Assessment Requirements for BSBFIN301 Process financial transactions

Release: 1

Assessment Requirements for BSBFIN301 Process financial transactions

Modification History

Release	Comments
Release 1	This version first released with BSB Business Services Training Package Version 7.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

process four different financial transactions for a reporting period.

In the course of the above, the candidate must:

enter data into journal and subsidiary ledger system

develop reconciliation reports from cash journals

reconcile subsidiary ledger system with journal or general ledger data

report outstanding accounts

review credit terms.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

key provisions of relevant legislation and regulations, standards and codes of practice affecting business financial operations

types of financial transactions

cash journals

general ledger

accuracy and authorisation requirements for source documents

key features of organisational accounting systems and procedures

procedures for checking for errors or discrepancies in financial transactions

preparation of reconciliation report and schedules of accounts

organisational policies and procedures for communication related to outstanding debtors

credit terms according to credit policies and procedures

applicable accounting standard related to outstanding debtors.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

accounting software

examples of cash journals, credit journals, accounts payable and accounts receivable subsidiary legers

workplace reference materials including procedural manuals and company policies.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10