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Evidence Guide: FNSICACC306A - Process journal entries

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

 

FNSICACC306A - Process journal entries

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

Check and verify supporting documentation

  1. Supporting documentation is examined to establish accuracy and completeness
  2. Supporting documentation is examined to ensure authorisation by appropriate level
  3. Journal is accurate, complete and prepared within company timelines
  4. Journal is authorised in accordance with company policy and procedure
Supporting documentation is examined to establish accuracy and completeness

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Supporting documentation is examined to ensure authorisation by appropriate level

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Journal is accurate, complete and prepared within company timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Journal is authorised in accordance with company policy and procedure

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter data into system

  1. Data is entered into system accurately and in accordance with company input standards
  2. Transaction is correctly allocated to system and account
  3. Related systems are updated to maintain integrity of relationships between financial systems
  4. Data entry is undertaken in accordance with relevant health and safety requirements
Data is entered into system accurately and in accordance with company input standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Transaction is correctly allocated to system and account

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Related systems are updated to maintain integrity of relationships between financial systems

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Data entry is undertaken in accordance with relevant health and safety requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check journal processing report

  1. Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices
  2. Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures
  3. Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements
  4. Filed documentation is easily accessible and traceable
  5. This describes the essential skills and knowledge and their level, required for this unit.
Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Filed documentation is easily accessible and traceable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

This describes the essential skills and knowledge and their level, required for this unit.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Required Skills and Knowledge

This unit describes the functions involved in processing financial journal entries.

This unit replaces FNBFIN65A .

This unit requires the application of skills and knowledge required to process journal entries according to organisational, industry and legislative requirements.

The unit can be applied to all sectors of the financial services sector where the entering of journal entries is required. The unit has application to any job function where accounting or bookkeeping is an aspect of the job function.

Unit Sector

No sector assigned

ELEMENT

PERFORMANCE CRITERIA

1. Check and verify supporting documentation

1.1 Supporting documentation is examined to establish accuracy and completeness

1.2 Supporting documentation is examined to ensure authorisation by appropriate level

2. Prepare journal

2.1 Journal is accurate, complete and prepared within company timelines

3. Authorise journal

3.1 Journal is authorised in accordance with company policy and procedure

4. Enter data into system

4.1 Data is entered into system accurately and in accordance with company input standards

4.2 Transaction is correctly allocated to system and account

4.3 Related systems are updated to maintain integrity of relationships between financial systems

4.4 Data entry is undertaken in accordance with relevant health and safety requirements

5. Check journal processing report

5.1 Where appropriate, processing report is examined for accuracy and reconciled in accordance with relevant company policy and procedures, accounting principles and practices

5.2 Entries requiring alteration are identified and adjusting entries processed accurately in accordance with company policy and procedures

6. File documentation

6.1 Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements

6.2 Filed documentation is easily accessible and traceable

This describes the essential skills and knowledge and their level, required for this unit.

Knowledge requirements include:

• company policy and procedures

• knowledge or awareness of relevant acts and regulations

• legal systems and procedures

• industry codes of practice

• computer systems

• procedure writing

Skills requirements include:

• computerised spreadsheet and database

• data analysis and interpretation

• evaluative and general analytical skills

• negotiation and interpersonal skills

Range Statement

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that will affect performance.

The following variables may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts. If bold italicised text is shown in Performance Criteria, details of the text are provided in the Range Statement.

Supporting documentation may include information that supports the transaction such as:

• suspense reports

• reconciliations

Accurate and complete may mean:

• meaningful notation

• effective date specified

• correct allocation

• balanced transaction

Company policy and procedures may include:

• operations manuals

• internal control guidelines

• computer system documentation

Input standards may include:

• speed requirements

Industry and legislative requirements may cover:

• Australian Accounting Standards

• relevant Insurance Act

• Consumer Credit legislation

• Privacy Act

• Taxation Act

• industry codes of practice

• Australian Securities and Investments Commission (ASIC) Code

• Trade Practices Act

• Stamp Duties Act

• occupational health and safety (OH&S) acts and guidelines