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Evidence Guide: FNSICACC306B - 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

 

FNSICACC306B - 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
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:

 

 

 

 

 

 

 

Prepare journal

  1. Journal is accurate, complete and prepared within company timelines
Journal is accurate, complete and prepared within company timelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Authorise journal

  1. Journal is authorised in accordance with company policy and procedure
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
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:

 

 

 

 

 

 

 

File documentation

  1. Documentation is filed promptly and in accordance with company policy and procedures, industry and legislative requirements
  2. Filed documentation is easily accessible and traceable
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:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

EVIDENCE GUIDE

Assessment of performance requirements in the unit should be undertaken in an industry context. The Evidence Guide identifies the critical aspects, knowledge and skills to be demonstrated to confirm competency for the unit. Competency is demonstrated by performance of all stated criteria including the Range Statement applicable to the workplace.

Overview of assessment requirements

To achieve competency in this unit, a person must be able to demonstrate:

knowledge of organisational policies and procedures for processing journal entries

knowledge of industry and legislative requirements for processing journal entries

ability to check and verify supporting documentation

ability to prepare journals

ability to authorise journals

ability to enter data into organisational accounting systems

ability to check journal processing reports

ability to file documentation

Critical aspects of evidence

Evidence required for demonstration of consistent performance:

Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/relationship to other units:

This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.

Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Assessment requirements

Method of assessment:

For valid and reliable assessment of this unit, evidence must be gathered through a range of methods to indicate consistent performance.

Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:

Assessment of performance requirements in this unit should be undertaken within the financial services industry context and should cover aspects of personal/financial responsibility and accountability.

Aspects of competency, including the attainment of relevant knowledge and skills, may be assessed in a relevant workplace, a closely simulated work environment, or other appropriate means that clearly meet industry competency requirements.

Resources required for assessment:

Unless otherwise specified, there are no significant resource implications for assessment of this unit, apart from access to a relevant workplace or closely simulated office environment and the use of a range of office equipment, technology and consumables. These may include standard commercial computer hardware, software, telephones, facsimiles, and other relevant office equipment.

Required Skills and Knowledge

REQUIRED KNOWLEDGE&SKILLS

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