Google links for FNSACC301A - Process financial transactions and extract interim reports

Elements and Performance Criteria

Check and verify supporting documentation
- Information from documents is identified, checked and recorded
- Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel
Prepare and process banking and petty cash documents
Prepare and process invoices for payment to creditors and for debtors
Prepare journals and batch monetary items
Post journals to ledger
- Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
Enter data into system
- Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts
- Related systems are updated to maintain the integrity of relationships between financial systems
Prepare deposit facility and lodge flows
Extract a trial balance and interim reports

Required Skills

Required skills

communication skills to

determine and confirm work requirements using questioning and active listening as required

share information listen and understand

read and interpret documentation from a variety of sources

use language and concepts appropriate to cultural differences

numeracy skills to make financial calculations

information technology skills for accessing and using spreadsheets and databases

literacy skills for data analysis and interpretation

evaluative and general analytical skills

organisational skills including the ability to plan and sequence work

Required knowledge

accounting conventions processes and procedures

banking procedures and guidelines

industry codes of practice

legislative and regulatory requirements relevant to the work

organisational policy and procedures

relevant Acts and regulations

security procedures for handling cheques vouchers and cash

Evidence Required

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria required skills and knowledge range statement and the Assessment Guidelines for the Training Package

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to

accurately enter and balance deposits and withdrawals

process and balance petty cash transactions

check and verify supporting documentation

apply relevant security measures for preparing and banking receipts

batch monetary items and prepare deposit facilities

use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries

prepare and authorise journals and check journal processing reports

extract and checkcorrect a trial balance

file documentation to meet all organisational and regulatory requirements

Context of and specific resources for assessment

Assessment must ensure

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment technology software and consumables

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge The following examples in combination are appropriate for this unit

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills which may include formal examinations

setting and reviewing workplace projects and business simulationsscenarios

evaluating samples of work

accessing and validating third party reports

Guidance information for assessment

Range Statement

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Information includes:

account numbers

addresses

amounts of money, figures

Documents may include:

Supporting documentation may include information that supports the transaction such as:

suspense reports

reconciliations.

Validity may include:

signature

dates

amounts.

Journals may include:

returns and allowances.

Preparing journals accurately and completely means:

meaningful notation

effective date specified

correct allocation

balanced transaction.

Batch items are:

grouped receipts treated as a separate transaction entity.

Organisational policy and procedures may include:

operations manual

internal control guidelines

computer system documentation.

Deposit facilities may include:

bank deposit slips

direct debit transaction reports.

Banking methods include:

personal

through a third party security company

by pick-up.

Security and safety precautions may include:

banking of all negotiable instruments on day received

all batches posted on day of receipt

cash management processes.

Industry and legislative requirements may cover:

Anti-Money Laundering and Counter Terrorism Financing Acts

Australian Accounting Standards

Australian Securities and Investments Commission (ASIC) Code

consumer credit legislation

industry codes of practice

occupational health and safety (OHS) Acts and guidelines

Privacy Act

relevant Insurance Act

Stamp Duties Act

Taxation Act

Trade Practices Act.

Proof of lodgement may include:

bank stamped deposit facility

verified transaction listing.

Special transactions may include:

introduction of additional capital

drawings of cash and goods

purchase and sale of non-current assets at book value

interest payable and receivable on overdue accounts

dishonour of cheques including write-back of discount

bad debts written off or recovered.

Reports may include:

balance sheet

trial balance

unadjusted income statement.

Errors may include:

a transaction not being recorded in a journal or recorded incorrectly

a journal entry not posted to the ledger or posted twice

an entry being made in an incorrect ledger account but on the correct side

entries being made on the wrong side of two ledger accounts

offsetting errors (compensating errors) where two independent errors for the same amount are made.

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FNSACC301A - Process financial transactions and extract interim reports

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Elements and Performance Criteria

Required Skills

Evidence Required

Range Statement