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 establish and administer a cash receipts and payments system, and manage bank reconciliations and reporting responsibilities for manual and computerised systems.
It applies to individuals in positions with some responsibility who may use a range of organisational and analytical techniques to provide bookkeeping services for organisations and small business owners or managers.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Unit Sector
Bookkeeping
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. Identify relevant information and establish chart of accounts |
1.1 Consult business owner or manager to establish what business activities are undertaken, nature of entity and industry type 1.2 Identify existing material and examine for relevance in creating and/or modifying chart of accounts 1.3 Examine business operations in conjunction with tax agent and business owner or manager to identify accounting software required and determine reporting requirements 1.4 Establish chart of accounts and opening balances for assets, liabilities, equity, income, cost of sales and expenses 1.5 Refer prepared chart of accounts and balances for validation and authorisation by relevant persons |
2. Analyse and verify source documents |
2.1 Verify invoices and other source documents for accuracy and compliance with taxation requirements 2.2 Identify and investigate discrepancies between monies owed and monies paid according to organisational policy and procedures |
3. Process receipts and payments |
3.1 Collect payments and bank money received 3.2 Code and record receipts and payments in bookkeeping system on cash basis 3.3 File receipts and payments 3.4 Balance cash register against purchases and process takings in internal bookkeeping system |
4. Set up and maintain petty cash system |
4.1 Prepare expenditure authorisation record of encoded, recorded and filed expenditure 4.2 Reconcile and reimburse expenditure |
5. Process and reconcile credit cards |
5.1 Process credit card transactions against invoices and other source documents, and verify and reconcile against credit card statements 5.2 Process credit card payments in accordance with organisational policy and procedures |
6. Manage bank reconciliations and prepare and produce reports |
6.1 Verify processed transactions promptly against bank statement on receipt of statement 6.2 Process and verify bank entries and reconcile bank statement to balance as per bookkeeping system 6.3 Produce validated reports in line with business needs in timely manner, and make corrections as required |
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 |
1.2, 1.3, 2.1, 2.2, 5.1, 6.1 |
|
Writing |
1.4, 3.2, 3.4, 4.1, 6.3 |
|
Oral Communication |
1.1, 1.3, 1.5, 2.2 |
|
Numeracy |
1.3, 1.4, 2.1, 2.2, 3.1, 3.4, 4.1, 4.2, 5.1, 5.2, 6.2, 6.3 |
|
Navigate the world of work |
2.1, 2.2, 5.2, 6.2 |
|
Interact with others |
2.2 |
|
Get the work done |
1.1-1.5, 2.2, 2.3, 3.1-3.4, 4.1, 4.2, 5.1, 5.2, 6.1-6.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSBKG402 Establish and maintain a cash accounting system |
FNSBKG402A Establish and maintain a cash accounting system |
Updated to meet Standards for Training Packages Minor edits to clarify intent of performance criteria |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe