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Elements and Performance Criteria

1. Reconcile asset register to general ledgers
   • Record all expenditure items in accordance with organisational policy, procedures and practices
   • Identify and action discrepancies according to organisational policy, procedures and practices, and relevant legislation
2. Recognise new assets and asset categories
   • Identify new asset categories
   • Prepare and process proforma for input of asset details within month of purchase
3. Prepare schedules and ad hoc reports
   • Update depreciation expense regularly according to depreciation schedule
   • Prepare spreadsheets and reconciliations in accordance with annual tax schedule, with allowance made for permanent differences
   • Prepare spreadsheets and ad hoc reports as requested

Performance Evidence

Evidence of the ability to:

record accurate transaction details and produce reconciliation reports using IT systems

apply relevant reconciliation processes and manage depreciation schedules.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

describe basic accounting principles relevant to administration of fixed assets

explain basic finance industry administration processes and procedures relevant to administering the asset register

list the features of fixed asset registers

define the role and structure of general ledgers

outline key requirements of organisational policy and procedures relating to administration of fixed assets

identify legal requirements regarding capital asset purchase and depreciation administration

identify banking processes relevant to administration of fixed assets.

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