Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with BSB Business Services Training Package Version 7.0. |
Application
This unit describes skills and knowledge required to prepare, process and maintain financial transactions and to reconcile outstanding accounts.
The unit applies to individuals employed in a range of work environments supporting the accounting functions of an organisation. They may provide administrative support in an organisation or be members of staff, who have been delegated accounting responsibilities.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Business Competence – Financial Literacy
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Prepare financial transactions |
1.1 Identify errors in source documents for escalation 1.2 Enter total transactions into organisational journal system according to organisational policies, procedures and accounting requirements 1.3 Identify any discrepancies between cash journals and bank statements 1.4 Refer discrepancies according to organisational escalation procedures |
2. Process financial transactions |
2.1 Enter transaction as a journal entry according to organisational policies, procedures and accounting requirements 2.2 Prepare schedules of financial transaction for reconciliation according to organisational requirements 2.3 Reconcile schedules with general ledger according to organisational requirements 2.4 Rectify original journal entry and escalate, where required |
3. Reconcile outstanding accounts |
3.1 Prepare reconciliation reports from cash journals to cash receipts 3.2 Identify any discrepancies between cash journals and bank statements 3.3 Refer discrepancies to management 3.4 Maintain general ledger system to reflect current credit situation according to organisational requirements |
4. Determine outstanding debt processes |
4.1 Identify outstanding accounts and collection procedures according to organisational requirements 4.2 Report or follow up outstanding accounts according to organisational policies and procedures 4.3 Monitor and review credit terms according to credit policies and procedures |
Foundation Skills
This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.
Skill |
Description |
Numeracy |
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Reading |
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Writing |
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Initiative and enterprise |
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Planning and organising |
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Problem solving |
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Technology |
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Unit Mapping Information
No equivalent unit. Supersedes but is not equivalent to:
- BSBCUE305 Process credit applications
- BSBCUE306 Process complex accounts
- BSBFIA303 Process accounts payable and receivable.
Links
Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10