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Evidence Guide: BSBFIA301 - Maintain financial records

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBFIA301 - Maintain financial records

What evidence can you provide to prove your understanding of each of the following citeria?

Maintain daily financial records

  1. Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes
  2. Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements
  3. Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements
Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Maintain general ledger

  1. Maintain general ledger in accordance with organisational and legislative requirements
  2. Post transactions into general ledger in accordance with organisational and legislative reporting requirements
  3. Reconcile systems for accounts payable and receivable with general ledger
  4. Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements
Maintain general ledger in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Post transactions into general ledger in accordance with organisational and legislative reporting requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Reconcile systems for accounts payable and receivable with general ledger

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Monitor cash control

  1. Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements
  2. Make and receive payments in accordance with organisational and legislative requirements
  3. Collect or follow up outstanding accounts within designated timelines
  4. Check payment documentation for accuracy of information and despatch to creditors within designated timeline
Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Make and receive payments in accordance with organisational and legislative requirements

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Collect or follow up outstanding accounts within designated timelines

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Check payment documentation for accuracy of information and despatch to creditors within designated timeline

Completed
Date:

Teacher:
Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Maintain daily financial records

1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

2 Maintain general ledger

2.1 Maintain general ledger in accordance with organisational and legislative requirements

2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements

2.3 Reconcile systems for accounts payable and receivable with general ledger

2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

3 Monitor cash control

3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

3.2 Make and receive payments in accordance with organisational and legislative requirements

3.3 Collect or follow up outstanding accounts within designated timelines

3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1 Maintain daily financial records

1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

2 Maintain general ledger

2.1 Maintain general ledger in accordance with organisational and legislative requirements

2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements

2.3 Reconcile systems for accounts payable and receivable with general ledger

2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

3 Monitor cash control

3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

3.2 Make and receive payments in accordance with organisational and legislative requirements

3.3 Collect or follow up outstanding accounts within designated timelines

3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline