Release 

Comments 

Release 1

This version first released with FNS Financial 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. Review accounts receivable process

1.1 Check receipts entered into accounts receivable system for accuracy, consistency and thoroughness

1.2 Identify and accurately record incorrect entries according to type and source of receipt

1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy, procedures and guidelines

1.4 Amend receipts entered into accounts receivable system according to established procedures

2. Identify bad and doubtful debts

2.1 Regularly review debtor ledger in accordance with organisational policy and guidelines to identify outstanding monies and seek further information, if required, from relevant sources

2.2 Verify bad or doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and appropriate documentation for bad and doubtful debts in accordance with organisational policy and guidelines

3. Review compliance with terms and conditions and plan recovery action

3.1 Correctly identify clients in default of trading terms according to organisational operating procedures, and promptly and courteously contact to make satisfactory arrangements to pay outstanding monies

3.2 Action organisational policy and procedures for monies owing that constitute breaches of organisational credit policy

3.3 Thoroughly review previous activities and communication with clients to establish adequacy of follow-up procedures and determine whether all usual organisational recovery avenues have been exhausted

3.4 Develop plans to pursue debt recovery or to initiate legal action with measures to collect monies completed in accordance with organisational policy, guidelines and timelines

4. Prepare reports and file documentation

4.1 Prepare reports which document accounts receivable, debt recovery type, cause and recovery plan, and distribute to supervisors, managers and other relevant parties

4.2 Promptly file documentation in accordance with organisational policy and procedures

5. Distribute creditor invoices for authorisation

5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly

5.2 Request authorisation for payment from appropriate personnel

6. Remit payments to creditors

6.1 Correctly draw up and ensure authorisation of cheque requisition and identify correct general ledger to draw against

6.2 Debit correct account in timely manner and in accordance with legislative and compliance requirements

6.3 Prepare creditor payments in accurate manner

7. Prepare accounts paid report and reconcile balances outstanding

7.1 Collect data and enter onto spreadsheet, giving details of creditors and amounts paid, and prepare report for ratification by appropriate management

7.2 Obtain statements of outstanding balances from suppliers where required and reconcile balances outstanding to invoices received

Skill 

Performance Criteria 

Description 

Reading

1.1-1.3, 2.1, 3.1, 3.3, 5.1, 6.1, 7.1, 7.2

• Interprets and carefully checks financial information for accuracy, consistency and thoroughness
• Analyses discrepancies and errors to determine actions required

Writing

1.2, 1.4, 2.2, 2.3, 3.1, 3.4, 4.1, 5.1, 5.2, 7.1, 7.2

• Records information accurately using correct spelling, grammar and terminology
• Prepares reports of consolidated information and correspondence using logical structure and organisational formats

Oral Communication

2.2, 3.1, 4.1, 5.2, 7.2

• Participates in verbal exchanges with a range of personnel and uses questioning and active listening to convey and clarify information and instructions

Numeracy

1.1-1.4, 2.1, 6.2, 6.3, 7.1, 7.2

• Performs mathematical calculations to check accuracy and completeness of numerical and financial data with a focus on identifying errors and discrepancies

Navigate the world of work

1.3, 1.4, 2.1, 2.3, 3.1, 3.2, 3.4, 4.2, 6.2

• Follows legislative requirements, organisational protocols, policy and procedures relevant to own role

Interact with others

2.2, 3.1, 5.2, 7.1, 7.2

• Follows accepted communication practices and protocols to liaise with others, elicit and share information and gain required authorisations

Get the work done

1.2-1.4, 2.1, 2.3, 3.1-3.4, 4.1, 4.2, 5.1, 5.2, 6.1-6.3, 7.1

• Plans, organises and implements tasks, aiming to complete them according to organisational and legislative requirements
• Responds to predictable problems about payment status or discrepancies by implementing standard or logical solutions
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC302 Administer subsidiary accounts and ledgers

FNSACC302A Administer subsidiary accounts and ledgers

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.