^

 
 

Unit of competency details

FNSACC312 - Administer subsidiary accounts and ledgers (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC302 - Administer subsidiary accounts and ledgers 12/Feb/2018

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 13/Feb/2018

Companion volumes:

Training packages that include this unit

Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  13/Feb/2018 
The content being displayed has been produced by a third party, while all attempts have been made to make this content as accessible as possible it cannot be guaranteed. If you are encountering issues following the content on this page please consider downloading the content in its original form

Unit Of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Application

This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.

It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Unit Sector

Accounting

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. Review accounts receivable requirements

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

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

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

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

2. Identify bad and doubtful debts

2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required

2.2 Verify bad and doubtful debt status through liaison with debtors

2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines

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

3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures

3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies

3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy

3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted

3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes

4. Prepare reports and file documentation

4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan

4.2 Distribute reports to supervisors, managers, and other designated parties

4.3 File documentation according to 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 designated personnel

6. Remit payments to creditors

6.1 Draw up and ensure authorisation of cheque requisition

6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management

6.3 Prepare creditor payment in line with organisational requirements

6.4 Prepare journal to record payment

7. Reconcile outstanding balances

7.1 Obtain statements of outstanding balances from suppliers where required

7.2 Reconcile balances outstanding to invoices received

Foundation Skills

This section describes those language, literacy and numeracy and employment skills that are essential to performance.

Skill 

Description 

Reading

  • Analyses discrepancies and errors

Writing

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

Oral communication

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

Numeracy

  • 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

  • Follows organisational protocols, policies and procedures relevant to own role

Interact with others

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

Get the work done

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

Unit Mapping Information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC312 Administer subsidiary accounts and ledgers (Release 1)

FNSACC302 Administer subsidiary accounts and ledgers (Release 1)

Updates to elements, performance criteria and assessment requirements.

Equivalent unit.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

Performance Evidence

Evidence of the ability to:

  • reconcile and monitor subsidiary accounts according to industry compliance requirements and organisational policies and procedures, including:
  • using required data entry and reporting systems to perform account and ledger administration activities
  • following organisational data validation and reconciliation processes and analysing outcomes of the reconciliation for required actions
  • identifying bad and doubtful debts in a timely manner
  • planning effective debt recovery actions.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Knowledge Evidence

The candidate must be able to demonstrate the following knowledge to effectively complete the tasks outlined in the elements and performance criteria of this unit, and to manage tasks and reasonably foreseeable contingencies in the context of the work role.

  • Key features of debits and credits, and their role in accounting systems
  • Procedures for identifying bad or doubtful debts
  • Key requirements relating to the administration of subsidiary accounts and ledgers detailed in:
  • legal systems, regulations and procedures
  • industry codes of practice
  • Key requirements of organisational policies and procedures relating to reconciling and monitoring financial accounts, including organisational credit policy
  • Industry-accepted measures and protocols to remit and collect monies
  • Key features of debt recovery plans

Assessment Conditions

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

  • office equipment, technology, software and consumables required to reconcile and monitor accounts receivable data systems.

Assessors of this unit must satisfy the assessor requirements in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion volumes are available from VETNet. - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe