Assessor Resource

FNSACC302A
Administer subsidiary accounts and ledgers

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may apply to a range of accounts administration job roles in all financial services sectors.

This unit describes the performance outcomes, skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action and remit payments to sundry creditors.

This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

interpret and comply with organisation policies and procedures and industry compliance requirements for monitoring accounts

identify bad and doubtful debts in a timely manner and plan effective recovery actions

follow bank account reconciliation processes

use relevant data entry systems accurately.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to an integrated financial software system and data.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

verbal or written questioning on underpinning knowledge and skills

evaluating samples of work

accessing and validating third party reports.

Guidance information for assessment

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.

Required skills

communication skills to:

determine and confirm work requirements and interact with clients, using questioning and active listening as required

share information, listen and understand

use language and concepts appropriate to cultural differences

well-developed numeracy skills to make financial calculations

IT skills for accessing and using accounting systems, spreadsheets and databases

evaluation skills to determine payment status and any discrepancies

literacy skills for:

data analysis and entry

drafting reports and letters

organisational skills, including the ability to plan and sequence work and maintain accurate records

Required knowledge

accounting principles and practices

accounting systems

awareness of legal systems and procedures and relevant acts or regulations

industry codes of practice

industry compliance requirements

organisation policy, guidelines and procedures

use of financial spreadsheets

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included.

Receipts may include:

bankers orders

cash

cash journal entry

cheques:

personal

bank

credit cards:

direct

mail

telephone

direct debits

direct drawing

postal order.

Discrepancies between monies owed and monies paid may occur as a result of:

deduction of brokers or agents commissions

incorrect account allocation

key stroke errors

overpayments

part payments

system errors

termination of policies

underpayments.

Organisation policy, procedures and guidelines may include:

computer system documentation

internal control guidelines

legal obligations

operations manuals

overall organisation goals and objectives

suspension of credit facilities

trading terms and credit limits.

Bad or doubtful debts are identified through:

Australian Securities and Investments Commission (ASIC) action

banks forgoing overdrafts

closure of business

dishonoured cheques

gazette listings

letters from solicitors or accountants

notices of administration

returned mail

sheriff notices or advertisements

utilities being cut off.

Clients may include:

accountants

agents

brokers

customers

intermediaries

policy holders

solicitors.

Reports may be periodic or on demand, manual or computer generated, and may include:

consumer statements

legislative requirements

statistical and financial or management reports

user reports.

Recovery plan and measures to collect monies may include:

advice to supervisors/managers/legal officers

dunning letters

legal action

letters of demand without prejudice

letters of notice

liaison with clients

plaint

return of goods

summons

third party intervention

write-offs.

Appropriate personnel would depend on:

industry and organisation requirements, and may include:

the board of directors; or

a designated group from the board of directors such as the executive.

Relevant legislative and compliance requirements may include:

consumer:

codes of practice

Consumer Credit Code

Privacy Act

secrecy laws

competition:

Australian Competition and Consumer Commission (ACCC)

prudential:

Anti-Money Laundering and Counter Terrorism Financing Acts

Bills of Exchange Act

Cheques and Payment Orders Act

Commercial Tenancies Act

corporate law

Credit Reference Association of Australia (CRAA)

Electronic Funds Transfer (EFT) Code of Conduct

Financial Institutions (FI) Code

Financial Transaction Reports Act

Land Tax Assessment Act

Payroll Tax Assessment Act

Prescribed Payments Act

Stamp Duties Act

Income Tax Assessment Act.

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
Receipts entered into accounts receivable system are checked for accuracy, consistency and thoroughness 
Incorrect entries are identified and accurately recorded according to type and source of receipt 
Discrepancies between monies owed and monies paid are identified and investigated according to organisation policy, procedures and guidelines 
Receipts entered into accounts receivable system are amended according to established procedures 
Debtors ledger is regularly reviewed in accordance with organisation policy and guidelines to identify outstanding monies an further information, if required, sought from relevant sources 
Bad or doubtful debt status is verified through liaison with debtors 
Reporting procedures and appropriate documentation for bad and doubtful debts is completed in accordance with organisation policy and guidelines 
Clients in default of trading terms are correctly identified according to organisation operating procedures and contacted promptly and courteously to make satisfactory arrangements to pay monies outstanding 
Monies owing that constitute breaches of organisation credit policy are actioned in accordance with organisation policy and procedures 
Previous activities and communication with clients are thoroughly reviewed to establish adequacy of follow-up procedures, and whether all usual organisation recovery avenues have been exhausted 
Plans to pursue debt recovery or to initiate legal action are developed with measures to collect monies completed in accordance with organisation policy, guidelines and timelines 
Reports are prepared which document accounts receivable, debt recovery type, cause and recovery plan and distributed to supervisors, managers and other relevant parties 
Documentation is filed promptly in accordance with organisation policy and procedures 
Invoice discrepancies are identified, investigated and rectified and invoices encoded and recorded correctly 
Authorisation for payment is requested from appropriate personnel 
Cheque requisition is correctly drawn up and authorised and the correct general ledger to be drawn against identified 
Correct account is debited in a timely manner and in accordance with legislative and compliance requirements 
Creditors payments are prepared in an accurate manner 
Data is collected and entered onto spreadsheet giving details of creditors and amounts paid and a report prepared for ratification by appropriate management 
Statements of outstanding balances are sought from suppliers where required and balances outstanding are reconciled to invoices received 

Forms

Assessment Cover Sheet

FNSACC302A - Administer subsidiary accounts and ledgers
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

FNSACC302A - Administer subsidiary accounts and ledgers

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: