BSBFIA304
Maintain a general ledger


Application

This unit describes the skills and knowledge required to maintain a computerised or manual general ledger system within an organisation, including processing journal entries and preparing a trial balance.

It applies to individuals employed in a range of work environments with responsibility for simple accounting functions within an organisation. They may work as individuals providing administrative support within an enterprise, or may be other members of staff with delegated responsibilities relating to general ledger maintenance.

No licensing, legislative or certification requirements apply to this unit at the time of publication.


Elements and Performance Criteria

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Process journal entries

1.1 Prepare general journal entries from source journals in accordance with accounting requirements, organisational policy, procedures and legislative accounting standards

1.2 Post journal entries into general ledger system in accordance with organisational policy, procedures and accounting standards

1.3 Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger

1.4 Ensure processing maintains the accounting equation and is completed within designated timelines

2 Prepare a trial balance

2.1 Prepare trial balance of general ledger system in accordance with organisational requirements and accounting standards, and ensure it is checked for accuracy

2.2 Identify and rectify irregularities or refer them for resolution when trial balance does not balance, in accordance with organisational policy and procedures

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill

Performance

Criteria

Description

Reading

1.1-1.3, 2.1, 2.2

Interprets a range of textual information to determine all job requirements

Writing

1.1-1.3, 2.1, 2.2

Integrates data from different sources and records numerical information in a suitable format for context and purpose of material

Uses factual and suitable financial language to refer issues and inconsistencies in data

Oral Communication

2.2

Explains issues clearly using industry-specific and factual vocabulary

Numeracy

1.1-1.3, 2.1, 2.2

Uses a limited range of mathematical calculations to reconcile amounts and arrange/compare numerical information

Navigate the world of work

1.1, 1.2, 2.1, 2.2

Recognises, understands and applies applicable industry standards and organisational policies and procedures in the conduct of own work

Interact with others

2.2

Recognises the strengths and expertise of others and seeks their assistance as required

Get the work done

1.1-1.4, 2.1, 2.2

Plans and completes tasks according to set guidelines and timelines

Recognises and addresses problems in the context of own work and seeks advice from others, as necessary

Uses digital technologies to access, record, store, organise and compile data as required


Sectors

Finance – Financial Administration