FNSACC322 - Administer subsidiary accounts and ledgers

Unit code:FNSACC322Study level:TAFE

Nominal hours

Location

City Campus
Footscray Nicholson
Werribee

Prerequisites

(Or equivalent to be determined by unit coordinator)
Co-requisites
(Corequisite units must be studied concurrently with this unit)

Overview

This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts and ledgers in financial accounts receivable and accounts payable systems. This includes identifying bad and doubtful debts, communicating with identified clients, and planning a recovery action, recording creditor invoices, and remitting payments to sundry creditors.The unit applies to individuals who follow agreed processes and use problem solving skills to administer financial accounts and ledgers within the scope of own responsibility.

Assessment

For Melbourne campuses

Assessment tasks will be designed to reinforce & extend knowledge and skill competence within set & controlled parameters in accordance with each units learning outcomes & performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

reconcile and monitor for a reporting period two debtor accounts and two creditor accounts and their subsidiary ledgers.

Students will also be expected to demonstrate the following knowledge:

procedures for identifying bad and doubtful debts
features of double-entry accounting
functions and features of account reports
methods to plan for and develop account recovery actions
legal requirements relating to collecting debts and administering subsidiary accounts and ledgers detailed in:

legal systems, regulations and procedures
industry codes of practice

organisational policies and procedures relating to reconciling and monitoring subsidiary accounts, including organisational credit policy.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by Victoria University and/or via the Victoria University e-learning system.