Application
This unit applies to information and communications technology (ICT) personnel who need to understand and use commercial accounting tools and packages to support the financial area within a small to large office environment. A variety of commercial accounting tools and packages are readily available. A basic knowledge of double-entry accounting and the ability to read financial reports are considered an advantage for this unit.
Prerequisites
Not applicable.
Elements and Performance Criteria
1. Customise software | 1.1 Select accounting software to meet business requirements 1.2 Load, register and configure accounting software according to operating instructions |
2. Create enterprise data | 2.1 Establish chart of accounts according to business and legislative requirements 2.2 Create and add data on customers and sales 2.3 Create and add data on suppliers and purchases 2.4 Create and add payroll details 2.5 Create and add inventory details 2.6 Add required or suitable tax codes |
3. Record and track transactions | 3.1 Generate invoices and track their progress 3.2 Record customer payments and update customer details 3.3 Record and track purchases 3.4 Record payment of wages, allowances, taxation and superannuation 3.5 Update business data as required |
4. Save and back up data | 4.1 Save accounting data to disk 4.2 Make a regular backup of accounting data and store in a safe location |
5. Generate reports | 5.1 Reconcile accounts 5.2 Generate and print financial reports based on accounting data 5.3 Check financial reports for errors and discrepancies 5.4 Discuss errors with appropriate person and rectify as required |
Required Skills
Required skills
communication skills to:
communicate with peers and supervisors
seek assistance and expert advice
literacy skills to:
interpret user manuals and help functions
read and write basic workplace documents
numeracy skills to use mathematical ideas and techniques related to recording and analysing basic financial data
problem-solving skills to address common operational problems when using accounting applications
technical skills to operate a personal computer (PC) and peripherals.
Required knowledge
basic accounting concepts:
assets
cost of sales
creditors
debtors
equity
expenses
income
liabilities
basic accounting devices:
accounts
chequebook register
general ledger
invoices
purchases
sales journals
transaction journals
current legislative requirements relating to enterprise requirements:
goods and services tax
income tax rates
pay as you go
superannuation
features and functions of common accounting reports:
balance sheet
business activity statements
chart of accounts
profit and loss
features and functions of common accounting software.
Evidence Required
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: load and configure accounting software create and maintain enterprise financial records, meeting business and legislative requirements record and track transactions back up data reconcile accounts and generate reports. |
Context of and specific resources for assessment | Assessment must ensure access to: use of printer and PC with appropriate specifications to run the software use of industry standard commercial accounting applications documents detailing business requirements legislative requirements if required appropriate learning and assessment support when required. Where applicable, physical resources should include equipment modified for people with special needs. |
Method of assessment | A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit: verbal or written questioning to assess candidate’s knowledge of accounting operations direct observation of candidate creating and maintaining enterprise financial records review of reports, including reconciliation and discrepancy checks. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, where appropriate. Assessment processes and techniques must be culturally appropriate, and suitable to the communication skill level, language, literacy and numeracy capacity of the candidate and the work being performed. Indigenous people and other people from a non-English speaking background may need additional support. In cases where practical assessment is used it should be combined with targeted questioning to assess required knowledge. |
Range Statement
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.
Accounting software may include: | commercial accounting software applications: Microsoft Money MYOB Phoenix Quickbooks Quicken organisation-specific accounting software. |
Operating instructions may include: | help desk user manual verbal request written instructions from meetings. |
Business and legislative requirements may include: | customer inventory payroll supplier tax requirements of the organisation and the taxation department. |
Disk may include: | internal and external storage devices, such as: CD DVD blu-ray universal serial bus (USB) flash drive. |
Accounting data may include: | balance sheets expenses profit and loss statements revenue. |
Financial reports may include: | balance sheets business activity statements profit and loss statements. |
Appropriate person may include: | authorised business representative client supervisor. |
Sectors
General ICT
Employability Skills
This unit contains employability skills.
Licensing Information
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement but users should confirm requirements with the relevant federal, state or territory authority.