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Unit of competency details

BSBFIA301 - Maintain financial records (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBFIA301A - Maintain financial recordsUpdated to meet Standards for Training Packages Minor edits to clarify meaning of performance criteria 24/Mar/2015
Is superseded by BSBFIN302 - Maintain financial records 18/Oct/2020

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Training packages that include this unit

CodeSort Table listing Training packages that include this unit by the Code columnTitleSort Table listing Training packages that include this unit by the Title columnRelease
CHC - Community ServicesCommunity Services 3.0-3.3 
MSF - Furnishing Training PackageFurnishing Training Package 2.0-5.0 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.6 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-4.0 
FWP - Forest and Wood Products Training PackageForest and Wood Products Training Package 2.0-3.0,4.0-5.0 
TLI - Transport and Logistics Training PackageTransport and Logistics Training Package 6.0-7.0 
AHC - Agriculture, Horticulture and Conservation and Land Management Training PackageAgriculture, Horticulture and Conservation and Land Management Training Package 1.0-1.1,2.0-3.0,4.0-5.0 
RGR - Racing and Breeding Training PackageRacing and Breeding Training Package 2.0-3.1 
SFL - Floristry Training PackageFloristry Training Package 1.0 
CUA - Creative Arts and Culture Training PackageCreative Arts and Culture Training Package 2.0-4.1 
SIF - Funeral ServicesFuneral Services 2.1 
CPP - Property Services Training PackageProperty Services Training Package 4.0-10.3 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 2.0-4.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-6.1 
SIT - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-1.2 
AUR - Automotive Retail, Service and Repair Training PackageAutomotive Retail, Service and Repair Training Package 3.0,4.0-5.0 
ACM - Animal Care and Management Training PackageAnimal Care and Management Training Package 2.0-3.0 
HLT - HealthHealth 2.0-4.3 

Qualifications that include this unit

CodeSort Table listing Qualifications that include this unit by the Code columnTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SFL40115 - Certificate IV in FloristryCertificate IV in Floristry
MSF31018 - Certificate III in Interior Decoration Retail ServicesCertificate III in Interior Decoration Retail Services1-2 
AHC30116 - Certificate III in AgricultureCertificate III in Agriculture1-5 
ACM40818 - Certificate IV in FarrieryCertificate IV in Farriery
BSB30815 - Certificate III in RecordkeepingCertificate III in Recordkeeping1-3 
CUA40213 - Certificate IV in Community CultureCertificate IV in Community Culture2-4 
BSB30315 - Certificate III in Micro Business OperationsCertificate III in Micro Business Operations1-4 
BSB31115 - Certificate III in Business Administration (Medical)Certificate III in Business Administration (Medical)1-2 
RGR40218 - Certificate IV in Racing (Jockey)Certificate IV in Racing (Jockey)
CPP30711 - Certificate III in Waste ManagementCertificate III in Waste Management
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  30/Jul/2015 
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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 daily financial records such as reconciling debtors’ and creditors’ systems, preparing and maintaining a general ledger and trial balance and includes activities associated with monitoring cash control for accounting purposes.

It applies to individuals who are skilled operators and apply a broad range of competencies in various work contexts and may exercise discretion and judgement using appropriate theoretical knowledge of financial records.

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 Maintain daily financial records

1.1 Correctly maintain daily financial records in accordance with organisational and legislative requirements for accounting purposes

1.2 Identify and rectify or refer discrepancies or errors in documentation or transactions to designated persons in accordance with organisational and legislative requirements

1.3 Accurately credit and debit transactions and promptly enter into journals in accordance with organisational and legislative requirements

2 Maintain general ledger

2.1 Maintain general ledger in accordance with organisational and legislative requirements

2.2 Post transactions into general ledger in accordance with organisational and legislative reporting requirements

2.3 Reconcile systems for accounts payable and receivable with general ledger

2.4 Accurately prepare trial balance from general ledger in accordance with organisational and legislative requirements

3 Monitor cash control

3.1 Ensure cash flow is accurately accounted for in accordance with organisational and legislative requirements

3.2 Make and receive payments in accordance with organisational and legislative requirements

3.3 Collect or follow up outstanding accounts within designated timelines

3.4 Check payment documentation for accuracy of information and despatch to creditors within designated timeline

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, 2.1-2.4, 3.1-3.4

  • Recognises and interprets numerical and textual information to determine and complete required activities

Writing

1.3, 2.1-2.4, 3.1-3.4

  • Integrates data from different sources and records numerical information in a format appropriate to context and purpose of material
  • Prepares clear and detailed information and instructions using format, structure and tone suitable to audience

Oral Communication

1.2, 3.2, 3.3

  • Explains financial issues and requirements clearly, using facts and examples, and uses listening and questioning techniques to obtain sequenced instructions

Numeracy

1.1-1.3, 2.1-2.4, 3.1-3.4

  • Uses a limited range of mathematical calculations to reconcile amounts using whole numbers and decimals and arrange/compare numerical information

Navigate the world of work

1.1-1.3, 2.1-2.4, 3.1-3.3

  • Recognises, understands and monitors adherence to legislative and organisational requirements in undertaking own work

Interact with others

3.3, 3.4

  • Understands the importance of using appropriate practices and protocols when handling confidential information

Get the work done

1.1-1.3, 2.1-2.4, 3.1-3.4

  • Takes responsibility for own workload and monitors adherence to specified goals and timelines
  • Uses digital technologies to access, record, store, organise and compile data as required

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBFIA301 Maintain financial records

BSBFIA301A Maintain financial records

Updated to meet Standards for Training Packages

Minor edits to clarify meaning of performance criteria

Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with Business Services Training Package Version 1.0.

Performance Evidence

Evidence of the ability to:

  • maintain daily transactions and identify and respond to discrepancies and errors
  • transfer and record financial data accurately
  • reconcile expenditures and revenue in a timely manner.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • identify the key provisions of relevant legislation, codes of practice and national standards that may affect financial record keeping
  • discuss organisational policies and procedures relating to maintaining financial records
  • define credits/creditors and debits/debtors
  • describe principles of double entry bookkeeping and accrual accounting
  • identify methods of presenting financial data.

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial administration field of work and include access to:

  • office equipment and resources
  • computer equipment and relevant software
  • examples of source documents relating to financial record keeping
  • case studies and, where possible, real situations.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10