Assessor Resource

BSBFIA301
Maintain financial records

Assessment tool

Version 1.0
Issue Date: March 2024


This unit describes the skills and knowledge required to maintain daily financial records such as reconciling debtors’ and creditors’ systems, preparing and maintaining a general ledger and trial balance and includes activities associated with monitoring cash control for accounting purposes.

It applies to individuals who are skilled operators and apply a broad range of competencies in various work contexts and may exercise discretion and judgement using appropriate theoretical knowledge of financial records.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)



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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain daily financial records

1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

2 Maintain general ledger

2.1 Maintain general ledger in accordance with organisational and legislative requirements

2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements

2.3 Reconcile systems for accounts payable and receivable with general ledger

2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

3 Monitor cash control

3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

3.2 Make and receive payments in accordance with organisational and legislative requirements

3.3 Collect or follow up outstanding accounts within designated timelines

3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline


Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain daily financial records

1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

2 Maintain general ledger

2.1 Maintain general ledger in accordance with organisational and legislative requirements

2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements

2.3 Reconcile systems for accounts payable and receivable with general ledger

2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

3 Monitor cash control

3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

3.2 Make and receive payments in accordance with organisational and legislative requirements

3.3 Collect or follow up outstanding accounts within designated timelines

3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline

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
Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes 
Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements 
Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements 
Maintain general ledger in accordance with organisational and legislative requirements 
Post transactions into general ledger in accordance with organisational and legislative reporting requirements 
Reconcile systems for accounts payable and receivable with general ledger 
Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements 
Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements 
Make and receive payments in accordance with organisational and legislative requirements 
Collect or follow up outstanding accounts within designated timelines 
Check payment documentation for accuracy of information and despatch to creditors within designated timeline 

Forms

Assessment Cover Sheet

BSBFIA301 - Maintain financial records
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

BSBFIA301 - Maintain financial records

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: