This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journals to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.  It applies to individuals who use specialised knowledge and follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.  Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.

Unit details

Location:
Footscray Nicholson
Sunshine
Werribee
Study level:
Vocational and further education (TAFE)
Unit code:
FNSACC301

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Assessment

Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit's learning outcomes and 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: - 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, and; - 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.Students will also be expected to demonstrate the following knowledge: - 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'; - 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, and; - describe the key features of a range of reports.

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