Unit of competency Outline

Date retreived
22/07/2026 11:38 PM AWST

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Keep financial records for primary production business

Keep financial records for primary production business

Unit of competency
National Code
AHCAGB403
State Code
BBB20
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
14/09/2016
View on TGA
State Implementation and Classification
Approved Date
12/01/2017
Field of Education
080101 - Accounting
Original Release Date
12/01/2017
Nominal Hours
55
Description
This unit of competency describes the skills and knowledge required to keep primary production financial records such as invoices and other related documents in accordance with workplace requirements for taxation and auditing purposes.All work must be carried out to comply with workplace procedures, work health and safety legislation and codes.This unit applies to individuals who work under broad direction and take responsibility for their own work. They must use discretion and judgement in the selection and use of available resources. No occupational licensing, legislative or certification requirements are known to apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Undertake farm office procedures
  • 1.1 List the functions to be performed in the rural office
  • 1.2 Design a rural office and identify and assess appropriate office furniture and equipment
  • 1.3 Process and sort incoming mail
  • 1.4 Maintain, update and store records in accordance with organisational requirements
  • 1.3 Use and maintain business equipment and technology in accordance with organisational and Work Health and Safety (WHS) requirements
2. Establish and maintain a petty cash system
  • 2.1 Identify transactions that are eligible for inclusion in the petty cash system
  • 2.2 Check petty cash claims and vouchers for accuracy and authenticity
  • 2.3 Process and record petty cash transactions
  • 2.4 Balance petty cash book
3. Establish and maintain a cash book in accordance with organisational requirements
  • 3.1 Create a manual or computerised cashbook and a chart of accounts to record financial the transactions of the business
  • 3.2 Check documentation relating to financial transactions for validity
  • 3.3 Record details of income and expenditure transactions in the cashbook
  • 3.4 Reconcile cashbook balances with bank and creditor statements
  • 3.5 Use cashbook balances to complete legislative reporting requirements
  • 3.6 Prepare cash flow statements on the basis of summarised cashbook entries
4. Reconcile invoices for payment to creditors
  • 4.1 Identify, report and rectify adjustments and errors
  • 4.2 Process invoices and make payments
5. Prepare invoices for debtors
  • 5.1 Prepare invoices accurately and, if required, distribute to nominated person for verification before despatch
  • 5.2 Make adjustments as required following advice from the nominated person
6. Maintain financial records
  • 6.1 Copy and file invoices and other related documents required for taxation and auditing purposes
  • 6.2 Implement processes to archive historical documents
  • 6.3 Implement processes to properly destroy redundant documents.
No information
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Replaced By
State Code National Code Title Type
OBK56 AHCAGB406 Keep financial records for primary production business Unit of competency
State Code National Code Title Type
BDD4 AHC41016 Certificate IV in Agribusiness Qualification
BDF2 AHC40116 Certificate IV in Agriculture Qualification