FNSACC321 - Process financial transactions and extract interim reports

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Unit code: FNSACC321 | Study level: TAFE
Credit points
N/A
Location
City Campus
Footscray Nicholson
Werribee
Prerequisites
N/A
Overview
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Overview

This unit describes the skills and knowledge required to prepare and process routine financial documents, prepare journal entries, post journal entries to ledgers, prepare banking and reconcile financial receipts, and extract a trial balance and interim reports.The unit applies to individuals who follow agreed processes to carefully check and process detailed financial information to ensure standards are maintained.

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:

  • process financial transactions and extract interim reports involving at least twelve separate transactions and performed for a minimum of two different entities
  • prepare each of the following at least once:
  • trial balance
  • bank reconciliation
  • balance of petty cash.
    In the course of the above, the candidate must prepare special journal entries to include at least three of the following components:
  • equity transactions including capital contributions involving business owner(s) relevant to the business structure
  • bad debts
  • bad debts recovered
  • correction of errors
  • discounts received and allowed.

Students will also be expected to demonstrate the following knowledge:

  • key features of double-entry accounting and accrual accounting systems
  • industry-accepted accounting conventions and accounting standards applicable to performance evidence
  • standard industry banking procedures and guidelines, including industry-accepted security and safety precautions appropriate to banking method
  • legislative and regulatory requirements relating to processing financial transactions
  • organisational policies and procedures relating to processing financial transactions, including:
  • organisational input standards and journal authorisation procedures
  • security procedures for handling electronic payments and cash
  • safety procedures for specific banking methods
  • fundamentals of routine financial reports, including:
  • trial balances
  • bank account reconciliation reports.

Required reading

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

As part of a course

This unit is studied as part of the following course(s):

Accounting Principles Skill Set
FNSSS00014 | Non-award course | Duration: 20 weeks
Certificate IV in Accounting and Bookkeeping
FNS40222 | Certificate iv | Duration:

Refer to the course page for information on how to apply for the course. VU takes care to ensure the accuracy of this unit information, but reserves the right to change or withdraw courses offered at any time. Please check that unit information is current with the Student Contact Centre.

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