FNSACC312 - Administer subsidiary accounts and ledgers

Unit code: FNSACC312 | Study level: TAFE

Credit points

N/A

Location

City King St

Footscray Nicholson

St Albans

Sunshine

Werribee

Prerequisites

N/A

Overview

This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors. It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.

Assessment

For Melbourne campuses

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:

reconcile and monitor subsidiary accounts according to industry compliance requirements and organisational policies and procedures.

Students will also be expected to demonstrate the following knowledge:

key features of debits and credits, and their role in accounting systems;
procedures for identifying bad or doubtful debts;
key requirements relating to the administration of subsidiary accounts and ledgers;
key requirements of organisational policies and procedures relating to reconciling and monitoring financial accounts, including organisational credit policy;
industry-accepted measures and protocols to remit and collect monies, and;
key features of debt recovery plans.

Required reading

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