Release 

Comments 

Release 1

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

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Review accounts receivable 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

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

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.

Release 

Comments 

Release 1

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