Elements and Performance Criteria
- Identify relevant information and establish chart of accounts
- Consult business owner or manager to establish what business activities are undertaken, nature of entity and industry type
- Identify existing material and examine for relevance in creating and/or modifying chart of accounts
- Examine business operations in conjunction with tax agent and business owner or manager to identify accounting software required and determine reporting requirements
- Establish chart of accounts and opening balances for assets, liabilities, equity, income, cost of sales and expenses
- Refer prepared chart of accounts and balances for validation and authorisation by relevant persons
- Analyse and verify source documents
- Process receipts and payments
- Set up and maintain petty cash system
- Process and reconcile credit cards
- Manage bank reconciliations and prepare and produce reports