Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC312 Administer subsidiary accounts and ledgers.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

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

1. Review accounts receivable

1.1 Check invoices, payment receipts, adjustment notes and discounts applied to debtor account for accuracy, consistency and completeness

1.2 Identify and make record of incorrect entries, where required

1.3 Reconcile debtor remittance to account

1.4 Resolve discrepancies according to organisational policies and procedures

2. Identify bad and doubtful debts

2.1 Review debtor ledger according to organisational policies and procedures and identify at risk or in default accounts

2.2 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 come to an agreement on arrangements for payment of outstanding monies

3.3 Action organisational policies and procedures for monies outstanding 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 according to organisational policies and procedures, and within required timeframes

4. Prepare reports and file documentation

4.1 Review and document accounts receivable, debt recovery type and cause, and debt recovery plan

4.2 Develop account reports for supervisors and designated parties

4.3 Plan recovery actions in account reports

4.4 Confirm storage method of account reports and records according to organisational policies and procedures

5. Distribute creditor invoices for authorisation

5.1 Check supplier statement to account and reconcile invoices, payment receipts, adjustment notes and discounts applied to creditor account

5.2 Resolve discrepancies according to organisational policies and procedures

5.3 Request authorisation for payment from designated personnel

6. Remit payments to creditors

6.1 Collect and record data relating to creditor details and payment method according to organisational guidelines and procedures, and prepare report for ratification by management

6.2 Prepare creditor payment and authorisation according to organisational procedures

6.3 Prepare and enter journal to record payment

6.4 Record and escalate discrepancies in statements to supervisor, where required

SKILL 

DESCRIPTION 

Numeracy

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

Oral communication

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

Reading

• Analyses, matches and interprets information, paying attention to detail to identify errors

Writing

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

Teamwork

• Follows accepted communication practices and protocols to liaise with others

Technology

• Uses the main features and functions of digital tools to complete work tasks and to access information

Release 

Comments 

Release 1

This version first released with the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC312 Administer subsidiary accounts and ledgers.