Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

BSBFIA303 Mapping and Delivery Guide
Process accounts payable and receivable

Version 1.0
Issue Date: April 2024


Qualification -
Unit of Competency BSBFIA303 - Process accounts payable and receivable
Description
Employability Skills
Learning Outcomes and Application This unit describes skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable.It applies to individuals employed in a range of work environments supporting the accounting functions and aspects of an enterprise. They may provide administrative support within an enterprise, or may be members of staff who have been delegated accounting responsibilities.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Maintain financial journal systems
  • Check source documents for accuracy and appropriate authorisation
  • Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures
  • Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements
  • Total credit journals in accordance with organisational policy and procedures
       
Element: Prepare bank reconciliations
  • Check cash journals against bank statements to identify differences
  • Update cash journals with relevant data from bank statement/s
  • Identify discrepancies and refer to appropriate staff member, organisation or agency
  • Total cash journals in accordance with organisational policy and procedures
  • Prepare regular reconciliation reports within designated timelines
       
Element: Maintain accounts payable and accounts receivable systems
  • Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements
  • Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements
  • Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements
       
Element: Process payments for accounts payable
  • Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures
  • Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements
       
Element: Prepare statements for accounts receivable
  • Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures
  • Rectify discrepancies and statements despatched within designated timelines
       
Element: Follow up outstanding accounts
  • Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation
  • Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements
  • Report or follow up outstanding accounts in accordance with organisational policy and procedures
  • Monitor and review credit terms in accordance with credit policy and procedures
       


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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain financial journal systems

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

2 Prepare bank reconciliations

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

3 Maintain accounts payable and accounts receivable systems

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

4 Process payments for accounts payable

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

5 Prepare statements for accounts receivable

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

6 Follow up outstanding accounts

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain financial journal systems

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

2 Prepare bank reconciliations

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

3 Maintain accounts payable and accounts receivable systems

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

4 Process payments for accounts payable

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

5 Prepare statements for accounts receivable

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

6 Follow up outstanding accounts

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures

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
Check source documents for accuracy and appropriate authorisation 
Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures 
Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements 
Total credit journals in accordance with organisational policy and procedures 
Check cash journals against bank statements to identify differences 
Update cash journals with relevant data from bank statement/s 
Identify discrepancies and refer to appropriate staff member, organisation or agency 
Total cash journals in accordance with organisational policy and procedures 
Prepare regular reconciliation reports within designated timelines 
Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements 
Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements 
Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements 
Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures 
Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements 
Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures 
Rectify discrepancies and statements despatched within designated timelines 
Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation 
Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements 
Report or follow up outstanding accounts in accordance with organisational policy and procedures 
Monitor and review credit terms in accordance with credit policy and procedures 

Forms

Assessment Cover Sheet

BSBFIA303 - Process accounts payable and receivable
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

BSBFIA303 - Process accounts payable and receivable

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: