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Evidence Guide: BSBFIA303 - Process accounts payable and receivable

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

 

BSBFIA303 - Process accounts payable and receivable

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

Maintain financial journal systems

  1. Check source documents for accuracy and appropriate authorisation
  2. Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures
  3. Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements
  4. Total credit journals in accordance with organisational policy and procedures
Check source documents for accuracy and appropriate authorisation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Total credit journals in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare bank reconciliations

  1. Check cash journals against bank statements to identify differences
  2. Update cash journals with relevant data from bank statement/s
  3. Identify discrepancies and refer to appropriate staff member, organisation or agency
  4. Total cash journals in accordance with organisational policy and procedures
  5. Prepare regular reconciliation reports within designated timelines
Check cash journals against bank statements to identify differences

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update cash journals with relevant data from bank statement/s

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify discrepancies and refer to appropriate staff member, organisation or agency

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Total cash journals in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare regular reconciliation reports within designated timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Maintain accounts payable and accounts receivable systems

  1. Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements
  2. Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements
  3. Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements
Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Process payments for accounts payable

  1. Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures
  2. Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements
Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare statements for accounts receivable

  1. Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures
  2. Rectify discrepancies and statements despatched within designated timelines
Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Rectify discrepancies and statements despatched within designated timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Follow up outstanding accounts

  1. Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation
  2. Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements
  3. Report or follow up outstanding accounts in accordance with organisational policy and procedures
  4. Monitor and review credit terms in accordance with credit policy and procedures
Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Report or follow up outstanding accounts in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Monitor and review credit terms in accordance with credit policy and procedures

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 financial journal systems

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

2 Prepare bank reconciliations

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

3 Maintain accounts payable and accounts receivable systems

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

4 Process payments for accounts payable

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

5 Prepare statements for accounts receivable

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

6 Follow up outstanding accounts

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures

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 financial journal systems

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

2 Prepare bank reconciliations

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

3 Maintain accounts payable and accounts receivable systems

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

4 Process payments for accounts payable

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

5 Prepare statements for accounts receivable

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

6 Follow up outstanding accounts

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures