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.
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. 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 |
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, 1.2, 2.1, 2.2, 2.4, 3.2, 4.2, 8.4 | Analyses, matches and interprets information, paying attention to detail to identify errors |
Writing | 1.1, 2.1, 2.4, 5.1, 8.2, 8.3 | Records information accurately using correct spelling, grammar and terminology |
Oral Communication | 4.3 | Uses questioning and active listening to convey and clarify information and instructions |
Numeracy | 1.1, 2.1-2.4, 3.1, 3.2, 4.1, 7.2, 8.1, 8.2 | Performs mathematical calculations to check accuracy and completeness and reconcile numerical and financial data |
Navigate the world of work | 2.1, 2.4, 3.1, 4.3, 5.1, 7.3 | Follows legislative requirements, and organisational protocols, policy and procedures relevant to own role |
Interact with others | 1.2, 4.3 | Uses correct communication practices and protocols to gain processing authorisations from relevant personnel |
Get the work done | 1.1, 2.1-2.4, 3.1-3.3, 4.1-4.3, 5.1, 6.1, 6.2, 7.1-7.4, 8.1-8.4 | Plans, organises and implements tasks according to organisational and legislative requirements Responds to predictable routine problems by implementing standard or logical solutions Uses the main features and functions of digital tools to complete work tasks and to access information |
Sectors
Accounting