Unit of competency Outline

Date retreived
23/07/2026 9:03 PM AWST

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Process financial transactions and extract interim reports

Process financial transactions and extract interim reports

Unit of competency
National Code
FNSACC321
State Code
OEB96
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
15/06/2022
View on TGA
State Implementation and Classification
Approved Date
07/12/2022
Field of Education
080101 - Accounting
Original Release Date
07/12/2022
Nominal Hours
60
Description
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.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
BBH91 FNSACC311 Process financial transactions and extract interim reports Unit of competency