Course info

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Verify supporting documentation

1.1 Identify, check and record information from financial documents according to job requirements and organisational policies and procedures

1.2 Examine supporting documentation to establish accuracy and completeness

2. Prepare and process banking and petty cash documents

2.1 Confirm deposits and withdrawals according to organisational procedures

2.2 Reconcile banking documentation against organisation’s financial records

2.3 Check, process and record petty cash claims and vouchers, and balance petty cash records according to organisational procedures

3. Prepare and process payable and received invoices

3.1 Prepare invoices according to organisational policies and procedures

3.2 Check invoices against source documents for accuracy and correct identified errors

3.3 Confirm storage method and store copies of invoices and related documents in required format

4. Prepare journals

4.1 Prepare and process journal entries within organisational timeframes and according to organisational structure, policies and procedures

4.2 Prepare special journal entries for capital contributions, bad debts, discounts and correction of errors

5. Check ledger accounts

5.1 Review transactions posted to ledger for accuracy

5.2 Correct identified errors according to organisational policies and procedures

6. Prepare bank deposits and lodge flows

6.1 Select deposit files according to banking method to be used

6.2 Apply security and safety measures required for banking method according to organisational policies and industry and legislative requirements

6.3 Identify and obtain proof of deposit according to organisational procedures

7. Finalise trail balance and interim reports

7.1 Determine scope of any special transactions to be made, and process the transactions

7.2 Complete balance day adjustments in journals and post to general ledger

7.3 Extract and check trial balance and prepare other required interim reports

7.4 Review trial balance and interim reports for accuracy and completeness and seek approval as required

7.5 Finalise and file trial balance and interim reports according to organisational and regulatory requirements

SKILL 

DESCRIPTION 

Numeracy

• Performs mathematical calculations to check accuracy and completeness and to reconcile numerical and financial data

Reading

• Analyses, matches and interprets information, paying attention to detail to identify errors

Writing

• Records information accurately using correct spelling, grammar, and terminology

Planning and organising

• Plans, organises and implements tasks to meet required timeframes

Problem solving

• Identifies and responds to predictable problems and implements solutions to issues with the potential to impact on the processing of financial transactions and interim reports

Technology

• Uses the main features and functions of digital tools to complete work tasks and access information