Assessment Requirements for FNSACC301 Process financial transactions and extract interim reports

Release: 1

Assessment Requirements for FNSACC301 Process financial transactions and extract interim reports

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:

accurately enter and balance deposits and withdrawals

process and balance petty cash transactions

check and verify supporting documentation

apply relevant security measures for preparing and banking receipts

batch monetary items and prepare deposit facilities

accurately enter data into accounting systems and process journal entries according to organisational policy and procedures and legislative requirements

prepare and authorise journals and check journal processing reports

extract, check and correct a trial balance

file documentation to meet all organisational and regulatory requirements.

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:

identify a range of accounting conventions, processes and procedures

describe banking procedures and guidelines

outline typical errors that can be made in processing financial transactions

describe forms of ‘proof of lodgement’

describe types of ‘special transactions’

identify and describe the key features of:

industry codes of practice

legislative and regulatory requirements relevant to the work

organisational policy and procedures

explain the security procedures for handling cheques, vouchers and cash

describe the key features of a range of reports.

Assessment Conditions

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

common office equipment, technology, software and consumables.

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