Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
1. Check and verify supporting documentation | 1.1 Supporting documentation is examined to establish accuracy and completeness 1.2 Supporting documentation is examined to ensure authorisation by appropriate level |
2. Prepare journal | 2.1 Journal is accurate, complete and prepared within company timelines |
3. Authorise journal | 3.1 Journal is authorised in accordance with company policy and procedure |
4. Enter data into system | 4.1 Data is entered into system accurately and in accordance with company input standards 4.2 Transaction is correctly allocated to system and account 4.3 Related systems are updated to maintain integrity of relationships between financial systems 4.4 Data entry is undertaken in accordance with relevant health and safety requirements |
5. Check journal processing report | 5.1 Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices 5.2 Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures |
6. File documentation | 6.1 Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements 6.2 Filed documentation is easily accessible and traceable |
This describes the essential skills and knowledge and their level, required for this unit.
Required Skills
This unit describes the functions involved in processing financial journal entries. This unit replaces FNBFIN65A . | |
This unit requires the application of skills and knowledge required to process journal entries according to organisational, industry and legislative requirements. The unit can be applied to all sectors of the financial services sector where the entering of journal entries is required. The unit has application to any job function where accounting or bookkeeping is an aspect of the job function. | |
Unit Sector | No sector assigned |
ELEMENT | PERFORMANCE CRITERIA |
1. Check and verify supporting documentation | 1.1 Supporting documentation is examined to establish accuracy and completeness 1.2 Supporting documentation is examined to ensure authorisation by appropriate level |
2. Prepare journal | 2.1 Journal is accurate, complete and prepared within company timelines |
3. Authorise journal | 3.1 Journal is authorised in accordance with company policy and procedure |
4. Enter data into system | 4.1 Data is entered into system accurately and in accordance with company input standards 4.2 Transaction is correctly allocated to system and account 4.3 Related systems are updated to maintain integrity of relationships between financial systems 4.4 Data entry is undertaken in accordance with relevant health and safety requirements |
5. Check journal processing report | 5.1 Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices 5.2 Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures |
6. File documentation | 6.1 Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements 6.2 Filed documentation is easily accessible and traceable |
This describes the essential skills and knowledge and their level, required for this unit.
Knowledge requirements include: | • company policy and procedures • knowledge or awareness of relevant acts and regulations • legal systems and procedures • industry codes of practice • computer systems • procedure writing |
Skills requirements include: | • computerised spreadsheet and database • data analysis and interpretation • evaluative and general analytical skills • negotiation and interpersonal skills |
Range Statement
The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.
The following variables 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. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.
Supporting documentation may include information that supports the transaction such as: | • suspense reports • reconciliations |
Accurate and complete may mean: | • meaningful notation • effective date specified • correct allocation • balanced transaction |
Company policy and procedures may include: | • operations manuals • internal control guidelines • computer system documentation |
Input standards may include: | • speed requirements |
Industry and legislative requirements may cover: | • Australian Accounting Standards • relevant Insurance Act • Consumer Credit legislation • Privacy Act • Taxation Act • industry codes of practice • Australian Securities and Investments Commission (ASIC) Code • Trade Practices Act • Stamp Duties Act • occupational health and safety (OH&S) acts and guidelines |