Elements and Performance Criteria
- Maintain asset register
- Prepare a register of property, plant and equipment from fixed asset transactions in accordance with legislative and organisational policy and procedures
- Determine method of calculating depreciation in accordance with organisational requirements
- Maintain asset register and associated depreciation schedule in accordance with organisational policy, procedures and accounting requirements
- Record general journal entries for balance day adjustments
- Record depreciation of noncurrent assets and disposal of fixed assets in accordance with organisational policy, procedures and accounting requirements
- Adjust expense accounts and revenue accounts for prepayments and accruals
- Record bad and doubtful debts in accordance with organisational policy, procedures and accounting requirements
- Adjust ledger accounts for inventories, if required, and transfer to final accounts
- Prepare final general ledger accounts
- Make general journal entries for balance day adjustments in general ledger system in accordance with organisational policy, procedures and accounting requirements
- Post revenue and expense account balances to final general ledger accounts system
- Prepare final general ledger accounts to reflect gross and net profits for reporting period
- Prepare end of period financial reports
- Prepare revenue statement in accordance with organisational requirements to reflect operating profit for reporting period
- Prepare balance sheet to reflect financial position of business at end of reporting period
- Identify and correct, or refer errors for resolution in accordance with organisational policy and procedures