Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

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

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

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

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.