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Elements and Performance Criteria

1. Post transactions
   • Interpret source documents accurately in preparation for entering transaction.
   • Identify any irregularities in documentation promptly and take action to resolve within scope of individual responsibility and designated timelines.
   • Check or obtain correct authorisation for entry.
   • Select correct account and journal for intended entry.
   • Enter credit and debit transactions into journals accurately, including correct allocation of all amounts, within designated timelines.
   • Support journal entries with explanation and cross-referencing to support documentation where necessary
   • Cross-check source documentation with entered transaction to ensure matching.
   • File source documents in the correct location and in accordance with enterprise procedures.
2. Reconcile transactions to a balance
   • Check documentation and balances accurately to ensure matching.
   • Where appropriate, use reconciliation features of computerised systems correctly to assist the reconciliation process.
   • Investigate and clear outstanding entries accurately and promptly.
   • Identify, investigate or report discrepancies in accordance with scope of individual responsibility.
   • Finalise reconciliations accurately and within designated timelines.
3. Retrieve financial information
   • Interrogate financial records correctly to identify required information.
   • Generate and distribute relevant financial information or reports at designated times and in accordance with requests from colleagues.
   • Check financial reports for accuracy prior to distribution.
   • Identify, investigate or report discrepancies in accordance with scope of individual responsibility.

Required Skills

Not applicable

Evidence Required

Essential Knowledge and Skills to be Assessed

The following knowledge and skills must be assessed as part of this unit

features of financial record keeping systems relevant to the industry sector or enterprise

the bookkeeping cycle relevant to a particular industry sector or enterprise

principles of bookkeeping and general understanding of bookkeeping terminology including chart of accounts reporting period ledgers doubleentry debits credits debtors creditors income expenditure receipts disbursements transactions journals accounts reconciliations unpresented cheques bank charges direct debits and credits

the impact of GST on the bookkeeping process in the relevant industry context including the types of transactions that attract GST or are GST exempt and the reporting requirements for GST for different businesses

bookkeeping terminology of specific relevance to the industry sector or enterprise

income and expenditure types relevant to a particular industry sector or enterprise

the nature of source documents relevant to a particular industry sector or enterprise

Linkages to Other Units

This unit is linked to other operational units and combined training and assessment may be appropriate The operational and service units would vary depending upon the industry context but may include units such as

THHBFOB Provide accommodation reception services

Critical Aspects of Assessment

Evidence of the following is critical

understanding of financial recordkeeping processes as they apply to a particular industry sector or enterprise

ability to maintain accurate records within acceptable enterprise timeframes and in accordance with enterprise requirements

ability to complete accurate reconciliations and resolve routine bookkeeping problems within enterpriseacceptable timeframes

Context of Assessment and Resource Implications

Assessment must ensure

use of industrycurrent accounting systems

posting of multiple transactions of different types over a period of time to reflect the typical tradingreporting period within a given sector or enterprise

completion of reconciliations which include data of a size scope and nature to reflect current industry practice

generation of financial information and routine reports which reflects current industry format and practices

presence of time constraints that reflect the relevant industry environment

integration of problemsolving eg identifying and resolving errors in reports

Assessment Methods

Assessment methods must be chosen to ensure that skills in maintaining financial records can be practically demonstrated Methods must include assessment of knowledge as well as assessment of practical skills

The following examples are appropriate for this unit

direct observation of the candidate using a system to post transactions

review of the accuracy of reconciliations financial records or reports prepared by the candidate

review of documentation used or prepared by the candidate to prepare financial records

problemsolving exercises to address typical bookkeeping errors and problems

review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

Key Competencies in this Unit

Key Competencies are an integral part of all workplace competencies The table below describes those applicable to this unit Trainers and assessors should ensure that they are addressed in training and assessment

Level Perform Level Administer and Manage Level Design and Evaluate

Key Competencies

Collecting Organising and Analysing Information

For example

Collating source documentation ready for system entry

Communicating Ideas and Information

For example

Providing an update to management on the status of a particular account

Planning and Organising Activities

For example

Filing documentation

Working with Others and in Teams

For example

Checking with a colleague on a bookkeeping issue

Using Mathematical Ideas and Techniques

For example

Entering amounts accurately into the accounting system

Solving Problems

For example

Investigating a discrepancy on a source document

Using Technology

For example

Generating reports from the accounting system

Essential Knowledge and Skills to be Assessed

The following knowledge and skills must be assessed as part of this unit

features of financial record keeping systems relevant to the industry sector or enterprise

the bookkeeping cycle relevant to a particular industry sector or enterprise

principles of bookkeeping and general understanding of bookkeeping terminology including chart of accounts reporting period ledgers doubleentry debits credits debtors creditors income expenditure receipts disbursements transactions journals accounts reconciliations unpresented cheques bank charges direct debits and credits

the impact of GST on the bookkeeping process in the relevant industry context including the types of transactions that attract GST or are GST exempt and the reporting requirements for GST for different businesses

bookkeeping terminology of specific relevance to the industry sector or enterprise

income and expenditure types relevant to a particular industry sector or enterprise

the nature of source documents relevant to a particular industry sector or enterprise

Linkages to Other Units

This unit is linked to other operational units and combined training and assessment may be appropriate The operational and service units would vary depending upon the industry context but may include units such as

THHBFOB Provide accommodation reception services

Critical Aspects of Assessment

Evidence of the following is critical

understanding of financial recordkeeping processes as they apply to a particular industry sector or enterprise

ability to maintain accurate records within acceptable enterprise timeframes and in accordance with enterprise requirements

ability to complete accurate reconciliations and resolve routine bookkeeping problems within enterpriseacceptable timeframes

Context of Assessment and Resource Implications

Assessment must ensure

use of industrycurrent accounting systems

posting of multiple transactions of different types over a period of time to reflect the typical tradingreporting period within a given sector or enterprise

completion of reconciliations which include data of a size scope and nature to reflect current industry practice

generation of financial information and routine reports which reflects current industry format and practices

presence of time constraints that reflect the relevant industry environment

integration of problemsolving eg identifying and resolving errors in reports

Assessment Methods

Assessment methods must be chosen to ensure that skills in maintaining financial records can be practically demonstrated Methods must include assessment of knowledge as well as assessment of practical skills

The following examples are appropriate for this unit

direct observation of the candidate using a system to post transactions

review of the accuracy of reconciliations financial records or reports prepared by the candidate

review of documentation used or prepared by the candidate to prepare financial records

problemsolving exercises to address typical bookkeeping errors and problems

review of portfolios of evidence and third party workplace reports of onthejob performance by the candidate

Key Competencies in this Unit

Key Competencies are an integral part of all workplace competencies The table below describes those applicable to this unit Trainers and assessors should ensure that they are addressed in training and assessment

Level Perform Level Administer and Manage Level Design and Evaluate

Key Competencies

Collecting Organising and Analysing Information

For example

Collating source documentation ready for system entry

Communicating Ideas and Information

For example

Providing an update to management on the status of a particular account

Planning and Organising Activities

For example

Filing documentation

Working with Others and in Teams

For example

Checking with a colleague on a bookkeeping issue

Using Mathematical Ideas and Techniques

For example

Entering amounts accurately into the accounting system

Solving Problems

For example

Investigating a discrepancy on a source document

Using Technology

For example

Generating reports from the accounting system

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Range Statement

This unit applies to all tourism and hospitality sectors. The following explanations identify how this unit may be applied in different workplaces, tourism sectors and circumstances.

Financial recording and bookkeeping systems may be manual or computerised.

Source documents may include:

cheques

deposit books

cheque requisitions

tax invoices

credit notes

expense vouchers

petty cash vouchers

bank statements.

Transactions may relate to:

cash receipts

cash payments

petty cash

sales

refunds

rebates

interest expenses or interest received

direct debits and credits

returns and allowances journals

bad debts journal

main, general journal

payroll journal.

Reconciliations may relate to:

single system reconciliations

creditor statements

petty cash

foreign currency

bank reconciliations

guest accounts

travel files

taxation.

Routine financial reports may relate to:

period reports on receipts or disbursements

account summaries

short term trading information

GST paid or received.

This unit applies to all tourism and hospitality sectors. The following explanations identify how this unit may be applied in different workplaces, tourism sectors and circumstances.

Financial recording and bookkeeping systems may be manual or computerised.

Source documents may include:

cheques

deposit books

cheque requisitions

tax invoices

credit notes

expense vouchers

petty cash vouchers

bank statements.

Transactions may relate to:

cash receipts

cash payments

petty cash

sales

refunds

rebates

interest expenses or interest received

direct debits and credits

returns and allowances journals

bad debts journal

main, general journal

payroll journal.

Reconciliations may relate to:

single system reconciliations

creditor statements

petty cash

foreign currency

bank reconciliations

guest accounts

travel files

taxation.

Routine financial reports may relate to:

period reports on receipts or disbursements

account summaries

short term trading information

GST paid or received.

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