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Elements and Performance Criteria

  1. Check and verify supporting documentation
  2. Enter data into system
  3. Check journal processing report

Required Skills

This unit describes the functions involved in processing financial journal entries

This unit replaces FNBFINA

This unit replaces FNBFIN65A .

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

Unit Sector

No sector assigned

ELEMENT

PERFORMANCE CRITERIA

Check and verify supporting documentation

Supporting documentation is examined to establish accuracy and completeness

Supporting documentation is examined to ensure authorisation by appropriate level

Prepare journal

Journal is accurate complete and prepared within company timelines

Authorise journal

Journal is authorised in accordance with company policy and procedure

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

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

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

This describes the essential skills and knowledge and their level required for this unit

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

Range Statement

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