Diploma of Payroll Services

The IPA offers a variety of continuing education options. We recognise that a variety of learning experiences contribute to preparing our members and associates to give the best possible service to small business clients across Australia. The latest addition to our array of opportunities, via our education partner (Monarch Institute), is the Diploma of Payroll Services.

The Diploma of Payroll Services (FNS50417) is a brand new nationally recognised qualification. Diploma students get a chance to practice and master skills in:

  • Managing payroll data
  • Processing different payroll transactions
  • Producing and presenting reports
  • Applied industrial relations law
  • Applied tax law

Complex payments and events, including terminations

If you are looking to step sideways in to payroll services, or alternatively specialise in payroll accounting, the Diploma of Payroll Services could be right for you.

Your Monarch Institute study experience

Studying with Monarch Institute won’t be like any of the accounting or bookkeeping courses you’ve done before. Monarch Institute was founded by professionals who wanted to change the face of vocational education in the finance sector. They understand that you need real world education that fits in with your busy schedule. That’s why you’ll get:

  • Flexible start times
  • Enrol and start any time; there are no term dates.
  • 100% online learning with real support
  • There are no in-person classes to attend. At the same time, you’ll get real support from your trainers via email, phone, Zoom, Facebook. You can even drop in to our Melbourne HQ.
  • Multiple small assessments
  • Forget a big, intimidating exam. Your assessments will be small and manageable, so you can take them on at your own pace. 
  • The detail of what you’ll learn

Module 1: Accounting and Payroll Fundamentals

  • 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

Accredited units:

  • BSBFIM502 Manage payroll
  • FNSACC311 Process financial transactions and extract interim reports
  • FNSINC401 Apply principles of professional practice to work in the financial services industry

Module 2: Implementing Payroll, Activity Statements and Computing

  • 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

Accredited units:

  • FNSACC416 Set up and operate a computerised accounting system
  • FNSTPB402 Establish and maintain payroll systems
  • FNSTPB401 Complete business activity and instalment activity statements

Module 3: Payroll: The Details

  • 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

Accredited units:

  • FNSPAY504 Interpret and apply knowledge of industrial regulations relevant to payroll
  • FNSPAY505 Interpret and apply knowledge of taxation systems relevant to payroll
  • FNSPAY501 Process salary packaging arrangements and additional allowances in payroll
  • FNSPAY502 Process superannuation payments in payroll
  • FNSPAY503 Process complex employee terminations in payroll

Start your enrolment now
With Monarch Institute, there are no enrolment deadlines or course dates holding you back. You can start your enrolment and study when it suits you. Call 1300 738 955 to discuss your study options and needs with one of their friendly course consultants.

Click here to download a brochure.
Click here to download an enrolment form.