Unit of competency details
FNSFMK411 - Perform reconciliations (Release 1)
Summary
Usage recommendation:
Current
Releases:
| 1 1 (this release) |
01/Jul/2020 |
Companion volumes:
Unit of competency
Assessment requirements
Training packages that include this unit
Qualifications that include this unit
Skill sets that include this unit
Classifications
Classification history
| ASCED Module/Unit of Competency Field of Education Identifier | 080101 | Accounting | 01/Jul/2020 | |
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Unit of competency
Modification History
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Release
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Comments
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Release 1
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This version first released with FNS Financial Services Training Package Version 4.0.
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Application
This unit describes the skills and knowledge required to ensure internal and external information is consistent with data held in operational systems and accounts, and escalate and resolve discrepancies.
The unit applies to individuals who use specialised knowledge to carefully review discrepancies in organisational systems, investigate the cause(s), and resolve or escalate to minimise any compensation claims or overdraft items.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Financial markets
Elements and Performance Criteria
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ELEMENT
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PERFORMANCE CRITERIA
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Elements describe the essential outcomes.
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Performance criteria describe the performance needed to demonstrate achievement of the element.
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1. Identify non-reconciled items
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1.1 Identify accounts or data held in internal and external systems for reconciliation
1.2 Check and compare details of trades, cash and security movements against internal and external systems for inconsistencies and errors
1.3 Identify discrepancies in transaction holdings
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2. Investigate, escalate, and resolve discrepancy
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2.1 Investigate discrepancies and exceeded tolerance levels within set timeframes as set out in organisational standards and procedures
2.2 Escalate unreconciled discrepancies for review to organisational personnel according to organisational procedures
2.3 Resolve reconciliation after discrepancies have been rectified
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Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
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Skill
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Description
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Reading
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- Reads and interprets information to determine and confirm work requirements
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Writing
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- Records information and completes documentation appropriate to audience and purpose
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Oral communication
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- Participates in verbal exchanges using appropriate language and concepts to convey and clarify information
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Numeracy
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- Uses mathematical equations to perform calculations and identify discrepancies
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Self-management
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- Accepts responsibility for ensuring transactions comply with organisational requirements
- Selects and uses appropriate conventions and protocols when communicating with clients and co-workers in a range of work contexts
- Makes routine decisions and implements standard procedures for routine tasks, using formal decision-making processes for more complex and non-routine situations
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Planning and organising
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- Plans, organises and implements tasks, aiming to achieve them efficiently and effectively
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Technology
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- Uses main features and functions of digital tools and systems to complete work tasks and find information
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Unit Mapping Information
Supersedes and is equivalent to FNSFMK401 Perform reconciliations.
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
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This version first released with FNS Financial Services Training Package Version 4.0.
|
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:
- identify, investigate and resolve at least three different discrepancies.
In the course of the above, the candidate must:
- communicate with appropriate stakeholders to reconcile discrepancies
- escalate unresolved discrepancies in line with organisational procedure
- interpret and follow organisational and industry reconciliation procedures.
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:
- role of reconciliation as a control for managing risk in the transaction process
- systems that hold data in operational systems and accounts
- account types and systems to be reconciled
- types of reconciliations
- basic ledger and book-keeping functions for organisational and industry reconciliation procedures.
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:
- office equipment, technology, software for operational systems and consumables required to produce the performance evidence
- organisational personnel
- organisational records, policies and procedures required to produce the performance evidence.
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
