Unit of competency Outline

Date retreived
23/07/2026 2:08 AM AWST

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Process financial transactions and extract interim reports

Process financial transactions and extract interim reports

Unit of competency
National Code
FNSACC311
State Code
BBH91
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
13/02/2018
View on TGA
State Implementation and Classification
Approved Date
09/05/2018
Field of Education
080101 - Accounting
Original Release Date
09/05/2018
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.It applies to individuals who use specialised knowledge and 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. Refer to the FNS Financial Services Training Package Companion Volume Implementation Guide or the relevant regulator for specific guidance on regulatory requirements.
Notes
Elements and Performance Criteria
1. Check and verify supporting documentation
  • 1.1 Identify, check and record information from financial documents
  • 1.2 Examine supporting documentation to establish accuracy and completeness, and to confirm authorisation by required personnel
2. Prepare and process banking and petty cash documents
  • 2.1 Enter and balance deposits and withdrawals according to organisational procedures
  • 2.2 Confirm the validity of cheques and electronic payments before processing
  • 2.3 Reconcile banking documentation against organisation’s financial records
  • 2.4 Check, process and record petty cash claims and vouchers, and balance petty cash book 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 File invoices and related documents for auditing purposes
4. Prepare journals
  • 4.1 Prepare required journal entries within organisational timeframes
  • 4.2 Confirm authorisation of journals by required personnel, and process them according to organisational policies and procedures
5. Update financial data and systems
  • 5.1 Post journals to ledger in line with organisational input standards
  • 5.2 Enter data into system according to organisational input standards and allocate transactions to system and accounts
  • 5.3 Update related systems to maintain integrity of relationships between financial systems
6. Prepare deposit facility and lodge flows
  • 6.1 Select deposit facility appropriate 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 Obtain and file proof of lodgement according to organisational protocols
7. Finalise trial balance and interim reports
  • 7.1 Determine scope of any special transactions to be made, and process the transactions
  • 7.2 Complete cash and credit 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
  • 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
AUQ00 FNSACC301 Process financial transactions and extract interim reports Unit of competency
Replaced By
State Code National Code Title Type
OEB96 FNSACC321 Process financial transactions and extract interim reports Unit of competency