^

 
 

Unit of competency details

FNSACM301 - Administer financial accounts (Release 1)

Summary

Usage recommendation:
Superseded
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSACM301A - Administer financial accountsUpdated to meet Standards for Training Packages 24/Mar/2015
Is superseded by FNSACM311 - Process and manage payments 01/Feb/2021

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


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 
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 1.0.

Application

This unit describes the skills and knowledge required to correctly allocate payments, reconcile accounts and maintain customer details.

It applies to individuals who may work as part of a finance or accounting team in organisations.

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

Unit Sector

Account management

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. Allocate customer payments

1.1 Allocate payments correctly to appropriate customer accounts and bank receipts according to organisational policy and procedures

1.2 Serve customers promptly and complete and process documentation quickly and accurately to maximise customer satisfaction

2. Reconcile accounts

2.1 Respond to customer billing or account queries and apply billing adjustments accurately, if required

2.2 Respond to customer complaints promptly in accordance with organisational policy

3. Maintain customer details

3.1 Maintain accurate and up-to-date details on customer account files

3.2 Check sources of customer details for reliability and verify where necessary

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, 2.1, 2.2, 3.1, 3.2

  • Interprets and analyses textual information to gather detailed information and confirm requirements

Writing

1.1, 1.2, 2.1, 2.2, 3.1

  • Records key information relevant to requirements using basic punctuation, text and correct spelling

Oral Communication

1.2, 2.1, 2.2, 3.2

  • Uses listening and questioning techniques to confirm understanding of requirements
  • Uses clear, specific and culturally sensitive language to convey information

Numeracy

1.1, 2.1, 3.1

  • Accesses and checks numerical information embedded in a range of texts

Navigate the world of work

1.1, 2.2

  • Recognises and follows organisational protocols, policy and procedures relevant to own role

Interact with others

1.2, 2.2, 3.2

  • Follows accepted communication practices and protocols, adjusting personal communication style in response to the values, beliefs and cultural expectations of different customers

Get the work done

1.1, 1.2, 2.1, 2.2, 3.1, 3.2

  • Plans, organises and implements tasks according to organisational requirements
  • Uses the main features and functions of digital tools to complete work tasks

Unit Mapping Information

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACM301 Administer financial accounts

FNSACM301A Administer financial accounts

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:

  • validate account details and verify customer information
  • allocate and reconcile customer payments accurately following organisational procedures
  • serve customers promptly and efficiently, including handling complaints and responding to billing and account queries
  • maintain accurate customer details
  • accurately use data entry and recording systems.

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 basic financial transaction processes and procedures
  • identify the relevant organisational policy and procedures on account management
  • identify key legislative requirements covered in organisational policy and procedures relating to administering financial accounts
  • describe how to handle customer queries and complaints following organisational procedures
  • identify workplace health and safety (WHS) requirements relating to data entry and administrative work undertaken.

Assessment Conditions

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

  • common office equipment, technology, software and consumables
  • an integrated financial software system and data.

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