Unit of competency details

Unit descriptor 

This unit defines the competency required to operate common accounting software packages in order to maintain enterprise financial records.

The following unit is linked and forms an appropriate cluster:

• ICAU2231B Use computer operating system

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

Application of the unit 

Prerequisite units 

ICAU1128B

Operate a personal computer

Employability skills 

This unit contains employability skills.

Elements describe the essential outcomes of a unit of competency.

Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide.

ELEMENT 

PERFORMANCE CRITERIA 

1. Customise software

1.1. Load, register and configure software  according to operating instructions , as required

2. Create enterprise data

2.1. Establish chart of accounts according to business requirements 

2.2. Create and add data on customers and sales

2.3. Create and add data on suppliers and purchases

2.4. Create and add payroll details

2.5. Create and add inventory details

2.6. Add required/suitable tax codes

3. Record and track transactions

3.1. Generate invoices and track their progress

3.2. Record customer payments and update customer details

3.3. Record and track purchases

3.4. Record payment of wages, allowances , taxation and superannuation

3.5. Update business data as required

4. Save and backup data

4.1. Save accounting data to disk

4.2. Make a regular back-up of all accounting data  and store in a safe location

5. Reports are generated as required

5.1. Reconcile accounts

5.2. Generate and print financial reports  based on accounting data 

5.3. Check financial reports  for errors and discrepancies

5.4. Discuss errors with appropriate person  and rectify as required

REQUIRED SKILLS AND KNOWLEDGE 

This section describes the skills and knowledge required for this unit.

Required skills 

• Ability operate a PC and peripherals
• Use of mathematical ideas and techniques related to recording and analysing basic financial data

Required knowledge 

• Features and functions of common accounting software, such as MYOB, Quicken, Phoenix
• Sound understanding of basic accounting concepts, such as assets, liabilities, equity, income, cost of sales, expenses, debtors, creditors
• Sound understanding of basic accounting devices, including accounts, sales journals, purchases, invoices, transaction journals, general ledger, chequebook register
• Features and functions of common accounting reports, including profit and loss, balance sheet, chart of accounts, business activity statements
• Sound understanding of current legislative requirements relating to enterprise requirements including superannuation, income tax rates, goods and services tax, pay as you go

EVIDENCE GUIDE 

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment 

Critical aspects for assessment and evidence required to demonstrate competency in this unit 

Evidence of the following is essential:

• Assessment must verify the ability to operate accounting applications in order to create and maintain enterprise financial records that meet business and legislative requirements.

To demonstrate competency in this unit the person will require access to:

• Current commercial accounting applications
• PC with appropriate specifications to run the software

Context of and specific resources for assessment 

A variety of commercial accounting tools and packages are readily available. A basic knowledge of double-entry accounting and the ability to read financial reports are considered an advantage for this competency.

The breadth, depth and complexity of knowledge and skills in this competency would prepare a person to perform a defined range of activities many of which may be routine and predictable.

Assessment must ensure

• Applications may include a variety of employment related skills including preparatory access and participation skills, broad-based induction skills and/or specific workplace skills. They may also include participation in a team or work group.

Method of assessment 

The purpose of this unit is to define the standard of performance to be achieved in the workplace. In undertaking training and assessment activities related to this unit, consideration should be given to the implementation of appropriate diversity and accessibility practices in order to accommodate people who may have special needs. Additional guidance on these and related matters is provided in ICA05 Section 1.

• Competency in this unit should be assessed using summative assessment to ensure consistency of performance in a range of contexts. This unit can be assessed either in the workplace or in a simulated environment. However, simulated activities must closely reflect the workplace to enable full demonstration of competency.

• Assessment will usually include observation of real or simulated work processes and procedures and/or performance in a project context as well as questioning on underpinning knowledge and skills. The questioning of team members, supervisors, subordinates, peers and clients where appropriate may provide valuable input to the assessment process. The interdependence of units for assessment purposes may vary with the particular project or scenario.

Guidance information for assessment 

Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:

• ICAU2231B Use computer operating system

An individual demonstrating this competency would be able to:

• Demonstrate knowledge by recall in a narrow range of areas
• Demonstrate basic practical skills, such as the use of relevant tools
• Perform a sequence of routine tasks given clear direction
• Receive and pass on messages and information
• Maintain knowledge of industry products and services

RANGE STATEMENT 

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Software  may include but is not limited to:

• commercial software applications
• organisation-specific software

Operating instructions  may be in the form of:

• user manual
• written instructions from meetings
• verbal request
• help desk

Business requirements  may include:

• customer
• supplier
• payroll
• inventory
• tax requirements of the organisation

Allowances  may include but is not limited to:

• travel allowance
• meal allowance
• clothing allowance

Accounting data  may include:

• profit and loss statements
• balance sheets
• revenue
• expenses

Disk  may include but are not limited to:

• diskettes
• CDs
• CD-RW (Compact Discs-Read Write)
• DVD RW
• zip disks
• solid state hard drives

Financial reports  may include:

• profit and loss statements
• balance sheets
• business activity statements

Appropriate person  may include:

• supervisor
• teacher
• authorised business representative
• client

Unit sector 

Use

Co-requisite units 

Competency field