Elements and Performance Criteria
- Identify relevant information and establish a chart of accounts
- Business owner or manager is consulted to establish what business activities are undertaken, the nature of the entity and the industry type
- Existing material is identified and examined for relevance in creating and/or modifying the chart of accounts
- Business operations are examined in conjunction with the tax agent and business owner or manager to identify the accounting software required and to determine other relevant requirements
- Chart of accounts and opening balances for assets, liabilities, equity, income, cost of sales and expenses are established
- Chart of accounts and balances are validated and authorised by relevant persons
- Analyse and verify source documents
- Process receipts and payments
- Set up and maintain a petty cash system
- Process and reconcile credit cards
- Manage bank reconciliations and prepare and produce reports
- On receipt of statement, processed transactions are verified against the bank statement in a timely manner
- Bank entries are processed and verified and the bank statement reconciled to balance as per bookkeeping system
- Reports are produced in line with the business needs and are validated in a timely manner with corrections made as required