Unit Of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 7.0. |
Application
This unit describes the skills and knowledge required to maintain daily financial records such as reconciling systems for debtors and creditors, preparing and maintaining a general ledger and trial balance. It also includes activities associated with monitoring cash control for accounting purposes.
The 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 maintenance of general financial records.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Business Competence – Financial Literacy
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. Prepare journals required for posting to general ledger |
1.1 Identify transactions required to be included in journal entries 1.2 Identify general ledger accounts affected according to organisational policies, procedures and accounting standards 1.3 Prepare and document the journal entries according to organisational policies, procedures and accounting standards 1.4 Assess follow-up steps for journal entries |
2. Post journal entries and reconcile discrepancies |
2.1 Post journal entries into general ledger system according to organisational policies, procedures and accounting standards 2.2 Reconcile accounts payable and accounts receivable subsidiary ledger systems with general ledger 2.3 Rectify any discrepancies and escalate, where required if outside scope of individual authority 2.4 Prepare adjusted journal entries and closing entries for general ledger |
3. Maintain general ledger |
3.1 Prepare closing and post-closing trial balance from general ledger system of the organisation 3.2 Prepare trial balance 3.3 Check general ledger for accuracy of information and despatch to relevant stakeholders, where required 3.4 Check trial balance meets accounting equation requirements |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill |
Description |
Numeracy |
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Reading |
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Writing |
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Teamwork |
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Planning and organising |
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Self-management |
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Technology |
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Unit Mapping Information
No equivalent unit. Supersedes but is not equivalent to:
- BSBFIA301 Maintain financial records
- BSBFIA304 Maintain a general ledger
- BSBINT306 Apply knowledge of international finance and insurance to complete work requirements.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10