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Unit of competency details

BSBFIA304A - Maintain a general ledger (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Is superseded by and equivalent to BSBFIA304 - Maintain a general ledgerUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 10/Mar/2009

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
PRM04 - ASSET MAINTENANCE TRAINING PACKAGEASSET MAINTENANCE TRAINING PACKAGE 3.0 
SIT12 - Tourism, Travel and Hospitality Training PackageTourism, Travel and Hospitality Training Package 1.0-2.0 
PSP12 - Public Sector Training PackagePublic Sector Training Package 1.0 
SIS10 - Sport, Fitness and Recreation Training PackageSport, Fitness and Recreation Training Package 1.2-3.1 
CPP07 - Property Services Training PackageProperty Services Training Package 8.0-14.3 
AUR05 - Automotive Industry Retail, Service and Repair Training PackageAutomotive Industry Retail, Service and Repair Training Package 3.0-4.0 
BSB07 - Business Services Training PackageBusiness Services Training Package 5.0-9.0 
PSP04 - Public Sector Training PackagePublic Sector Training Package 4.1-4.2 
SIT07 - Tourism, Hospitality and Events Training PackageTourism, Hospitality and Events Training Package 2.3-3.0 
CUE03 - Entertainment Training PackageEntertainment Training Package 3.1-3.2 

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
SIS30510 - Certificate III in Sport and RecreationCertificate III in Sport and Recreation1-2 
AUR10105 - Certificate I in AutomotiveCertificate I in Automotive
BSB31007 - Certificate III in Business Administration (Legal)Certificate III in Business Administration (Legal)1-2 
SIT50312 - Diploma of HospitalityDiploma of Hospitality1-3 
SIT60313 - Advanced Diploma of HospitalityAdvanced Diploma of Hospitality
CPP30711 - Certificate III in Waste ManagementCertificate III in Waste Management
SIT40207 - Certificate IV in TourismCertificate IV in Tourism
SIT40812 - Certificate IV in Holiday Parks and ResortsCertificate IV in Holiday Parks and Resorts1-3 
BSB30407 - Certificate III in Business AdministrationCertificate III in Business Administration1-2 
SIT40809 - Certificate IV in Holiday Parks and ResortsCertificate IV in Holiday Parks and Resorts
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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  25/Jul/2008 
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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 

  • literacy skills to read and understand financial procedures
  • numeracy skills to:
  • use knowledge of mathematical concepts
  • interpret, compare and calculate with whole numbers and money
  • use decimal fractions and percentages
  • problem-solving skills to use approximation to check for discrepancies and ensure calculations are correct.

Required knowledge 

  • key provisions of relevant legislation and regulations from all forms of government, standards and codes that may affect aspects of business operations such as:
  • Australian Taxation Office regulations
  • Goods and Services Tax (GST) regulations
  • anti-discrimination legislation
  • ethical principles
  • codes of practice
  • finance legislation
  • privacy laws
  • occupational health and safety
  • limit of scope of own responsibility
  • organisational accounting systems and procedures.

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:

  • accurately entering data
  • applying understanding of general journal entries and knowledge of the relationship between journals and general ledger
  • implementation of double-entry principles
  • systematic tracing of errors.

Context of and specific resources for assessment 

Assessment must ensure:

  • access to an actual workplace or simulated environment
  • access to office equipment and resources, such as:
  • calculator
  • computer equipment and relevant software
  • examples of source journals.

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:

  • analysis of responses to case studies and scenarios
  • demonstration of techniques
  • direct questioning combined with review of portfolios of evidence and third party workplace reports of on-the-job performance by the candidate
  • review of authenticated documents from the workplace or training environment
  • oral or written questioning to assess knowledge ofaccounting procedures and techniques.

Guidance information for assessment 

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

  • other financial administration units.

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:

  • bad debts written off
  • correction of posting errors
  • interest expense
  • interest receivable
  • opening entries
  • purchase of a non-current asset on credit
  • sale of a non-current asset on credit
  • transfer of funds between bank accounts
  • withdrawal of stock and assets by owner

Source journals  for general ledger may include:

  • cash payments journal
  • cash receipts journal
  • general journal
  • purchases journal
  • purchases returns journal
  • sales journal
  • sales return journal

General ledger system  may include:

  • computerised
  • manual

Reconciling accounts payable and accounts receivable  may include:

  • checking accuracy of accounts payable balances with general ledger control account
  • checking accuracy of accounts receivable balances with general ledger control account

Preparing trial balance  may include:

  • checking total debits equal total credits
  • listing ledger account balances from general ledger
  • tracing of errors

Unit Sector(s)

Unit sector 

Competency field

Competency field 

Finance - Financial Administration

Co-requisite units

Co-requisite units