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Unit of competency details

FNSACC426 - Set up and operate computerised accounting systems (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACC416 - Set up and operate a computerised accounting systemSupersedes and is equivalent to FNSACC416 Set up and operate a computerised accounting system. 14/Jun/2022

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 15/Jun/2022


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080905 Practical Computing Skills  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080905 Practical Computing Skills  15/Jun/2022 
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Unit Of competency

Modification History

Release 

Comments 

Release 1

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

Supersedes and is equivalent to FNSACC416 Set up and operate a computerised accounting system.

Application

This unit describes the skills and knowledge required to establish, operate, and modify an integrated computerised accounting system. This involves processing transactions in the system, maintaining the system, producing reports, and ensuring system integrity.

The unit applies to individuals who, within the scope of own responsibility, use specialised knowledge, information technology, and planning and organising skills to establish and maintain an organisational system in service and trading environments.

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. Implement integrated accounting system

1.1 Establish general ledger, chart of accounts, and subsidiary accounts according to organisational requirements, policies and procedures

1.2 Set up customers, suppliers and inventory items in system according to organisational requirements and reporting requirements of goods and services tax (GST)

1.3 Establish and review system output, verify accuracy of data, and identify sources of technical help and use them to solve operational problems

2. Process transactions in system

2.1 Prepare input data for processing

2.2 Process cash and credit transactions according to organisational policies and procedures

2.3 Use general journal to make balance day adjustments for prepayments and accruals

2.4 Review system output process, verify accuracy of data input, and make adjustments for any detected processing errors

2.5 Perform end of financial year rollover according to legislative requirements and organisational policies and procedures

3. Maintain system

3.1 Add new general ledger accounts, and customer, supplier, inventory and fixed asset records as required

3.2 Maintain and update existing chart of accounts, and customer, supplier, inventory and fixed asset records and subsidiary accounts

3.3 Customise chart of accounts according to reporting requirements of organisation

4. Produce reports

4.1 Generate reports that indicate financial performance and financial position of organisation, and for GST purposes

4.2 Generate reports that confirm that subsidiary ledgers and accounts reconcile with general ledger

4.3 Generate reports that confirm that system’s bank account entries reconcile with bank statements

4.4 Identify and implement systems and secure information storage practices according to legislative and organisational requirements

4.5 Maintain secure record of processed transactions for audit purposes

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Numeracy

  • Performs mathematical calculations and uses mathematical problem-solving strategies to analyse financial data and reports

Reading

  • Accesses, manages and analyses financial information and data from a range of sources and reports

Writing

  • Accurately records and checks financial and textual information in documentation and systems
  • Uses correct spelling, grammar and terminology when entering data and preparing reports

Planning and organising

  • Organises work to meet organisational requirements, taking responsibility for process, compliance, and scheduling needs

Unit Mapping Information

Supersedes and is equivalent to FNSACC416 Set up and operate a computerised accounting system.

Links

Companion Volume Implementation Guide is found on 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 the FNS Financial Services Training Package Version 8.0.

Supersedes and is equivalent to FNSACC416 Set up and operate a computerised accounting system.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • set up and operate at least one computerised accounting system, ensuring the integrity of the data.

In the course of the above, the candidate must:

  • set up the chart of accounts for one organisation by modifying an established integrated financial software system
  • process at least three of the following transactions in the integrated system:
  • BPAY
  • credit card payments
  • direct debit
  • invoices
  • petty cash
  • balance day adjustments
  • generate each of the following reports in the integrated system over at least two reporting periods:
  • goods and services tax (GST) accrual report
  • reconciliation of subsidiary accounts, including customers, suppliers and inventory
  • bank reconciliation report
  • financial performance
  • financial position.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • key features of computerised accounting systems
  • methods to establish and maintain computerised accounting systems
  • methods for processing the following transactions in an integrated accounting system, including:
  • BPAY
  • credit card payments
  • direct debit
  • invoices
  • petty cash
  • balance day adjustments
  • features and functions of common reports relevant to operating accounting systems
  • organisational policies and procedures relating to setting up and operating a computerised accounting system
  • financial services industry legislation relating to information privacy when using computerised accounting systems
  • methods to substantiate financial transactions and record retention requirements for audit and substantiation purposes.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • technology and software required to operate a computerised accounting system, including:
  • integrated commercial financial software system and associated data
  • desktop-based and/or cloud-based computerised accounting system
  • access to the internet.

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

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe