Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Maintain financial journal systems

1.1 Check source documents for accuracy and appropriate authorisation

1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures

1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements

1.4 Total credit journals in accordance with organisational policy and procedures

2 Prepare bank reconciliations

2.1 Check cash journals against bank statements to identify differences

2.2 Update cash journals with relevant data from bank statement/s

2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency

2.4 Total cash journals in accordance with organisational policy and procedures

2.5 Prepare regular reconciliation reports within designated timelines

3 Maintain accounts payable and accounts receivable systems

3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements

3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements

3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements

4 Process payments for accounts payable

4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures

4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements

5 Prepare statements for accounts receivable

5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures

5.2 Rectify discrepancies and statements despatched within designated timelines

6 Follow up outstanding accounts

6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation

6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements

6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures

6.4 Monitor and review credit terms in accordance with credit policy and procedures

Skill 

Performance 

Criteria 

Description 

Reading

1.1-1.4, 2.1-2.5, 3.1-3.3, 4.1, 4.2, 5.1, 5.2, 6.1-6.4

• Interprets textual information from a range of sources to confirm all necessary job requirements
• Checks documents to identify errors or discrepancies

Writing

1.2-1.4, 2.1-2.5, 3.1-3.3, 4.1, 4.2, 5.2, 6.1-6.4

• Prepares a range of clear documentation using relevant format, grammatical structure and vocabulary suitable to audience

Oral Communication

1.2, 2.3, 6.3

• Uses questioning and listening techniques to clarify information
• Explains information clearly using appropriate terminology and tone

Numeracy

1.1-1.4, 2.1-2.5, 3.1-3.3, 4.1, 4.2, 5.1, 5.2, 6.1-6.4

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

Navigate the world of work

1.1-1.4, 2.4, 2.5, 3.1-3.3, 4.1, 4.2, 5.1, 5.2, 6.1-6.4

• Appreciates implications of legal and regulatory responsibilities related to own work

Interact with others

1.2, 2.3, 6.3

• Seeks the appropriate form, channel and mode of communication for a specific purpose relevant to own role
• Plays an active role in workgroup discussions, paying some attention to the perspective of others

Get the work done

1.2-1.4, 2.1-2.5, 3.1-3.3, 4.1-4.3, 5.1, 5.2, 6.1-6.4

• Plans a range of routine and non-routine tasks recognising stated goals and aiming to achieve them within specified timeframes
• Recognises predictable problems and applies formal problem-solving processes or seeks advice from others, as relevant
• Automatically implements standard procedures for routine decisions
• Uses digital technologies to access, record, store, organise and compile data and present reports as required

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBFIA303 Process accounts payable and receivable

BSBFIA303 Process accounts payable and receivable

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

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