Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSICACC306B Mapping and Delivery Guide
Process journal entries

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSICACC306B - Process journal entries
Description This unit describes the functions involved in processing financial journal entries.This unit describes the functions involved in processing financial journal entries.
Employability Skills The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.The required outcomes described in this unit of competency contain applicable facets of employability skills. The Employability Skills Summary for the qualification in which this unit of competency is packaged, will assist in identifying employability skills requirements.
Learning Outcomes and Application This unit requires the application of skills and knowledge required to process journal entries according to organisational, industry and legislative requirements. The unit can be applied to all sectors of the financial services sector where the entering of journal entries is required. The unit has application to any job function where accounting or bookkeeping is an aspect of the job function. This unit requires the application of skills and knowledge required to process journal entries according to organisational, industry and legislative requirements. The unit can be applied to all sectors of the financial services sector where the entering of journal entries is required. The unit has application to any job function where accounting or bookkeeping is an aspect of the job function.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites Not applicable.
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Check and verify supporting documentation
  • Supporting documentation is examined to establish accuracy and completeness
  • Supporting documentation is examined to ensure authorisation by appropriate level
       
Element: Prepare journal
  • Journal is accurate, complete and prepared within company timelines
       
Element: Authorise journal
  • Journal is authorised in accordance with company policy and procedure
       
Element: Enter data into system
  • Data is entered into system accurately and in accordance with company input standards
  • Transaction is correctly allocated to system and account
  • Related systems are updated to maintain integrity of relationships between financial systems
  • Data entry is undertaken in accordance with relevant health and safety requirements
       
Element: Check journal processing report
  • Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices
  • Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures
       
Element: File documentation
  • Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements
  • Filed documentation is easily accessible and traceable
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of organisational policies and procedures for processing journal entries

knowledge of industry and legislative requirements for processing journal entries

ability to check and verify supporting documentation

ability to prepare journals

ability to authorise journals

ability to enter data into organisational accounting systems

ability to check journal processing reports

ability to file documentation

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence must be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

REQUIRED KNOWLEDGE&SKILLS

Knowledge requirements include:

company policy and procedures

knowledge or awareness of relevant acts and regulations

legal systems and procedures

industry codes of practice

computer systems

procedure writing

Skills requirements include:

computerised spreadsheet and database

data analysis and interpretation

evaluative and general analytical skills

negotiation and interpersonal skills

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

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

suspense reports

reconciliations

Accurate and complete may mean:

meaningful notation

effective date specified

correct allocation

balanced transaction

Company policy and procedures may include:

operations manuals

internal control guidelines

computer system documentation

Input standards may include:

speed requirements

Industry and legislative requirements may cover:

Australian Accounting Standards

relevant Insurance Act

Consumer Credit legislation

Privacy Act

Taxation Act

industry codes of practice

Australian Securities and Investments Commission (ASIC) Code

Trade Practices Act

Stamp Duties Act

occupational health and safety (OH&S) acts and guidelines

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Supporting documentation is examined to establish accuracy and completeness 
Supporting documentation is examined to ensure authorisation by appropriate level 
Journal is accurate, complete and prepared within company timelines 
Journal is authorised in accordance with company policy and procedure 
Data is entered into system accurately and in accordance with company input standards 
Transaction is correctly allocated to system and account 
Related systems are updated to maintain integrity of relationships between financial systems 
Data entry is undertaken in accordance with relevant health and safety requirements 
Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices 
Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures 
Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements 
Filed documentation is easily accessible and traceable 

Forms

Assessment Cover Sheet

FNSICACC306B - Process journal entries
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSICACC306B - Process journal entries

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: