Course Overview
The Diploma of Payroll Services (FNS50417) is a brand new diploma-level qual under the government’s Financial Services Training Package. It’s the ultimate qualification for current (and future) payroll professionals who are serious about their careers.
The Diploma of Payroll Services has been developed in consultation with industry, tailored specifically to the needs of accounting technicians working in payroll departments.
In addition to technical skills, the qualification includes a variety of legal, customer service and interpersonal skills units of competencies that’ll help round out your capabilities as a payroll professional. It’s the ideal course for current (and future) payroll professionals. It’s also great for independent practitioners who are looking for a way to formalise their expertise in payroll services.
Job Outcomes
Potential career outcomes could include:
- Human Resources (HR) officer
- Industrial Relations assistant advisor
- Salary Packaging advisor
- Payroll Services officer
- Small business employment manager
- Bookkeeping assistant
- Compliance officer
- Assistant financial controller
Recognition
Study Method
- OnlineOnline delivery - online course content with the exception of assessments and work placement
- BlendedBlended delivery - both online course content and partial face to face requirements
- In-classIn class delivery - predominately face to face course content conducted at a specific location
- VirtualVirtual Delivery - Live and interactive classroom-style learning conducted completely online
Duration and Study Load
12 months self-paced.
Delivery
Entry Requirements
There aren’t any formal entry requirements. But to make sure you get the most out of training with us, the following enrolment process applies:
- Once we receive your enrolment, our friendly course consultants will touch base to undertake a pre-training review to ensure the training is right for you.
- For students without an equal or higher level qualification, there’s a short language, literacy and numeracy quiz you complete online.
Course Features
- Easy-to-follow course materials
- Videos and webinars
- Heaps of support from your course trainers (phone, email, Skype, Zoom)
- A dedicated support team on hand to guide you
- Online assessments
- Student Facebook group
Recognition of Prior Learning
Monarch Institute recognises Recognition of Prior Learning (RPL) which takes into account the knowledge and skills you have already gained through your previous education and work history, attributing this to your FNS50417 Diploma of Accounting These may be through formal or informal training and can result in credits towards your qualification. We also offer Credit Transfer (CT).
Assessment
The experts who design and deliver our courses have developed an assessment framework that’s uniquely designed to help you gain a deep understanding of the material. They’ll give you the kind of knowledge and skills you can use in the real world as a skilled payroll administrator. Assessment may include:
- Multiple-choice questions
- Short-answer questions
- Workplace scenarios
- Case studies
Materials
You will need access to the following equipment to successfully complete the course:
- Working PC with Microsoft Office
- Access to the internet
Subjects
Three major modules comprising a total of 4 sub-modules
- Administer payroll and personal records
- Establish procedures for managing payroll
- Prepare payroll data
- Applying accrual accounting principles
- Using source documents for transaction reporting
- Applying GST rules to transactions
- Using cash receipts journals and cash payments journals
- Using purchases journals and sales journals
- Completing general journal entries
- Handle bad debts written off
- Apply debit and credit rules
- Post journal entries to general ledger accounts
- Prepare trial balances
- Participate in and facilitate team work activities
- Identify sustainability issues for the financial services industry
- Adhere to legal compliance requirements
- Prepare business activity statements
- Prepare instalment activity statements
- Process manual payroll systems
- Use an accounting software system such as MYOB or XERO to set up chart of accounts and change account details
- Set up contact records
- Create invoices and edit invoices
- Create bills and enter the spending of funds
- Perform bank reconciliations
- Create manual journal entries
- Backup and export data
- Generate financial statements
- Analyse an organisation’s salary packaging and additional allowance arrangements
- Process salary packaging arrangements in payroll systems
- Calculate and verify superannuation payments
- Gather employee information and verify organisational requirements relating to termination
- Maintain compliance of payroll services with regulations
- Evaluate the impact of taxation systems on payroll services
- Ensure payroll services comply with taxation systems
- Determine payroll tax to be applied
About Monarch Institute
Monarch Institute provides engaging and well-structured courses that are nationally recognised across Australia under the Australian Quality Training Framework (AQTF).
All courses are written by industry experts, who liaise and work closely with employers to ensure the necessary industry specific subject matter is carefully and comprehensively integrated throughout the course. It’s not just the knowledge we are focussed on in regard to your learning. We are equally focussed on the skills you need to develop in order to be successful in your chosen industry.
Monarch Institute Pty Ltd is a Registered Training Organisation (RTO code: 22530).
