Unit of competency
Modification History
|
Release |
TP Version |
Comment |
|
1 |
AHCv1.0 |
Initial release |
Application
This unit of competency describes the skills and knowledge required to keep primary production financial records such as invoices and other related documents in accordance with workplace requirements for taxation and auditing purposes.
All work must be carried out to comply with workplace procedures, work health and safety legislation and codes.
This unit applies to individuals who work under broad direction and take responsibility for their own work. They must use discretion and judgement in the selection and use of available resources.
No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Pre-requisite Unit
Nil.
Unit Sector
Agribusiness (AGB)
Elements and Performance Criteria
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Element |
Performance criteria |
|
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
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1. Undertake farm office procedures |
1.1 List the functions to be performed in the rural office 1.2 Design a rural office and identify and assess appropriate office furniture and equipment 1.3 Process and sort incoming mail 1.4 Maintain, update and store records in accordance with organisational requirements 1.3 Use and maintain business equipment and technology in accordance with organisational and Work Health and Safety (WHS) requirements |
|
2. Establish and maintain a petty cash system |
2.1 Identify transactions that are eligible for inclusion in the petty cash system 2.2 Check petty cash claims and vouchers for accuracy and authenticity 2.3 Process and record petty cash transactions 2.4 Balance petty cash book |
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3. Establish and maintain a cash book in accordance with organisational requirements |
3.1 Create a manual or computerised cashbook and a chart of accounts to record financial the transactions of the business 3.2 Check documentation relating to financial transactions for validity 3.3 Record details of income and expenditure transactions in the cashbook 3.4 Reconcile cashbook balances with bank and creditor statements 3.5 Use cashbook balances to complete legislative reporting requirements 3.6 Prepare cash flow statements on the basis of summarised cashbook entries |
|
4. Reconcile invoices for payment to creditors |
4.1 Identify, report and rectify adjustments and errors 4.2 Process invoices and make payments |
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5. Prepare invoices for debtors |
5.1 Prepare invoices accurately and, if required, distribute to nominated person for verification before despatch 5.2 Make adjustments as required following advice from the nominated person |
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6. Maintain financial records |
6.1 Copy and file invoices and other related documents required for taxation and auditing purposes 6.2 Implement processes to archive historical documents 6.3 Implement processes to properly destroy redundant documents. |
Foundation Skills
Foundation Skills essential to performance are explicit in the performance criteria of this unit of competency.
Range of Conditions
Unit Mapping Information
No equivalent unit.
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c6399549-9c62-4a5e-bf1a-524b2322cf72
