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Unit of competency details

FNSACC405 - Maintain inventory records (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC405A - Maintain inventory recordsUpdated to meet Standards for Training Packages 24/Mar/2015

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 25/Mar/2015


Accredited courses that have this unit in the completion mapping

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  30/Jul/2015 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Application

This unit describes the skills and knowledge required to comply with organisational inventory procedures, reconcile inventory records to general ledgers, record inventory flows, prepare schedules and produce ad hoc reports.

It applies to individuals who use specialised financial knowledge and follow procedures to ensure compliance with required standards.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

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. Process inventory purchase

1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger

1.2 Maintain periodic and perpetual records of inventory

2. Record inventory flows

2.1 Apply inventory flow assumptions as appropriate

2.2 Value inventory using appropriate valuation rules

3. Reconcile inventory records to general ledgers

3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices

3.2 Identify and action discrepancies according to organisational policy, procedures and practices

4. Prepare inventory schedules and ad hoc reports

4.1 Develop and document schedules of inventory turnover and other procedures

4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested

Foundation Skills

This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.

Skill 

Performance Criteria 

Description 

Reading

1.1, 3.2

  • Reviews documentation from a range of sources and matches and analyses information for accuracy, completeness and possible discrepancies

Writing

1.1, 1.2, 4.1, 4.2

  • Records information accurately using correct spelling, grammar and conventions
  • Prepares concise and logically structured reports and schedules appropriate to the audience and purpose

Oral Communication

4.2

  • Uses active listening and questioning to clarify and confirm information and instructions

Numeracy

1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2

  • Performs mathematical calculations, including financial ratios, to check accuracy, consolidate and report on financial data

Navigate the world of work

3.1, 3.2

  • Recognises and complies with relevant protocols, policies and procedures

Get the work done

1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2

  • Plans, sequences and implements tasks to meet organisational requirements
  • Recognises and responds to predictable problems and implements solutions to address data integrity issues
  • Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC405 Maintain inventory records

FNSACC405A Maintain inventory records

Updated to meet Standards for Training Packages

Equivalent unit

Links

Companion Volume implementation guides are found in 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 1.0.

Performance Evidence

Evidence of the ability to:

  • make inventory flow assumptions and record inventory flows using generally accepted accounting principles and inventory valuation rules
  • prepare schedules and ad hoc reports.

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

Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

  • outline organisational procedures and practices and generally accepted accounting principles relevant to maintaining inventory records
  • describe the key steps in the inventory management processes and relevant documentation and recording systems
  • identify and explain the process for entering data into systems or ledgers
  • explain the key features of inventory valuation rules and reconciliation processes.

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:

  • a range of common office equipment, technology, software and consumables.

Assessors must satisfy NVR/AQTF assessor requirements.

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe