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Travel Offi ce Procedures N5
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Travel Offi ce Procedures N5
This document includes important informa on about the revised curriculum for Travel Offi ce Procedures N5, scheduled for implementa on in 2021. Contact jayshil.bhula@macmillaneduca on.co.za to request a sample copy of the TVET First approved textbook or visit our website at www.macmillaneduca on.co.za. For best results, use TVET First Travel Offi ce Procedures N5!
The main changes to this curriculum are:
New content:
LO 1.1 Introduc on to entrepreneurship
LO 1.2 Basic accoun ng principles of an entrepreneur • Module 2: Journals and General Ledger entries
LO 2.6 Wages Journal is new • Module 3 Trial balance: 3.1 Introduc on to the trial balance
3.1 Introduc on to the trial balance
– Defi ni on and explana on of what is meant by a trial balance – Explain the diff erence between the Balance Sheet Sec on and the Nominal Accounts Sec on. • Module 4: Financial statements of an entrepreneur
4.1 Financial Statements: Income statements and Balance Sheet
Sources of fi nancing relevant to tourism establishments: – Capital (fi xed/working capital/growth) – Equity fi nancing – Borrowed capital • Module 5: Reconciling the entrepreneur’s books (5.1.1 is new) 5.1.1 Reconcilia on of bank statements with cash journals in order to prepare bank reconcilia on statements: – outstanding deposits – cheques not yet presented for payment – stop/debit orders – direct transfers – bank charges – interest received or charged – correc on of errors or omissions – cheques R/D or cancelled – post-dated cheques received/issued
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Some content from the previous curriculum has been reduced in this curriculum as follows:
• Old content (1995 curriculum) that has been reduced (in 2021 curriculum): Reduced content in the 2020 curriculum for LO 2.7. Balancing the General Ledger accounts: in the 1995 curriculum students were required to post all the totals from the journals to the accounts. In the 2021 curriculum they are only required to post the totals from the Bank columns and balance the bank account in the
General Ledger. • Old content (1995 curriculum) – new place/order (in 2021 curriculum): Source documents now appear in every unit where the specifi c journal is taught. See Module 2. • Old content (1995 curriculum) that does not appear in the 2021 curriculum for TOP N5: Module 2:
Principles of South African law The sec on on law has moved to TOP N6 and the outcomes have been expanded. The law module has been replaced by the new content in Module 1 (Introduc on to entrepreneurship and basic accoun ng principles) in TOP N5 2021 curriculum.
TOP N5 curriculum comparison (1995 and 2021)
1995 curriculum Curriculum for implementa on in 2021 Module 1: Introduc on to entrepreneurship and basic accoun ng principles (NEW) WEIGHTING: 20% 1.1 Introduc on to entrepreneurship
1.1.1 Background to entrepreneurship • Defi ne entrepreneurship • Diff eren ate between intrapreneur/entrepreneur • Diff eren ate the SKAV (Skills, Knowledge, A tudes, Values), of entrepreneurial behaviour in rela on to tourism
1.2 Basic accoun ng principles of an entrepreneur
1.2.1 Defi ni on and explana on of basic accoun ng concepts • Defi ne the concepts: accoun ng, capital, income, profi t, assets, owner’s equity, liabili es, expenses, loss, debtors, creditors, to name just a few 1.2.2 Explana on of accoun ng equa on • Explaining the no on of ‘accoun ng equa on’ • Overview of the transac ons aff ec ng the tourism entrepreneur
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1995 curriculum Curriculum for implementa on in 2021
• Analysis and an indica on of the eff ect of transac ons on the accoun ng equa on of an entrepreneur 1.2.3 Iden fi ca on and explana on of bookkeeping of an entrepreneur • Source documents • Principles of double entry system • Applying transac ons in a double entry system specifi c to the tourism industry (this Learning Outcome will be integrated with all the appropriate topics throughout the semester)
Module 1: Financial record-keeping
1. Cash Receipts Journal
Record all cash received in the Cash Receipts Journal from source documents in required analysis columns and transfer the total of the bank column to the bank account in the ledger.
2. Cash Payments Journal
Record all cheques paid out for/to tours, accommoda on, services, principals, creditors, assets purchased and expenses paid in the Cash Payments Journal.
Module 2: Journals and General Ledger entries WEIGHTING 45% 2.1 Cash Receipts Journal
• Record all cash received (cash, cheques, credit cards) in the Cash Receipts Journal from source documents in required analysis columns. Columns provided. • Clearly draw a line below amounts in the Analysis of
Receipts column based upon exercise instruc ons. • Add up (close off ) the columns. • Transfer the total of the bank column to the debit side of the bank account in the General Ledger. • Explain the source documents (receipts and standard credit card forms) which should be used to complete the
Cash Receipts Journal. • Complete the receipts manually from informa on given.
2.2 Cash Payments Journal
• Record all cheques paid out for/to tours, accommoda on, services, principals, creditors, assets purchased and expenses paid in the Cash Payments
Journal from the source documents in required analysis columns. Columns should be provided. • Add (close off ) the columns. • Transfer the total of the bank column to the credit side of the bank account in the General Ledger. • Explain the source documents (cheques) which should be used to complete the Cash Payments Journal. • Complete cheques and cheque counterfoils manually from informa on given.
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1995 curriculum Curriculum for implementa on in 2021
3. Debtors Journal
Record the sale of products on a non-cash basis in the Debtors Journal.
4. Creditors Journal
Record the purchase of products and assets on a non-cash basis in the Creditors Journal.
5. Pe y Cash Journal
5.1 Transfer of money from the Cash Payments Journal to the Pe y Cash Journal 5.2 Balancing systems 5.2.1 Variable balance system 5.2.2 Imprest system 5.3 Draw up a Pe y Cash Journal
6. Source documents
6.1 Explain the documents which form the basis of every bookkeeping system. 6.2 Recognise and complete basic manual accoun ng documents i.e. invoice, receipt, credit note, etc. and use them in the recording of transac ons. • Highlight the importance of recording the term ‘cash’ in the details column for payments relevant to wages /pe y cash/cash fl oat.
2.3 Debtors Journal
• Record credit sales (non-cash basis) of services (tour packages, bus ckets, accommoda on, car rental, travel insurance and air ckets) in the Debtors Journal. • Add up the columns (close off the Debtors Journal). • Explain the source documents (duplicate invoices) which should be used to complete the Debtors Journal. • Complete invoices manually from informa on.
2.4 Creditors Journal
• Record credit purchases (non-cash basis) of products, assets, services, etc. in the Creditors Journal. • Add up the columns (close off the Creditors Journal). • Explain the source documents (original invoices) which should be used to complete the Creditors Journal. • Complete the invoices manually from informa on given.
2.5 Pe y Cash Journal
• Transfer of money from the Cash Payments Journal (bank) to the Pe y Cash account in the General Ledger. • Balancing the Pe y Cash account:
Explain the diff erent methods of balancing a Pe y Cash account and maintaining the ‘fl oat’, the imprest system and the variable balance system. • Draw up a Pe y Cash Journal:
Record all cash payments made from the Pe y Cash source documents (Pe y Cash Vouchers) in required analysis columns. • Add up the columns (close off the Pe y Cash Journal). • Transfer the total of the Pe y Cash column to the credit side of the Pe y Cash account in the General Ledger. • Balance the Pe y Cash account according to the imprest system and variable system. • Highlight the importance of recording the term ‘cash’ in the detail column for payments rela ng to for e.g., cleaning, pain ng transac on types.
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1995 curriculum Curriculum for implementa on in 2021
7. Pos ng to the ledger
7.1 Transfer transac ons from the journals of origin (no 1–5) into accounts in the ledgers and balance these accounts.
8. Trial balance
8.1 Extract ledger account balances and list these to test the validity of the bookkeeping system.
9. Income statement and Balance sheet
9.1 Explain the need for preparing an income statement and a balance sheet. 9.2 Prepare a ver cal fi nancial statement to establish a net profi t or loss. 9.3 Prepare a balance sheet in ver cal form.
2.6 Wages Journal (NEW)
• Complete a Wages Journal, including hourly wage system, over me remunera on • Record employee’s deduc ons: pension fund, PAYE, UIF and medical fund • Record employer’s share of deduc ons: pension fund and medical fund • Close off the Wages Journal
2.7 Balancing the General Ledger accounts (NEW)
• Balance the bank account in the General Ledger. Make use of opening balances (debit or credit), as well as totals of bank columns of Cash Receipts and Cash Payments
Journals.
Module 3: Trial balance WEIGHTING 10% 3.1: Introduc on to trial balance (NEW)
• Defi ni on and explana on of what is meant by a Trial
Balance • Explain the diff erence between the Balance Sheet
Sec on and the Nominal Accounts Sec on. • Extract General Ledger balances and list these to test the validity of bookkeeping.
Module 4: Financial statements of an entrepreneur WEIGHTING 15% 4.1: Financial statements: Income statements and Balance Sheet. (NEW)
• Sources of fi nancing relevant to tourism establishments: – Capital (fi xed/working capital/growth) – Equity fi nancing – Borrowed capital • Name and explain the func ons of the prescribed fi nancial statement. • Prepare a ver cal Income Statement to calculate a net profi t or a net loss. • Prepare a ver cal Balance Sheet.
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1995 curriculum Curriculum for implementa on in 2021
10. Bank reconcilia on
10.1 Comparison of the bank statement with the cash journals 10.2 Entries to bring about the reconcilia on of the cash journals and the bank statement 10.3 The comparison of the bank statement with the bank account
Module 5: Bank reconcilia on statement WEIGHTING 10% 5.1 Reconciling the entrepreneur’s books (NEW)
5.1.1 Reconcilia on of bank statements with cash journals in order to prepare bank reconcilia on statements: • outstanding deposits • cheques not yet presented for payment • stop/debit orders • direct transfers • bank charges • interest received or charged • correc on of errors or omissions • cheques R/D or cancelled • post-dated cheques received/issued 5.1.2 Compare the journals with the monthly bank statement to iden fy diff erences. 5.1.3 Record the diff erences in the cash journals and the bank reconcilia on. 5.1.4 Calculate the correct bank balance a er reconcilia on.
Module 2: Principles of South African law
1. South African law 2. Law of contracts 3. Contracts on purchase of sale The sec on on law has moved to TOP N6 and the outcomes have been expanded. The law module has been replaced by the new content in Module 1 (Introduc on to entrepreneurship and basic accoun ng principles) in TOP N5 2021 curriculum.
TVET First author:
Michelle Fourie
