.3 Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger
1.4 Ensure processing maintains the accounting equation and is completed within designated timelines

Prepare a trial balance
2.1 Prepare trial balance of general ledger system in accordance with organisational requirements and accounting standards, and ensure it is checked for accuracy
2.2 Identify and rectify irregularities or refer them for resolution when trial balance does not balance, in accordance with organisational policy and procedures

Learning strategies

This course is delivered using a range of learning methods including face to face classroom based lecture (or via video conference), case studies, demonstrations, questions and answers.

Assessment strategies

To ensure you have attained the required competency, a range of assessment strategies will be used including case studies, projects, observation and written questions. To be considered competent in both units, you will need to satisfactorily complete all the assessments. Please note simply attending the classes isn’t enough to obtain the Statement of Attainment.

LLN Skills required

This course requires strong language, literacy and numeracy skills. To keep it simple, this means you can communicate with the trainer in English and read and write English with minimum grammatical errors.

Need further information?

Please feel free to contact our enrolment officer on 02 96872072 or send an email to admin@parramattacollege.com.au.

Assessments are made against units of competency.

Show full classes

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