Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the functions involved in preparation and processing of routine financial documents, preparing journal entries, posting journals to ledgers, preparing, banking and reconciling financial receipts, and extracting a trial balance and interim reports. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so the varying Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
The unit can be applied to all sectors of the financial services sector and to job roles such as account clerks and bookkeepers. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Check and verify supporting documentation |
1.1. Information from documents is identified, checked and recorded 1.2. Supporting documentation is examined to establish accuracy and completeness and to ensure authorisation by appropriate personnel |
2. Prepare and process banking and petty cash documents |
2.1. Deposits and withdrawals are accurately entered and balanced according to organisational procedures 2.2. Cheques and card vouchers are checked for validity before processing 2.3. Banking documentation is reconciled with organisation's financial records 2.4. Petty cash claims and vouchers are checked, processed and recorded and the petty cash book is balanced according to organisational procedures |
3. Prepare and process invoices for payment to creditors and for debtors |
3.1. Invoices are prepared in accordance with organisational procedures 3.2. Invoices are checked against source documents for accuracy and any errors corrected 3.3. All invoices and related documents are filed for auditing purposes |
4. Prepare journals and batch monetary items |
4.1. Journals are prepared accurately and completely and items batched within organisational timelines 4.2. Batch items are precisely matched to initial receipt records 4.3. Journals are authorised in accordance with organisational policy and procedures |
5. Post journals to ledger |
5.1. Journals are posted to ledger accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts |
6. Enter data into system |
6.1. Data is entered into system accurately and in accordance with organisation input standards with transactions correctly allocated to system and accounts 6.2. Related systems are updated to maintain the integrity of relationships between financial systems |
7. Prepare deposit facility and lodge flows |
7.1. A deposit facility is selected appropriate to the banking method to be used 7.2. Batch is balanced with deposit facility without error 7.3. Security and safety precautions are taken appropriate to the method of banking in accordance with organisational policy and industry and legislative requirements 7.4. Proof of lodgement is obtained and filed so that it is easily accessible and traceable |
8. Extract a trial balance and interim reports |
8.1. Any special transactions are processed accurately 8.2. Cash and credit journals are completed and posted to general ledger 8.3. A trial balance is extracted and checked and other required reports prepared 8.4. Any errors are found and corrected |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that 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) may also be included. |
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Information includes: |
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Documents may include: |
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Supporting documentation may include information that supports the transaction such as: |
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Validity may include: |
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Journals may include: |
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Preparing journals accurately and completely means: |
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Batch items are: |
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Organisational policy and procedures may include: |
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Deposit facilities may include: |
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Banking methods include: |
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Security and safety precautions may include: |
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Industry and legislative requirements may cover: |
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Proof of lodgement may include: |
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Special transactions may include: |
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Reports may include: |
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Errors may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |