- FNSACCT407B - Set up and operate a computerised accounting system
Assessor Resource
FNSACCT407B
Set up and operate a computerised accounting system
Assessment tool
Version 1.0
Issue Date: March 2024
This unit requires the application of skills and knowledge required to set up and operate a computerised accounting system.
The unit encompasses implementing an integrated accounting system, processing transactions within the system, maintaining the system, producing reports and ensuring system integrity.
The unit has application across all sectors of the financial services sector and has application to job functions such as accounts receivable and payable clerks.
This unit requires the application of skills and knowledge required to set up and operate a computerised accounting system.
The unit encompasses implementing an integrated accounting system, processing transactions within the system, maintaining the system, producing reports and ensuring system integrity.
The unit has application across all sectors of the financial services sector and has application to job functions such as accounts receivable and payable clerks.
This unit covers the competency to establish and operate under supervision, a computerised accounting system.
This unit covers the competency to establish and operate under supervision, a computerised accounting system.
You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)
Prerequisites
Not applicable.
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.
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 organisations chart of accounts knowledge of organisational polices and procedures ability to implement an integrated accounting system ability to process transactions within the system ability to maintain the system ability to produce reports ability to ensure system integrity | |
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/assessment relationship to other units: | Prerequisite units: BSBCMN308A Maintain financial records |
Assessment requirements | |
Method of assessment: | For valid and reliable assessment of this unit, evidence should 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: | Assessment of this unit of competence requires access to suitable resources to demonstrate competence. Assessment instruments, including personal planner and assessment record book. Access to registered provider of assessment services. |
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 KNOWLEDGE&SKILLS |
Knowledge requirements include: current relevant legislation and statutory requirements including those relating to occupational health and safety (OH&S) relevant source documents and information contained within source documents principles of double entry accounting principles and practices of accrual accounting organisational procedures and policies relating to maintaining financial records current financial legislation |
Skills requirements include: keyboard skills computer literacy numeracy for financial calculations and analysis proofreading to check details/calculations reading, interpreting financial statements and reports problem solving skills for providing discrepancy solutions recording, gathering and classifying financial information |
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. | |
Chart of accounts may include: | current assets non-current assets current liabilities non-current liabilities income classified expenses by type equity |
Organisational requirements, procedures and policiesmay include: | Australian Accounting Standards log on procedures correctly identifying and opening files locating data storing data OH&S policies, procedures and programs security electronic and paper based recording corporate governance |
Appropriate technical help may include: | on screen help online help software manuals computer help desk personnel managers and supervisors designated technology assistance staff external staff employed or recommended by the software supplier to assist with difficulties |
Transactions may include: | commencing business entry cheque payments credit card payments cash sales and deposits petty cash funds transfers loans sales invoices purchase invoices purchase orders adjustment notes contra entries customer payments supplier payments discounts (financial and sales) commission bad debts bank reconciliation purchase and sale of stock inventory stock take withdrawal of stock/assets by owner |
Balance day adjustments may include: | prepaid expenses revenue received in advance depreciation accrued expenses doubtful debts |
Subsidiary ledgersmay include: | accounts receivable accounts payable inventory fixed assets |
Reportsmay include: | profit and loss balance sheet business activity statement bank reconciliation aged receivables/reconciliation aged payables/reconciliation inventory listing asset listing customer statements auditable transaction trail |
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 |
---|---|---|---|
The general ledger and chart of accounts are implemented in accordance with organisational requirements | |||
Customers, suppliers and inventory items are set up in accordance with organisational requirements | |||
A system is set up to meet the reporting requirements of Goods and Services Tax (GST) | |||
Appropriate technical help is used to solve any operational problems | |||
Input data is collated, coded and classified before processing | |||
A wide range of cash and credit transactions are processed in both a service and trading environment | |||
The general journal is used to make any balance day adjustments for prepayments and accruals | |||
The system outputs is reviewed to verify the accuracy of data input | |||
Adjustments are made for any detected processing errors | |||
An end of financial year rollover is performed | |||
Any new general ledger accounts, customer, supplier, inventory and fixed asset records are added as required | |||
Any existing chart of accounts, customer, supplier, inventory and fixed asset records are maintained and updated | |||
The chart of accounts is customised to meet the reporting requirements of the organisation | |||
Reports to indicate the financial performance and financial position of the organisation are generated | |||
Reports to meet the GST reporting requirements of the organisation are generated | |||
Reports to ensure that subsidiary ledgers/accounts reconcile with the general ledger are generated | |||
Reports, which ensure that the bank account reconciles with the bank statement, over at least two reporting periods are generated | |||
Regular back-ups of the system are made to ensure against loss or corruption of data | |||
Data back-ups are restored in the event of loss or corruption of data | |||
A secure record of all processed transactions is maintained for audit purposes |
Forms
Assessment Cover Sheet
FNSACCT407B - Set up and operate a computerised accounting system
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
FNSACCT407B - Set up and operate a computerised accounting system
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: