- FNSACC301A - Process financial transactions and extract interim reports
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
FNSACC301A Mapping and Delivery Guide
Process financial transactions and extract interim reports
Version 1.0
Issue Date: April 2024
| Qualification | - |
Unit of Competency | FNSACC301A - Process financial transactions and extract interim reports |
|---|---|---|---|
| Description | This unit describes the functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports.This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. | ||
| Employability Skills | This unit contains employability skills. | ||
| Learning Outcomes and Application | The unit can be applied to all sectors of the financial services sector and to job roles such as account clerks and bookkeepers. | ||
| 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 |
| |||||||
| Element: Prepare and process banking and petty cash documents |
| |||||||
| Element: Prepare and process invoices for payment to creditors and for debtors |
| |||||||
| Element: Prepare journals and batch monetary items |
| |||||||
| Element: Post journals to ledger |
| |||||||
| Element: Enter data into system |
| |||||||
| Element: Prepare deposit facility and lodge flows |
| |||||||
| Element: Extract a trial balance and interim reports |
| |||||||
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.
The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the ability to: accurately enter and balance deposits and withdrawals process and balance petty cash transactions check and verify supporting documentation apply relevant security measures for preparing and banking receipts batch monetary items and prepare deposit facilities use knowledge of organisational policies and procedures and legislative requirements to accurately enter data into accounting systems and process journal entries prepare and authorise journals and check journal processing reports extract and check/correct a trial balance file documentation to meet all organisational and regulatory requirements. |
Context of and specific resources for assessment | Assessment must ensure: competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment access to and the use of a range of common office equipment, technology, software and consumables. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit: evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency verbal or written questioning on underpinning knowledge and skills which may include formal examinations setting and reviewing workplace projects and business simulations/scenarios evaluating samples of work accessing and validating third party reports. |
Guidance information for assessment | |
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.
|
Required skills |
communication skills to: determine and confirm work requirements, using questioning and active listening as required share information, listen and understand read and interpret documentation from a variety of sources use language and concepts appropriate to cultural differences numeracy skills to make financial calculations information technology skills for accessing and using spreadsheets and databases literacy skills for data analysis and interpretation evaluative and general analytical skills organisational skills, including the ability to plan and sequence work |
Required knowledge |
accounting conventions, processes and procedures banking procedures and guidelines industry codes of practice legislative and regulatory requirements relevant to the work organisational policy and procedures relevant Acts and regulations security procedures for handling cheques, vouchers and cash |
The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included. | |
Information includes: | account numbers addresses amounts of money, figures card numbers cheque numbers dates names. |
Documents may include: | application forms claim forms petty cash vouchers invoices purchase orders receipts credit notes statements deposit books delivery dockets remittance advice. |
Supporting documentation may include information that supports the transaction such as: | suspense reports reconciliations. |
Validity may include: | signature dates amounts. |
Journals may include: | general cash receipts cash payments sales purchases returns and allowances. |
Preparing journals accurately and completely means: | meaningful notation effective date specified correct allocation balanced transaction. |
Batch items are: | grouped receipts treated as a separate transaction entity. |
Organisational policy and procedures may include: | operations manual internal control guidelines computer system documentation. |
Deposit facilities may include: | bank deposit slips direct debit transaction reports. |
Banking methods include: | personal through a third party security company by pick-up. |
Security and safety precautions may include: | banking of all negotiable instruments on day received all batches posted on day of receipt cash management processes. |
Industry and legislative requirements may cover: | Anti-Money Laundering and Counter Terrorism Financing Acts Australian Accounting Standards Australian Securities and Investments Commission (ASIC) Code consumer credit legislation industry codes of practice occupational health and safety (OHS) Acts and guidelines Privacy Act relevant Insurance Act Stamp Duties Act Taxation Act Trade Practices Act. |
Proof of lodgement may include: | bank stamped deposit facility verified transaction listing. |
Special transactions may include: | introduction of additional capital drawings of cash and goods purchase and sale of non-current assets at book value interest payable and receivable on overdue accounts dishonour of cheques including write-back of discount bad debts written off or recovered. |
Reports may include: | balance sheet trial balance unadjusted income statement. |
Errors may include: | a transaction not being recorded in a journal or recorded incorrectly a journal entry not posted to the ledger or posted twice an entry being made in an incorrect ledger account but on the correct side entries being made on the wrong side of two ledger accounts offsetting errors (compensating errors) where two independent errors for the same amount are made. |
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 |
|---|---|---|---|
| Information from documents is identified, checked and recorded | |||
| Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel | |||
| Deposits and withdrawals are accurately entered and balanced according to organisational procedures | |||
| Cheques and card vouchers are checked for validity before processing | |||
| Banking documentation is reconciled with organisation's financial records | |||
| Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures | |||
| Invoices are prepared in accordance with organisational procedures | |||
| Invoices are checked against source documents for accuracy and any errors corrected | |||
| All invoices and related documents are filed for auditing purposes | |||
| Journals are prepared accurately and completely and items batched within organisational timelines | |||
| Batch items are precisely matched to initial receipt records | |||
| Journals are authorised in accordance with organisational policy and procedures | |||
| Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts | |||
| Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts | |||
| Related systems are updated to maintain the integrity of relationships between financial systems | |||
| A deposit facility is selected appropriate to the banking method to be used | |||
| Batch is balanced with deposit facility without error | |||
| Securityand safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements | |||
| Proof of lodgement is obtained and filed so that it is easily accessible and traceable | |||
| Any special transactions are processed accurately | |||
| Cash and credit journals are completed and posted to general ledger | |||
| A trial balance is extracted and checked and other required reports prepared | |||
| Any errors are found and corrected |
Forms
Assessment Cover Sheet
FNSACC301A - 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
FNSACC301A - 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: