Unit of competency details

BSBFIA304 - Maintain a general ledger (Release 1)

Summary

Releases:
ReleaseStatusRelease date
1 1 (this release)Current 25/Mar/2015

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to BSBFIA304A - Maintain a general ledgerUpdated to meet Standards for Training Packages 24/Mar/2015


Training packages that include this unit

CodeTitleSort Table listing Training packages that include this unit by the Title columnRelease
SIT - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-1.2 
SIS - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 2.0-3.0 
FNS - Financial Services Training PackageFinancial Services Training Package 1.0-3.1 
CPP07 - Property Services Training PackageProperty Services Training Package 14.4-14.5 
CPP - Property Services Training PackageProperty Services Training Package 8.0 
BSB - Business Services Training PackageBusiness Services Training Package 1.0-4.0 

Qualifications that include this unit

CodeTitleSort Table listing Qualifications that include this unit by the Title columnRelease
SIT60316 - Advanced Diploma of Hospitality ManagementAdvanced Diploma of Hospitality Management 
SIT50416 - Diploma of Hospitality ManagementDiploma of Hospitality Management 
SIS40115 - Certificate IV in Sport and RecreationCertificate IV in Sport and Recreation 
FNS30615 - Certificate III in Insurance BrokingCertificate III in Insurance Broking 1-2 
CPP31519 - Certificate III in Real Estate PracticeCertificate III in Real Estate Practice 
CPP30711 - Certificate III in Waste ManagementCertificate III in Waste Management 
BSB31115 - Certificate III in Business Administration (Medical)Certificate III in Business Administration (Medical) 1-2 
BSB31015 - Certificate III in Business Administration (Legal)Certificate III in Business Administration (Legal) 1-2 
BSB30915 - Certificate III in Business Administration (Education)Certificate III in Business Administration (Education) 1-3 
BSB30415 - Certificate III in Business AdministrationCertificate III in Business Administration 1-2 
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Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080901 Secretarial And Clerical Studies  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080901 Secretarial And Clerical Studies  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 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

  • Interprets a range of textual information to determine all job requirements

Writing

1.1-1.3, 2.1, 2.2

  • Integrates data from different sources and records numerical information in a suitable format for context and purpose of material
  • Uses factual and suitable financial language to refer issues and inconsistencies in data

Oral Communication

2.2

  • Explains issues clearly using industry-specific and factual vocabulary

Numeracy

1.1-1.3, 2.1, 2.2

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

Navigate the world of work

1.1, 1.2, 2.1, 2.2

  • Recognises, understands and applies applicable industry standards and organisational policies and procedures in the conduct of own work

Interact with others

2.2

  • Recognises the strengths and expertise of others and seeks their assistance as required

Get the work done

1.1-1.4, 2.1, 2.2

  • Plans and completes tasks according to set guidelines and timelines
  • Recognises and addresses problems in the context of own work and seeks advice from others, as necessary
  • 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 

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.education.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:

  • accurately enter data
  • reconcile subsidiary ledger systems with general ledger and prepare a trial balance
  • implement double-entry principles
  • systematically trace errors or refer them to appropriate people
  • complete all tasks in accordance with accounting principles, legal and organisational responsibilities, and within scope of own responsibility.

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:

  • list key provisions of relevant legislation and regulations, standards and codes of practice that may affect aspects of financial operations
  • briefly describe the organisational accounting systems and procedures
  • explain how to check for errors or discrepancies
  • list and describe tasks that are outside own scope of responsibility.

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 journals
  • 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.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

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