FNSACC405 Maintain inventory records

Release: 1

FNSACC405 Maintain inventory records

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 comply with organisational inventory procedures, reconcile inventory records to general ledgers, record inventory flows, prepare schedules and produce ad hoc reports.

It applies to individuals who use specialised financial knowledge and follow procedures to ensure compliance with required standards.

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

Unit Sector

Accounting

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. Process inventory purchase	1.1 Record purchase of inventory from appropriate documentation in subsidiary ledger 1.2 Maintain periodic and perpetual records of inventory
2. Record inventory flows	2.1 Apply inventory flow assumptions as appropriate 2.2 Value inventory using appropriate valuation rules
3. Reconcile inventory records to general ledgers	3.1 Reconcile all inventory records to accounts in accordance with organisational policy, procedures and practices 3.2 Identify and action discrepancies according to organisational policy, procedures and practices
4. Prepare inventory schedules and ad hoc reports	4.1 Develop and document schedules of inventory turnover and other procedures 4.2 Prepare spreadsheets and ad hoc reports on inventory status as required or requested

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	1.1, 3.2	Reviews documentation from a range of sources and matches and analyses information for accuracy, completeness and possible discrepancies
Writing	1.1, 1.2, 4.1, 4.2	Records information accurately using correct spelling, grammar and conventions Prepares concise and logically structured reports and schedules appropriate to the audience and purpose
Oral Communication	4.2	Uses active listening and questioning to clarify and confirm information and instructions
Numeracy	1.1, 1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2	Performs mathematical calculations, including financial ratios, to check accuracy, consolidate and report on financial data
Navigate the world of work	3.1, 3.2	Recognises and complies with relevant protocols, policies and procedures
Get the work done	1.2, 2.1, 2.2, 3.1, 3.2, 4.1, 4.2	Plans, sequences and implements tasks to meet organisational requirements Recognises and responds to predictable problems and implements solutions to address data integrity issues Uses digital systems and programs to assist with planning, implementing, monitoring and reporting

Unit Mapping Information

Code and title current version	Code and title previous version	Comments	Equivalence status
FNSACC405 Maintain inventory records	FNSACC405A Maintain inventory records	Updated to meet Standards for Training Packages	Equivalent unit

Links

Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe