Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to modify and operate an integrated computerised accounting system. This is generally under supervision and encompasses processing transactions within the system, maintaining the system, producing reports and ensuring system integrity.
It applies to individuals who within their area of responsibility use specialised knowledge, information technology and coordination skills to establish and maintain an organisational system.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Accounting
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. Implement integrated accounting system |
1.1 Implement general ledger, chart of accounts and subsidiary accounts in accordance with organisational requirements, procedures and policy 1.2 Set up customers, suppliers and inventory items in system to meet organisational requirements and reporting requirements of goods and services tax (GST) 1.3 Use appropriate technical help to solve any operational problems |
2. Process transactions within system |
2.1 Collate, code and classify input data before processing 2.2 Process wide range of cash and credit transactions in service and trading environment 2.3 Use general journal to make any balance day adjustments for prepayments and accruals 2.4 Regularly review system output to verify accuracy of data input and make adjustments for any detected processing errors 2.5 Perform end of financial year rollover |
3. Maintain system |
3.1 Add any new general ledger accounts, customer, supplier, inventory and fixed asset records as required 3.2 Maintain and update existing chart of accounts, customer, supplier, inventory and fixed asset records and subsidiary accounts 3.3 Customise chart of accounts to meet reporting requirements of organisation |
4. Produce reports |
4.1 Generate reports to indicate financial performance and financial position of organisation and for GST purposes as required or requested 4.2 Generate reports to ensure that subsidiary ledgers and accounts reconcile with general ledger 4.3 Generate reports, which ensure that bank account reconciles with bank statement, over at least two reporting periods |
5. Ensure system integrity |
5.1 Regularly back-up system to ensure against loss or corruption of data 5.2 Restore data from back-ups in event of loss or corruption of current data 5.3 Maintain secure record of all processed transactions for audit purposes |
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, 1.2, 2.1, 2.4, 3.1, 4.1-4.3 |
|
Writing |
1.2, 3.1, 3.2 |
|
Oral Communication |
1.3 |
|
Numeracy |
1.1, 2.1-2.5 |
|
Navigate the world of work |
1.1, 1.2 |
|
Get the work done |
1.1-1.3, 2.1-2.5, 3.1-3.3, 4.1-4.3, 5.1-5.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSACC406 Set up and operate a computerised accounting system |
FNSACC406A Set up and operate a computerised accounting system |
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=c7200cc8-0566-4f04-b76f-e89fd6f102fe