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

FNSACC302 Mapping and Delivery Guide
Administer subsidiary accounts and ledgers

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC302 - Administer subsidiary accounts and ledgers
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to reconcile and monitor financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, and remit payments to sundry creditors.It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within their area of responsibility.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.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.
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: Review accounts receivable process
  • Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness
  • Identify and accurately record incorrect entries according to type and source of receipt
  • Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines
  • Amend receipts entered into accounts receivable system according to established procedures
       
Element: Identify bad and doubtful debts
  • Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources
  • Verify bad or doubtful debt status through liaison with debtors
  • Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines
       
Element: Review compliance with terms and conditions and plan recovery action
  • Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies
  • Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy
  • Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted
  • Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines
       
Element: Prepare reports and file documentation
  • Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties
  • Promptly file documentation in accordance with organisational policy and procedures
       
Element: Distribute creditor invoices for authorisation
  • Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly
  • Request authorisation for payment from appropriate personnel
       
Element: Remit payments to creditors
  • Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against
  • Debit correct account in timely manner and in accordance with legislative and compliance requirements
  • Prepare creditor payments in accurate manner
       
Element: Prepare accounts paid report and reconcile balances outstanding
  • Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management
  • Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received
       


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. Review accounts receivable process

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

2. Identify bad and doubtful debts

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

3. Review compliance with terms and conditions and plan recovery action

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

4. Prepare reports and file documentation

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with organisational policy and procedures

5. Distribute creditor invoices for authorisation

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

5.2 Request authorisation for payment from appropriate personnel

6. Remit payments to creditors

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

7. Prepare accounts paid report and reconcile balances outstanding

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

Evidence of the ability to:

monitor accounts, following organisational policy and procedures and industry compliance requirements

identify bad and doubtful debts in a timely manner

plan effective recovery actions

follow bank account reconciliation processes

use relevant data entry systems accurately.

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

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

identify and describe the key features of:

accounting principles and practices

accounting systems

bank account reconciliation processes

describe how bad or doubtful debts are identified

describe the key requirements of:

legal systems and procedures

relevant legislation or regulations

industry codes of practice

industry compliance requirements

outline the key requirements of organisational policy and procedures relating to reconciling and monitoring financial accounts

describe measures to collect monies and features of recovery plans

explain the features and uses of financial spreadsheets.

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. Review accounts receivable process

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

2. Identify bad and doubtful debts

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

3. Review compliance with terms and conditions and plan recovery action

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

4. Prepare reports and file documentation

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with organisational policy and procedures

5. Distribute creditor invoices for authorisation

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

5.2 Request authorisation for payment from appropriate personnel

6. Remit payments to creditors

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

7. Prepare accounts paid report and reconcile balances outstanding

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

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 receipts entered into accounts receivable system for accuracy, consistency and thoroughness 
Identify and accurately record incorrect entries according to type and source of receipt 
Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines 
Amend receipts entered into accounts receivable system according to established procedures 
Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources 
Verify bad or doubtful debt status through liaison with debtors 
Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines 
Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies 
Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy 
Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted 
Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines 
Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties 
Promptly file documentation in accordance with organisational policy and procedures 
Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly 
Request authorisation for payment from appropriate personnel 
Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against 
Debit correct account in timely manner and in accordance with legislative and compliance requirements 
Prepare creditor payments in accurate manner 
Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management 
Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received 

Forms

Assessment Cover Sheet

FNSACC302 - Administer subsidiary accounts and ledgers
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

FNSACC302 - Administer subsidiary accounts and ledgers

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: