Unit of competency Outline

Date retreived
21/07/2026 11:51 PM AWST

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Administer subsidiary accounts and ledgers

Administer subsidiary accounts and ledgers

Unit of competency
National Code
FNSACC312
State Code
BBH86
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
40
Description
This unit describes the skills and knowledge required to reconcile and monitor subsidiary accounts in financial accounts receivable systems, identify bad and doubtful debts and plan a recovery action, record creditor invoices, and remit payments to sundry creditors.It applies to individuals who use specialised knowledge and follow agreed processes to problem solve within the scope of own responsibility.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. Review accounts receivable requirements
  • 1.1 Check receipts entered into manual accounts receivable system for accuracy, consistency and completeness
  • 1.2 Identify and make record of incorrect entries according to type and source of receipt
  • 1.3 Identify and investigate discrepancies between monies owed and monies paid according to organisational policies, procedures and guidelines
  • 1.4 Amend receipts entered into manual accounts receivable system according to established procedures
2. Identify bad and doubtful debts
  • 2.1 Review debtor ledger according to organisational policies and guidelines to identify outstanding monies and seek further information where required
  • 2.2 Verify bad and doubtful debt status through liaison with debtors
  • 2.3 Complete reporting procedures and required documentation for bad and doubtful debts according to organisational policies and guidelines
3. Review client compliance with terms and conditions and plan recovery action
  • 3.1 Identify clients in default of trading terms according to organisational credit policies and operating procedures
  • 3.2 Contact identified clients and promptly and courteously make satisfactory arrangements for payment of outstanding monies
  • 3.3 Action organisational policy and procedures for monies owing that constitute breach of organisational credit policy
  • 3.4 Review previous activities and communication with clients to establish adequacy of follow-up procedures, and determine whether usual organisational recovery avenues have been exhausted
  • 3.5 Develop plans to pursue debt recovery or to initiate legal action, with measures completed in line with organisational policies, guidelines and timeframes
4. Prepare reports and file documentation
  • 4.1 Prepare reports that document accounts receivable, debt recovery type and cause, and debt recovery plan
  • 4.2 Distribute reports to supervisors, managers, and other designated parties
  • 4.3 File documentation according to organisational policy and procedures
5. Distribute creditor invoices for authorisation
  • 5.1 Identify, investigate and rectify invoice discrepancies and encode and record invoices correctly
  • 5.2 Request authorisation for payment from designated personnel
6. Remit payments to creditors
  • 6.1 Draw up and ensure authorisation of cheque requisition
  • 6.2 Collect and record data relating to creditor details and amounts paid according to organisational guidelines, and prepare report for ratification by management
  • 6.3 Prepare creditor payment in line with organisational requirements
  • 6.4 Prepare journal to record payment
7. Reconcile outstanding balances
  • 7.1 Obtain statements of outstanding balances from suppliers where required
  • 7.2 Reconcile balances outstanding to invoices received
No information
No information
Replaces
State Code National Code Title Type
AUQ09 FNSACC302 Administer subsidiary accounts and ledgers Unit of competency
Replaced By
State Code National Code Title Type
OED00 FNSACC322 Administer subsidiary accounts and ledgers Unit of competency