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FNSSS00014

Accounting Principles Skill Set

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Course Description

The FNSSS00014 Accounting Principles Skill Set (Release 2) has been designed to offer prospective accounting professionals a way to bolster their analytical skills online. Study your way, through our innovative learning platform, and develop accounting principles that will allow you to become a more analytical and commercial professional.

Currently, accounting is one of the fastest growing sectors in Australia – with rapid growth over the past five years and further growth to continue for the next five. As commercial businesses grow, there is a stronger demand for accounting support that can offer real, valuable insight into financial performance.

Study these accounting principles and you’ll cover everything from skills for working effectively in financial services through to preparing ledgers, managing payroll and managing BAS statements. The units of competency completed on this course are a prerequisite for those wishing to study the FNS50217 Diploma of Accounting and serve as partial requirements for the FNS60217 Advanced Diploma of Accounting.

Why study this course? 

  • As part of your training you’ll receive 24 months of free access to Reckon One accounting software, allowing you to practice your skills and become an expert in online accounting.
  • Study entirely online at your own pace, giving you the freedom to choose when and where to build skills. All assessments are based on simulated business environments, meaning you’ll learn real-world skills in an online environment.
  • This skill set is a prerequisite for any professional who wants to study a FNS50217​ Diploma of Accounting, but also stands as an excellent way to bolster current knowledge.
  • If  you wish to progress your studies further,  7 units can be credited towards the FNS40217 Certificate IV in Accounting and Bookkeeping.
  • You will also meet the educational requirements to register as a Business Activity Statement (BAS) Agent, as two units are approved by the Tax Practitioners Board (TPB). Other conditions apply, including a designated period of practical experience. For details on other registration requirements (including work experience, competency and propriety) visit: www.tpb.gov.au.

If you are an existing worker or have experience in the related industry, please inform our enrolment consultants during your enrolment conversation. You may be eligible to enrol as an existing worker and complete your studies faster. Please note - limitations do apply.

Course Details

Course number E1339
Qualification name FNSSS00014 Accounting Principles Skill Set (Release 2)
Course duration Maximum 12 months
Delivery Method Online
Recognition Nationally Recognised Nationally Recognised Training
Assessments Demonstrations, Knowledge tests, Projects, Written reports
Awarded by Open Colleges Pty Ltd (Provider number: 90796)

Requirements

Education

You will need to have completed Year 12, or equivalent. Equivalency can be demonstrated by one of the following:

  • A qualification at Certificate III level or higher, OR
  • Three years of industry experience in a role that requires the use of written documentation and communication.

Minimum age

You will need to be at least 18 years old.

English

This course involves reading learning content and undertaking a range of written assessments and engaging in online forums and discussions. Furthermore, the delivery mode relies on the extensive use of written communication. As such, entry to the course requires the successful completion of English to Year 12 level.

If you haven't successfully completed English at Year 12 level, you can demonstrate equivalency through one of the following:

  • Successful completion of a Nationally Recognised Training qualification at Certificate III level or higher; or
  • 3 years relevant industry experience in a role that requires the use of written documentation and communication.

Open Colleges recognises that not all people are able to read, write and perform calculations to the same standard. See the Language, Literacy and Numeracy Considerations section for more information on tools, resources and support services provided by Open Colleges.

Computing

You will need access to a computer and the internet and have basic computing skills. Minimum specifications for your computer are:

All users:

  • Microsoft Office 2010 or equivalent
  • Broadband internet connection
  • 2GB of RAM
  • CD-ROM or DVD drive
  • Adobe Reader XI or equivalent
  • Adobe Flash Player 10 or higher
  • Access to printer and associated software
  • Access to scanner and associated software
  • Digital imaging software
  • File compression software

Windows users:

  • Microsoft Windows 7 or higher (Windows 10 recommended)
  • 1 Ghz or faster processer (2GHz recommended)

Mac OS users:

  • Mac OSX v10.5 or higher (Mac OSX v10.6 recommended)
  • 1 Ghz or faster processer (2GHz recommended)

Skills

To successfully complete this course, you will require basic computing skills. This includes:

  • Creating, saving and editing Microsoft Office documents.
  • Accessing and searching the internet.
  • Downloading and saving documents from websites.
  • Uploading documents through websites.
  • Participating in online discussions.
  • Compressing image files.
  • Connecting digital cameras and downloading and storing images.

Audio visual requirements

  • Learners will need access to software to view online videos and images. Software such as Adobe Reader, Windows Media Player, Windows Photo Viewer etc. are available as a free download from the internet. 
  • As well as access to digital video recording device and/or digital camera and associated software to save and upload video and image files to OpenSpace. Many mobile phone and smart phones include this technology. Additionally, a video recording function is available in the OpenSpace platform directly.

Other requirements

Some assessments will require other participants to act as characters in role plays designed to demonstrate practical and oral communication skills. Students will be required to source and arrange these other participants, participants can be family, friends or workplace colleagues.

Other technology requirements

  • Office equipment and resources including telephone, photocopier, scanner and printer.

Language, Literacy and Numeracy

Our free online assessment tool can help give you an idea of the language, literacy and numeracy skills needed to study a VET course. This tool can also help you determine your learning level and help you plan your future studies. You can access the Language, Literacy and Numeracy tool here.

Subjects

Once you are enrolled in this course, you will receive access to the first Module, which contains the first set of units for the course. When you have successfully completed those units, you'll be given access to the next Module. 

Open Colleges may make changes to the course from time to time to reflect changes introduced to the relevant Training Package or other regulatory requirements. Please download the course guide for current information about the course and its status.

Working effectively in financial services

  • Develop professional working relationships
  • Identify compliance requirements and support materials
  • Set up and maintain systems to meet compliance requirements
  • Work autonomously or in a team to complete work activities
  • Develop and maintain own competency

Foundations of accounting and bookkeeping

  • Check and verify supporting documentation
  • Prepare and process banking and petty cash documents
  • Prepare and process payable and received invoices
  • Prepare journals
  • Update financial data and systems
  • Prepare deposit facility and lodge flows
  • Finalise trial balance and interim reports

Preparing ledgers

  • Review accounts receivable requirements
  • Identify bad and doubtful debts
  • Review client compliance with terms and conditions and plan recovery action
  • Prepare reports and file documentation
  • Distribute creditor invoices for authorisation
  • Remit payments to creditors
  • Reconcile outstanding balances

Financial Reporting

  • Maintain asset register
  • Record general journal entries for balance day adjustments
  • Prepare final general ledger accounts
  • Prepare end of period financial reports

Computerised accounting systems

  • Implement integrated accounting system
  • Process transactions in system
  • Maintain system
  • Produce reports

Managing payroll

  • Establish payroll requirements
  • Record payroll data
  • Prepare and process payroll
  • Handle payroll enquiries
  • Maintain payroll

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision.

Managing business activity statements

  • Identify compliance and other requirements applicable to business activity
  • Analyse and apply industry codes of conduct associated with work activities
  • Review and apply goods and services tax (GST) implications and code transactions
  • Report on payroll activities and amounts withheld
  • Reconcile and prepare activity statement
  • Lodge activity statement

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision.

Payment Options

Pay in Full

You can choose to pay your course fees in full upon enrolment and benefit from a 10% discount (unless otherwise advertised).

Pay 50% & Payment Plan Combo

You can also choose to pay 50% of your total course fees upon enrolment and the balance on a Payment Plan.  When you do, you’ll benefit from 50% of the standard Pay in Full discount (unless otherwise advertised).

Payment Plan

You can choose to pay for your course in weekly or fortnightly instalments. By paying in instalments, you can schedule your payments around your regular outgoings and get ahead without breaking the bank. Open Colleges payment plans are interest-free.

Zip Money Payment Plan

If you need a little more flexibility with your finances and would like to pay off your course fees over a longer period of time, we can assist by organising Zip Money to pay your course fees directly to us on your behalf, and you pay this loan back to Zip Money over an agreed period of time. Zip Money provides you flexible options of selecting a 24, 36 or 48 months interest-free, payment plan (dependant on which course you’re enrolling into) to suit your lifestyle, giving you more flexibility than ever before.

BPAY®

With BPAY®, you’re able to pay quickly and securely, 24/7 through your internet, mobile or phone banking service. You can choose when, how much and from which account to pay from - whatever works for you. BPAY® is only available when paying in full. Call an Enrolment Consultant to find out more. 

BPAY® is a trademark of BPAY Pty Ltd ABN 69 079 137 518. Check if BPAY® is right for you by reading the terms and conditions available from your Financial Institution.

Trainers

Kimberly Kim

Kimberly has over 11 years’ experience in training and assessment in tertiary and vocational education and training institutes.  She has also run her own public accounting and tax practice for over two years, after 10 years of working in tax and accounting field. Kimberly holds a Masters of Business Administration majoring in Professional Accounting and is a Certified Professional Accountant with a passion for teaching.

Peter McClatchey

Peter McClatchey has spent 23 years as a chartered accountant for PricewaterhouseCoopers. He has specialised in the financial services industry, providing accounting, audit and consulting services to a wide variety of industry leading superannuation, funds management and insurance clients. He has also been heavily involved in the development and delivery of accounting and audit training programs for all levels of staff. He has lived and worked in a variety of countries, including Australia, Singapore, Hong Kong, India and Fiji, providing accounting and audit services.

Suellen Freeman

Suellen has a broad range of experience in both auditing and accounting, including managing her own business and co-authoring two accounting text books in introductory accounting and financial accounting.

Suellen has been in education for over 30 years, working with students nationally and internationally. Currently, she is self-employed as Treasurer of her Body Corporate and is actively involved in the accounting process of her building management. 

SAVE 20% OFF

Selected course fees when you pay upfront.

Voucher code: MAY22

Offer ends on Sunday 22nd May 2022 at 11:59pm AEST.

*Terms & conditions

Course at a Glance

computer

Delivery Method

Online

credit_score

Payment

Flexible payment options available

Recognition

Nationally recognised

Nationally Recognised Training

Course at a Glance

computer

Delivery Method

Online

credit_score

Payment

Flexible payment options available

Recognition

Nationally recognised

Nationally Recognised Training

SAVE 20% OFF

Selected course fees when you pay upfront.

Voucher code: MAY22

Offer ends on Sunday 22nd May 2022 at 11:59pm AEST.

*Terms & conditions

The FNSSS00014 Accounting Principles Skill Set (Release 2) has been designed to offer prospective accounting professionals a way to bolster their analytical skills online. Study your way, through our innovative learning platform, and develop accounting principles that will allow you to become a more analytical and commercial professional.

Currently, accounting is one of the fastest growing sectors in Australia – with rapid growth over the past five years and further growth to continue for the next five. As commercial businesses grow, there is a stronger demand for accounting support that can offer real, valuable insight into financial performance.

Study these accounting principles and you’ll cover everything from skills for working effectively in financial services through to preparing ledgers, managing payroll and managing BAS statements. The units of competency completed on this course are a prerequisite for those wishing to study the FNS50217 Diploma of Accounting and serve as partial requirements for the FNS60217 Advanced Diploma of Accounting.

Why study this course? 

  • As part of your training you’ll receive 24 months of free access to Reckon One accounting software, allowing you to practice your skills and become an expert in online accounting.
  • Study entirely online at your own pace, giving you the freedom to choose when and where to build skills. All assessments are based on simulated business environments, meaning you’ll learn real-world skills in an online environment.
  • This skill set is a prerequisite for any professional who wants to study a FNS50217​ Diploma of Accounting, but also stands as an excellent way to bolster current knowledge.
  • If  you wish to progress your studies further,  7 units can be credited towards the FNS40217 Certificate IV in Accounting and Bookkeeping.
  • You will also meet the educational requirements to register as a Business Activity Statement (BAS) Agent, as two units are approved by the Tax Practitioners Board (TPB). Other conditions apply, including a designated period of practical experience. For details on other registration requirements (including work experience, competency and propriety) visit: www.tpb.gov.au.

If you are an existing worker or have experience in the related industry, please inform our enrolment consultants during your enrolment conversation. You may be eligible to enrol as an existing worker and complete your studies faster. Please note - limitations do apply.

Course number E1339
Qualification name FNSSS00014 Accounting Principles Skill Set (Release 2)
Course duration Maximum 12 months
Delivery Method Online
Recognition Nationally Recognised Nationally Recognised Training
Assessments Demonstrations, Knowledge tests, Projects, Written reports
Awarded by Open Colleges Pty Ltd (Provider number: 90796)

Education

You will need to have completed Year 12, or equivalent. Equivalency can be demonstrated by one of the following:

  • A qualification at Certificate III level or higher, OR
  • Three years of industry experience in a role that requires the use of written documentation and communication.

Minimum age

You will need to be at least 18 years old.

English

This course involves reading learning content and undertaking a range of written assessments and engaging in online forums and discussions. Furthermore, the delivery mode relies on the extensive use of written communication. As such, entry to the course requires the successful completion of English to Year 12 level.

If you haven't successfully completed English at Year 12 level, you can demonstrate equivalency through one of the following:

  • Successful completion of a Nationally Recognised Training qualification at Certificate III level or higher; or
  • 3 years relevant industry experience in a role that requires the use of written documentation and communication.

Open Colleges recognises that not all people are able to read, write and perform calculations to the same standard. See the Language, Literacy and Numeracy Considerations section for more information on tools, resources and support services provided by Open Colleges.

Computing

You will need access to a computer and the internet and have basic computing skills. Minimum specifications for your computer are:

All users:

  • Microsoft Office 2010 or equivalent
  • Broadband internet connection
  • 2GB of RAM
  • CD-ROM or DVD drive
  • Adobe Reader XI or equivalent
  • Adobe Flash Player 10 or higher
  • Access to printer and associated software
  • Access to scanner and associated software
  • Digital imaging software
  • File compression software

Windows users:

  • Microsoft Windows 7 or higher (Windows 10 recommended)
  • 1 Ghz or faster processer (2GHz recommended)

Mac OS users:

  • Mac OSX v10.5 or higher (Mac OSX v10.6 recommended)
  • 1 Ghz or faster processer (2GHz recommended)

Skills

To successfully complete this course, you will require basic computing skills. This includes:

  • Creating, saving and editing Microsoft Office documents.
  • Accessing and searching the internet.
  • Downloading and saving documents from websites.
  • Uploading documents through websites.
  • Participating in online discussions.
  • Compressing image files.
  • Connecting digital cameras and downloading and storing images.

Audio visual requirements

  • Learners will need access to software to view online videos and images. Software such as Adobe Reader, Windows Media Player, Windows Photo Viewer etc. are available as a free download from the internet. 
  • As well as access to digital video recording device and/or digital camera and associated software to save and upload video and image files to OpenSpace. Many mobile phone and smart phones include this technology. Additionally, a video recording function is available in the OpenSpace platform directly.

Other requirements

Some assessments will require other participants to act as characters in role plays designed to demonstrate practical and oral communication skills. Students will be required to source and arrange these other participants, participants can be family, friends or workplace colleagues.

Other technology requirements

  • Office equipment and resources including telephone, photocopier, scanner and printer.

Language, Literacy and Numeracy

Our free online assessment tool can help give you an idea of the language, literacy and numeracy skills needed to study a VET course. This tool can also help you determine your learning level and help you plan your future studies. You can access the Language, Literacy and Numeracy tool here.

Once you are enrolled in this course, you will receive access to the first Module, which contains the first set of units for the course. When you have successfully completed those units, you'll be given access to the next Module. 

Open Colleges may make changes to the course from time to time to reflect changes introduced to the relevant Training Package or other regulatory requirements. Please download the course guide for current information about the course and its status.

Working effectively in financial services

  • Develop professional working relationships
  • Identify compliance requirements and support materials
  • Set up and maintain systems to meet compliance requirements
  • Work autonomously or in a team to complete work activities
  • Develop and maintain own competency

Foundations of accounting and bookkeeping

  • Check and verify supporting documentation
  • Prepare and process banking and petty cash documents
  • Prepare and process payable and received invoices
  • Prepare journals
  • Update financial data and systems
  • Prepare deposit facility and lodge flows
  • Finalise trial balance and interim reports

Preparing ledgers

  • Review accounts receivable requirements
  • Identify bad and doubtful debts
  • Review client compliance with terms and conditions and plan recovery action
  • Prepare reports and file documentation
  • Distribute creditor invoices for authorisation
  • Remit payments to creditors
  • Reconcile outstanding balances

Financial Reporting

  • Maintain asset register
  • Record general journal entries for balance day adjustments
  • Prepare final general ledger accounts
  • Prepare end of period financial reports

Computerised accounting systems

  • Implement integrated accounting system
  • Process transactions in system
  • Maintain system
  • Produce reports

Managing payroll

  • Establish payroll requirements
  • Record payroll data
  • Prepare and process payroll
  • Handle payroll enquiries
  • Maintain payroll

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision.

Managing business activity statements

  • Identify compliance and other requirements applicable to business activity
  • Analyse and apply industry codes of conduct associated with work activities
  • Review and apply goods and services tax (GST) implications and code transactions
  • Report on payroll activities and amounts withheld
  • Reconcile and prepare activity statement
  • Lodge activity statement

This unit is designed to meet the education requirements of the Tax Practitioner Board (TPB). Where registration with the TPB is sought, assessment must reflect the conditions described by the regulator which stipulate that a significant amount (at least 40%) must be completed under some form of independent supervision.

Pay in Full

You can choose to pay your course fees in full upon enrolment and benefit from a 10% discount (unless otherwise advertised).

Pay 50% & Payment Plan Combo

You can also choose to pay 50% of your total course fees upon enrolment and the balance on a Payment Plan.  When you do, you’ll benefit from 50% of the standard Pay in Full discount (unless otherwise advertised).

Payment Plan

You can choose to pay for your course in weekly or fortnightly instalments. By paying in instalments, you can schedule your payments around your regular outgoings and get ahead without breaking the bank. Open Colleges payment plans are interest-free.

Zip Money Payment Plan

If you need a little more flexibility with your finances and would like to pay off your course fees over a longer period of time, we can assist by organising Zip Money to pay your course fees directly to us on your behalf, and you pay this loan back to Zip Money over an agreed period of time. Zip Money provides you flexible options of selecting a 24, 36 or 48 months interest-free, payment plan (dependant on which course you’re enrolling into) to suit your lifestyle, giving you more flexibility than ever before.

BPAY®

With BPAY®, you’re able to pay quickly and securely, 24/7 through your internet, mobile or phone banking service. You can choose when, how much and from which account to pay from - whatever works for you. BPAY® is only available when paying in full. Call an Enrolment Consultant to find out more. 

BPAY® is a trademark of BPAY Pty Ltd ABN 69 079 137 518. Check if BPAY® is right for you by reading the terms and conditions available from your Financial Institution.

Kimberly Kim

Kimberly has over 11 years’ experience in training and assessment in tertiary and vocational education and training institutes.  She has also run her own public accounting and tax practice for over two years, after 10 years of working in tax and accounting field. Kimberly holds a Masters of Business Administration majoring in Professional Accounting and is a Certified Professional Accountant with a passion for teaching.

Peter McClatchey

Peter McClatchey has spent 23 years as a chartered accountant for PricewaterhouseCoopers. He has specialised in the financial services industry, providing accounting, audit and consulting services to a wide variety of industry leading superannuation, funds management and insurance clients. He has also been heavily involved in the development and delivery of accounting and audit training programs for all levels of staff. He has lived and worked in a variety of countries, including Australia, Singapore, Hong Kong, India and Fiji, providing accounting and audit services.

Suellen Freeman

Suellen has a broad range of experience in both auditing and accounting, including managing her own business and co-authoring two accounting text books in introductory accounting and financial accounting.

Suellen has been in education for over 30 years, working with students nationally and internationally. Currently, she is self-employed as Treasurer of her Body Corporate and is actively involved in the accounting process of her building management. 

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