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Evidence Guide: THHGFA02B - Maintain financial records

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

 

THHGFA02B - Maintain financial records

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

Post transactions

  1. Interpret source documents accurately in preparation for entering transaction.
  2. Identify any irregularities in documentation promptly and take action to resolve within scope of individual responsibility and designated timelines.
  3. Check or obtain correct authorisation for entry.
  4. Select correct account and journal for intended entry.
  5. Enter credit and debit transactions into journals accurately, including correct allocation of all amounts, within designated timelines.
  6. Support journal entries with explanation and cross-referencing to support documentation where necessary
  7. Cross-check source documentation with entered transaction to ensure matching.
  8. File source documents in the correct location and in accordance with enterprise procedures.
Interpret source documents accurately in preparation for entering transaction.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify any irregularities in documentation promptly and take action to resolve within scope of individual responsibility and designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check or obtain correct authorisation for entry.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Select correct account and journal for intended entry.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Enter credit and debit transactions into journals accurately, including correct allocation of all amounts, within designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Support journal entries with explanation and cross-referencing to support documentation where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Cross-check source documentation with entered transaction to ensure matching.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

File source documents in the correct location and in accordance with enterprise procedures.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Reconcile transactions to a balance

  1. Check documentation and balances accurately to ensure matching.
  2. Where appropriate, use reconciliation features of computerised systems correctly to assist the reconciliation process.
  3. Investigate and clear outstanding entries accurately and promptly.
  4. Identify, investigate or report discrepancies in accordance with scope of individual responsibility.
  5. Finalise reconciliations accurately and within designated timelines.
Check documentation and balances accurately to ensure matching.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Where appropriate, use reconciliation features of computerised systems correctly to assist the reconciliation process.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate and clear outstanding entries accurately and promptly.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, investigate or report discrepancies in accordance with scope of individual responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Finalise reconciliations accurately and within designated timelines.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Retrieve financial information

  1. Interrogate financial records correctly to identify required information.
  2. Generate and distribute relevant financial information or reports at designated times and in accordance with requests from colleagues.
  3. Check financial reports for accuracy prior to distribution.
  4. Identify, investigate or report discrepancies in accordance with scope of individual responsibility.
Interrogate financial records correctly to identify required information.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Generate and distribute relevant financial information or reports at designated times and in accordance with requests from colleagues.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Check financial reports for accuracy prior to distribution.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, investigate or report discrepancies in accordance with scope of individual responsibility.

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

Essential Knowledge and Skills to be Assessed

The following knowledge and skills must be assessed as part of this unit:

features of financial record keeping systems relevant to the industry sector or enterprise

the bookkeeping cycle relevant to a particular industry sector or enterprise

principles of bookkeeping and general understanding of bookkeeping terminology including chart of accounts, reporting period, ledgers, double-entry, debits, credits, debtors, creditors, income, expenditure, receipts, disbursements, transactions, journals, accounts, reconciliations, unpresented cheques, bank charges, direct debits and credits

the impact of GST on the bookkeeping process in the relevant industry context, including the types of transactions that attract GST or are GST exempt and the reporting requirements for GST for different businesses

bookkeeping terminology of specific relevance to the industry sector or enterprise

income and expenditure types relevant to a particular industry sector or enterprise

the nature of source documents relevant to a particular industry sector or enterprise.

Linkages to Other Units

This unit is linked to other operational units and combined training and assessment may be appropriate. The operational and service units would vary depending upon the industry context but may include units such as:

THHBFO2B Provide accommodation reception services

Critical Aspects of Assessment

Evidence of the following is critical:

understanding of financial record-keeping processes as they apply to a particular industry sector or enterprise

ability to maintain accurate records within acceptable enterprise timeframes and in accordance with enterprise requirements

ability to complete accurate reconciliations and resolve routine bookkeeping problems within enterprise-acceptable timeframes.

Context of Assessment and Resource Implications

Assessment must ensure:

use of industry-current accounting systems

posting of multiple transactions of different types over a period of time to reflect the typical trading/reporting period within a given sector or enterprise

completion of reconciliations which include data of a size, scope and nature to reflect current industry practice

generation of financial information and routine reports which reflects current industry format and practices

presence of time constraints that reflect the relevant industry environment

integration of problem-solving (eg. identifying and resolving errors in reports)

Assessment Methods

Assessment methods must be chosen to ensure that skills in maintaining financial records can be practically demonstrated. Methods must include assessment of knowledge as well as assessment of practical skills.

The following examples are appropriate for this unit:

direct observation of the candidate using a system to post transactions

review of the accuracy of reconciliations, financial records or reports prepared by the candidate

review of documentation used or prepared by the candidate to prepare financial records

problem-solving exercises to address typical bookkeeping errors and problems

review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate.

Key Competencies in this Unit

Key Competencies are an integral part of all workplace competencies. The table below describes those applicable to this unit. Trainers and assessors should ensure that they are addressed in training and assessment.

Level 1 = Perform Level 2 = Administer and Manage Level 3 = Design and Evaluate

Key Competencies

Collecting, Organising and Analysing Information

For example:

Collating source documentation ready for system entry (1)

Communicating Ideas and Information

For example:

Providing an update to management on the status of a particular account (1)

Planning and Organising Activities

For example:

Filing documentation (1)

Working with Others and in Teams

For example:

Checking with a colleague on a bookkeeping issue (1)

Using Mathematical Ideas and Techniques

For example:

Entering amounts accurately into the accounting system (1)

Solving Problems

For example:

Investigating a discrepancy on a source document (1)

Using Technology

For example:

Generating reports from the accounting system (1)

Essential Knowledge and Skills to be Assessed

The following knowledge and skills must be assessed as part of this unit:

features of financial record keeping systems relevant to the industry sector or enterprise

the bookkeeping cycle relevant to a particular industry sector or enterprise

principles of bookkeeping and general understanding of bookkeeping terminology including chart of accounts, reporting period, ledgers, double-entry, debits, credits, debtors, creditors, income, expenditure, receipts, disbursements, transactions, journals, accounts, reconciliations, unpresented cheques, bank charges, direct debits and credits

the impact of GST on the bookkeeping process in the relevant industry context, including the types of transactions that attract GST or are GST exempt and the reporting requirements for GST for different businesses

bookkeeping terminology of specific relevance to the industry sector or enterprise

income and expenditure types relevant to a particular industry sector or enterprise

the nature of source documents relevant to a particular industry sector or enterprise.

Linkages to Other Units

This unit is linked to other operational units and combined training and assessment may be appropriate. The operational and service units would vary depending upon the industry context but may include units such as:

THHBFO2B Provide accommodation reception services

Critical Aspects of Assessment

Evidence of the following is critical:

understanding of financial record-keeping processes as they apply to a particular industry sector or enterprise

ability to maintain accurate records within acceptable enterprise timeframes and in accordance with enterprise requirements

ability to complete accurate reconciliations and resolve routine bookkeeping problems within enterprise-acceptable timeframes.

Context of Assessment and Resource Implications

Assessment must ensure:

use of industry-current accounting systems

posting of multiple transactions of different types over a period of time to reflect the typical trading/reporting period within a given sector or enterprise

completion of reconciliations which include data of a size, scope and nature to reflect current industry practice

generation of financial information and routine reports which reflects current industry format and practices

presence of time constraints that reflect the relevant industry environment

integration of problem-solving (eg. identifying and resolving errors in reports)

Assessment Methods

Assessment methods must be chosen to ensure that skills in maintaining financial records can be practically demonstrated. Methods must include assessment of knowledge as well as assessment of practical skills.

The following examples are appropriate for this unit:

direct observation of the candidate using a system to post transactions

review of the accuracy of reconciliations, financial records or reports prepared by the candidate

review of documentation used or prepared by the candidate to prepare financial records

problem-solving exercises to address typical bookkeeping errors and problems

review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate.

Key Competencies in this Unit

Key Competencies are an integral part of all workplace competencies. The table below describes those applicable to this unit. Trainers and assessors should ensure that they are addressed in training and assessment.

Level 1 = Perform Level 2 = Administer and Manage Level 3 = Design and Evaluate

Key Competencies

Collecting, Organising and Analysing Information

For example:

Collating source documentation ready for system entry (1)

Communicating Ideas and Information

For example:

Providing an update to management on the status of a particular account (1)

Planning and Organising Activities

For example:

Filing documentation (1)

Working with Others and in Teams

For example:

Checking with a colleague on a bookkeeping issue (1)

Using Mathematical Ideas and Techniques

For example:

Entering amounts accurately into the accounting system (1)

Solving Problems

For example:

Investigating a discrepancy on a source document (1)

Using Technology

For example:

Generating reports from the accounting system (1)

Required Skills and Knowledge

Not applicable.

Range Statement

This unit applies to all tourism and hospitality sectors. The following explanations identify how this unit may be applied in different workplaces, tourism sectors and circumstances.

Financial recording and bookkeeping systems may be manual or computerised.

Source documents may include:

cheques

deposit books

cheque requisitions

tax invoices

credit notes

expense vouchers

petty cash vouchers

bank statements.

Transactions may relate to:

cash receipts

cash payments

petty cash

sales

refunds

rebates

interest expenses or interest received

direct debits and credits

returns and allowances journals

bad debts journal

main, general journal

payroll journal.

Reconciliations may relate to:

single system reconciliations

creditor statements

petty cash

foreign currency

bank reconciliations

guest accounts

travel files

taxation.

Routine financial reports may relate to:

period reports on receipts or disbursements

account summaries

short term trading information

GST paid or received.

This unit applies to all tourism and hospitality sectors. The following explanations identify how this unit may be applied in different workplaces, tourism sectors and circumstances.

Financial recording and bookkeeping systems may be manual or computerised.

Source documents may include:

cheques

deposit books

cheque requisitions

tax invoices

credit notes

expense vouchers

petty cash vouchers

bank statements.

Transactions may relate to:

cash receipts

cash payments

petty cash

sales

refunds

rebates

interest expenses or interest received

direct debits and credits

returns and allowances journals

bad debts journal

main, general journal

payroll journal.

Reconciliations may relate to:

single system reconciliations

creditor statements

petty cash

foreign currency

bank reconciliations

guest accounts

travel files

taxation.

Routine financial reports may relate to:

period reports on receipts or disbursements

account summaries

short term trading information

GST paid or received.