Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Check and verify supporting documentation

1.1 Identify, check and record information from financial documents

1.2 Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel

2. Prepare and process banking and petty cash documents

2.1 Enter and balance deposits and withdrawals according to organisational procedures

2.2 Confirm the validity of cheques and electronic payments before processing

2.3 Reconcile banking documentation against organisation’s financial records

2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book according to organisational procedures

3. Prepare and process payable and received invoices

3.1 Prepare invoices according to organisational policies and procedures

3.2 Check invoices against source documents for accuracy and correct identified errors

3.3 File invoices and related documents for auditing purposes

4. Prepare journals

4.1 Prepare required journal entries within organisational timeframes

4.2 Confirm authorisation of journals by required personnel, and process them according to organisational policies and procedures

5. Update financial data and systems

5.1 Post journals to ledger in line with organisational input standards

5.2 Enter data into system according to organisational input standards and allocate transactions to system and accounts

5.3 Update related systems to maintain integrity of relationships between financial systems

6. Prepare deposit facility and lodge flows

6.1 Select deposit facility appropriate to banking method to be used

6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements

6.3 Obtain and file proof of lodgement according to organisational protocols

7. Finalise trial balance and interim reports

7.1 Determine scope of any special transactions to be made, and process the transactions

7.2 Complete cash and credit journals and post to general ledger

7.3 Extract and check trial balance and prepare other required interim reports

7.4 Review trial balance and interim reports for accuracy and completeness

7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements

Skill 

Description 

Reading

• Analyses, matches and interprets information, paying attention to detail to identify errors

Writing

• Records information accurately using correct spelling, grammar, and terminology

Oral communication

• Uses questioning and active listening to convey and clarify information and instructions with regard to authorisations

Numeracy

• Performs mathematical calculations to check accuracy and completeness and to reconcile numerical and financial data

Navigate the world of work

• Follows industry and legislative requirements, and organisational protocols, policies and procedures relevant to own role

Interact with others

• Uses communication practices and protocols suited to gaining required authorisations

Get the work done

• Plans, organises and implements tasks according to organisational and legislative requirements
• Responds to predictable routine problems by implementing standard, logical solutions
• Uses the main features and functions of digital tools to complete work tasks and to access information

Code and title 

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSACC311 Process financial transactions and extract interim reports (Release 1)

FNSACC301 Process financial transactions and extract interim reports (Release 1)

Elements 5 and 6 integrated into one element. Updates to other elements, performance criteria and assessment requirements.

Equivalent unit.

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 3.0.