Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to maintain a general ledger within an organisation including processing journal entries and preparing a trial balance. No licensing, legislative, regulatory or certification requirements apply to this unit at the time of endorsement. |
Application of the Unit
Application of the unit |
This unit 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. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
||
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. Process journal entries |
1.1. Prepare general journal entries from source journals in accordance with accounting requirements, organisational policy, procedures and 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 time lines |
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 |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
|
Required knowledge |
|
Evidence Guide
EVIDENCE GUIDE |
|
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. |
|
Overview of assessment |
|
Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
|
Context of and specific resources for assessment |
Assessment must ensure:
|
Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
|
Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
|
Range Statement
RANGE STATEMENT |
|
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. |
|
General journal entries may include: |
|
Source journals for general ledger may include: |
|
General ledger system may include: |
|
Reconciling accounts payable and accounts receivable may include: |
|
Preparing trial balance may include: |
|
Unit Sector(s)
Unit sector |
Competency field
Competency field |
Finance - Financial Administration |
Co-requisite units
Co-requisite units |
||