Release 

Comments 

Release 1

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

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

Skill 

Performance Criteria 

Description 

Reading

1.2, 1.3, 2.1, 2.2, 5.1, 6.1

• Evaluates information from a variety of sources to determine relevance to requirements
• Checks detailed information for consistency and accuracy, and identifies sources of error

Writing

1.4, 3.2, 3.4, 4.1, 6.3

• Records information accurately in required formats, and prepares and amends authenticated reports that meet business requirements

Oral Communication

1.1, 1.3, 1.5, 2.2

• Engages in effective interactions with others using careful questioning and listening techniques to elicit relevant information and confirm understanding of requirements

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

• Uses a range of financial calculations to establish balances, verify accuracy of documents and identify errors
• Applies developed mathematical strategies to perform a range of transactions, reconciliations and verification processes in compliance with organisational and regulatory requirements and bookkeeping systems
• Uses numerically based coding system
• Uses mathematical language to communicate financial requirements

Navigate the world of work

2.1, 2.2, 5.2, 6.2

• Takes responsibility for adherence to policies, procedures, and legal and ethical requirements

Interact with others

2.2

• Selects appropriate conventions and protocols to communicate in interactions that aim to investigate discrepancies
• Adapts personal communication style to show respect for the values, beliefs and cultural expectations of others

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

• Organises and completes work according to defined requirements, taking responsibility for decisions and sequencing tasks to achieve efficient outcomes
• Uses systematic analytical processes in complex, routine and non-routine situations, gathering information and identifying and evaluating potential solutions
• Uses digital tools to design work processes and to complete work tasks

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

Release 

Comments 

Release 1

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