Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to maintain a computerised or manual general ledger system within an organisation, including processing journal entries and preparing a trial balance.
It applies to individuals employed in a range of work environments with responsibility for simple accounting functions within an organisation. They may work as individuals providing administrative support within an enterprise, or may be other members of staff with delegated responsibilities relating to general ledger maintenance.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Finance – Financial Administration
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1 Process journal entries |
1.1 Prepare general journal entries from source journals in accordance with accounting requirements, organisational policy, procedures and legislative accounting standards 1.2 Post journal entries into general ledger system in accordance with organisational policy, procedures and accounting standards 1.3 Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger 1.4 Ensure processing maintains the accounting equation and is completed within designated timelines |
2 Prepare a trial balance |
2.1 Prepare trial balance of general ledger system in accordance with organisational requirements and accounting standards, and ensure it is checked for accuracy 2.2 Identify and rectify irregularities or refer them for resolution when trial balance does not balance, in accordance with organisational policy and procedures |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.3, 2.1, 2.2 |
|
Writing |
1.1-1.3, 2.1, 2.2 |
|
Oral Communication |
2.2 |
|
Numeracy |
1.1-1.3, 2.1, 2.2 |
|
Navigate the world of work |
1.1, 1.2, 2.1, 2.2 |
|
Interact with others |
2.2 |
|
Get the work done |
1.1-1.4, 2.1, 2.2 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBFIA304 Maintain a general ledger |
BSBFIA304A Maintain a general ledger |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10