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Evidence Guide: FNSACC302 - Administer subsidiary accounts and ledgers

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

 

FNSACC302 - Administer subsidiary accounts and ledgers

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

Review accounts receivable process

  1. Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness
  2. Identify and accurately record incorrect entries according to type and source of receipt
  3. Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines
  4. Amend receipts entered into accounts receivable system according to established procedures
Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and accurately record incorrect entries according to type and source of receipt

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Amend receipts entered into accounts receivable system according to established procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify bad and doubtful debts

  1. Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources
  2. Verify bad or doubtful debt status through liaison with debtors
  3. Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines
Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Verify bad or doubtful debt status through liaison with debtors

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review compliance with terms and conditions and plan recovery action

  1. Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies
  2. Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy
  3. Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted
  4. Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines
Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare reports and file documentation

  1. Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties
  2. Promptly file documentation in accordance with organisational policy and procedures
Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Promptly file documentation in accordance with organisational policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute creditor invoices for authorisation

  1. Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly
  2. Request authorisation for payment from appropriate personnel
Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Request authorisation for payment from appropriate personnel

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Remit payments to creditors

  1. Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against
  2. Debit correct account in timely manner and in accordance with legislative and compliance requirements
  3. Prepare creditor payments in accurate manner
Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Debit correct account in timely manner and in accordance with legislative and compliance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare creditor payments in accurate manner

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare accounts paid report and reconcile balances outstanding

  1. Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management
  2. Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received
Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

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. Review accounts receivable process

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

2. Identify bad and doubtful debts

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

3. Review compliance with terms and conditions and plan recovery action

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

4. Prepare reports and file documentation

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with organisational policy and procedures

5. Distribute creditor invoices for authorisation

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

5.2 Request authorisation for payment from appropriate personnel

6. Remit payments to creditors

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

7. Prepare accounts paid report and reconcile balances outstanding

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

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. Review accounts receivable process

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

2. Identify bad and doubtful debts

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

3. Review compliance with terms and conditions and plan recovery action

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

4. Prepare reports and file documentation

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with organisational policy and procedures

5. Distribute creditor invoices for authorisation

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

5.2 Request authorisation for payment from appropriate personnel

6. Remit payments to creditors

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

7. Prepare accounts paid report and reconcile balances outstanding

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

Evidence of the ability to:

monitor accounts, following organisational policy and procedures and industry compliance requirements

identify bad and doubtful debts in a timely manner

plan effective recovery actions

follow bank account reconciliation processes

use relevant data entry systems accurately.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and describe the key features of:

accounting principles and practices

accounting systems

bank account reconciliation processes

describe how bad or doubtful debts are identified

describe the key requirements of:

legal systems and procedures

relevant legislation or regulations

industry codes of practice

industry compliance requirements

outline the key requirements of organisational policy and procedures relating to reconciling and monitoring financial accounts

describe measures to collect monies and features of recovery plans

explain the features and uses of financial spreadsheets.