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

FNSACC301 Mapping and Delivery Guide
Process financial transactions and extract interim reports

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC301 - Process financial transactions and extract interim reports
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
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: Check and verify supporting documentation
  • Identify, check and record information from documents
  • Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel
       
Element: Prepare and process banking and petty cash documents
  • Enter accurately and balance deposits and withdrawals according to organisational procedures
  • Check cheques and card vouchers for validity before processing
  • Reconcile banking documentation with organisation’s financial records
  • Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures
       
Element: Prepare and process invoices for payment to creditors and for debtors
  • Prepare invoices in accordance with organisational procedures
  • Check invoices against source documents for accuracy and correct any errors
  • File all invoices and related documents for auditing purposes
       
Element: Prepare and post journals and batch monetary items
  • Prepare journals accurately and completely, and batch items within organisational timelines
  • Match batch items precisely to initial receipt records
  • Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures
       
Element: Post journals to ledger
  • Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts
       
Element: Enter data into system
  • Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts
  • Update related systems to maintain integrity of relationships between financial systems
       
Element: Prepare deposit facility and lodge flows
  • Select deposit facility appropriate to banking method to be used
  • Balance batch with deposit facility without error
  • Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements
  • Obtain and file proof of lodgement so that it is easily accessible and traceable
       
Element: Extract trial balance and interim reports
  • Process accurately any special transactions
  • Complete cash and credit journals and post to general ledger
  • Extract and check trial balance and prepare other required reports
  • Find and correct any errors
       


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. Check and verify supporting documentation

1.1 Identify, check and record information from documents

1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2. Prepare and process banking and petty cash documents

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures

2.2 Check cheques and card vouchers for validity before processing

2.3 Reconcile banking documentation with organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

3. Prepare and process invoices for payment to creditors and for debtors

3.1 Prepare invoices in accordance with organisational procedures

3.2 Check invoices against source documents for accuracy and correct any errors

3.3 File all invoices and related documents for auditing purposes

4. Prepare and post journals and batch monetary items

4.1 Prepare journals accurately and completely, and batch items within organisational timelines

4.2 Match batch items precisely to initial receipt records

4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

5. Post journals to ledger

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

6. Enter data into system

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

6.2 Update related systems to maintain integrity of relationships between financial systems

7. Prepare deposit facility and lodge flows

7.1 Select deposit facility appropriate to banking method to be used

7.2 Balance batch with deposit facility without error

7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

8. Extract trial balance and interim reports

8.1 Process accurately any special transactions

8.2 Complete cash and credit journals and post to general ledger

8.3 Extract and check trial balance and prepare other required reports

8.4 Find and correct any errors

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. Check and verify supporting documentation

1.1 Identify, check and record information from documents

1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2. Prepare and process banking and petty cash documents

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures

2.2 Check cheques and card vouchers for validity before processing

2.3 Reconcile banking documentation with organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

3. Prepare and process invoices for payment to creditors and for debtors

3.1 Prepare invoices in accordance with organisational procedures

3.2 Check invoices against source documents for accuracy and correct any errors

3.3 File all invoices and related documents for auditing purposes

4. Prepare and post journals and batch monetary items

4.1 Prepare journals accurately and completely, and batch items within organisational timelines

4.2 Match batch items precisely to initial receipt records

4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

5. Post journals to ledger

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

6. Enter data into system

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

6.2 Update related systems to maintain integrity of relationships between financial systems

7. Prepare deposit facility and lodge flows

7.1 Select deposit facility appropriate to banking method to be used

7.2 Balance batch with deposit facility without error

7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

8. Extract trial balance and interim reports

8.1 Process accurately any special transactions

8.2 Complete cash and credit journals and post to general ledger

8.3 Extract and check trial balance and prepare other required reports

8.4 Find and correct any errors

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
Identify, check and record information from documents 
Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel 
Enter accurately and balance deposits and withdrawals according to organisational procedures 
Check cheques and card vouchers for validity before processing 
Reconcile banking documentation with organisation’s financial records 
Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures 
Prepare invoices in accordance with organisational procedures 
Check invoices against source documents for accuracy and correct any errors 
File all invoices and related documents for auditing purposes 
Prepare journals accurately and completely, and batch items within organisational timelines 
Match batch items precisely to initial receipt records 
Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures 
Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts 
Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts 
Update related systems to maintain integrity of relationships between financial systems 
Select deposit facility appropriate to banking method to be used 
Balance batch with deposit facility without error 
Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements 
Obtain and file proof of lodgement so that it is easily accessible and traceable 
Process accurately any special transactions 
Complete cash and credit journals and post to general ledger 
Extract and check trial balance and prepare other required reports 
Find and correct any errors 

Forms

Assessment Cover Sheet

FNSACC301 - Process financial transactions and extract interim reports
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

FNSACC301 - Process financial transactions and extract interim reports

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: