Application
This unit describes the skills and knowledge required to operate common accounting software packages in order to maintain enterprise financial records.
It applies to individuals working with little supervision who use information and communications technology (ICT) skills and knowledge to support the financial area within a small to large office environment.
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. 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 |
Evidence of Performance
Evidence of the ability to:
load and configure accounting software
create and maintain enterprise financial records as per business and legislative requirements
record and track transactions
back up data
reconcile accounts and generate reports.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
discuss basic accounting concepts, including:
assets
cost of sales
creditors
debtors
equity
expenses
income
liabilities
identify basic accounting devices, including:
accounts
chequebook register
general ledger
invoices
purchases
sales journals
transaction journals
outline current legislative requirements relating to enterprise requirements, including:
goods and services tax
income tax rates
pay as you go
superannuation
discuss the features and functions of common accounting reports, including:
balance sheet
business activity statements
chart of accounts
profit and loss
outline the features and functions of common accounting software.
Assessment Conditions
Gather evidence to demonstrate consistent performance in conditions that are safe and replicate the workplace. Noise levels, production flow, interruptions and time variances must be typical of those experienced in the general information and communications technology (ICT) industry, and include access to:
a printer and personal computer (PC) with appropriate specifications to run the software
industry standard commercial accounting applications
documents detailing business requirements
legislative requirements if required.
Assessors must satisfy NVR/AQTF assessor requirements.
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, 5.3, 5.4 | Identifies and interprets textual and numerical financial information necessary to maintain organisational accounting records Interprets textual information from relevant sources to identify the most appropriate software to use, and business and legislative requirements |
Oral Communication | 1.1, 1.2, 2.1, 5.4 | Uses plain English, effective listening and questioning techniques and, where necessary, finance specific terminology to elicit information and discuss issues |
Numeracy | 2.1-2.6, 3.1-3.5, 5.1-5.4 | Interprets numerical information containing whole numbers, decimals and percentages, and applies a range of mathematical calculations to ensure organisational financial requirements are met |
Navigate the world of work | 2.1 | Appreciates the implications of legal and regulatory responsibilities related to own work |
Get the work done | 1.1, 1.2, 2.2- 2.6, 3.1-3.5, 4.1, 4.2, 5.1, 5.4 | Plans a range of routine and some non-routine tasks, accepting stated goals and aiming to achieve them efficiently Understands the purpose, specific functions and key features of common digital systems and tools, and operates them effectively to complete routine tasks Uses familiar digital systems and tools to access, organise, analyse and display information relevant to role |
Sectors
General ICT