Unit of competency Outline

Date retreived
22/07/2026 9:30 PM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Process accounts payable and receivable

Process accounts payable and receivable

Unit of competency
National Code
BSBFIA303
State Code
AUL92
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080101 - Accounting
Original Release Date
15/09/2015
Nominal Hours
40
Description
This unit describes skills and knowledge required to maintain accounts payable and accounts receivable records, including processing payments to creditors and handling overdue accounts receivable.It applies to individuals employed in a range of work environments supporting the accounting functions and aspects of an enterprise. They may provide administrative support within an enterprise, or may be members of staff who have been delegated accounting responsibilities.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1 Maintain financial journal systems
  • 1.1 Check source documents for accuracy and appropriate authorisation
  • 1.2 Refer errors and discrepancies in source documents for resolution in accordance with organisational policy and procedures
  • 1.3 Enter transactions into cash and credit journal system in accordance with organisational policy and procedures and relevant legislation and compliance requirements
  • 1.4 Total credit journals in accordance with organisational policy and procedures
2 Prepare bank reconciliations
  • 2.1 Check cash journals against bank statements to identify differences
  • 2.2 Update cash journals with relevant data from bank statement/s
  • 2.3 Identify discrepancies and refer to appropriate staff member, organisation or agency
  • 2.4 Total cash journals in accordance with organisational policy and procedures
  • 2.5 Prepare regular reconciliation reports within designated timelines
3 Maintain accounts payable and accounts receivable systems
  • 3.1 Enter transactions into individual accounts payable and accounts receivable in accordance with organisational policy and procedures and accounting requirements
  • 3.2 Prepare schedules of accounts payable and accounts receivable for reconciliation purposes and in accordance with organisational requirements
  • 3.3 Reconcile accounts payable and accounts receivable schedules with journal data or general ledger and in accordance with organisational requirements
4 Process payments for accounts payable
  • 4.1 Reconcile accounts payable statements with accounting records and in accordance with organisational policy and procedures
  • 4.2 Check payment documentation for accuracy of information and discrepancies and rectify errors in accordance with organisational requirements
5 Prepare statements for accounts receivable
  • 5.1 Produce and check accounts receivable statements for accuracy in accordance with organisational policy and procedures
  • 5.2 Rectify discrepancies and statements despatched within designated timelines
6 Follow up outstanding accounts
  • 6.1 Maintain accounts receivable ledger system in accordance with organisational requirements and to reflect current credit situation
  • 6.2 Conduct aged-analysis of accounts receivable to identify outstanding accounts and to determine collection procedures in accordance with organisational requirements
  • 6.3 Report or follow up outstanding accounts in accordance with organisational policy and procedures
  • 6.4 Monitor and review credit terms in accordance with credit policy and procedures
No information
No information
Replaces
State Code National Code Title Type
D0703 BSBFIA303A Process accounts payable and receivable Unit of competency
Replaced By
State Code National Code Title Type
OCD55 BSBFIN301 Process financial transactions Unit of competency