Unit of competency Outline

Date retreived
23/07/2026 6:52 AM AWST

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Keep financial records for primary production business

Keep financial records for primary production business

Unit of competency
National Code
AHCAGB406
State Code
OBK56
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
21/10/2019
View on TGA
State Implementation and Classification
Approved Date
28/01/2020
Field of Education
080101 - Accounting
Original Release Date
28/01/2020
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.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. All work must be carried out to comply with workplace procedures, work health and safety legislation and codes.No 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 Identify the functions to be performed in the rural office
  • 1.2 Design or redesign a rural office including identifying and assessing appropriate office furniture and equipment
  • 1.3 Process and sort incoming information
  • 1.4 Maintain, update and store records in accordance with organisational requirements
  • 1.5 Use and maintain business equipment and technology in accordance with organisational and work health and safety requirements
2. Establish and maintain financial records
  • 2.1 Create a manual or computerised record of cash flow and a chart of accounts to record financial the transactions of the business for the enterprise location
  • 2.2 Check documentation relating to financial transactions for validity
  • 2.3 Record details of income and expenditure transactions in the cashbook
  • 2.4 Reconcile financial record balances with bank and creditor statements
  • 2.5 Use financial balances to complete legislative reporting requirements
  • 2.6 Prepare cash flow statements on the basis of summarised cashbook entries
3. Reconcile transactions
  • 3.1 Reconcile transactions with account statement
  • 3.2 Identify, report and rectify adjustments and errors
  • 3.3 Process invoices and make electronic payments
4. Prepare invoices for debtors
  • 4.1 Prepare invoices accurately and, if required, distribute to nominated person for verification before despatch
  • 4.2 Make adjustments as required following advice from the nominated person
5. Maintain financial records
  • 5.1 Copy and file invoices and other related documents required for taxation and auditing purposes
  • 5.2 Implement processes to archive historical documents
  • 5.3 Implement processes to destroy redundant documents appropriately
No information
No information
Replaces
State Code National Code Title Type
BBB20 AHCAGB403 Keep financial records for primary production business Unit of competency