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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Customise software
   • Select accounting software to meet business requirements
   • Load, register and configure accounting software according to operating instructions
2. Create enterprise data
   • Establish chart of accounts according to business and legislative requirements
   • Create and add data on customers and sales
   • Create and add data on suppliers and purchases
   • Create and add payroll details
   • Create and add inventory details
   • Add required or suitable tax codes
3. Record and track transactions
   • Generate invoices and track their progress
   • Record customer payments and update customer details
   • Record and track purchases
   • Record payment of wages, allowances, taxation and superannuation
   • Update business data as required
4. Save and back up data
   • Save accounting data to disk
   • Make a regular backup of accounting data and store in a safe location
5. Generate reports
   • Reconcile accounts
   • Generate and print financial reports based on accounting data
   • Check financial reports for errors and discrepancies
   • Discuss errors with appropriate person and rectify as required

Performance Evidence

Evidence of the ability to:

load and configure accounting software

create and maintain enterprise financial records as per business and legislative requirements

record and track transactions

back up data

reconcile accounts and generate reports.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

discuss basic accounting concepts, including:

assets

cost of sales

creditors

debtors

equity

expenses

income

liabilities

identify basic accounting devices, including:

accounts

chequebook register

general ledger

invoices

purchases

sales journals

transaction journals

outline current legislative requirements relating to enterprise requirements, including:

goods and services tax

income tax rates

pay as you go

superannuation

discuss the features and functions of common accounting reports, including:

balance sheet

business activity statements

chart of accounts

profit and loss

outline the features and functions of common accounting software.

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