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Evidence Guide: FNSACC301 - Process financial transactions and extract interim reports

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

 

FNSACC301 - Process financial transactions and extract interim reports

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

Check and verify supporting documentation

  1. Identify, check and record information from documents
  2. Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel
Identify, check and record information from documents

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and process banking and petty cash documents

  1. Enter accurately and balance deposits and withdrawals according to organisational procedures
  2. Check cheques and card vouchers for validity before processing
  3. Reconcile banking documentation with organisation’s financial records
  4. Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures
Enter accurately and balance deposits and withdrawals according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check cheques and card vouchers for validity before processing

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile banking documentation with organisation’s financial records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and process invoices for payment to creditors and for debtors

  1. Prepare invoices in accordance with organisational procedures
  2. Check invoices against source documents for accuracy and correct any errors
  3. File all invoices and related documents for auditing purposes
Prepare invoices in accordance with organisational procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check invoices against source documents for accuracy and correct any errors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File all invoices and related documents for auditing purposes

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and post journals and batch monetary items

  1. Prepare journals accurately and completely, and batch items within organisational timelines
  2. Match batch items precisely to initial receipt records
  3. Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures
Prepare journals accurately and completely, and batch items within organisational timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Match batch items precisely to initial receipt records

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Post journals to ledger

  1. Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts
Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter data into system

  1. Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts
  2. Update related systems to maintain integrity of relationships between financial systems
Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Update related systems to maintain integrity of relationships between financial systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare deposit facility and lodge flows

  1. Select deposit facility appropriate to banking method to be used
  2. Balance batch with deposit facility without error
  3. Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements
  4. Obtain and file proof of lodgement so that it is easily accessible and traceable
Select deposit facility appropriate to banking method to be used

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Balance batch with deposit facility without error

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain and file proof of lodgement so that it is easily accessible and traceable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Extract trial balance and interim reports

  1. Process accurately any special transactions
  2. Complete cash and credit journals and post to general ledger
  3. Extract and check trial balance and prepare other required reports
  4. Find and correct any errors
Process accurately any special transactions

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete cash and credit journals and post to general ledger

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Extract and check trial balance and prepare other required reports

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Find and correct any errors

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. Check and verify supporting documentation

1.1 Identify, check and record information from documents

1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2. Prepare and process banking and petty cash documents

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures

2.2 Check cheques and card vouchers for validity before processing

2.3 Reconcile banking documentation with organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

3. Prepare and process invoices for payment to creditors and for debtors

3.1 Prepare invoices in accordance with organisational procedures

3.2 Check invoices against source documents for accuracy and correct any errors

3.3 File all invoices and related documents for auditing purposes

4. Prepare and post journals and batch monetary items

4.1 Prepare journals accurately and completely, and batch items within organisational timelines

4.2 Match batch items precisely to initial receipt records

4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

5. Post journals to ledger

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

6. Enter data into system

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

6.2 Update related systems to maintain integrity of relationships between financial systems

7. Prepare deposit facility and lodge flows

7.1 Select deposit facility appropriate to banking method to be used

7.2 Balance batch with deposit facility without error

7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

8. Extract trial balance and interim reports

8.1 Process accurately any special transactions

8.2 Complete cash and credit journals and post to general ledger

8.3 Extract and check trial balance and prepare other required reports

8.4 Find and correct any errors

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. Check and verify supporting documentation

1.1 Identify, check and record information from documents

1.2 Examine supporting documentation to establish accuracy and completeness and to ensure authorisation by appropriate personnel

2. Prepare and process banking and petty cash documents

2.1 Enter accurately and balance deposits and withdrawals according to organisational procedures

2.2 Check cheques and card vouchers for validity before processing

2.3 Reconcile banking documentation with organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

3. Prepare and process invoices for payment to creditors and for debtors

3.1 Prepare invoices in accordance with organisational procedures

3.2 Check invoices against source documents for accuracy and correct any errors

3.3 File all invoices and related documents for auditing purposes

4. Prepare and post journals and batch monetary items

4.1 Prepare journals accurately and completely, and batch items within organisational timelines

4.2 Match batch items precisely to initial receipt records

4.3 Ensure journals are authorised by appropriate person and process in accordance with organisational policy and procedures

5. Post journals to ledger

5.1 Post journals accurately to ledger in accordance with organisational input standards, with transactions correctly allocated to system and accounts

6. Enter data into system

6.1 Enter data accurately into system in accordance with organisational input standards and correctly allocate transactions to system and accounts

6.2 Update related systems to maintain integrity of relationships between financial systems

7. Prepare deposit facility and lodge flows

7.1 Select deposit facility appropriate to banking method to be used

7.2 Balance batch with deposit facility without error

7.3 Take security and safety precautions appropriate to method of banking, in accordance with organisational policy and industry and legislative requirements

7.4 Obtain and file proof of lodgement so that it is easily accessible and traceable

8. Extract trial balance and interim reports

8.1 Process accurately any special transactions

8.2 Complete cash and credit journals and post to general ledger

8.3 Extract and check trial balance and prepare other required reports

8.4 Find and correct any errors